Monday, August 30, 2021

g-f(2)461 THE BIG PICTURE OF THE DIGITAL AGE (8/30/2021), McKinsey & Company, Boards, talent, and culture

ULTRA-condensed knowledge

"g-f" fishing of golden knowledge (GK) of the fabulous treasure of the digital age, Organizational Culture (8/30/2021)  g-f(2)426

Opportunity, Boards, talent, and culture, McKinsey & Company
  • Many companies realize that human capital is incredibly strategic, and that attracting, developing, retaining, and deploying that talent is a real source of competitive advantage. For the board, that involves a delicate balancing act because executing this is the role of management but it is the board’s role to ensure governance.
  • When you create a constructive relationship between the CEO and the board, extraordinary things happen.
  • The CEO’s behaviors are quickly copied throughout the organization.
  • The culture needs to be owned by the senior leadership.
  • One other area of culture where the board can be really powerful is around lifelong learning. From the boardroom down to the engine room, everybody’s skills are growing obsolete faster and faster, so one of the critical success factors, both for individuals and institutions, is having a thirst for learning and an external orientation.
        Lesson learned, The importance of culture, McKinsey & Company
        • The reason culture is increasingly on the agenda is because there is a huge downside when you get it wrong. We have seen many great organizations stumble and sometimes even collapse because they had deep cultural issues. 
        • There is also a massive upside when you get it right. 
        • We have data showing that companies with strong cultures outperform by a factor of three their peer sets.
        Lesson learned, Key questions, McKinsey & Company
        • Where do we have the talent to fulfill the promise on that investment, whether that is a greenfield investment or an acquisition? 
        • Are we going to be able to retain that talent?
        • Do we have the talent that will enable us to deliver this? What evidence gives us confidence that we do? 

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                  Condensed knowledge

                  Opportunity, Board members are increasingly challenging management to ensure the organization’s talent pipeline can meet the needs of the strategy, McKinsey & Company
                  • In this episode of the Inside the Strategy Room podcast, we continue our series on board perspectives by looking at the board’s role in helping organizations develop the right talent and culture. To explore this topic, Frithjof Lund, the global leader of McKinsey’s board services work, speaks with two experts on governance and organization. Hugo Bague, a former group executive at Rio Tinto, is a non-executive director on the board of Jones Lang LaSalle (JLL), a global real estate services firm, where he chairs the compensation committee. Mary Meaney is a globally recognized leader on change management and organizational transformations who until recently co-led McKinsey’s Global Organization Practice and served on the global governance board. 

                  Some relevant characteristics of this "genioux fact"

                  • Category 2: The Big Picture of the Digital Age
                  • [genioux fact deduced or extracted from McKinsey & Company]
                  • This is a “genioux fact fast solution.”
                  • Tag Opportunities those travelling at high speed on GKPath
                  • Type of essential knowledge of this “genioux fact”: Essential Analyzed Knowledge (EAK).
                  • Type of validity of the "genioux fact". 

                    • Inherited from sources + Supported by the knowledge of one or more experts.


                  ABOUT THE AUTHORS

                  Frithjof Norman Lund

                  Managing Partner and Senior Partner, Oslo
                  Leads McKinsey Board Services, our global service line helping CEOs and boards of directors improve corporate governance, and our Organization Practice in Scandinavia; offers deep expertise in strategy, corporate governance, transformational change, and leadership development.

                  I am a Senior Partner at McKinsey and the Managing Partner of our Norway office. I also lead McKinsey's Board Services globally. My areas of expertise include: Corporate Strategy, Business Unit Strategy, Active Ownership, Private Equity, M&A, Performance Transformations, Organizational Transformations, Organizational Design, Cultural Change, Change Management, Leadership Development, Talent Management, Corporate Governance and Board Effectiveness. Since 2004 I have served global clients on Strategy, Organization and Corporate Governance related topics, primarily within the Global Energy and Basic Materials industries and Public Sector.

                  Hugo Bague

                  Hugo Bague is a McKinsey senior adviser and a nonexecutive director on the board of Jones Lang LaSalle.

                  • Over 30 years in Executive roles in different industries from banking, pharmaceutical, telecom, high tech to mining.
                  • CEO at Milvusmilvus Consulting, non-executive director at JLL (Jones Lang Lasalle), senior advisor with McKinsey and at Advisory Board BigSpring.

                  Mary Meaney

                  Mary Meaney is an alumna of McKinsey’s Paris office.

                  I am a Senior Partner at McKinsey and Company. I serve on McKinsey's global Board of Directors, our Shareholder's Council, and lead McKinsey's Organization practice globally. I recently published Leading Organizations: Ten Timeless Truths with Scott Keller. I advise a broad range of clients across Europe, the Middle East, and Africa, with a focus on transformational change, top team alignment, capability-building, leadership development, human resource strategy and performance improvement. I am a co-founder of McKinsey's Women's Initiative and sponsor McKinsey's Remarkable Women's Program. My areas of expertise span across a variety of sectors including: consumer-packaged-goods, chemicals, pharmaceutical and telecommunications industries, and public sector. I am also active in other sectors, including energy, basic materials, mining, high tech, and private equity.

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