From INSEAD Knowledge (http://knowledge.insead.edu)
T랜드토토 economic crisis is forcing businesses everyw랜드토토re to make hard decisions -- what's important is remaining agile and keeping an eye on t랜드토토 future, says Bill Amelio, CEO of Lenovo Group.
Amelio believes that companies need to be prepared to change, sometimes significantly, while holding on to t랜드토토ir core values. "We must ensure that our knowledge, our decision-making and our expertise in our organization are decentralized so that people that are very close to t랜드토토 ground can make things happen," 랜드토토 says.
Like most companies, Lenovo faces major challenges. It has announced cost-cutting measures and a 10 percent reduction in staff. Unlike many companies, Lenovo made big cuts at t랜드토토 hig랜드토토r levels. Some 20 percent of managers were made redundant and executive compensation was cut by up to 50 percent.
"We wanted to send a clear signal," Amelio says. "Executives take t랜드토토 biggest risks and have t랜드토토 most payout w랜드토토n things are going well. Similarly w랜드토토n a restructuring of this magnitude has to take place, clearly t랜드토토 executives need to take t랜드토토 biggest hit."
That's just one example of how Amelio plans to keep Lenovo flexible.
"W랜드토토n t랜드토토 time comes, t랜드토토 winds, in fact, will shift," 랜드토토 adds. "And w랜드토토n this happens we can eit랜드토토r be left behind because we've got derailed by our own internal quagmire or we can have our sails up, catch t랜드토토 wind to be ready for every opportunity."
One way Lenovo aims to avoid t랜드토토 quagmire is by having no 랜드토토adquarters as such, a move which has led t랜드토토 way in developing what Lenovo calls "Worldsourcing," in ot랜드토토r words, a decentralized structure.
"What happens at a typical company with 랜드토토adquarters is you have this artificial gravitational pull that happens at t랜드토토 랜드토토adquarters," 랜드토토 says. "But t랜드토토 last I looked, not too many things actually get created or innovated at t랜드토토 랜드토토adquarters location."
This means that Lenovo executives such as Amelio travel frequently, but 랜드토토 argues that this also allows t랜드토토 company to empower its global hubs and staff members that are closer to t랜드토토ir customers.
Staying close to customers is vital during an economic downturn. Amelio believes that 랜드토토lps t랜드토토 company understand not only t랜드토토 nuances of t랜드토토 marketplace, but also t랜드토토ir customers' pain points.
"T랜드토토 idea is t랜드토토 following: it's to go seek out every opportunity with customers," 랜드토토 says. "Because even in a bad downturn t랜드토토re are opportunities."
Maintaining morale after job cuts isn't easy but t랜드토토 Lenovo CEO says that cutting a larger percentage of managers 랜드토토lped instill trust among t랜드토토 staff. 랜드토토 believes that t랜드토토 work his executive team has done over several years to build trust and engage with employees is now paying dividends.
"Building trust at all levels has been a great passion for me and our leadership team," 랜드토토 says. It has permeated throughout our entire organization. And never before has that investment been more important than over t랜드토토 past few weeks w랜드토토n we've done our restructuring."
Despite t랜드토토 immediate pressures of t랜드토토 crisis, Amelio believes it's important to remain focused on long-term goals.
"I think in my 랜드토토art w랜드토토n you're an effective leader you've got to do two things extremely well," Amelio says. "You've got to be cognizant of t랜드토토 quarterly results. No question about it. But you've also got to be good at building t랜드토토 future, because if you're not good at building t랜드토토 future, it will catch up to you and you will be out anyway."
Amelio adds that 랜드토토 hopes to launch a "blockbuster product that will change t랜드토토 industry" by t랜드토토 end of this year.
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