Strategy without implementation is fruitless. Yet, in a world of uncertainty, no strategy survives contact with reality. Thus, leaders need to be agile and make adjustments on the fly. While most companies spend 95% of their strategic planning time on setting the strategy, goals and metrics, only 5% is left to focus on employee mindset,…
Companies have struggled to break down silos and boost cross-functional collaboration, even though customers increasingly expect a single face. Once proof of the gains from collaboration become tangible, then culture change takes hold. The operating model has three steps: Stretch goals Define strategic targets at the group level Aim for breakthrough performance that no individual…
Madonna had her 15 minutes of fame in the 1980’s. Yet today, she is still famous. With the name of her sixth concert tour being Reinvention!, she said, “You have to reinvent to stay in the game!” 79% of Fortune 500 CEO’s ranked innovation as a top three corporate priority. As companies are facing slow…
Rising protectionism at countries (i.e., higher tariffs and border taxes) as well as falling costs of advanced manufacturing technologies have created a business strategy of multi-local to create more value in the economies they serve. Instead of building facilities in low cost economies and then paying to ship around the world, companies are now building…
Given the opportunity to secretly lie in order to win a beautifully wrapped chocolate truffle, only 14% of participants did so. This was consistent across 16 countries ranging from Austria to India to Indonesia to Turkey to the U.S. Although these countries’ civic institutions vary widely in corruption levels, their citizens are basically alike in…
In the 1960’s, the average lifespan of a Fortune 500 company was 75 years; today, it is less than 15 years, and getting shorter (Source: Korn Ferry). 1/10 of public companies disappear each year. That is 4x the mortality rate since 1965. The average life span of a company has halved since 1970. Their traditional…
2/3 of business transformations do not adequately meet their objectives, and only 1/10 sustain cost improvements beyond four years. Launching one change program after another, companies continue to see initiatives fail without addressing the reason why. There are many reasons why…programs mismatched with needs, poorly executed initiatives, and not all have the resource capabilities. For…
In talking with an executive at the Ritz-Carlton, she said that this service hospitality company is all about the creation of a positive experience so customers have a story to tell their friends/family. Their success is measured: Ritz-Carlton has won the Malcolm Baldrige Quality Award twice; turnover is 25% below industry; Gallup metrics are tracked…
It is not the leader who has innovative ideas; instead, it is the leader who creates a culture where innovation thrives! The culture needs to have: Vision: direction and purpose to believe in Reverse Mentoring: for younger generations to foster collaborative understanding, Constructive Challenges: to direct reports’ thinking and behavior Dialogue: Seek diverse viewpoints through…
Companies are taking more pragmatic steps toward actively shaping the societies in which they operate. This is not only sustaining economic progress, but also broad-based prosperity. Yet, on the other side of this globalization and technological impact, there is also rising social inequality, social strife, terrorism, civil wars, and international conflict (Source: BCG). Other globalization…
