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January2025
Mckunsey
Quarterly
Gettingfitforgrowth:
Theleadershipmindsetsandbehaviorsthatmatter
Growthrequirestherightmixofoutlook,strategy,andcapabilities.Topleadersachievetheirgoalsbyturningfivemindsetsintoaction.
ThisarticleisacollaborativeeffortbyAndyWest,GregKelly,JillZucker,Kate
Siegel,LouisaGreco,MichaelBirshan,RebeccaDoherty,andSaschaLehmann,representingviewsfromMcKinsey’sGrowth,Marketing&Sales,Strategy&
CorporateFinance,andTransformationPractices.
Pictureavenerableindustrialconglomeratesteepedinhistory,wheretraditionhascalcifiedintostagnation,causingthecompany’sstockpricetolanguishfordecades.
Enteradynamicleaderwiththevisiontoshakethingsup—notjusttodreamofgrowth
buttoigniteit.ThisnewCEOdoesn’tjustbringfreshideas.Shebringsanewmindset,
refusingtoacceptsilosandinefficienciesortodefertothestatusquo.Sheleverages
technologyandanalyticstouncovermissedopportunitiesandnewbusinessadjacencies,actingswiftlytodrivebothgrowthandcostreduction.Theresult?Anexplosionofnew
energyacrossthecompanyandastockpricenearlydoublingintwoyears.
ForCEOsandtopexecutiveseverywhere,growingprofitablyistheultimatefitnessgoal.It’salong-termathleticpursuitthatdrivessignificantvalue,withhigh-growthcompaniesexperiencing50percenthigherTSRthantheirpeers.1Profitablegrowersreapeven
greaterrewards.
Thatsaid,achievingandsustaininggrowthistoughwork.PreviousMcKinseyresearch
foundthatonlyoneintencompaniesmaintainedabove-GDPgrowthandremainedintheS&P500over30years.2Growthdemandscourage,dedication,anddiscipline.
1McKinseyValueIntelligencePlatform.
2“Choosingtogrow:Theleader’sblueprint,”McKinsey,July7,2022.
2
Abouttheresearch
OurMcKinseyGrowthLeadersMindsettogrowthstrategiesandinitiatives.These
Survey,conductedfromJune7toJulyquestionscoveredhowexecutiveteamsset
18,2024,queriedmorethan500leaders,andtrackgrowthgoals,allocateresources,
includingCEOs,presidents,otherC-suitemonitorprogress,andcommunicategrowth
executives,seniorvicepresidents,andtokeystakeholders.Thesurveyalsoexplored
executivevicepresidents.Respondentstheleaders’underlyinggrowthmindsets
includedleadersfromallregionsoftheworldandpractices.Manyofthemindsetsremain
frompubliclylistedcompaniesgeneratingconsistentwithpreviousMcKinseyresearch,
$1billionormoreinannualrevenueandbutweexaminethemingreaterdepthhere.1
representingawiderangeofindustries,
includingconsumergoods,energyandOurfindingsrevealadisconnectbetween
materials,financialservices,healthcare,growthambitionsandactualactions.High-
industrial,technologyandmedia,andperformingleaders,however,demonstrate
travelandleisure.Thirty-sixpercentofourmasteryofcertainmindsetsthatcorrelate
respondentsareexecutivesofcompanieswithstrongfinancialperformance.This
weconsidertobe“growthoutperformers.”researchbuildsonpreviousMcKinseyarticles,
Todeterminewhichcompanieswere“Choosingtogrow:Theleader’sblueprint”
outperformers,welookedatmorethan4,000and“Courageousgrowth:Sixstrategiesfor
ofthelargestcompaniesgloballyfrom2017continuousgrowthoutperformance,”and
to2022andidentifiedthosecompaniesprovidesnewinsightsforCEOsandsenior
exceedingtheirsubsectorpeersonrevenueexecutivespursuinggrowth.
growthandprofitability.
