This month (November), we are seeing some refreshing news about a large COVID-19-vaccine trial: a leading candidate has an efficacy rate of about 90 percent. There’s a lot of green between this particular ball and the pocket, but the news was most welcome. COVID-19 vaccines have been a focus of much research, as seen in the attached McKinsey November 2020 overview, which includes a full discussion of the key issues of manufacturing and distribution, and subsequent articles on the end of the pandemic, an optimistic scenario for the pandemic response in the United States, and the technology transfer that may be critical to beating the COVID-19 crisis. To download the comprehensive report, please click below:
With a potential end in sight, or at least in fuzzy focus, companies are thinking ahead. A critical challenge for companies in the post-crisis era will be articulating clear, meaningful, and authentic purposes. Some companies seem to have the answer: they know their reasons for being, communicate them easily to customers, and enjoy the results. The framework below can help you and your team think through these focal areas:
Embed purpose in your company and deliver value, follow the 5Ps:
Portfolio strategy and products
- Redefine product portfolio—eg, withdraw some products, introduce new products
- Revise pricing in line with purpose
- Review portfolio and test purposefulness of individual assets against common criteria
People and culture - Align recruiting, people development, and career pathways to enable purpose
- Define purpose KPIs and hold employees accountable/give them incentives to meet targets
- Articulate and role-model desired individual mindsets and behaviors linked to purpose
Processes and systems - Adapt operational processes to meet purpose-related targets - Ensure supplier behaviors are in line with purpose
Performance metrics - Set performance targets and metrics in line with purpose - Introduce capital-allocation metrics in line with purpose for decisions (eg, capital expenditures, M&A)
Positions and engagements - Tailor external engagement and communications to purpose - Revise external positions in line with purpose - Align affiliations (eg, trade- association membership) with purpose
Hope you find the report and outline helpful as you prepare for 2021. Please share your thoughts on the topic or to schedule a free consult, via mslonaker@mattallendevelopment.com.
