Achieving strategic and cultural transformation through an integrated approach
‘The collaboration with Telos Partners was highly positive and I was proud of the financial and cultural turnaround we achieved. I would definitely work with Telos Partners again.’
So what was the impact?
Through the Strategic Reorientation the client strengthened trust and boosted orders, with a clear impact on the bottom line:
• Year 2: Sales growth 2 x the market
• Year 3: Sales growth 3 x the market
These figures were achieved despite budget cuts and a reduced marketing spend.
The Cultural Rebuild led to a rapid and visible transformation – local culture teams were set up in each country; monthly recognition was given to employees demonstrating the desired behaviours; and the strategy and individuals’ contribution to it were clearly and regularly communicated.
This led to:
• employee engagement increasing from 64% to more than 90%
• stronger teamwork, communication and sense of belonging
• renewed pride in innovation
‘Much of the success of this strategic and cultural transformation was due to Telos Partners’ support,’ says the executive, highlighting the way in which stronger employee engagement directly contributed to higher business performance.
‘My team found Telos Partners’ methodology eye-opening and energising,’ he adds. ‘The collaboration was highly positive, and I am proud of the financial and cultural turnaround we achieved. I would definitely work with Telos Partners again.’
Client story
When an executive with extensive multinational experience joined a major pharmaceutical company as regional General Manager, the company was at a pivotal crossroads.
The family-owned business – that had recently listed on NASDAQ – carried ambitious plans to more than double its revenue while expanding well beyond its existing regional footprint.
While the overall business had grown and shown strong performance over the previous years, and prided itself on its strong heritage of innovation, the executive’s region:
was not performing well
lacked a clear culture and shared identity
depended on highly hierarchical decision-making centred in one country
had poor communication between headquarters and the region
had low accountability, weak teamwork and a lack of recognition
employees were disconnected from the company’s innovation strengths
The executive had witnessed first-hand the strategic importance of culture in driving business performance at two previous global pharma businesses, where he had already partnered with Telos Partners.
Valuing our cultural transformation expertise, he turned to Telos Partners once again to support the cultural and strategic transformation of his regional team.
Drawing on our integrated approach to strategic and cultural change, we worked closely with the client to co-design an effective strategic and cultural transformation plan.
1. Strategic Reorientation
Strategically, we worked with the regional leadership team to develop their strategic goals and a roadmap to focus on redirecting investments from a less to a more profitable part of the business; leverage innovation as a differentiator; and strengthen the engagement of physicians by showcasing the company’s manufacturing excellence.
2. Cultural Rebuild
To rebuild the regional culture, we worked with the leadership team to clarify the culture they wanted to live, build trust, identify blockers, develop and strengthen their leadership skills, and define an engagement plan.
To achieve this, we used:
the ‘Cultural Framework’ to define the culture
the Myers Briggs Type Indicator (MBTI) psychometric assessment to deepen understanding of preferences and the dynamic within the team
exercises to strengthen their leadership competencies, communication and feedback
monthly and quarterly follow-ups
coaching for leaders who were resistant to the change