1BiljanaCvetanovski,EricHazan,JeskoPerrey,andDennis
Weaskedeachexecutive50questionsaboutSpillecke,“Areyouagrowthleader?Thesevenbeliefsandbehaviorsthatgrowthleadersshare,”McKinsey,September
behaviors,mindsets,andpracticesrelated26,2019.
Ournewsurveyresearchhasfoundthatwhilemanyleadersbelievethey’veadoptedandimplementedproductivemindsetsforgrowth,theseattitudesandambitionsdon’talwaystranslateintothebehaviorsandactionsnecessarytodrivegrowth,asshowninExhibit1(seesidebar“Abouttheresearch”).
Leadersofoutperformingcompaniesunlocksustainedgrowthbyaligningtheirbehaviorswithfivecriticalmindsets:prioritizinggrowth,actingboldly,maintainingacustomer-
centricapproach,attractingandnurturingtalent,andexecutingwithrigor.Growth
outperformers—companiesexceedingtheirsubsectorpeersonrevenuegrowthand
profitability—dothingsdifferently.Theysetthemselvesapartbyclosingthegapbetweenknowinganddoing,turningtheirgrowthaspirationsintoreality.
Thejourneytogrowthisamarathon,notasprint:itoftenrequiresmorethan18monthstoseeresults.Togetthere,leadersneedmorethanjustambitionandbusinesssavvy;theyneedaholisticapproachwithcourageandresilienceatthecore.Gettingfitforgrowth
meansconvertingmindsetsintoactionstodrivetowardtargets.Leadersshouldbeintentionalinmakingdecisionsthatreflectfivecriticalgrowthmindsets.
3
Exhibit1
Mostleadersdonottakethenecessaryactionstodrivegrowth.
Growthactionstakenbyleaders,%ofrespondents
30%
15%
29%
consistently
incorporatecustomer
inputintobusiness
decisions
reporttheyfocus
30%ormoreoftheir
timeonlong-term
growthinitiatives
increaseresourcing
forgrowthinitiativesin
core,adjacent,ornew
businessesduring
periodsofvolatility
Source:McKinseyGrowthLeadersMindsetSurvey,June7–July18,2024(n=500)
8%
expresshigh
con?denceintheir
organizations’talent
planning
10%
feelstronglytheyhave
su代cientdataand
insightstosupport
theirgrowthdecisions
McKinsey&Company
1.Investingrowth,eveninturbulenttimes
Investingingrowthstartswiththinkingabout,thenactingupon,anorganization’slong-termgrowthgoals.Mostleadersbelievetheymakegrowthatoppriority,with72percentofoursurveyrespondentssettingabove-markettargetscomparedwiththeirpeers
inthesameindustry.Theythinktheyunitetheirbusinessesaroundambitioustargets,
confidentlyadjustingandreallocatingresourcesandtalentasneededacrossbothshort-andlong-terminitiatives.
However,oursurveyresultsrevealgapsbetweenexecutives’growthambitionsand
theirabilitytotranslatethemintopracticesandresults.Through-cycleoutperformers—leaderswhooutperformthroughtheupsanddownsofaneconomiccyclebyprioritizinglong-termgrowthovershort-terminitiatives—tendtoproducehigherrevenuegrowth
thantheirpeers.Yet,onaverage,respondentssaythatonly22percentoftheirtimeis
spentonlong-termgrowthinitiatives,withtheremainderoftheirtimededicatedtoshort-andmedium-termprojects(Exhibit2).
Howcanleaderstacticallyinvestinandprioritizegrowth?Tobecomeoutperformers,leadersshouldaligntheirbehaviorstoreflectalong-termvisionandcommitmenttogrowth(seesidebar“FromglasswaretogenAI:Corning’snewgrowthtrajectory”).
Leaders’focusareasshouldincludethefollowing:
?Spendingmoretimeonlong-termgrowthinitiatives.Leadersoftenunderestimate
thetimeandfocusrequiredforgrowthinitiatives.Totrulydrivesustainablesuccess,
theyshouldprioritizelong-termgrowthandresistthetemptationtogetsidetrackedbyshorter-termtasks.
