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DAWGEN GLOBAL INSIGHTS
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INTRODUCTION TO OUR MONTHLY NEWSLETTER DAWGEN GLOBAL INSIGHTS
Welcome to Dawgen Global and our December 2020 edition of our Monthly Newsletter - Dawgen Global Insights. This Newsletter has been produced to provide you with an overview of our firm and the wide range of services offered by Dawgen Global entities; whether audit, accounting, tax or advisory services. Over the past 18 years, I can proudly say that Dawgen has significant experience and expertise that we draw upon, day after day, helping our clients to progress. Our Monthly Newsletter will demonstrate the strength of our firm and the unique and innovative approach we engender. This is communicated through client case studies on how our team have collaborated to help our clients succeed. This issue of Dawgen Global Insights explores several management tools and strategies including Strategic Restructuring Critical Success Factors. Reorganization becomes essential at some stage in the lifecycle of any organization. In order to emerge triumphant through this tumultuous challenge, it is necessary that the focus remains on the challenges impeding the organization, devising approaches to tackle the challenges, and prioritizing strategic initiatives to deliver radical results. In this edition we also examine Digital Transformation Artificial Intelligence (AI) Strategy. The rise of the machines is becoming an impending reality. The Artificial Intelligence (AI) revolution is here. Most businesses are aware of this and see the tremendous potential of AI. This article defines AI and explains the 3 basic forms of AI. Also check out our article on the 5 Ps of Purpose. The 5 Ps offer a framework to assist companies entrench Purpose in a methodical, complete manner. I hope that you will find the information we provide in this Newsletter helpful.
Dr. Dawkins Brown Ph.D Executive Chairman Dawgen Global
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DAWGEN GLOBAL INSIGHTS I DEC 2020
TABLE OF CONTENT 04 Strategic Restructuring Critical Success Factors
30 Performance Management: Fairness Factors
16 Digital Transformation Artif icial Intelligence (AI) Strategy
40 5 Ps of Purpose
Strategic Restructuring
Critical
Success Factors
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DAWGEN GLOBAL GLOBAL INSIGHTS INSIGHTS II DEC DEC 2020 2020 DAWGEN
5 Critical Success Factors essential to drive Strategic Restructuring OVERVIEW:
R
eorganization becomes essential at
Other topics included in this article include the
some stage in the lifecycle of any
4 phases of Transformation approach, the 7
organization.
essential steps to a successful Redeployment,
In order to emerge
triumphant through this tumultuous challenge,
and
a
successful
Strategic
it is necessary that the focus remains on the
Implementation case study.
Restructuring
challenges impeding the organization, devising approaches to tackle the challenges, and prioritizing strategic initiatives to deliver radical results. Strategic Restructuring has the capability to deliver these results.
This article provides
a detailed overview of the 5 Critical Success Factors (CSFs) necessary to implement Strategic Restructuring. The 5 CSFs include:
1
Strategic Focus
2
Continuous Communication
3
Participative Focus
4
Positions before People
5
Focus on Competency
DAWGEN GLOBAL INSIGHTS I DEC 2020
Strategic Restructuring allows organizations to revitalize.
5
The objective of most Restructuring efforts is headcount reduction RESTRUCTURING – OVERVIEW
W
hen the word “Restructuring” pops up, the foremost idea that comes to mind is achieving Cost Reduction
by minimizing payroll costs—predominantly by cutting back on the headcount. Scores of organizations have suffered because, in the melee of headcount reduction, the most competent employees quickly found opportunities elsewhere, leaving inappropriately
• Experts suggest envisioning a “Future State” for the organization, to be achieved through a robust Strategy that is implemented by the most competent employees. • The rest of the employees either severe ties voluntarily or are laid off—ideally with a good severance package or a job placement, with the organization’s help, somewhere else.
competent employees behind, resulting in a crippled organization. Restructuring—the
corporate
management
term—refers to Reorganization of one or a combination of the following areas: • Legal • Financial • Operational • Ownership The purpose of Restructuring is to make the organization profitable, efficient, and effective. Headcount reduction should be a consequence of the Restructuring initiative and not the prime objective. 6
The quality of the remaining employees and their correct placement is a critical aspect of Restructuring. DAWGEN GLOBAL INSIGHTS I DEC 2020
A 4-phase Restructuring approach ensures successful Organizational Transformation RESTRUCTURING – TRANSFORMATION PROCESS Effective Transformation of an organization can be achieved by pursuing the following 4-phase approach. Each incremental phase paves the way for shaping the next phase.
Phases of Transformation
1
2
2
4
Strategic Analysis
Structural Redesign
Redeployment
Renewal
Performance and Morale
High
Timeline not to scale Months
Low
4
3
1.5
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Phase 1
Phase 2
Phase 3
Phase 4
Strategic
Structural
Redeployment
Renewal
Analysis
Redesign
Each phase has a dependency on its predecessor except for Renewal. Source: Planning for a Restructured, Revitalized Organization; Marshall, Yorks; Sloan Management Review, 1994
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The 4-phased a pproach ensures setting up a solid foundation for Restructuring RESTRUCTURING – TRANSFORMATION PROCESS (DETAILS)
STRATEGIC ANALYSIS Strategic
Analysis
determines
Let’s dig deeper into the 4 phases of Strategic Restructuring.
STRUCTURAL REDESIGN whether
A Structural Redesign puts the new organizational
Restructuring is actually required to achieve the
structure in place.
desired Future State.
is critical in making employees realize the need
When Restructuring is
Leadership’s commitment
propelled by Strategy, the company can emerge
for change.
This agreement helps influence
revitalized. It is vital for the leadership to drive
employees to trust the leadership and secures
Restructuring by Strategic Analysis – envisioning
their buy-in and participation. By virtue of being
a Future State with clear and firm commitment to
on-ground, employees are in a better position to
achieving the set objectives and standards.
drive the Structural Redesign process.
REDEPLOYMENT
RENEWAL
Redeployment places competent personnel
Renewal puts in place the desired Organizational
in the right positions to implement Business
Culture and refines the Strategy.
Strategy. This is a critical time for the organization
necessitates developing and executing a Renewal
because employee performance gets affected as
plan with rapidity for the Renewal process to bear
the transition begins. It is essential to do it in
the required outcomes.
This phase
a manner that appears fair to the employees to garner their commitment in achieving the desired state, evolve towards strategically directed
It is imperative to deploy
performance goals, and create the foundation of
resources capable of executing
a new Organizational Culture.
and managing the Restructuring process.
