In a rapidly changing world that is ever more complex, on a planet that is getting warmer, and at a time when we have to focus on performance and people in equal measure, the status quo is no longer an option. Earlier this year, Geneviève Fortier, CEO of Canadian ICMIF member Promutuel Insurance, explained during a conference at the Canadian Club of Montreal how her organisation is actively engaged in the transformation and invited leaders to think about ways to speed up the change and transition needed to build a strong, modern, and efficient society. This guest blog is an abridged version of Geneviève’s speech which she kindly gave permission for us to share with ICMIF members.

Being a leader comes with great responsibilities. The decisions we make every day have a significant impact.

As I was preparing for this conversation, it occurred to me that our collective power of influence is just as significant. And it got me wondering what would happen if each and everyone of us decided to take one extra meaningful step to change the course of history, to help drive the shift that needs to happen, in our organisations and on a planetary scale.

First, let me set the stage for this conversation with a few observations.

Big things are happening simultaneously on the planet, before our very eyes:

• The geopolitical situation is highly strained between several major powers.
• The environment and extreme climate change are tracking worst-case scenarios on several continents.
• Heightened pandemic risks of all kinds are threatening to take vulnerable populations hostage again at any time.

Closer to home, Quebec and all of Canada are facing demographic challenges, although we also have unique strengths to keep us prospering economically:

• Demographic issues have caught up with us; the job market is alarmingly defective, with the number of openings greatly exceeding the number of workers available to fill these.
• Our market economy is currently putting up numerous barriers to entry for young people—an overheated housing market, high interest rates, and runaway inflation we’re struggling to control. It’s no picnic for 25- to 35-year-olds trying to get off to a strong start in life. It’s our responsibility to work with them to create the conditions that allow them to thrive.
• Having said all that, we’re fortunate in having some key economic sectors that can sustain future growth and improve productivity both in Quebec and across Canada.

Facing “the” transformation’s perfect storm

There’s a whole new kind of storm coming our way. Having to face four transformations like the ones we’re experiencing, head on and all at once, is entirely unprecedented. It is forcing us and our organisations to change course, adapt, and transition towards new approaches.

Transformation #1 has to be climate change. Science has long shown that we’re headed for an entirely predictable climate catastrophe—in the short term. No longer is it something we can hide from hoping that somebody else will handle it. We must act. In the damage insurance industry, insurers and reinsurers alike are currently dealing with a frequency and severity of catastrophic events like we’ve never seen before. Changes in the global climate threatens us all.

Next is the digital transformation. Changes in consumer behaviour are forcing us to rapidly adopt new ways of producing and distributing our products. The former business models are
obsolete. Our clients and customers want to do business however they want, with whomever they want, whenever they want.

The supply-chain transformation needs to be taken seriously. The squeeze on the global supply chain, aggravated by the cost of replacing specific parts and products, has been exponential and pushes us to seek greater local control of the production and distribution of goods. It is imperative for us to become more self-sufficient locally.

Last but not least, the demographic transformation makes the headlines on a daily basis in Canada, the United States, and Europe. And rightly so: in 2030, Quebec will have two active workers per retiree, down from 8:1 in 1970 and 4:1 in 2010. We’ll need to strike a balance between mass admission of immigrant workers and reliance on the homegrown variety.

Don’t get me wrong. If that was an easy thing to do, I’m pretty sure we’d have figured it out already. We’re going to need some new approaches if we hope to solve this one.

Doing what matters

You must admit, having those four major transformations come down on our organisations all at once makes our job of prioritising and deciding which initiatives to finance a little more complicated. Like it or not, we have to do things differently.

Let’s use our voices and truly influence the course of history by doing what matters the most to make a difference. We need to put our heads together for the common good. We need to invest in people and help build stronger, more resilient businesses and communities.

We need to bring young people to the table as we work to find solutions. We need to fully embrace the four major transformations I mentioned to help society navigate the next evolution or revolution depending how you view it, which is taking shape right before our eyes.

Change is on the way

I personally love change. I thrive on constructive changes that have a real impact, open our horizons, and make the world a better place to live.

I wake up every morning ready and willing to pursue our transformation at Promutuel Insurance to keep all 2,000 of our collaborators engaged, make sure our insured members are satisfied, continue growing profitably, stay competitive, and ensure our business model continues to make sense. Our willingness to adapt and do what it takes to keep our insured members satisfied is the very reason we’re still thriving after 170 years.

Above and beyond our work at our respective companies, I firmly believe that we have a responsibility to contribute to something bigger than ourselves and our organisations. Being members of society means we have an INDIVIDUAL and COLLECTIVE duty to give back. Just look at the four fundamental transformations we’re facing—they all extend far beyond us and our organisations. They strike at the very foundations of our society and the common good.

Make way for youth

One of the elements we are facing is the mix of generations of workers collaborating at the same time in our organisations. Their views on the best solutions to solve for those issues differ. The impact the actual challenges /solutions we apply may have on them 20, 30 or 50 years from now may explain the difference in perspectives.

What if Generations Y, Z, and Alpha were right? What if we were not seeing things from the right perspective and our solutions were outdated?

I’m (very respectfully) asking US:

Can we really allow ourselves to shape the society in which future generations will live, or worse, make choices that will affect their ability to confidently enter adulthood, without even asking their opinion?

Maybe the time has come to give young people a voice so they can help us find innovative solutions. So, they can find new ways to tackle the challenges they will inevitably inherit, without saddling them with our biases. What if we just went nuts and gave them the opportunity to organise a Youth Summit to find a new way forward that lives up to their dreams and ambitions!

I love our youth! Young people are amazing. Responsible. Curious. Entrepreneur and innovative. They’re inspiring. They’re also concerned about the future we’re leaving for them. They’re willing to roll up their sleeves without compromising their values. They want us to put our money where our mouths are. They are CHALLENGING and INSPIRATIONAL!

Let them in

We also have to take care of the next generation within our organisations. Young people don’t have the same relationship to work as we do, or as previous generations did. We must invest in and show them that they will have opportunities to grow at our companies – “a room with a view”.

Our shared challenge is getting talented young people interested in management and leadership. The problem is that fewer and fewer young people want to work as hard as it takes to climb the ladder to the very top like we have. They want to do things differently, and they’re probably right that there’s more than one way to the top. The recent announcement by Jacinde Ardern, New Zealand’s 42-year-old prime minister, that she is stepping down is a stark reminder that even the most talented people are choosing a different path when the personal cost is too high.

Pull up a chair

When you really listen, you quickly realise that their energy, thirst for knowledge, ambition, and desire to find another path to success are compelling drivers. If you’re paying any attention at all, you’ll be confident that the future is in good hands.

The time has come to pull up a chair for young people on boards and accelerate their progression so they can start sitting on executive committees much more quickly.

If we’re going to leave a lesser society than the one our parents left us, could we at least give them a seat at the table right away? They’ll be able to challenge us and keep us up to speed and on our toes. We need that enthusiasm and candour, that breath of fresh air.

It’s time to bet on youth! The tables have turned. We’re the ones who need them now.

Keep in mind that young people are smart and will know which employers are truly committed to building responsible companies in the short, medium, and long terms; which ones create a stimulating work environment where they can reach their goals and full potential; and which ones uphold concrete and measurable commitments to sustainable development.

I hope 2023 is filled with actions that matter!

The video recording of Geneviève Fortier’s talk is available in French on The Canadian Club of Montreal’s website.