?Allocatingresourcestolong-termgrowthinitiatives.Businessesshouldcontinuallysurveythelandscapeforgrowthopportunitiesandtakecalculatedrisksinshifting
4
FromglasswaretogenAI:Corning’snewgrowthtrajectory
Overthepastfewyears,thestockpriceof
173-year-oldspecialtyglassmakerCorning
hasundergoneseveralswings.TheCOVID-19pandemicinitiallyspurreddemandforfiber-
opticcablesandelectronicdevicesneeded
tohelpaglobalpopulationworkremotely,as
wellasmedicalglasswarecriticalfordiseasetestingandvaccinedelivery.Corningsaw
double-digitgrowth,withitsstockpricenearlytriplinginjust12months.However,asthe
pandemicwaned,customersreducedtheir
inventory,whileconsumersshiftedspendingfromlockdownnecessitiestoexperiencesandservicesinareopenedeconomy.ByOctober2023,Corning’sstockpricehitathree-year
low,withsalesdeclining11percentfromthepreviousyear.
Facingthispivotalmoment,CEOWendell
Weeksredefinedthecompany’sgrowth
trajectory.Herecognizedthatthepandemic
hadtemporarilydepresseddemandbutwas
confidentthatasmartlong-termstrategy
couldleadtoarebound.“Ifyouunderstand
innovationdeeply,youunderstandthatgettingthetimingrightisalmostimpossible.You’ve
gottobeabletoinsteadgotoworkonstuffthatmattersearly,”WeekssaidtoFortune
magazinein2024.1Andthat’sexactlywhat
Corninghasbeendoingforthelastfew
years—quietlydrivinginnovationstofuel
explosivegrowthinareaslikegenerativeAI(GenAI),whileremainingreadytosupportareboundinlonger-termareaslikebroadband
expansion.WheresomeCEOsshyaway
fromspecificcommitmentsandfrequent
accountability,Weekshasralliedinternal
stakeholdersandannouncedhisaspirations
externally.Hepubliclyoutlinedaconcreteplanin2024todrivegrowthacrossbusinessunits,ambitiouslyaimingtodelivermorethan$3
billioninannualizedsalesoverthenextthreeyearsthroughexistingandemergingproductareas.Healsopromisedtoreportquarterly
abouthowthecompanywasfaringagainstitsgoals,ararityamongCEOstoday.
Sinceannouncingthisgrowthplan,Corning
acceleratedproductdevelopmentinitsopticalbusinesstosupportanticipateddemand
fromthegenAIboom,allwhilemanaging
costsandinvestedcapitaltomaintainstrongmargins.Weeks’sambitiousmindsethas
alreadybeguntopayoff.Inits2024third-
quarterearningscall,Corningreportedan8
percentincreaseinrevenueyearoveryear,
deliveringgrowthaboveguidance.Adoption
ofitsnewconnectivityproductsforgenAI
drove55percentoftheyear-over-yeargrowthintheenterpriseportionofCorning’soptical-communicationssegment.Weekscontinues
toprovidepublicupdatesonkeymilestones,demonstratinghiscommitmenttogrowth,
accountability,andmomentum.
1KristinStoller,“Howthe173-year-oldglassmakerbehindEdison’slightbulbandiPhonescreensbecameaSilicon
Valleydarling,”Fortune,December5,2024.
resourcestopromisingnewareas,evenwhenbudgetsaretight.Oursurveyresults
showthatoutperformersare10percentmorelikelythanotherstoengageinmonthlyorquarterlydebateswiththeirteamsaboutwhethertoaccelerate,modify,orhaltgrowthinitiativesandtotrackprogressagainstgoals.
?CommunicatingexternallyandinternallythatgrowthisaNorthStar.Leaders
shouldexplicitlystateambitiousgrowthgoalstotheboardandexecutiveteamto
Web<2025>
<Fitforgrowth>
Exxhhibii<it2of<6>
5
Leadersspendmoretimeonshort-termgrowthinitiativesthanonlong-termones.