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Redeployment is the most critical phase of Strategic Restructuring RESTRUCTURING – REDEPLOYMENT
It is essential to avoid conducting the 7 key steps of Redeployment in piecemeal fashion to ensure their effectiveness. Source: Planning for a Restructured, Revitalized Organization; Marshall, Yorks; Sloan Management
Using a system of checks and balances, the essential steps of Redeployment should be coordinated. The 7 essential steps that ensure effective implementation of Redeployment require the leadership to:
1
Continuously maintain a robust Communications Plan.
2
Develop an employee assessment system based on
3
Create a system of reviews and appeals.
4
Deploy an internal placement group.
5 6
Review, 1994
Launch a severance plan for those who decide to leave the organization. Provide training to employees at all levels for them to be able to develop competencies required to assume the responsibilities in a transformed organization.
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the newly-defined business needs and goals.
Plan for the renewal phase following redeployment.
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Strategic Restructuring demands cognizance and adoption of the 5 factors critical for its success CRITICAL SUCCESS FACTORS (CSFS) OVERVIEW Strategic Restructuring warrants careful deliberation and utilization of 5 Critical Success Factors (CSFs), necessary for a successful implementation.
These 5 CSFs are defined as follows: 1
Strategic Focus
4
Positions before People
2
Continuous Communication
5
Focus on Competency
3
Participative Focus
Senior leadership needs to ward off any obstacles and skepticism that could potentially damage the Restructuring initiative.
Senior leadership needs to ward off any obstacles and skepticism that could potentially damage the Restructuring initiative. Source: Planning for a Restructured, Revitalized Organization; Marshall, Yorks; Sloan Management Review, 1994
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The characteristics of a successful Strategic Reorganization - the 5 Critical Success Factors - warrant a deeper attention CSFS – DETAILS (1 OF 2) PARTICIPATIVE FOCUS
STRATEGIC FOCUS • Most
Restructuring
efforts
fail
because
the
management focuses on preset staff reduction targets. • This incorrect focus diverts the entire organization’s attention away from the real issues of organizational and staffing implications.
• Redesign of structure is a bottom-up job because the information and expertise are dispersed throughout the organization. • Employees in the thick of the action are in the best position to undertake this effort. • The management develops the organizational framework and keeps apprising the employees
CONTINUOUS COMMUNICATION
regarding the overall strategy in order to keep the direction true.
• Pitfall in this factor is the “need to know” approach. Top-level leadership should be communicating with the whole organization quite frequently. • Immediate and full disclosure of information builds trust in the management’s actions. • Repetition is key in getting the message across. Believing that enunciating once is enough, will be erroneous on the leadership’s part.
The more participative the Restructuring process, the better the morale and ideas for redesign.
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Leadership should ensure development of ''change agents'' to carry out positive advocacy for the Restructuring initiative CSFS – DETAILS (1 OF 2) POSITIONS BEFORE PEOPLE • Awareness of non-guarantee regarding one’s own employment, for all those who participate in the redesign process, is an underlying assumption.
The basis for this understanding is that all who participate are mature individuals, fully conscious of the competitive issues being faced by the organization, and can make difficult decisions.
• Leadership style is critical here. The management should be willing to disclose all the competitive issues being faced by the organization in order to enlist allies who can make critical and difficult choices.
FOCUS ON COMPETENCY • Strategic Restructuring has to go hand in hand with Redeployment. One important feature of this relationship is Competency-based position descriptions. • These position descriptions are the basis for selecting and placing people according to the future requirements instead of past performance. • Competency based descriptions give a clear signal to the employees on the criteria for selection and placement as well as on the future focus of the management.
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Bottom-up approach is the name of the game for the Strategic Restructuring program to succeed.
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Arizona Public Service Company (APS) implemented Strategic Restructuring to become one of the best power companies in the U.S. APS CASE STUDY – OVERVIEW Arizona Public Service (APS), a company in electric power business, was long suffering from governance, bureaucratic red tape, and negative margins.
• The enterprise had high costs, slumping customer ratings, and a bureaucracy that was inward looking and oblivious to the developing competitiveness in the electric power industry. • APS faced competition from inside as well as outside its operating area. The company also faced the threat of a take-over by a competitor that had publicly targeted it. • APS senior management decided to re-assess its position and
Commitment to change and right focus are key to revitalization.
strategic objectives. The management’s genuine belief that change was needed and their public expression regarding commitment to change were important factors in thinking about initiating program to overhaul the organization.
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Strict adherence to CSFs CSFs paved the way for APS to effectively implement Restructuring
The participatory
APS CASE STUDY – CSFS
(1 OF 2)
APS kicked-off the Strategic Restructuring program, adhering strictly to the 5 CSFs.
approach made a critical mass of employees to embrace change.
Key initiatives under each CSF included: STRATEGIC FOCUS
CONTINUOUS COMMUNICATION
• The foremost issue was envisaging what kind of
• CEO of APS spent almost 40% of his time meeting
organization would enable employees to achieve
large employee groups and answering their
the desired Future State.
concerns by sharing clear, candid information.
To achieve this, the
management kept the overall Strategy dominant in
all
discussions,
obtained
across-the-board
commitment for the program, and prioritized 3 strategic goals: become the lowest-cost power
• Communication effort was kept constant with regular newsletters and hotlines available for employees to ask questions and seek answers.
producer, a laser focus on customer service, and
PARTICIPATIVE FOCUS
high customer ratings. This helped:
• By making the process collaborative and
• The employees clearly understand how far out
participative, the management was able to
they were from the industry standards, the
come up with a structure where low-level
criticality of the program, and the strategic focus
employees had more decision-making power
of leadership.
to quickly solve problems relating to customer
• Outline the optimum structure and size. • Build employee trust on management to be fair
complaints or their needs and kept them engaged in the process.
in their treatment, owing predominantly to the consistent “redeployment to re-staffing mantra.” 14
DAWGEN GLOBAL INSIGHTS I DEC 2020
Competency based placements are key to revitalize the organization APS CASE STUDY – CSFS
(2 OF 2)
POSITIONS BEFORE PEOPLE • APS Senior leadership ensured merit-based selections by rigorous questioning where they thought merit was not being followed. • A Review and Appeal board was setup to ensure fairness of the process. • Transparency and consistency in policies made sure that the employees perceived the process to be fair consequently boosting morale and commitment on their part.
