The path to true transformation

To deliver lasting change, companies need to take actions that both boost performance and inspire their people.

Business leaders pride themselves on their ability to pivot and course-correct in times of crisis and economic turmoil. But there isn’t a CEO or management team on earth that’s experienced the health, financial and operational headwinds that have resulted from the coronavirus pandemic. These are extraordinary times, and inevitably they have required some companies to lean into these challenges by slashing costs, reducing headcount and halting investments to conserve cash.

But to thrive in the Next Normal, companies need to make more fundamental changes. That’s because if business models and mindsets don’t shift, those costs will just creep back. True transformation—the kind that alters the way a business operates on a cellular level—is what’s needed in today’s uncertain climate. It’s the only path to elevating financial performance, building capabilities and changing culture in ways that will not only get companies through this global health crisis but sustain them in the years ahead.

The good news is that there are companies doing this kind of transformation successfully, and business leaders can learn from their wins. “Transformation is one of the most overused terms in business,” says Harry Robinson, a Los Angeles-based senior partner with McKinsey & Company. “But there are companies out there undergoing real transformations that are creating a sense of urgency, resiliency and momentum to deliver material and sustainable results.”

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Πηγή: mckinsey

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