Averagedistributionofexecutiveteam’stimespentongrowth
initiatives,byprojecttimeline,%
Longterm
(>5years)
Shorttomediumterm
(≤5years)
7822
Source:McKinseyGrowthLeadersMindsetSurvey,June7–July18,2024(n=500)
McKinsey&Company
generatebuy-inandaccountability.Outperformersare80percentmorelikelythanotherstocommunicatetheirachievementsthroughtownhalls,investorupdates,andperformancereviewstohelptheirteamshitambitiouslong-termtargets,accordingtooursurvey.
2.Beaudaciousongrowth
Actingaudaciouslymeansthinkingcreatively,takingrisks,andmobilizingresources
quicklyacrossaportfolioofgrowthbetsandpathways.Thisincludesawillingnessto
exploreunconventionalavenueswithpotentialforgrowth(seesidebar“FromBrazil
toSaudiArabia:Expandingcancercareacrosscontinents”).Eighty-threepercentof
outperformersinoursurveyindicatethattheyencouragetheirteamstotestnewideas,failquicklyandaffordably,andlearnfromtheresults.Furthermore,79percentofall
surveyrespondentssaytheyprioritizespeedoverperfectionwhenitcomestotheirgrowth-relatedpractices(Exhibit3).
However,whenitcomestocommittingresourcestoboldactions,therealitylooks
different.Duringperiodsofvolatility,30percentofrespondentssaytheychooseto
increaseresourcingforgrowthinitiatives—whetherincore,adjacent,ornewmarkets—indicatingareluctancetocommittocourageousgrowthstrategieswhenitmatters
most.Moreover,47percentofrespondentstendtofocusontactics,suchaspricingandautomation,ratherthanmakingboldmoves,suchasinvestingininnovationorfocusingonanew,unfamiliarmarketwithhighpotential.
Leadersofoutperformingcompaniessetthemselvesapartinthefollowingways:
?Experimentingwithboldriskstosupportinnovativeideas.Amazonfounderand
executiveJeffBezoshassaidthatexperimentalfailurecanbebeneficial.3
3“ThenewJeffBezosbook:ReadhisownwordsonhowAmazonembracedfailuretodriveinnovationandsuccess,”BusinessInsider,November22,2020.
6
FromBraziltoSaudiArabia:Expandingcancercareacrosscontinents
Dr.BrunoFerrariisnostrangertoboldmoves.TheCEOofOncoclinicas,whichoperates
leading-classoutpatientcancercarecenters
inBrazil,foundedthecompanyin2010with
asingleclinicinBeloHorizonte,Brazil,and
expandedtomorethan140clinicsinlessthan
adecade.Inacountrywheremosthealthcare
iscentralized,FerraribuilttheOncoclinicas
networkbybuildingsmallerclinicsoutsideofthemajorhospitalsystemstomeetpatientswhere
theywereandwheretheymostneededcare.
KeentoexpandtheimpactofOncoclinicas,
Ferrariwentfarafield.Afterlearningthat
therewasnospecializedoncologyprovidertoservethe37millionpeoplethere,hesensedanopportunity.“WesawthattherewerekeysimilaritiesbetweenBrazilandSaudiaArabiainthechallengesthatpeoplehaveingetting
cancercare,”hetoldus.“WedecidedtomakeamoveandexpandtotheMiddleEast.Nowwecanhelpthepeopletherebyprovidingmore
accessibletreatmentwithreducedwaittimes.”
InAugust2024,Oncoclinicasannounced
apartnershipwithalocalmultisector
conglomerate,Al-Faisaliah,toopenitsfirst
cancercareclinicinRiyadh,withaneyetowardfutureexpansionacrossSaudiArabia.The
abilitytohavebroadimpactinanareawith
limitedcancercarefacilities,coupledwith
stronggovernmentsupportforthehealthcaresector,madethisunconventionalstrategy
appealingtoFerrari.Thejointventureis
expectedtoopenfivenewclinics,expandto
othercountriesintheregion,andgenerate
$550millioninannualrevenue(50percentof
Oncoclinicas’currentrevenue)withinfiveyears.
Exhibit3
Leaderssaytheyprioritizemakingboldmovesquicklybutfailtocommittheresourcesneededtotakeaction.