FOCUS ON COMPETENCY • The managers and supervisors were trained in the process of developing position descriptions.
Through Strategic Restructuring, APS was able
• They were taught to identify major accountabilities for each position.
to achieve
• To determine accountabilities, they answered 4 questions:
reliable power
• What is the critical output required from the position?
availability
• What individuals or work-groups depend on the product, service, or
factor, highest
information produced by the position? • The dependencies on this position, either the manager or the supervisor? • What is the impact if the output is delayed, incomplete, or inaccurate? • Critical competencies—knowledge, skills, and personal qualities necessary for accomplishing the job—were developed from the accountabilities.
DAWGEN GLOBAL INSIGHTS I DEC 2020
customer ratings, and exceeded its costs reduction goals.
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Digital
Transformation
Artificial Intelligence (AI)
Strategy
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The Artificial Intelligence (AI) revolution is here:
OVERVIEW
This Article provides an overview to AI and how to develop an AI Strategy The rise of the machines is becoming an impending reality. The Artificial Intelligence (AI) revolution is here. Most businesses are aware of this and see the tremendous potential of AI. This article defines AI and explains the 3 basic forms of AI:
1
Assisted Intelligence
2
Augmented Intelligence
3
Autonomous Intelligence
We also discuss how to adopt AI in our organization and develop an AI Strategy, following a 4-step process. • Develop an AI Strategy aligned with our overall corporate strategy. • Develop enterprise-wide AI capabilities. • Institutionalize our portfolio of AI capabilities. • Ensure appropriate and sufficient Governance. Additional topics covered include Machine Learning (ML), Natural Language Generation (NLG), Robotic Process Automation (RPA), Fourth Industrial Revolution (4IR), and AI application deployments across industries.
Many companies are making investments across all 3 forms of AI over the next few years. DAWGEN GLOBAL INSIGHTS I DEC 2020
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Organizations are aware of the tremendous potential and impact of AI For business decision makers, they see AI as primarily an enabler of productivity—it may change work processes and might create jobs in the long run.
AI TECHNOLOGY OVERVIEW
Source: Winning with Digital Confidence, strategy+business, 2017
The Artificial Intelligence (AI) revolution is here. Businesses are aware of this and see the tremendous potential of AI. However, they are not ready to take advantage of this emerging Digital technology.
A
“Digital
IQ”
survey
of
senior
executives
worldwide conducted by PwC in 2017 revealed that 54% of respondents stated they were
making significant investments in AI.
However, only
AI enables new approaches to existing
20% said their organizations had the necessary skills to
business models,
succeed with this technology.
operations, and
AI will affect the nature of activities, such as:
deployment of people.
• Collaboration
fundamentally alter the
• Enterprise structures
way our organization
• Decision making • Research and development
These changes can
operates.
• Creative/artistic processes
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DAWGEN GLOBAL INSIGHTS I DEC 2020
There are 3 basic forms of AI-Assisted Intelligence, Augmented Intelligence, and Autonomous Intelligence WHAT IS AI DEFINITION The book “Artificial Intelligence: A Modern
Note the emphasis on “take actions.” This is the critical
Approach” defines AI as “the designing and
difference between AI and conventional software. AI
building of intelligence agents that receive
allows computers to respond to their own signals from
percepts from the environment and take actions
the world. These are signals that software engineers do
that affect the environment.”
not directly control and likewise don’t anticipate.
There are 3 main forms of AI
1 2
ASSISTED INTELLIGENCE AI that improves what we are already doing.
WIDELY DEPLOYED
AUGMENTED INTELLIGENCE AI that enables us to do things we otherwise
EMERGING TODAY
couldn’t do.
3
AUTONOMOUS INTELLIGENCE AI that enables us to do things we otherwise couldn’t do.
WAVE OF THE FUTURE
The AI industry is forecasted to reach $15B by 2022—with accelerated growth thereafter. Source: Artificial Intelligence: A Modern Approach, Russell and Norvig, 1995; The Strategist’s Guide to Artificial Intelligence, strategy+business, 2017
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Assisted Intelligence amplifies the value of existing activities performed by people ASSISTED INTELLIGENCE Assisted Intelligence improves what people and organizations are currently doing. In other words, it amplifies the value of existing activities. It is currently widely available and deployed. • Assisted Intelligence typically involves clearly defined, rule-based, and repeatable activities. • Examples include: • Robotic Process Automation (RPA) - RPA is process automation technology where
• Back-office functions (e.g. billing, finance, regulatory compliance). • Enterprise software processes (e.g. order-tocash, opportunity-to-order). • Assisted
Intelligence
applications
also
software-based workers simulate routine
include modeling of complex realities, so that
human activities.
organizations can test decision and scenarios
• Physical robots (e.g., automated assembly
with less risk.
lines).
Assisted Intelligence applications are becoming more and more widely used in enterprise software platforms. This should drive to substantial improvements in key performance metrics, e.g. labor productivity, revenues or margins per employee, and average time to complete various business process.
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Augmented Intelligence provides new capabilities to human activity,
thereby enabling us to do things we otherwise couldn't do without AI AUGMENTED INTELLIGENCE Augmented Intelligence enables people and organizations to do things they otherwise couldn’t do. It does this by giving new capability to human activity. It is emerging today. • To develop applications based on Augmented
• NLG generates natural language from a
Intelligence, we need to imagine products,
machine representation system, such as a
services, or processes that would not be possible
knowledge base or a logical form. In other
at all without AI.
words, it translates data into a natural language representation.
• Augmented Intelligence applications are typically based on Machine Learning (ML) and Natural
• To
measure
the
success
of
Augmented
Language Generation (NLG) algorithms, which
Intelligence implementations, we can track our
are custom developed for our organization’s use
margins, innovation cycles, customer experience,
case or our industry.
impact on disruption, and revenue growth as
• ML provides computers with the ability to
potential metrics.
learn and self-improve.
These algorithms
identify patterns in structured data.
EXAMPLE • Netflix leverages ML to suggest choices for subscribers that they probably would not have found themselves. This is done based on both the customer’s own behavior patterns and those of the audience at large. • This capability is something media has never done before. Over time, algorithms will become even more sophisticated
Unlike Assisted Intelligence, Augmented Intelligence fundamentally changes the nature of the task— business models thus change accordingly.
and accurate, as they collect and analyze more data.
