2022…Year of renewal?

We recently entered 2022 with high expectations. After the year of resilience in 2020, we began the recovery in 2021, so in my opinion, this 2022 would be the year of renewal. Here are some thoughts I share:

About leadership: Talent is looking for 100% empathetic and authentic leaders. Look for servant leaders who help their teams achieve a better version of themselves. You want leaders who invest time in building their teams, who are courageous, willing to take on challenges, who listen, act with values ​​and do not make excuses. Authentic leaders don't have all the answers, but they are willing to learn and seek them out. Those who do not have time to form, teach or train will suffer the effects of "the great resignation"

About the workforce: The workforce is changing, and as Anthony Klotz has noted, "The Great Resignation" is going to continue. After a long time, "the basics" or what is really important, has more relevance than "the form". The “silence of home” during confinement prompted many to rethink how we want to live and work. We redefined our personal and professional goals by identifying what is truly significant. And it's what's going to continue to drive the changes, led by Millennials and Gen Z.

About the marketing strategies: Globalization, connectivity and social networks have the ability to bring values and behaviors to light and strengthen our brand or destroy it. The 95% of the decisions we make are driven by emotions, so culture and empathy are the key factors for the success of the brand in the times of change. We no longer sell products or services; we sell our philosophy. Customers are also looking for the authenticity, emotional connections are key to brand loyalty. And customer expectations today are collaboration, accessibility and communication.

About finances: Budgeting, data analysis and indicators have proven to be the important tools to navigate in the times of change. Income is not necessarily the measure of success. The profit margin is important, but more important is the time value of money in time. Customer expectations for the value they perceive for the “billable hour” will continue to shift towards “billable tasks or deliverables”. RULES or realization, utilization, leverage, cost control and billing speed continues to be the general rules to maintain the partners expected profitability.

Intellectual Capital is the differentiator in the recovery and renewal process. The Gartner Group, since 2002, has incorporated accounting practices that formally measure and value Intellectual Capital, just as we value fixed and financial assets. It is therefore important to include the value of Human, Structural and Relational Capital in its financial statements as the so-called "goodwill".

About Technology: Technology has been crucial in response to the challenges caused by the coronavirus, although it has also exposed wide gaps in digital skills. On the one hand, there is a need for greater agility and adaptability to clients needs. And to maintain profitability, organizations must continue toward digital transformation. That includes incorporating technology into legal data analysis, as well as business intelligence. On the other hand, digital transformation can be painful for talent with non-native digital skills, also disruptive for operations because they are likely to meet resistance from employees. Digital transformation is equivalent to the transformation of human capital. Perhaps the answer is first to work on culture change.

About culture: Collaboration is intentional, regardless of whether it is face-to-face or virtual. The mere presence of two people in the same physical space does not necessarily mean interaction. We have opportunities to build “virtual leadership and teams,” just as IBM, SAP, and GE have successfully done it, nearly a decade ago. IBM using the virtual strategy has created the "results-oriented work environment" culture that many organizations continue to try to implement. We have all sort of collaborative technological tools that can help manage teams in all parts of the country, and even internationally, it opens the borders for our business development. It does not mean that physical space is going to disappear, only that we have opportunities that we did not have 50 years ago to grow without the limitation of space. The "virtual" offices would no longer have to assume the same high costs of physical spaces, at the same time on being inclusive towards the talents who, due to some disability, distance or others, could not have previously been part of the organization. We also meet the expectations of new generations regarding flexibility and work-life balance.

About the legal market in the DR: Last September, the Constitutional Court established, through ruling TC/0286/21, that the use of technology to establish the virtual modality in the judicial service must be regulated by legislation. As a consequence, on December 11, 2021, legal procedures for virtual services were disabled. Requests or procedures must be carried out in person, visiting court secretaries. As long as the conditions are established, therefore, as a country, it is a step backwards in terms of competitiveness. As soon as possible, we must adapt the legislation to times.

Lawyers are not among the first to adapt to changes, in fact, they have generally been resistant to all kinds of changes. Therefore, in terms of internal processes, some leaders continue to show resistance to digital transformation. Our peers in Latin America, in service areas such as strategic consulting firms or auditing firms, use Artificial Intelligence for their Talent Recruitment processes. One of the largest strategic management consulting firms, in its first phase of the recruitment process, …. in the Dominican Republic…uses their self-created software, which is “a game set in a natural, abstract environment to help you demonstrate problem-solving skills in a more engaging way than a traditional question-and-answer format.” The main reason organizations have embraced technology is to gain efficiency, improve client experience, and to be able to compete with larger organizations on equal terms. It allows human talents to have more time available to do other things that we like, to win in that work/life balance. If we want to stay competitive and relevant to our clients, the time has come to renew.

Although optimistic for the year of renewal, I cannot deny that the beginning of January has been a bit difficult for me due to the new Omicrom variant. But I have learned something long time ago, everything passes, and this new wave of infections will pass, while we identify the opportunities for full renewal in 2022.

Angelina Angelov