Growthactionstakenbyleaders
Shareofrespondentsagreeingor
stronglyagreeingthattheyprioritizespeedoverperfection,%(n=480)
79
Actionstakenduringperiods
ofvolatility,%ofrespondents(n=500)
Increase
resources
forgrowth
initiativesincore
businessareas
30
Prioritize
revenue/cost
optimization
47
Source:McKinseyGrowthLeadersMindsetSurvey,June7–July18,2024(n=500)
McKinsey&Company
7
(Hedifferentiatesthisfromoperationalfailure,whereexecutionispoor.)Leaderswhoarewillingtotrynewideas,evenwhentheymaynotpanout,canlearn,innovate,and
growfromtheexperience.Accordingtoa2023McKinseydigitalstrategysurvey,top
performerswere63percentmorelikelythanpeerswhowerenotoutperformersto
allocateresourcestoinnovateinthedevelopmentofanewproductortoenteranew
market,and44percentmorelikelytodosoin“breakout”opportunitiesoutsideoftheircurrentindustryorecosystems.
?Favoringspeedyactionoverperfection.Outperformerscreateaclearpathtoactionthatallowsteamstoexecuteoninitiativesproactivelyorreactrapidlytounpredictableshiftsinthemarket.Sixty-fourpercentofoutperformersactwithspeedwhenfacedwithmarketshocksorinternalchanges,allowingthemtocaptureafirst-moveradvantage.
3.Listentoyourcustomers—forreal
Improvingcustomerexperiencecreatesstackedwinsforhigherreturns,fastergrowth,
andlowercosts.AspreviouslydescribedinMcKinsey’sworkonexperience-ledgrowth,
companiesthatputcustomerexperienceatthecenterachievetwicetherevenuegrowthofthosethatfallbehindinthisarea.4Sixty-threepercentofsurveyrespondentscitecustomerfeedbackasatopsourceforgeneratinggrowthideas(secondonlytointernalR&D,at64
percent).Yetdespitesignificantevidenceshowingthatcustomer-centricityisimportant,only15percentofrespondentssaythattheyconsistentlyincorporatecustomerinputintotheirdecisions,andjust23percentsaytheyregularlyengagewithcustomerstoensure
theirofferingsdeliverrealvalue(Exhibit4).Thisrevealsadisconnectbetweentheintenttoprioritizecustomerneedsandtherealityofexecutingonthatcommitment.
4VictoriaBough,OliverEhrlich,HaraldFanderl,andRobertSchiff,“Experience-ledgrowth:Anewwaytocreatevalue,”McKinsey,March23,2023.
Exhibit4
Fewleaderstakethenecessaryactionstoputcustomersatthecenter.
Growthactionstakenbyleaders,%ofrespondentsanswering“stronglyagree”
Consistently
incorporatecustomer
inputintobusiness
decisions
15
Regularlyengage
withcustomers
23
Usetechnology
topredict
customerneeds
14
Source:McKinseyGrowthLeadersMindsetSurvey,June7–July18,2024(n=500)
McKinsey&Company
8
Leadersofoutperformingcompaniesputthecustomeratthecenterbyachievingthefollowing:
?Figuringoutwhatcustomerswantnext.Growthoutperformersusepredictiveanalyticstonotonlylearnbutactuallypredictneeds.Theylookattheedgesoftheirown
industryandbeyondtoidentifybroadershifts.Thisallowsthemtotrulyunderstandtheircustomerscoredesires,thencreateproductsandadjustservicesaccordingly.
Todothis,leadersleverageAIandusetechnologybeyondsurvey-basedsystemsto
identifycustomerexperienceissuesandopportunitiesinrealtime.Forty-fivepercentofoutperformersinoursurveyindicatethattheyusetechnologytobetterunderstandcustomerneeds.
?DeployinggenAItorespondtocustomers.Todeliveronbrandpromiseand
expectations,outperformerspersonalizeresponsestoinquiriesandquicklyrespondtocustomersintheirmomentsofneed.Forexample,autonomousgenAIagentsaugmenthumancustomerinteractionstoimproveservicelevels,customizeinteractions,and
automatecomplextasks.