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The most sophisticated form of AI, Autonomous Intelligence creates and deploys machines that act on their own AUTONOMOUS INTELLIGENCE Autonomous Intelligence creates and deploys machines that act on their own. It is being developed for the future. Although there are working examples, there are no pervasive deployments. • Autonomous Intelligence systems have not become widespread, but will spearhead the Fourth Industrial Revolution (4IR). • Early working examples include:
EXAMPLE • WeChat, China’s most popular social media platform with almost 800 million daily active users, has a host
• Automated trading in the stock market. In fact, about
of AI applications (many which can be
75% of Nasdaq trading is conducted autonomously. The
considered Autonomous Intelligence).
new breed of high-frequency trading firms are largely
These
include
based on this form of AI.
voice
recognition,
• Facial recognition. • Autonomous vehicles. Elon Musk says by the end of 2017, Telsa will have an autonomous car that can drive from Los Angeles to New York. • Medical diagnosis (mostly by examining medical images, e.g. x-rays). • Bomb disposal robots. • Space station maintenance. • Gathering of deep-sea data.
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sophisticated Chinese-to-
English language translation, facial recognition,
and
virtual
bot
friends. • These are mostly still niche applications within WeChat; and are still very limited by current technological capabilities.
The biggest challenge for Autonomous Intelligence is for organizations to convince the public it can trust in their “robots.” DAWGEN GLOBAL INSIGHTS I DEC 2020
To develop an AI Strategy, we can follow a 4-step process 1
Develop an AI Strategy aligned with our overall corporate strategy
2
Develop enterprise-wide AI capabilities
3
Institutionalize our portfolio of AI capabilities
4
Ensure appropriate and sufficient Governance
Investments in AI can be very expensive now—however, like all technology, the costs will decline considerably as software becomes more software. Source: The Strategist’s Guide to Artificial Intelligence, strategy+business, 2017
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First, let's understand some key questions and considerations to better understand the optimal mix of the 3 types of AI AI DEVELOPMENT – KEY QUESTIONS & CONSIDERATIONS In developing our AI Strategy, we need to determine what the optimal mix of the 3 types of Artificial Intelligence—Assisted, Augmented, Autonomous—makes the most sense for our organization. Here are several questions for us to ponder: ARE WE PRIMARILY INTERESTED IN UPGRADING OUR EXISTING BUSINESS PROCESSES, REDUCING COSTS, AND IMPROVING PRODUCTIVITY?
ARE WE LOOKING TO BUILD OUR BUSINESS AROUND SOMETHING NEW (E.G. RESPONSIVE, SELF-DRIVEN PRODUCTS)?
If so, we should begin with Assisted
ARE WE LOOKING TO DEVELOP A GENUINELY NEW TECHNOLOGY?
Intelligence.
Consider leveraging a
small group of services from a cloudbased AI provider. Outline the optimum structure and size. to be fair in their treatment, owing to
the
consistent
“redeployment to re-staffing mantra.”
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Consider more complex cloud-based AI applications.
If so, we should carefully consider Autonomous Intelligence. Note that most organizations are better off primarily using someone else’s AI platforms. However, if we can justify building our own, we may become the industry leaders in the future.
Build employee trust on management predominantly
If so, we should evaluate an Augmented Intelligence approach.
Most organizations begin somewhere between Assisted and Augmented—with the intention to move towards Autonomous eventually down the road.
DAWGEN GLOBAL INSIGHTS I DEC 2020
First, we need to ensure our AI Strategy aligns with our Corporate Strategy'then, develop enterprisewide AI capabilities AI STRATEGY DEVELOPMENT STEPS 1 AND 2 DAWGEN GLOBAL INSIGHTS I DEC 2020
1 Develop an AI Strategy aligned with our overall corporate strategy • Integrate AI into your existing digital and analytics plans • Decide which businesses to disrupt and which to enhance • Consider new business models based on improved productivity • Plan
long-term
investments
in
autonomous intelligence
2 Develop enterprisewide AI capabilities • Redesign products and services to incorporate machine learning • Use AI to upgrade your most critical distinctive capabilities • Use automation to improve your current decisions • Automate
your
existing
business
processes or develop new ones • Recruit
engineers
and
other
professionals who understand AI
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We then must institutionalize our AI capabilities'lastly, ensure appropriate Governance AI STRATEGY DEVELOPMENT STEPS 3 AND 4
3
4 Ensure appropriate and sufficient Governance
Institutionalize our portfolio of AI capabilities
• Establish clear policies with respect to data privacy,
• Embed AI throughout your business processes • Embrace
cloud
platforms
and
specialized hardware • Foster a decision-making culture open to ideas from AI support
decision rights, and transparency • Set up governance structures to monitor possible errors and problems (for example, overreach in program trading) • Set up communications practices to explain AI-related decisions • Consider the impact on employment and invest in developing the workforce that AI will complement
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DAWGEN GLOBAL INSIGHTS I DEC 2020
Here are examples of how other companies and industries are and will be investing in AI deployments TIMELINE OF AI APPLICATION DEPLOYMENTS The diagram below depicts the estimated dates for commercial availability of AI applications across industries, categorized in Assisted, Augmented, and Autonomous Intelligence.
INDUSTRIES Healthcare
2015
2020
Medical image classification
Arts and Communications
2025 Personalized medicine
• Robot musicians • Automated machine • Augmented translation movie script
2030 Doctorless hospital
Creative arts engines
writing • Guided personal Autonomous budgeting investing
Personal Finance
Automated insurance claims processing
Mobility
Robotaxis
Science and Environment
• Precision Autonomous planting advice mining
• Automated 3D bioprinting
• Bomb disposal robots
• Artificial wildlife habitats
Self-driving vehicles Self-navigating drones
• Scientific discovery
Management
Customer service chatbots
Legal e-discovery
Management Decentralized cockpits for corporate functions busi-ness decisions (e.g., HR and accounting)
Source: The Strategist’s Guide to Artificial Intelligence, strategy+business, 2017
DAWGEN GLOBAL INSIGHTS I DEC 2020
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The Fourth Industrial Revolution is now underwaydriven by robotics, automation, and AI FOURTH INDUSTRIAL REVOLUTION – OVERVIEW Coined by the World Economic Forum (WEF) in 2016, the Fourth Industrial Revolution (4IR) is the fourth major industrial era, since the initial Industrial Revolution of the 18th century. 4IR is often also referred to as Industry 4.0, although Industry 4.0 really refers to the manufacturing-oriented advancements, similar to how Service 4.0 refers to the Service organization advancements. The Fourth Industrial Revolution can be described as a range of new technologies that are fusing the physical, digital and biological worlds, and impacting all disciplines, economies, and industries. Major drivers to the Fourth Industrial Revolution include robotics, automation, and AI. 28
Fourth Industrial Revolution
Third Industrial Revolution
Second Industrial Revolution First Industrial Revolution
We are here
“Mastering the Fourth Industrial Revolution” was the theme of the World Economic Forum (WEF) Annual Meeting in 2016.
