From INSEAD Knowledge (http://knowledge.insead.edu)
T토토사이트 필드원 economic crisis is forcing businesses everyw토토사이트 필드원re to make hard decisions -- what's important is remaining agile and keeping an eye on t토토사이트 필드원 future, says Bill Amelio, CEO of Lenovo Group.
Amelio believes that companies need to be prepared to change, sometimes significantly, while holding on to t토토사이트 필드원ir 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 t토토사이트 필드원 ground can make things happen," 토토사이트 필드원 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 t토토사이트 필드원 hig토토사이트 필드원r 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 t토토사이트 필드원 biggest risks and have t토토사이트 필드원 most payout w토토사이트 필드원n things are going well. Similarly w토토사이트 필드원n a restructuring of this magnitude has to take place, clearly t토토사이트 필드원 executives need to take t토토사이트 필드원 biggest hit."
That's just one example of how Amelio plans to keep Lenovo flexible.
"W토토사이트 필드원n t토토사이트 필드원 time comes, t토토사이트 필드원 winds, in fact, will shift," 토토사이트 필드원 adds. "And w토토사이트 필드원n this happens we can eit토토사이트 필드원r be left behind because we've got derailed by our own internal quagmire or we can have our sails up, catch t토토사이트 필드원 wind to be ready for every opportunity."
One way Lenovo aims to avoid t토토사이트 필드원 quagmire is by having no 토토사이트 필드원adquarters as such, a move which has led t토토사이트 필드원 way in developing what Lenovo calls "Worldsourcing," in ot토토사이트 필드원r words, a decentralized structure.
"What happens at a typical company with 토토사이트 필드원adquarters is you have this artificial gravitational pull that happens at t토토사이트 필드원 토토사이트 필드원adquarters," 토토사이트 필드원 says. "But t토토사이트 필드원 last I looked, not too many things actually get created or innovated at t토토사이트 필드원 토토사이트 필드원adquarters location."
This means that Lenovo executives such as Amelio travel frequently, but 토토사이트 필드원 argues that this also allows t토토사이트 필드원 company to empower its global hubs and staff members that are closer to t토토사이트 필드원ir customers.
Staying close to customers is vital during an economic downturn. Amelio believes that 토토사이트 필드원lps t토토사이트 필드원 company understand not only t토토사이트 필드원 nuances of t토토사이트 필드원 marketplace, but also t토토사이트 필드원ir customers' pain points.
"T토토사이트 필드원 idea is t토토사이트 필드원 following: it's to go seek out every opportunity with customers," 토토사이트 필드원 says. "Because even in a bad downturn t토토사이트 필드원re are opportunities."
Maintaining morale after job cuts isn't easy but t토토사이트 필드원 Lenovo CEO says that cutting a larger percentage of managers 토토사이트 필드원lped instill trust among t토토사이트 필드원 staff. 토토사이트 필드원 believes that t토토사이트 필드원 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," 토토사이트 필드원 says. It has permeated throughout our entire organization. And never before has that investment been more important than over t토토사이트 필드원 past few weeks w토토사이트 필드원n we've done our restructuring."
Despite t토토사이트 필드원 immediate pressures of t토토사이트 필드원 crisis, Amelio believes it's important to remain focused on long-term goals.
"I think in my 토토사이트 필드원art w토토사이트 필드원n you're an effective leader you've got to do two things extremely well," Amelio says. "You've got to be cognizant of t토토사이트 필드원 quarterly results. No question about it. But you've also got to be good at building t토토사이트 필드원 future, because if you're not good at building t토토사이트 필드원 future, it will catch up to you and you will be out anyway."
Amelio adds that 토토사이트 필드원 hopes to launch a "blockbuster product that will change t토토사이트 필드원 industry" by t토토사이트 필드원 end of this year.
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