?Ensuringcustomerinsightsareconsistentlytranslatedintonewgrowthinitiatives.Outperformersensurethatoncecustomerfeedbackissystemicallycapturedand
analyzedatscale,itisturnedintoinnovationsinproducts,services,orstrategiesthatreflectthatfeedbackandprovideasuperiorcustomerexperience(seesidebar“ThebeautyaficionadosatthecenterofSephorassuccess”).
ThebeautyaficionadosatthecenterofSephora’ssuccess
Despiteintensecompetitionfromboth
establishedplayersandemergingbrands,
globalbeautyretailerSephorahascontinued
toexperiencesignificantorganicgrowth
acrossbusinessunits(LVMHsselectiveretailbusinesswhichhousesthebrandgrew25
percentin2023).AccordingtoglobalpresidentandCEOGuillaumeMotte,themainingredienttoSephorasfast-growthsuccesshasbeena
relentlessfocusoncustomers.Sephoraskeyinitiativesin2024includedenhancingthein-
storeexperiencewithinteractivedisplaysandpersonalizedconsultations,conveningmore
“SEPHORiA”experiences(aFashionWeeklike
customerevent),andbuildingaskinanalysisservicebasedonfeedbackfromcustomers.
Additionally,Sephorahascultivatedathriving
communityofover40million“BeautyInsiders.”Thisloyaltyprogramrewardsmemberswith
specialeventssuchastheRougeCelebration,whichleveragesSephorasrelationshipwith
brandstoprovidespecialgiveaways,discounts,anddemonstrationstotopcustomers.
Sephorasfocusoncustomerengagementhaspaidoff:BeautyInsidermembersaccountforamajorityofSephorasannualtransactions.
9
4.Rallyadreamteamforgrowth
Talentisessentialforgrowth.Engagedemployeesfuelinnovation,productivity,successoffunctionalcapabilities,andcustomerloyalty.Byfocusingontalent,companiescan
achieveacompetitiveadvantageandcultivateanorganizationwithagrowthmindset.
Despitetheimportantroletalentplaysinanorganization’sabilitytogrow,69percent
ofrespondentsbelievethereisasignificanthumancapitalorcapabilitygapwithintheir
organizations(Exhibit5).Moreover,fewerthan8percentofrespondentsexpresshigh
confidenceintheirend-to-endtalentstrategy(thatis,recruiting,integrating,upskilling)todelivertheworkforceneededtodrivefuturegrowth,castingdoubtontheircompanies’abilitytofilltalentgapsorganically.Theseshortcomingshighlightacriticaldisconnect
betweenrecognizingtheimportanceoftalentandtakingcrediblestepstosecureit.
Leadersofgrowthoutperformerstakeadifferentapproachtotalentplanning(seesidebar“Bankingontechtalentforgrowth”).Theycentertheirorganizations’developmenton
growthandnurtureteamrelationshipstofosterculturalhealth,whichinturnunlocksgrowth.Theseleadersfocusontalenttofuelgrowthbymakingthefollowingmoves:
?Elevatingandredeployingtopperformers.Manycompaniesrewardpeoplebasedonthesizeofthebusinessunittheyoverseeorhowmanypeopletheymanage.Thatmeanstopperformersoftenenduprunningmorematurepartsofanorganization,ratherthangrowthareas.Outperformers,however,investinandofferincentives
tohigh-performingtalentbyputtingoutstandingemployeesinmorevisiblerolestofurthertheirdevelopmentandcontinuetosparkgrowth.Thirty-sixpercentofoutperformerssaytheyhaveanagileorganizationaltalentmodelthatallowseasymovementofthebestpeoplethroughtheircompanies.
Exhibit5
Leadersrecognizetheimportanceoftalent,andmostofthemprioritize?llingthetalentgapin-house.
Sentimentsaboutgapshinderinggrowth
Shareofrespondentsacknowledgingacriticalgaphinderinggrowthattheirorganizations,%(n=500)
72
Sourceofgaphinderinggrowth,1%ofrespondents(n=355)
Technology18
Talent69
Prioritizedapproachto?llingtalentgap,%ofrespondents(n=285)
PartnerBuy
Build
13
24
63
1Respondentscouldselectmorethanoneresponse.