DAWGEN GLOBAL INSIGHTS I DEC 2020
Each revolution destroys and creates new jobs, industries, and ways of life FOURTH INDUSTRIAL REVOLUTION – INDUSTRIAL REVOLUTION OVERVIEWS
FIRST INDUSTRIAL REVOLUTION The First Industrial Revolution took place from the 18-19th centuries in Europe and America. It was a period that saw the transition from mostly agrarian, rural societies became industrial and urban. Notable developments include the iron and textile industries and the steam engine.
SECOND INDUSTRIAL REVOLUTION The Second Industrial Revolution took place between 1870 and 1914, just before World War I. Triggered by the advent of electric power to create mass production, this was a growth period for pre-existing industries and expansion of new ones, such as the steel, oil, and electricity fields.
THIRD INDUSTRIAL REVOLUTION The Third Industrial Revolution, or the Digital Revolution,
refers
to
the
advancement
of
technology from analog electronic and mechanical devices to the digital technology available today. The era started to during the 1980s and is ongoing. This era was triggered by the rise of the personal computer, Internet, and mobile communications.
FOURTH INDUSTRIAL REVOLUTION The Fourth Industrial Revolution builds on the Digital Revolution, representing new ways in which technology becomes embedded within societies and even the human body.
DAWGEN GLOBAL INSIGHTS I DEC 2020
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Performance Management:
Fairness
Factors 30
DAWGEN GLOBAL GLOBAL INSIGHTS INSIGHTS II DEC DEC 2020 2020 DAWGEN
This lects on the key ''Fairness Factors'' that can change the negative perception of most Performance Management systems PRESENTATION OVERVIEW The Performance Management systems at most places are considered biased by large segments of employees. In a recent survey, two-thirds of the respondents had made at least one critical change to their Performance Management systems in a year or so before the survey. Human
Resources
departments
at
many
organizations are now abolishing the unpopular “forced curve” employee ranking systems, changing relatively identical compensation regimes, and critically analyzing employee data to find out the real drivers of motivation and performance. However, not much progress has been made in this regard, as employees still complain that the performance evaluation input they get feels prejudiced and inconsistent with their work. This article highlights the importance of “fairness factors” in Performance Management. It explains 3
Many well-meaning Performance Management systems run the risk of failing, unless a sense of fairness underlines them
priorities for addressing them; and demonstrates how the skillful utilization of coaching and rewards can bolster a sense of fairness among the employees.
DAWGEN GLOBAL INSIGHTS I DEC 2020
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Companies determined to improve Performance Management must listen to their employees, who have a pretty good idea of what fairness is
Employees feel more engaged when they know where they stand in terms of performance, grading criteria, and rewards.
THE ISSUE WITH PERFORMANCE MANAGEMENT
Source: The Fairness Factor in Performance Management, McKinsey, 2018
The Performance Management systems at most places are considered biased by the employees. In a recent survey, two-thirds of the respondents had made at least one critical change to their Performance Management systems in a year or so before the survey. • Human Resources departments at many the
any higher purpose. In a McKinsey Global
unpopular “forced curve” employee ranking
Survey of 1,761 executives Performance
systems,
identical
Management, about 50% of the executives
critically
surveyed stated that their evaluation and
analyzing employee data to find out the real
feedback systems do not have any bearing
drivers of motivation and performance.
on their performance or rather have a
organizations
are
changing
compensation
now
abolishing
relatively
regimes,
and
• However, not much progress has been made
negative impact.
in this regard as employees still complain
• A few organizations tried to abolish the
that the performance evaluation input they
annual performance reviews without a clear
get feels prejudiced and inconsistent with
replacement system, which led employees
their work.
to complain of feeling purposeless without
• Most
supervisors
see
Performance
Management as a rigid exercise to serve a
32
bureaucratic expediency than to accomplish
solid feedback. Eventually, some employers restored the old review systems.
DAWGEN GLOBAL INSIGHTS I DEC 2020
''Fairness Factors'' refer to fairness of the Performance Management procedures FAIRNESS FACTORS – OVERVIEW Fairness factors ascertain whether employees perceive the main elements of Performance Management as well designed and objectively functioning.
Research on respondents who perceived the Performance Management system as fair also revealed them to consider the system effective. The research data also manifested the fundamental characteristics of a fair system. Three key factors stood out, which significantly affect employee perceptions of fairness. Performance Management systems have a better chance of being perceived as fair when these 3 factors are addressed in them:
1
Linking Performance Goals to Business Priorities
2
Coaching by Managers
3
Differentiating Compensation
DAWGEN GLOBAL INSIGHTS I DEC 2020
These fairness factors have a “force multiplier” effect when utilized together.
33
Research on Performance Management systems show organizations that employed the 3 fairness factors achieved positive results FAIRNESS FACTORS – SURVEY RESULTS Research conducted by McKinsey on the companies that implemented all 3 fairness factors revealed that 84% of their executives described their Performance Management system to be effective.
% of respondents rating performance management systems as effective 84
7 0
27
1
43
2
3
% of respondents rating performance management systems as effective These satisfied respondents were 12 times more likely to report positive results than those who said their organizations hadn’t implemented any of the three fairness factors.
34
The fairness factors have a positive impact on individual employees’ performance and on their organizations’ overall performance.
Source: The Strategist’s Guide to Artificial Intelligence, strategy+business, 2017
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Implementing the fairness factors KEY ACTIONS Seek Employees necessitates 1 Buy-in on their changing KPIs commitments, attitudes, and compensation Fine-tune 2 Employees Goals systems Regularly
Make employees at all levels feel personally involved in shaping their own goals, since top down delegation of goals rarely generates the kind of employee engagement companies strive for.
FACTOR 1 – OVERVIEW Linking Performance Goals to Business Priorities DESCRIPTION Building grounds of trust in Performance Management starts with clear communication of expectations from all employees and by educating them on how their work corresponds with the organizational objectives. The employees have a sense of meaning and purpose.
