We must resist the temptation to settle.
Let’s take business strategy to a new level of impact.
At a time when we’ve just weathered a multi-year pandemic, in an economic environment that signals challenges ahead, and at a moment when employees’ lives have been in a state of upheaval, the traditional strategy isn’t enough. As leaders, we need our strategy to inspire.
What’s the best path to building a company that inspires?
The challenge: I was invited to share a blueprint for a new breed of business strategy, designed to build an inspiring company.
The audience: Merck KGsA in Darmstadt, Germany* employees (*60,000 employee company in Darmstadt Germany, which is a separate company from Merck & Co).
The company’s DNA provided a rich starting point. At their core, they are committed to applying technology and scientific R&D in 5 critical areas:
- Tackling the scarcity of resources
- Creating a smarter, connected world
- Shaping the future of healthcare
- Changing the future of scientific work
- Sustainable Science & Technology
The point of departure: A quote from the CEO and Chair of the Executive Board, Belén Garijo: “Our goal is to significantly shape the future through innovation.”
My message:
I believe—in today’s market, for a strategic approach to work, we need to rethink strategy.
Today, in addition to focusing on traditional models for driving profits, a strategy needs to:
- Support a path for innovation and R&D to advance through to commercialization
Provide a context for leaders to have confidence in where to place their bets; - Offer a framework to engage with partners, professionals, families, communities, and customers;
- Incorporate a commitment to staying relevant through cross-industry learning, forward-thinking insights, and sensemaking.
I believe—to achieve a level of inspiration, Merck KGsA needs to gain “hearts and minds commitment” from people at all levels.
“People need to feel heard, and be encouraged to apply their unique talents to the company’s next opportunity.”
I invite you—to read The Way To An Inspiring Company and would love to hear your insights on what we all need to do in today’s world to exchange old-school strategy for a more illuminated and engaged approach.
ToolBox
NEW MAXIMS TO BUILD AN INSPIRING COMPANY
🔷 Proactively seek to be inspiring. Companies today need to be inspiring to keep people and talent engaged.
🔷 Future vision comes from many voices. We need to eliminate the perception that a future vision can come only from a rare group that’s assigned to innovate. All of our voices need to shape the future.
🔷 Don’t let ROI and IRR rule. Backward-facing data and analytics shouldn’t be an anchor that drags down forward progress.. Today’s strategy can’t be based simply on maximum productivity or maximum profits.
🔷 Hearts and minds commitment is key. Rethink the metrics that matter. Ask yourself, “What will it take for us to be a company that is a talent magnet and a preferred co-creator and partner? What will it take for us to improve the lives of our customers?”