Source:McKinseyGrowthLeadersMindsetSurvey,June7–July18,2024(n=500)
McKinsey&Company
10
Bankingontechtalentforgrowth
DevelopmentBankofSingapore(DBS),one
ofSoutheastAsia’slargestbanks,isfocusing
onnurturingtoptalent.TheDBSexecutive
teamcommittedtohiringnewtalentand
upskillingandreskillingtensofthousandsof
staffmembers,withafocusonfosteringtech
skills.SameerGupta,DBS’schiefanalytics
officer,recentlysharedwithMcKinseythebank’sstrategicapproach,whichfocusesonbuilding
anenterprise-leveldatasciencetalentpipeline
throughatargetedcurriculumfordatascientistsanddataanalysts.Underhisleadership,DBShascreatedacomprehensivetrainingcurriculumonAIanddataforitsemployeesacrossskilllevels
andfosteredanenvironmentthatencourageslearningforitsemployeesacrossoperations.
Byinvestinginitstechnologytalent(thebankhasroughlytwiceasmanytechnologistsas
bankers),DBShassuccessfullycaptured
valuefromitsearlyadoptionofAIandmachine
learning.DBSemployeeshaveusedgenAI
togeneratehundredsofideas,including
hyperpersonalizedfinancialguidancefor
customers,deeperinsightstoenhancecustomerengagement,andcustomizedcareerpathways
tofosterlong-termemployeegrowth.In2023alone,thebank’sAIandmachinelearningusecasesgeneratedapproximately$270millionofincrementaleconomicvalue,eitherthroughrevenuegrowthorexpensessaved.
?Rewardingfailurewhendonefastandcheaply.Outperformersencouragetaking
calculatedrisksbycreatingacultureofpsychologicalsafetythatsupportsiterative
developmentandknowledgesharing,withtheappropriateguardrailstoderisk
initiatives.Leaderswhoactonthismindsetleadwithoptimism,notjustpragmatism,tocommunicateapositiveoutlookclearlyandencourageboldthinking.
?Pursuingunconventionalsourcesfortalent.High-growthleadersexplorehiringfromadjacentordifferentindustriestobringafreshlevelofthinkingthatpushesgrowthandspursnewandsometimesevenuncomfortableconversations.Theyensurethatteamshavetherightcombinationofbothbig-picturevisionariesanddetail-orientedthinkers.Outperformersare50percentmorelikelythanpeerstoproactivelyclosetalent
gapsthroughexternalhiring.TheydosonotonlyintheC-suitebutateachleveloftheorganization.
5.Deriskgrowthbyexecutingwithexcellence
Executivesneedarobustoperatingrhythm—onethatclearlymanagesgrowthactivities,communicatesgrowthstrategies,andensuresaccountability—tosucceedagainsttheirgrowthgoals(seesidebar“Mondaymorningjolts:Howoneexecutivesparkedgrowth
throughaccountability”).
Deriskinggrowthalsorequiresexecutivestoharnesstherighttechnologyfromtheearlyplanningstagesallthewaythroughtoexecution.ThepotentialofAIandgenAIis,bynow,widelyviewedbyexecutivesasanimportantgrowthenabler.However,only10percentofexecutivesinoursurveybelievetheyhavesufficientdataandinsightstobacktheirgrowth
11
Mondaymorningjolts:Howoneexecutivesparkedgrowththroughaccountability
WhenanewexecutivewastaskedwithgrowingabusinessunitataniconicNorthAmerican
servicescompany,shestartedbyinstitutingweeklycheck-ins.Butthesewerenoordinarycheck-inswithareadoutandafewquestions.Instead,shestartedtheweekwithearly
Mondaymorningstand-upmeetings,whichincludedhead-to-headmatchupsbetweenteams,agrowthleaderboard,andfrequentuncomfortablechallengestothoselaggingbehindontheirtarget
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