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Employee KPIs are only rarely adjusted in most companies. These should be regularly revised in response to shifting strategies or evolving market conditions.
Deploying fairness factors warrants engaging employees to realize them how their efforts count, more coaching from managers, and fine tuning their compensation systems. 35
Objective measurement of KPIs on complex tasks warrants frequent feedback and being more rigorous with joint goals alignment FACTOR 1 – KEY ACTIONS
1
2
Seek Employees Buy-in on their KPIs
• Engage employees at all levels to get involved in
Fine-tune Employees Goals Regularly
• Just as organizational objectives set by the strategic top level are periodically revised,
determining their own goals. • To involve people, create a working group of executives, managers, and team leads, conduct sessions to define
KPIs at the individual level should be regularly adjusted.
key areas needing improvement, outline overarching
• Revisiting goals frequently shuns the
goals that are linked to problem areas and KPIs at the
efforts of employees and goals from
business-unit, team, and individual employee level.
drifting into worthlessness by the year-
• The KPIs should focus on areas such as operational measures (e.g., problem solving on calls), payout measures
(e.g.,
managing
vendors),
customer
satisfaction, and employee retention.
end, eventually damaging trust. • Companies—where
performance
is
managed effectively—revisit their goals frequently.
• Allow employees to review and provide feedback on their KPIs to ensure that these fit their roles and to get their commitment. • Give the managers freedom to tweak the KPIs collectively for different roles. • A performance dashboard can allow each employee’s KPIs to be shared with team members daily, highlighting the teams’ overall progress and the efforts of top performers.
36
Revisiting employee goals and KPIs on an ad hoc basis— even twice a year or more—helps in keeping their efforts on target.
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Managers are responsible for the execution of performance requirements represented in the form of KPIs
KEY ACTIONS
1
Keep a Pulse Check from the Onset
Team leaders must meet weekly with supervisors to see if the KPI targets and measures are in line with current business. If not, they recalibrate measures as needed based on data, and, then, in team coaching sessions they discuss and adjust goals, empowering everyone.
2
Spend in Developing Skills
Build the soft skills of managers to conduct meaningful
performance
conversations,
evaluate performance fairly, and drive
FACTOR 2 – OVERVIEW
employees to higher achievement levels.
3
Coaching by Managers DESCRIPTION The reliability and impartiality of Performance Management procedures rests on managers to become effective coaches, since managers are quite aware of individual employees, their capabilities,
These
Aim for the Long-term management
support
sessions
must not be one-off initiatives; they should become a central element in efforts to build a team of strong coaches.
and development needs. However, fewer than 30% of respondents in the McKinsey Global Survey on Performance Management believed their managers to be good coaches.
Because of inability of the
managers to not coach well, only 15% respondents from
this
group
reported
the
Management system to be effective.
Performance
Managers role in the capacity building of employees is critical in effectively managing the team’s performance. Source: The Fairness Factor in Performance Management, McKinsey, 2018
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37
Better performance conversations along with appropriate coaching abilities boost perceived fairness and employee engagement FACTOR 2 – KEY ACTIONS
1
Keep a Pulse Check from the Onset
• Managers should have daily check-ins with the teams and weekly team performance roundups. • The work of individual team members must be review monthly. • They should keep up to date on the individual’s KPI fulfillment through dashboards. The dashboard should flash red for below average work across all KPI elements. When employees get two red lights, they should receive written feedback and three hours of extra coaching.
2
Spend in Developing Skills
3
Aim for the Long-term
• In order for the managerial support sessions to be regularly held, companies need to do restructuring of some aspects of their HR’s role. • A unit from the HR should be freed up from other transactional HR activities and focus solely on enhancing the capabilities of managers and their impact on the business. • HR top management should undergo a mandated HR Excellence training program to shift legacy functional mindsets and help HR directors think strategically.
• Companies should invest in building the managers’ confidence and ability to evaluate performance fairly and to motivate employees by conducting workshops and skill-validation sessions, moderated by HR. • Managers receive guidance on how to encourage employees to set multiyear stretch goals that build on their strengths and passions.
38
To improve productivity, firms can train “champions” in specific areas, to run “train the trainer” workshops and spread the new coaching practices across the board.
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For managers, aligning compensation with goals for newer organizational roles and performance patterns is an ordeal
KEY ACTIONS
1
Don’t Eliminate Rating Systems
Companies where compensation is not differentiated render their Performance Management system ineffective as the approach does not help employees know why their pay is what it is.
2
Check Variations in the Middle
It is risky for companies to have marked differences in compensation among team members. Setting a base salary and annual increase that all employees receive helps manage this issue.
FACTOR 3 – OVERVIEW Differentiating Compensation
3
Adopt the Power Curve for Outstanding Achievers
DESCRIPTION
Even
Finding the right benchmarks and differentiating
compensation across the board, companies
among top, middle, and low performers—amidst
are
interdependent roles, collaboration, and difficult to
performers outsized rewards, since research
track individual efforts—is tough for most managers.
suggests that 20% of employees generate
This can be managed by adopting a balanced
80% of value (the “power curve”).
measurement approach—keeping things simple, for the managers to clearly explain the reasons for a pay decision and employees to understand.
HR managers get hints about unfair Performance Management systems that don’t recognize top performers. DAWGEN GLOBAL INSIGHTS I DEC 2020
4
with now
distribution
starting
to
of
give
uniform
exceptional
Initiate Ad Hoc Bonuses
Recognizing
outstanding
efforts—with
a percentage of salary and a letter of recognition—shows
that
managers
are
engaged and that the performance system is appreciative and rewarding.
39
5 Ps of
Purpose 40
DAWGEN GLOBAL GLOBAL INSIGHTS INSIGHTS II DEC DEC 2020 2020 DAWGEN
An organization cannot thrive without a Purpose- Purpose should be embedded in the core for an organization to achieve long-term success Most of us have experienced a their reason for existence and the uniqueness in some organizations. resulting impact it makes on the They stand out, exude fervor and world.
OVERVIEW
zeal. Their customers are pleased In order to be genuine, Purpose has with the company, employees enjoy to be embedded in the organization’s
working there, and investors and DNA, which is not a trivial task. This shareholders take pride in being presentation discusses the 5 Ps of part of it.
