While there is no silver bullet when designing transformations, four actions emerge as critical: role modelling; fostering understanding and conviction; reinforcing changes through formal mechanisms; and developing talent and skills. McKinsey research shows that while each of these actions has a similar correlation with overall success, successful transformations are nearly eight times more likely to use all four actions.
Best practice when implementing transformations includes:
- Avoid repeating the same old initiatives;
- Address both strengths and weaknesses;
- Set clear priorities;
- Ensure that people across the firm are involved