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Culture of Innovation - London Business School

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Building a Culture of (Incremental) Innovation
Professor Nader Tavassoli
Chairman
Copyright В© 2010 N. Tavassoli. All rights reserved.
How is your shopping basket allocated?
Invented in last
10 yrs
Imitated in last
10 yrs
Improved only over
last 5yrs
Improved only over
last 10 yrs
Copyright В© 2010 N. Tavassoli. All rights reserved.
The disposable blade was invented in
1895 and marketed in 1900
Heinz first bottled ketchup
in 1869
The secret formula was
first sold in 1886 and
bottles in 1994
Fusion in
2006
The upside-down
design of 2002
The 1st extension (1982)
imitating Tab (1963)
Copyright В© 2010 N. Tavassoli. All rights reserved.
Results since December 1999 merger of
Reckitt & Coleman and Benckiser
• 28% rise in 2009 pre-tax profits to £1.9b
• 18% increase in sales in 2009 … the 10th consecutive year of
above industry-average growth
• 40% of sales from innovations launched in past 3 years
• Doubled net revenue and quadrupled market capitalisation since
merger
• 2003-2008 shareholder return of around 200% against a market
average of 22%
• 2009 Economist Corporate Innovation Award + 7 more
Copyright В© 2010 N. Tavassoli. All rights reserved.
Our Vision
•
Reckitt Benckiser delivers better solutions in household, health and personal
care to consumers, wherever they may be. We do it through constant
innovation. We look at the little things that drive people mad in their everyday
life. Then we deliver brilliant, fast-acting solutions that help make life better and
easier—and create outstanding shareholder value in the process
Our strategy for profitable growth involves:
•
•
•
•
•
•
Focusing on our strong brands in the categories with highest growth potential
Innovative product and brand development
Geographic roll out of our key brands and categories
Above-average investment in brand building
Tight cost control to fund reinvestment in core brands and grow shareholder
returns
Selective add-on acquisitions
Our future
•
In the future we’ll continue our relentless focus on powerful brands in fastgrowing categories. We’ll keep delighting consumers with solutions to everyday
problems. Our people, highly motivated and well rewarded, will continue to
enjoy real ownership of their achievements. Meanwhile we continue to look for
talented, entrepreneurial and dynamic people worldwide to hit the ground
running
http://www.reckittbenckiser.jobs/about
Copyright В© 2010 N. Tavassoli. All rights reserved.
Brand пѓџ пѓ Behaviours пѓџ пѓ Values
Brand
promise
Friendliness
Behaviour
Attribute
Smile & greet Welcoming
customer by
name
Values/
principles
Fun loving
attitude
Copyright В© 2010 N. Tavassoli. All rights reserved.
Brand пѓџ пѓ Behaviours пѓџ пѓ Values
Brand
promise
Behaviour
Attribute
Values/
principles
Friendliness
Smile & greet Welcoming
customer by
name
Fun loving
attitude
Relaxation
Daily
maintenance
check-lists
Proactivity
Attention to
detail
Copyright В© 2010 N. Tavassoli. All rights reserved.
Corporate re-branding (2009)
“A person buying Detoll doesn’t need to know RB …[but] our
people do … our old brand just wasn’t RB – too boring by half,
too old … our new brand is quite ballsie; more attitude in it –
more punchy and more RB in every way.”
Andraea Dawson-Shepherd,
Global Director Corporate
Communication & Affairs
http://www.myrbopportunity.com/2010/04/06/why-working-at-rb-is-like-a-thrilling-white-knuckle-ride/
Copyright В© 2010 N. Tavassoli. All rights reserved.
“We're a brands business. We have used the same creative skills that drive our
brands to define our employer brand. We've defined attitudes and behaviours that
are distinctively Reckitt Benckiser. And these support the commitment that drives
our team and individual performance.”
Behaviours:
Support and inspire others to
deliver stretching objectives.