Purpose that can help organizations
It is not their exceptional product entrench genuine Purpose in its or service rather the Purpose that core. The 5 Ps identifies 5 core areas makes
organizations
unique— of focus:
1
Product Portfolio Strategy
2
People & Culture
5
Positions & Engagement
3
Processes & Systems
4
Performance Metrics
Purpose has to be genuine and melded in the organization’s core. DAWGEN GLOBAL INSIGHTS I DEC 2020
41
Purpose entices the stakeholders to identify and happily associate with the company PURPOSE – OVERVIEW Most of us have experienced a uniqueness in some organizations.
T
hese organizations stand out, exude fervor and zeal. Their customers are pleased with the company, employees enjoy working there, and investors and shareholders take pride
in being part of it. It is not their exceptional product or service rather the Purpose that makes organizations unique—their reason for existence and the resulting impact it makes on the world. Stakeholders identify with organizations that genuinely follow their Purpose. Purpose.
Leadership allocates resources in-line with the
Employees keep the Purpose front and center while
making decisions for the company. On the other hand, ingenuine Purpose may harm the reputation of the company by turning away the stakeholders. In order to be genuine, Purpose has to be embedded in the company’s DNA, which is no mean task.
The “5Ps of Purpose
Framework” shows how this can be successfully achieved.
42
Companies that are authentic have mass appeal.
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The 5 Ps of Purpose enables companies to successfully entrench Purpose in the DNA of the company PURPOSE – THE 5 PS OF PURPOSE The 5 Ps offer a framework to assist companies entrench Purpose in a methodical, complete manner.
The 5Ps emphasize the 5 key areas where Purpose needs to be entrenched for it to reverberate through the entire company and beyond.
The framework contributes to unlocking the source of value for the company and detect points of weakness. The 5 Ps are 5 areas of conduct and operations:
1 2 3 4 5
Product Portfolio Strategy People & Culture Positions & Engagement Processes & Systems
Purpose can pay lots of dividends, but it has to be authentic and imbued in the organization’s business model.
Performance Metrics
Source: More Than a Mission Statement, McKinsey, 2020
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43
The first P of the 5Ps of Purpose calls for aligning products and services with the Purpose of the company PRODUCT PORTFOLIO STRATEGY – OVERVIEW OVERVIEW An organization’s Product / Service Offerings and the associated modalities of market and position planning
DETAILS • The 1st step entails alignment of the business portfolio with the company’s Purpose.
that best caters to the target market ought to imbibe
• Companies already in existence may not
the Purpose of the company in order to appeal to the
be able to start afresh but they can surely
stakeholders.
reshape their business mix in a dynamic and resolute manner.
KEY ACTIONS • Rethink product portfolio — for example pull out certain products, launch new products. • Modify pricing in line with Purpose.
• In step 2, the portfolio businesses are filled out with products or services that match the Purpose and the ones that do not are rooted out.
• Re-evaluate portfolio and test rationale of individual assets in light of common criteria.
44
Exhibiting Purpose in the organization’s product / service offerings has to be approached with an open mind in order to achieve product growth objectives.
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Even established companies are able to reinvent their Purpose in light of the changing times and modify product offerings accordingly DAWGEN GLOBAL INSIGHTS I DEC 2020
PRODUCT PORTFOLIO STRATEGY – CASE EXAMPLE • An energy company in the extractive industries since it was founded 85 years ago has proved successfully that Purpose can be reinvented. • Being
in
the
extractive
business
for
such a long time has not restricted the company from reexploring what an energy company may look like in the transforming environment of the future. • The company has significantly transformed its Purpose—“reimagining energy for people and planet.” • In line with its Purpose, the company has divested from its petrochemicals businesses and plans to reduce its legacy oil and gas business by 40% by the year 2030. • The company will instead augment its low-carbon energy businesses such as bioenergy,
hydrogen,
electric
vehicle
charging businesses, and aims to be a netzero carbon emitter by the year 2050.
No matter how old, genuine Purpose enables reinvention in companies.
45
The 2nd P underscores the significance of developing people and Organizational Culture that empower Purpose PEOPLE & CULTURE – OVERVIEW OVERVIEW
DETAILS
Stakeholders—especially the employees—are the
• Infusing Purpose through people starts
bedrock for infusing Purpose in the culture of the
with hiring employees who identify with the
company. The employee sentiment is a reality check
company’s Purpose.
for a genuine versus superficial Purpose.
KEY ACTIONS • Orient recruiting, people development, and career pathways in line to empower Purpose. • Delineate Purpose KPIs, give employees incentives to meet them, and make them answerable. • Enunciate and model the desired individual mindsets and behaviors that express Purpose.
• Purpose should be kept in view while making HR decisions such as HR development and career path development. • Research
indicates
that
Employee
Engagement is 4 times greater in companies driven by Purpose. • Attention to employee well-being boosts employee enthusiasm, which in turn gets reflected in returns on stocks—research shows up to 3% more returns than companies that do not focus on employee well-being.
Happy stakeholders are the backbone of the company – Genuine Purpose provides happy stakeholders.
• Pursuit of meaningfulness in a job should be encouraged rather than suppressed in employees. • Giving employees suitable means and instruments reinforced by a “speak up” culture to pinpoint gaps is essential to embedding Purpose.
46
DAWGEN GLOBAL INSIGHTS I DEC 2020
Companies world-wide are recognizing and enabling employees to find meaningfulness in jobs PEOPLE & CULTURE – CASE EXAMPLES • An example of employee well-being is a move to increase employee pay in the year 2019 by a large multinational on-line payment company. Not only that, the company increased benefits and also made all employees its shareholders. • Encouraging
employees
to
find
meaningfulness in job and grasping an opportunity when it arises was demonstrated by a senior executive of an energy company who later became the CEO. The CEO promoted an employee to lead the Purpose engagement effort after she questioned meaningfulness of her job. • Another example in the People and Culture aspect of Purpose—Employee Engagement— was exhibited by a well-known electronic items retail company when its CEO invested heavily in employee training. The organization provided employees with heavy discounts to buy the company’s products, use them, and then recommend them to others. The company also formed ‘geek squads’ of
Meaningfulness drives employees to do extra for the company.
employees who choose, install, personalize, and support products that company sells.
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47
The 3rd P entails fine-tuning processes and systems of the company to reflect and be geared towards achieving Purpose PROCESSES & SYSTEMS – OVERVIEW OVERVIEW procedures—the company counts on to establish value and to fulfil its Purpose—address the “how” of company’s business model.
impetus of Purpose and they can be embedded regardless of the sector the • Embedding
Purpose
in
the
company
systems and processes has to be an allencompassing exercise that should involve the whole supply chain. • Embedding Purpose throughout the supply chain becomes a source of strength in
KEY ACTIONS operational
• Robust systems and practices are the
company operates in.
