Transformations have become a global imperative across industries. With disruption now the norm, companies need a solid transformation strategy just to compete in today’s increasingly complex and volatile business world.
Transformations are comprehensive changes in strategy, operating model, organisation, people, and processes. They aim to achieve a dramatic improvement in performance and alter a company's future trajectory.
Across industries and regions, the need for business transformation is enormous and growing. In today’s unpredictable business environment, disruption arises from all angles. This reality leaves public companies with a 1-in-3 chance of ceasing to exist in their current form over the next 5 years, up from a 1-in-20 chance 50 years ago.
In addition, CEOs and senior leaders are under increasing pressure as activist investors and boards push them to do more—faster.
Transformation is a tool that all companies can use to improve their value to shareholders, whether they are trying to catch up quickly or retooling to stay ahead.
Recent studies show that over two-thirds of transformations fail because fear and complexity prevent people from embracing the change, and only one third of employees have the right support to evolve their skills (McKinsey 2016).
In this edition we focus on corporate transformation and how coaches can help to make it successful.