As the rise of e-commerce, Amazon and new technologies have transformed today’s consumer market, large consumer goods companies are feeling pressure to reduce reaction time. In an article recently published by Mckinsey & Co., authors Patrick Guggenberger and Patrick Simon argue consumer-facing companies need to find ways to “(reduce) the time needed from product development to shelf, shortening payback periods on R&D investments, and capturing market trends and sales opportunities before competitors do.”
They suggest six employee-focused action steps to promote that shift:
- “Give power to your people.”
Take a hands-off approach to leadership by allowing agile employees and teams enough autonomy to use their own judgments and follow through on tasks. - “Foster an entrepreneurial mindset.”
Using the mantra, “If you were the owner, what would you do?” guide smaller, cross-functional teams to pursue original ideas, even if it ends in occasional failure. - “Make change personal.”
Find motivational role models to help depict what it means to work more efficiently and effectively. - “Offer a change narrative.”
Developing the “how” and “why” of the company’s plans to improve will help employees better understand the transformation process. - “De-stack and de-clutter.”
Promote companywide focus by doing away with time-draining and unnecessary meetings, events and travel when possible. Video conferences and phone calls are better options. - “‘Let go’ in a healthy way.”
For globally-based companies, put more responsibilities into the hands of local entrepreneurs, who “have their finger on the pulse of local tastes more than headquarters ever can.”