Operational initiatives, rewards, and governance
• Adjust
DETAILS
testing times. processes
to
achieve
Purpose-linked goals. • Make sure behaviors are in line with Purpose throughout the supply chain.
48
Embedding Purpose in the process and systems should be planned bearing in mind the present as well as the future.
DAWGEN GLOBAL INSIGHTS I DEC 2020
Purpose should not only reverberate throughout the company but also in outside partners
PROCESSES & SYSTEMS – CASE EXAMPLES • A tech giant provides a very good example of considering planning for embedding Purpose into its processes and systems. It had set itself the goal of being carbon neutral and achieved it in 2012. The company now aims even higher—i.e., to use only renewable energy for its complete operations by the year 2030—becoming carbon negative. The company assesses an internal carbon fee on its business divisions and uses the funds from such assessments to further invest in carbon-reduction efforts within the company as well as worldwide. • Another
multinational
retail
corporation
exemplifies infusing Purpose in its supply chain by aiming to reduce emissions up to one Gigaton throughout its supply chain by the year 2030. The company helped its suppliers reduce emissions in 6 identified categories by developing a platform that enables suppliers to chart their emission reductions.
Suppliers come up with their own
reduction goals based on the SMART principles – Specific, Measurable, Achievable, Relevant, and
Genuine Purpose rubs off on the world.
Time-limited. The progress on these goals has to be reported annually by the suppliers. The company recognizes and rewards top achievers. • A leading global resource company showed the value of embedding Purpose in its processes when during the COVID-19 crisis it moved to support its small, local, indigenous suppliers by reducing payment terms period significantly. It recognized the vulnerability of its partners during a time of crisis and sought to play a part in supporting them. This reverberation has become mutual with time.
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49
The 4th P demands appraising achievement of Purpose through key performance indicators and metrics PERFORMANCE METRICS – OVERVIEW OVERVIEW
DETAILS
Purpose should be gauged meticulously.
• Key Performance Indicators should be identified that link
Since Purpose is a customized feature its
to the company’s Purpose, indicators need to be monitored
metrics have to be specific too. Off-the-
over time, and the company incentivized to meet Purpose
shelf metrics available in the industry will
targets.
not portray a true picture.
KEY ACTIONS • Fix performance targets and metrics in line with Purpose. • Institute capital allocation metrics in line with Purpose for decisions.
• Differentiation
between
Environment,
Social,
and
Governance (ESG) metrics and Purpose metrics has to be maintained. • Purpose comes from within and likewise should lead to the type of metrics to be used to measure them, not viceversa. • Purpose metrics should inform not only routine operations, but also allocation decisions—such as capital expenditures and
Mergers
and
Acquisitions—and
company-wide
Transformation initiatives. • Purpose is significantly strengthened simply by presenting
Purpose dictates metrics—these metrics should be easily understood across the board.
to employees and stakeholders the metrics in standardized report. • Gauging and stimulating should not be limited to monetary incentives only. Organizations should celebrate offices and employees who demonstrably further the Purpose cause. • Behavioral Economics can be used to entice employees to make Purpose part of their daily routine, such as energy saving or waste reduction.
50
DAWGEN GLOBAL INSIGHTS I DEC 2020
Rethinking Performance metrics in line with Purpose pays off surprising dividends PERFORMANCE METRICS – CASE EXAMPLES • A
leading
retail
bank
rethought
its
fundamental purpose; its relationship with society; individual customers; and the way it should identify, measure, and improve its Purpose-based performance. • The
financial
institution
redesigned
its
incentive structure to improve customer outcomes which was part of their Purpose. • The bank made a symbolic shift by reducing the weightage of volume-based targets in employee evaluations since it deemed this shift critical to its Purpose. Although deemed symbolic, the shift proved profitable and the bank out-performed its peers in the industry. • Quality of Purpose, and the associated widerange endeavors and actions that reinforce Purpose, ended up being more powerful than quantity. • In other sectors, monetary recompence is linked to achieving of Purpose metrics; like many energy companies now bind executive compensation to emissions that can be demonstrably reduced.
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Staying true to the Purpose and making tough decisions pays off in the long run. 51
The final P warrants alignment of positions and relationships with the Organizational Purpose POSITIONS & ENGAGEMENT – OVERVIEW OVERVIEW
DETAILS
The Positions and Engagement component
• Purpose should be built into the way
emphasizes alignment of extraneous positions
company communicates information to and
and relationships to be in consonance with, and
interacts with the public.
constantly deliver on, the Purpose the company has defined.
• Opinion of the customer-base matters most to companies. Genuine Purpose helps align customers’ opinion.
KEY ACTIONS • Customize
external
• Public can decipher an unauthentic act. commitments
and
communications to Purpose.
Research shows that 2/3rds of the people may use a product or service once but if they do not trust the company, they will switch.
• Adjust extraneous positions in line with Purpose.
• Belief-based consumers and consumerism
• Align affiliations—such as trade-association
demands genuine behavior from companies.
membership—with Purpose.
Research shows that 50% of the people believed companies should be involved in
Hard-wired Purpose makes company’s positions, communications, and externalengagement coherent amplifications of the company’s business model. 52
at least one social issue that has little to do with its business. • Built-in Purpose eradicates the gulf between walk and talk.
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An organization's outside associations should also be in-line with its Purpose POSITIONS & ENGAGEMENT – CASE EXAMPLES • One of the biggest tech giant’s Purpose
divested from its extractive business also
statement is “to empower every person and
made an extensive review of the support being
every organization on the planet to achieve
extended by them to various associations. The
more.” The company decided to close its
company withdrew support to a number of
brick-and-mortar stores and move to digital
trade associations that were deemed contrary
retail stores. However, the company did not
to the company’s Purpose.
fire its brick-and-mortar store workers. They
• A
well-established
food
manufacturing
were retrained and now they carry on assisting
company deploys its 150-year-old philanthropic
customers
and
foundation to contribute food expertise by
remotely, delivering digital sales, training, and
partnering with employees in the communities
support.
in which they live and work.
from
corporate
facilities
• One of the largest and established energy company that rethought its Purpose and
What is applicable within the company should apply beyond it too—the purpose should incorporate a sense of social responsibility and community development.
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53