Michael C. Mankins

Transformation programs have become ubiquitous. Unfortunately, the vast majority of these efforts fail to live up to their transformative potential. Bain research indicates that only 12% of major change programs produce lasting results.

It doesn't have to be this way. In the May-June issue of Harvard Business Review, my colleage -- Patrick Litre -- and I share the six features that our research finds separate successful transformations from all the rest.

In crafting strategy, companies frequently struggle to cope with extreme volatility. Today's world is now so unpredictable that it is virtually impossible for companies to plan for every eventuality. Leaders need to think about what good strategy looks like very differently. And they need a new, dynamic model for strategy-making.

Even before working from home became widespread, digital technology was transforming how and where work gets done and how many people are needed to do it.

In the aftermath of the pandemic, companies can rebuild a workforce that is better equipped for an economy in which routine and repeatable tasks are increasingly machine-enabled.

Drawing on research by Bain & Company involving more than 300 large firms worldwide in every facet of the global economy, the authors identify six… Show more

Even before working from home became widespread, digital technology was transforming how and where work gets done and how many people are needed to do it.

In the aftermath of the pandemic, companies can rebuild a workforce that is better equipped for an economy in which routine and repeatable tasks are increasingly machine-enabled.

Drawing on research by Bain & Company involving more than 300 large firms worldwide in every facet of the global economy, the authors identify six practices for companies to follow as they regroup and reorganize for the inevitable recovery. Show less

For most of the past 50 years, business leaders viewed financial capital as their most precious resource. They worked hard to ensure that every penny went to funding only the most promising projects. Today financial capital is no longer a scarce resource—it is abundant and cheap. Success in this new age requires a fundamentally different view of strategy and the resources most critical to competitive advantage. Companies that learn these new rules will move far ahead. Those that don't risk… Show more

For most of the past 50 years, business leaders viewed financial capital as their most precious resource. They worked hard to ensure that every penny went to funding only the most promising projects. Today financial capital is no longer a scarce resource—it is abundant and cheap. Success in this new age requires a fundamentally different view of strategy and the resources most critical to competitive advantage. Companies that learn these new rules will move far ahead. Those that don't risk falling irrecoverably behind. Show less

Business leaders know that the key to competitive success is smart management of scarce resources. That's why companies allocate their financial capital so carefully. But capital today is cheap and abundant, no longer a source of advantage. The truly scarce resources now are the time, the talent, and the energy of the people in your organization—resources that are too often squandered. There's plenty of advice about how to manage them, but most of it focuses on individual actions. What's really… Show more

Business leaders know that the key to competitive success is smart management of scarce resources. That's why companies allocate their financial capital so carefully. But capital today is cheap and abundant, no longer a source of advantage. The truly scarce resources now are the time, the talent, and the energy of the people in your organization—resources that are too often squandered. There's plenty of advice about how to manage them, but most of it focuses on individual actions. What's really needed are organizational solutions that can unleash a company's full productive power and enable it to outpace competitors. This book explains how to do just that. Show less

Most companies have elaborate procedures for managing capital. They require a compelling business case for any new capital investment. They set hurdle rates. They delegate authority carefully, prescribing spending limits for each level. An organization’s time, by contrast, goes largely unmanaged.

Some forward-thinking companies bring as much discipline to their time budgets as to their capital budgets. We share their best practices in the feature article. As a result, these companies… Show more

Most companies have elaborate procedures for managing capital. They require a compelling business case for any new capital investment. They set hurdle rates. They delegate authority carefully, prescribing spending limits for each level. An organization’s time, by contrast, goes largely unmanaged.

Some forward-thinking companies bring as much discipline to their time budgets as to their capital budgets. We share their best practices in the feature article. As a result, these companies have liberated countless hours of previously unproductive time for executives and employees, fueling innovation and accelerating profitable growth. Show less

Conventional business wisdom says all-star teams just don't work. Their egos and disagreements will drive their leaders crazy. In this Harvard Business Review article, we challenge that notion. A company that can foster teamwork among its best people multiplies the productivity and performance advantages of standalone stars.

Great organizations make great decisions and execute them effectively. Decide & Deliver offers five practical steps to transform your organization into a decisive, nimble high-performer.

Reorganization is a common event at most corporations. More than half of all CEOs reorganize their company within their first 18 months on the job, and many preside over numerous restructurings. Yet most reorganizations fail to produce any meaningful impact on company performance. The most successful companies have discovered the secret with respect to organization -- namely, forget the org chart—the secret is to focus on decisions, not structure.

If your company's like most, it's geared up to buy assets, not sell them. So when you decide to divest a business, you risk doing it at the wrong time or in the wrong way.

The success of private equity in recent years holds some important lessons for corporations as well. The best companies will study the practices of leading private equity investors and incorporate many of these practices into how they run their own operations.

The strategic planning process at most companies doesn't really matter. It doesn't drive decision-making or resource allocation. As a result, strategic planning doesn't meaningfully impact performance. Leading companies have taken a new approach to strategy development -- one that is continuous and issues-focused. They have stopped making plans and, instead, have started making more, better, and faster decisions.

Generating great performance requires more than great strategy -- it requires great execution as well. The best companies employ six common rules for turning great strategy into great performance.

No resource is more score than top management time. Yet, at many companies, leadership time is squandered. In fact, as much as 80% of top management's time is often devoted to discussing issues accounting for less than 20% of company value. The best companies take a systematic and rigorous approach to managing executive time to produce the best possible performance for shareholders.

Generating superior shareholder returns is the hallmark of great companies and great management. The Value Imperative provides executives with a practical guide for managing a company to create the maximum value possible for its owners.