Culture:
Attributes:
Aim to
outperform.
Values:
• Achievement
• Entrepreneurship
• Team spirit
• Ownership
“Our culture differentiates us from other companies.
It is demanding, but for our people, stimulating. It
won't suit everyone.”
Copyright В© 2010 N. Tavassoli. All rights reserved.
“The best
company I ever
worked for!”
“Very alpha
male”
“Performance
oriented – great
pay if deliver”
“Sweatshop culture.
Stay away!”
“Unusual
climate”
“Love it or hate it”
“High pressure environment
that can be quite stressful at
times”
“RB has a fantastic record of taking
its corporate social responsibility
seriously because this is a company
focused on outperforming in
EVERYTHING it does”
“Results are
everything for
this company”
Source: vault.com;
glassdoor.com
Copyright В© 2010 N.
Tavassoli. All rights reserved.
“The meeting was full of strong
opinions and raised voices, yet
upon leaving there were smiles and
jokes.”
“You’re encouraged to think differently
and to take calculated risks – �can’t do it’
is not an option. There’s always a
solution. I like that philosophy!”
Copyright В© 2010 N. Tavassoli. All rights reserved.
Embedding Brand in the People Process
Attracting
Selecting
Landing
Communicating
Redeploying
Engaging
Brand
Developing
Exiting
Rewarding
Assessing
Copyright В© 2010 N. Tavassoli. All rights reserved.
From attracting …
“We are only looking for true
talent: people hungry for the
opportunity and freedom to make
their mark. It’s going to be an
exciting journey - and you could
be part of it. ”
http://www.reckittbenckiser.jobs/corevalueschallenge
Copyright В© 2010 N. Tavassoli. All rights reserved.
… to rewarding
•
•
•
•
Values-based assessment
Not taking risks is viewed as bad
High �healthy’ internal competition across brands
Industry median salaries with performance-based pay of up to
+144%
• Senior managers are expected to build a stake of between
30,000 and 600,000 shares over 8 years –trading at £26 per
share this is a range of £800,000 to £16m – with penalties if not
meet or seen to be making sufficient progress (no more options
or share awards)
Copyright В© 2010 N. Tavassoli. All rights reserved.
Perils of growth: People & processes
n
a
eb i
Copyright В© 2010 N. Tavassoli. All rights reserved.
Reckitt Benckiser probably has most of the
same elements as their peers …
Copyright В© 2010 N. Tavassoli. All rights reserved.
… but, then again, human and chimp DNA
overlaps by 94% …
Copyright В© 2010 N. Tavassoli. All rights reserved.
… making all the difference!
Copyright В© 2010 N. Tavassoli. All rights reserved.
A different relative balance
Radical “outside the
box” innovation
Incremental “inside the
box” innovation
Markets
New and undeveloped
Current but unaware
Behaviour
Change required
Adapted to fit
Source
�Lab’ to market
Market to lab
Leadership
Top-level support with
future orientation
Top-level support with
marketing orientation
Culture
Nurturing … autonomy
Competitive … ownership
Risk
Large financial and
development risk;
uncertain demand
Contained financial and
development risk; testable
demand
Speed
Moderate wins
Fast wins
Copyright В© 2010 N. Tavassoli. All rights reserved.
Customers
Brand
Behaviour
Business
Copyright В© 2010 N. Tavassoli. All rights reserved.
Aligning Business, Brand and Behaviour
• Business model: organic growth via differentiation (e.g., vs.
private label) in growing categories and markets
• Brand: internal & investor focus; umbrella positioning of
�constant delight’ across customer-facing power brands
• Behaviour
– Marmite culture
– Flat structure
– Process and bureaucracy �light’
– Innovation-focused EVP
– Leadership focus on innovation
– Aligned values and HR processes: attraction, selection,
promotion, development, compensation …
Copyright В© 2010 N. Tavassoli. All rights reserved.
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