What actions are successful firms taking to increase employee buy-in for their firm-wide strategy priorities?
Based on a global survey of over two hundred business leaders conducted by The Economist Intelligence Unit, "Mindsets" assesses the factors that determine effective buy-in for corporate strategy throughout an organization.
The research reveals that firms typically find it difficult to drive buy-in of strategic direction among middle- and lower-ranked employees, top-performing companies, defined by those reporting above-average profitability relative to peers, regularly achieve widespread buy-in at all levels of the organization. Leading firms, which also tend to report above-average revenue growth and market share accomplish this by following these tactics:
- Firms struggle to gain buy-in below the highest levels of management
- Concerted efforts to make new strategies personal directly impact company performance
- Mid-level leader buy-in: a significant challenge, improved by collaboration
- Successful organizations gather and leverage employee feedback
- Top performing companies acknowledge and reward exemplary performance
- Successful firms are more likely to encourage constructive criticism and negative feedback
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