According to research undertaken by BCG shortly before the coronavirus, publicly traded companies have a 30% chance of failing over the next five years compared to a 5% chance 50 years ago. Now, more than ever, pursuing initiatives needs to be a constant, collaborative process — what BCG refers to as “always-on transformation.”
The key driver in creating an effective transformation culture is clear; powerful communications processes that ensure employees are listened to as well as informed. According to McKinsey research, “At companies where senior managers communicate openly and across the organization about the transformation’s progress, respondents are 8.0 times as likely to report a successful transformation as those who say this communication doesn’t happen.”
Outlined below are five key steps that, based on our experience, help you communicate about critical change and transformation with employees. The first three cover your purpose and strategic direction. The others encompass how you say it.
Businesses have faced COVID-driven tests of survival and are now coming to terms with a change imperative across their value chain, their employee experience, their customer journey, their marketplace. Stakeholder expectations are unsettled and in flux. Revalidation and re-energising your company purpose, as well as other critical communications, is an investment for creating a successful and enduring transformation culture.
"We directly engage with our clients through a number of channels. For instance, last month we distributed a client experience survey which garnered the best response rate we've seen to date. Through that survey and internal questionnaires with on-line town hall meetings that consistently drive dialogue among our staff we've gotten insightful feedback on how our clients are looking to prioritize their digital activities post-COVID and how we can best deliver. This has helped us accelerate some already planned initiatives.”
Simon Hornby, President, Crozier Fine Arts.
“In such times, we have to rethink the entire business model. I have to bring the team with me and that will involve a lot of communications.”
Richard Brook, President EMEA and Latin America, Cochlear AG