Lost in Translation: The Missing Link in Strategy Execution

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Lost in Translation: The Missing Link in Strategy Execution

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Today’s Moderator @AndyWebcast Andrew Bateman

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THANK YOU www.insight-experience.com

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For a PDF copy of the slides used during this webcast, click button above.

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This presentation contains polls, to participate please use the polling widget to the side of the player. If you do not see this, please open a new tab in your browser and visit www.pollev.com/hciwebcasts

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Today’s Guest Speakers Nick Noyes Founding Partner Insight Experience Karen Powell Director of Program Development & Delivery Insight Experience

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Lost in Translation: The Missing Link in Strategy Execution A webinar from Insight Experience 7

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Learn about a model to improve the effectiveness of strategy execution Understand how other companies have put this approach and underlying skills into action; Gain insight into ways to learn and apply the model and skills at your organization Leave this webinar with some useful tools to help you in the future Outcomes for today 8

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Insight Experience creates dynamic business simulation-based learning experiences that connect leadership to business results We create group-based learning experiences at all levels of management We work globally across all industries, with a focus on Fortune 1,000 clients Team members have 20 years of experience in the simulation industry About Insight Experience 9

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We focus on four core leadership challenges 10

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Our experience with strategy execution 11 1. We work with organizations to develop their leaders’ strategy execution skills 2. We observe leaders executing strategy “real time” in simulation teams 2 lenses

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The problem with strategy execution “90% of well-formulated strategies fail due to poor execution.” – Harvard Business Review “According to several surveys of top executives, only 19% of strategic plans achieve their objectives.” – Harvard Business Review “69% of surveyed leaders are not confident in their organization’s ability to execute strategy.” – Minnesota Council for Quality “61% of respondents acknowledge that their firms often struggle to bridge the gap between strategy formulation and its day-to-day implementation.” – The Economist 12

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…and if you dig a little deeper…. “Only 27% of a typical organization’s employees have access to its strategic plan. Many larger organizations don’t have a consistent way to even describe their strategy, other than in a large strategic planning binder. 60% of typical organizations do not link their strategic priorities to their budget. 92% of organizations do not report on lead performance indicators.” – Harvard Business Review 13

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The missing link: strategy translation 14

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Strategy translation in action Strategic Direction Operating Decision/ Translation Challenge Reduce costs in the business by centralizing to Centers of Excellence Close a Call Center 15

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Understand Let’s take a look at what she did 16 Used market data and asked questions to form an understanding of WHY centralization was important. Understand Connect Align

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You get buy-in and commitment, everyone is moving in the same direction, everyone is working in the same direction You develop momentum You deliver results More ownership and connection to the strategy; ability to control your own destiny More accountability Better transparency and robust dialog More clear, consistent stories to share People understand where they fit into the organization, and how they contribute to strategy The impact of successful strategy translation 17

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Cognitive (Business, Financial, Strategic) Two sets of interdependent leadership skills 18 Interpersonal (Communication, Empathy, Accountability)

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Cognitive (Know Levels of Strategy; Build Information Sources) First step: Understand 19 Interpersonal (Ask Questions, Engage Senior Leaders)

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Understand the strategy As a leader you need to understand the what and why of the strategy Strategy occurs at different levels in an organization Leaders across the organization benefit from knowing which strategic decisions they need to understand, which they give input to, and which they make themselves A concise set of questions is a useful tool for leaders to understand strategy Leaders use cognitive and interpersonal skills to broaden their information sources and engage senior leaders 20 Understand

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Seven out of ten employees are “unknowingly misaligned with your company’s strategic direction.” – Kotter International How low can it go? 21 “Only 14% of employees understand their company’s strategy and direction.” – Leaderchat.org “Ten percent of employees understand their company’s strategy.” – Fortune Magazine “95% of employees do not understand their organization’s strategy.” – Harvard Business Review

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22 Poll: If I asked 10 people in your organization to tell me the strategy, how many different responses would I hear? none 1-3 4-6 7 or more

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The source of confusion: strategy happens at different levels 23

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Understanding strategy framework How do we WIN? What is our value proposition to customers? How do we compete? How do we differentiate ourselves from the competition? How do we make money? What drives our margin? 24

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Understanding requires a strategic perspective Context shapes your understanding and is the foundation for engagement and commitment from your team. 25

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Second step: Connect 26 Cognitive (Framing; Break it down for your team) Interpersonal (Encourage team input)

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Connect to the strategy As a leader you need to connect the work of your team to the strategy Frame your team’s role in achieving strategic objectives What does the strategy mean for your team? How does their work contribute to successful execution? Break down your team’s work Which activities are highest priority? In what sequence? What capabilities do you need to cultivate? (today? tomorrow?) What milestones should you achieve? 27 Connect

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28 Poll: What are you seeing?

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Framing: the leadership tool we use… whether we know it or not 30 Bounds what matters in a situation (issue, outcome, time horizon) Shapes our response Engages others to view a situation through our lenses Narrow frames enable action; broad frames enable creativity…

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Framing an issue “I need to buy a new car.” “I want a new highly reliable car. I need to buy a new Toyota.” “I need a new way to commute to work.” Fact I see… 31

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Framing is a cognitive workout Tips for Creative Alternatives: Develop different issue statements Ideas from others Reverse your challenge Broaden/Narrow Short/Long Term The three different frames exercise 32

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Real work examples of framing 33

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Breaking it down for your team 34

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Third step: Align 35 Cognitive (Break it down with your team) Interpersonal (Strategic communication)

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Align to the strategy As a leader you constantly communicate to align your team to deliver the strategy Communicate the what and why Help people understand their contribution Ensure a feedback loop to confirm that messages have been heard Ensure a feedback loop to gather front line intelligence Align actions and minimize disconnects Resolve issues quickly and transparently Track progress and adapt plans and activities 36 Align

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37 Clear communication is critical to alignment

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Aligning the team: engage them in the process 38 Align

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Then, communicate, communicate, communicate Communicate 39 Align

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Stakeholders WHAT IS OUR STRATEGY? How does our work connect to the bigger picture? How does our work support the strategy? ARE WE MOTIVATED BY WHAT WE HEAR? What is the tone of the message? Have we been recognized for our efforts? Is the message exciting and engaging? Strategic Communication Model 40 Accountability Strategic Alignment Consistency Spirit

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Strategy translation: the missing link 41 Cognitive (Business, Financial, Strategic) Interpersonal (Communication, Empathy, Accountability)

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Put strategy translation to work for you 42

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Q&A 43

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Questions? Nick Noyes Founding Partner Insight Experience Karen Powell Director of Program Development & Delivery Insight Experience

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THANK YOU www.hci.org & www.insight-experience.com