How to Lead a Strategic Initiative

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How to Lead a Strategic Initiative

  1. 1. Driving Strategic Initiatives © 2009 IIR Holdings, Ltd. All Rights Reserved.
  2. 2. Today’s Presenters Jocelyn Davis EVP, Research & Development Maggie Walsh Practice Leader Steve Barry Director, Strategic Marketing www.forum.com 2
  3. 3. p ome u ve to c rilliant n’t ha ded b w e did e nee rea lized eas. W eas.ald, CEO, VF Corporatio n We ill d iant id ing good Miackey McDon w ith br execut — f w ays o www.forum.com 3
  4. 4. Strategy Execution Success Rates Consistently Low 5 80% of major systems 1 67-80% of TQM investments not programs do used/not delivering not create intended impact desired results 3 70% of 7 Global study of 1,500 reengineering executives: 62% of initiatives fail change initiatives fail to create desired performance results 1990 1993 1995 1996 1998 2000 2002 2006 2010 2 100-company 6 40-company study of major study: well over 4 70% of business- change initiatives: 58% did 50% of change critical change not gain expected returns initiatives failed efforts fail to achieve expected results 1. Stephen E. Brigham, “TQM: Lessons We Can Learn from Industry,” Change, May-June 1993; Peter Senge et al., The Dance of Change (NY: Currency, 1999). 2. John P. Kotter, “Leading Change: Why Transformation Efforts Fail,” Harvard Business Review, February 2000. 3. Daryl R. Conner, Leading at the Edge of Chaos (NY: John Wiley, 2004). 4. 1998 Business Intelligence Study cited in David Miller, “Successful Change Leader,” Journal of Change Management, vol. 2, no. 4, pp. 359-368. 5. Gartner Group (2000) cited in David Miller, ibid. 6. J. A. Clair and R. P. Rao, “Helping Employees Embrace Change,” McKinsey Quarterly, no. 4, 2002. 7. “Organizing for Successful Change Management: A McKinsey Global Survey,” June 2006, www.mckinseyquarterly.com. www.forum.com 4
  5. 5. Our Research on Strategic Speed Literature review: >500 books and articles Global survey with The Economist Intelligence Unit 18 case studies: organizations around the world www.forum.com 5
  6. 6. Among Our Many Findings … Leaders in fast companies use four key practices to increase speed: Affirming strategies Driving initiatives Managing climate Cultivating experience www.forum.com 6
  7. 7. Key Practice for Leaders: Driving Initiatives Driving initiatives is: Following through on the execution of strategies. Leaders must do more than passively sponsor strategies; they must get behind the wheel. The big mistake to watch for is: Assuming that once you’ve communicated the essence of a strategy and gained people’s initial buy-in, your work is done. www.forum.com 7
  8. 8. Driving Initiatives: Three Points 1. Identify and structure the specific initiatives and projects that will move your strategy forward. 2. Staff those initiatives with capable, dedicated teams. 3. Go beyond passive sponsorship to execute on the initiatives, using seven success factors as a guide. www.forum.com 8
  9. 9. Point 1: Identify and structure the initiatives and projects that will move your strategy forward OWNERS INITIATIVE LEVELS Business Strategy Leaders … Initiative Strategic Strategic Strategic Leaders … Initiative Initiative Initiative Project Leaders … Project Project Project Stream Project Project Project Leaders … Stream Stream Stream www.forum.com 9
  10. 10. Point 2: Staff those initiatives with capable, dedicated teams Give them time to do the job Perspective: It’s a job “Hire” the right people for the job Equip them to do the job www.forum.com 10
  11. 11. Point 3: Execute on initiatives using seven success factors as a guide Team Capability Deploy strong 1 execution teams Employee Support 7 Amplify manager and frontline participation Course Correction Create a robust 2 coordination system Leadership Involvement 6 Spotlight leadership visibility and consensus Behavior Change Make the changes 3 clear and real Change Magnitude 5 Keep things simple Work Effort and consistent 4 Acknowledge and manage workload pressure www.forum.com 11
  12. 12. A Deeper Dive into a Few of the Success Factors Course Correction – Measure, review, empower Behavior Change – Most overlooked by leaders Work Effort – Get workload under control first www.forum.com 12
  13. 13. Case Study: Regional Health Insurance Company The organization: Merger of 4 insurance plans “The Cause” Strong execution focus The initiative: Shift to common platform Mission critical Initial attempt failed $500M budget “Build plane, fly plane” www.forum.com 13
  14. 14. Critical Success Factors Leadership Involvement Course Correction Team Capability Work Effort www.forum.com 14
  15. 15. Case Study: Results www.forum.com 15
  16. 16. About Forum Global professional services firm that mobilizes your people to embrace the critical strategies of their organizations and accelerate results Senior leaders turn to Forum when they need their people to rise to meet an important challenge or opportunity without fail Since 1971, we have partnered with clients to create and implement large-scale, customized, people-driven solutions that accelerate business performance, change, and growth www.forum.com
  17. 17. Watch for Our Book: Harvard Business Press, June 2010 www.forum.com 17
  18. 18. For More Information To talk to Forum about our solutions for increasing strategic speed or to find out more about anything you’ve heard today: Call: 1 800 FORUM 11 (North America) 44 (0)20 7017 7183 (EMEA) Email: heather.crafts@forum.com Visit: www.forum.com Blog: http://forumcorporation.wordpress.com Have you missed our previous webinars in this series? Ten Ways Fast Companies Accelerate Strategy Execution Findings from a recent global survey by Forum and the EIU Using Climate to Drive Employee Engagement Visit www.forum.com to listen to the recordings www.forum.com 18

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