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Fund strategy needs to go deeper than management
Super funds need to involve their entire staff in advancing a planning strategy for their super fund, according to the principal of Right Lane Consulting, Marc Levy.
Levy, speaking at the Association of Superannuation Funds of Australia conference, said there needed to be a blend of top-down and bottom-up approaches to implementing a fund strategy, with involvement from both the board and chief executive level as well as middle and lower staff.
According to a survey by Right Lane Consulting, the understanding of a fund’s strategic objective drops significantly the further down you go in an organisation. Only 17 per cent of middle management professed to understand their fund’s objective, dropping to six per cent for lower management, Levy said.
“Without the involvement and ownership of a strategy by your staff, [there is a] risk of leaving too much to too few or having people pull in different directions,” he said.
“Getting staff involved in strategy sounds like a particularly obvious thing to do, but it’s tricky and it requires considerable insight and expertise.”
There also needed to be an open and constructive business culture to successfully implement a planning strategy, he said.
“If an organisation’s culture and values are not open to improvement and change, the chances of success are very limited,” he said.
AUTHOR
Mike Taylor
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