04/15/2024 | Press release | Distributed by Public on 04/15/2024 06:08
NEW YORK - April 15, 2024 - While Bain & Company estimates more than a third of large organizations are undergoing business transformations at any given time, new research from the firm shows only about 12% achieve their original ambition. Those that do get it right avoid overloading their "star players," which can lead to burnout among that oversubscribed group, and they often hire a dedicated Chief Transformation Officer (CTO) to lead the effort.
"Our research shows transformations are ever present in business, but the vast majority do not achieve their intended outcomes," said Melissa Burke, executive vice president of Bain's Transformation & Change practice. "One of the first mistakes companies make is failing to focus on their critical strategic roles and getting the right people in them. They too often overload top talent, burning them out and overlooking other worthy team members. True transformation is a long-term endeavor. Winning companies invest in the talent they will need to sustain it. For many, this includes hiring a dedicated chief transformation officer."
Bain & Company's Transformation & Change Survey of over 400 executives and senior leaders found the strongest predictor of a transformation's success is how well the company retains, develops, and acquires the right talent and capabilities to pull it off. The research identified three common mistakes companies make in their pursuits.
Three common mistakes that cause a transformation to fail
Transformations that fall short often make one or more of three typical mistakes: failing to focus on the roles critical to the transformation, pulling from too shallow a talent pool, and/or preparing poorly for the future.
Editor's Note: For more information or interview requests please contact:
Gary Duncan (London) - Email: [email protected]
Katie Ware (New York) - Email: [email protected]
Ann Lee (Singapore) - Email: [email protected]
About Bain & Company
Bain & Company is a global consultancy that helps the world's most ambitious change makers define the future.
Across 65 cities in 40 countries, we work alongside our clients as one team with a shared ambition to achieve extraordinary results, outperform the competition, and redefine industries. We complement our tailored, integrated expertise with a vibrant ecosystem of digital innovators to deliver better, faster, and more enduring outcomes. Our 10-year commitment to invest more than $1 billion in pro bono services brings our talent, expertise, and insight to organizations tackling today's urgent challenges in education, racial equity, social justice, economic development, and the environment. We earned a platinum rating from EcoVadis, the leading platform for environmental, social, and ethical performance ratings for global supply chains, putting us in the top 1% of all companies. Since our founding in 1973, we have measured our success by the success of our clients, and we proudly maintain the highest level of client advocacy in the industry.