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Investors are cashing in on Rolls-Royce’s turnaround story. The British engine makers’ profits more than doubled last year, with Tufan Erginbilgiç taking the helm in January 2023. Dividend payments are set to resume, and its share price is up over 60 per cent this year alone. The former BP executive, who shook up the company’s top teams, reduced duplication and culled middle managers must be pleased with himself. But he also knows how fragile the gains can be. He said Rolls-Royce’s midterm targets are a “milestone, not a destination”.
投資者正從羅羅公司(Rolls-Royce)的經營情況好轉中獲利。隨著圖凡•埃爾金比爾吉奇(Tufan Erginbilgiç)於2023年1月上任，這家英國發動機製造商的利潤去年成長了一倍多。該公司將恢復派息，其股價僅今年一年就上漲逾60%。這位前英國石油(BP)高階主管改組了該公司的高層團隊，減少了重複工作，並裁減了中層管理人員，他一定對自己非常滿意。但他也知道這些成果有多麼脆弱。他表示，羅羅的中期目標是一個「里程碑，而不是終點。」
Restoring the feelgood factor, for managers, staff and shareholders, plays a vital part in the revival of any struggling enterprise. Some of the best known names in business have undergone their own revamps — from Apple to Ford to Xerox. Citigroup under Jane Fraser is another example of a turnaround under way. Purging the leadership, shrinking the headcount or rolling out some new technology alone is not enough to transform a faltering company. So what should a business do?
恢復管理者、員工和股東的好感，對任何陷入困境的企業的復甦都至關重要。從蘋果(Apple)、福特(Ford)到施樂(Xerox)，一些最知名的企業都經歷了自己的改革。範潔恩(Jane Fraser)領導下的花旗集團(Citigroup)是另一個正在發生轉變的例子。僅靠清洗領導層、縮減員工人數或推出一些新技術，並不足以改變一家搖搖欲墜的公司。那麼，企業應該做些什麼呢？
Having a clear grip of the level of distress is essential if a leader is to understand what type of turnaround their company needs. Is it a rescue, like BP, which was on the brink of collapse after the Deepwater Horizon disaster? Or a strategic shift, as at Netflix, which moved from rental DVDs to streaming? And which underlying strengths can a leader still exploit?
如果領導者想要了解他們的公司需要什麼樣的轉變，就必須對困境的程度有一個清晰的把握。是像英國石油在深水地平線(Deepwater Horizon)事故發生後瀕臨倒閉的那種救援行動？還是像Netflix那從DVD租賃向串流媒體的戰略轉變？領導者還可以利用哪些潛在優勢？
Often fresh blood is required at the top. Whether the chief executive is an insider or outsider, has a genial disposition or a blunter leadership style, they need to have a clear vision of what success looks like, an unyielding resolve to inspire a renewed sense of purpose and a determination to execute their plan. Boards have a critical role in choosing the right person to lead an organisation, but it is the CEO and executive teams that do the heavy lifting.
高層通常需要新鮮血液。無論首席執行長來自內部還是外部，是性格溫和還是風格生硬，他們都需要對成功有一個清晰的認識，需要有不屈的決心來激發一種新的使命感，需要有執行計劃的決心。董事會在選擇合適人選領導企業發揮著關鍵作用，但承擔重任的是首席執行長和高階主管團隊。
When a company has lost its way because of poor debt management and bad spending decisions, financial restructuring is likely to be unavoidable. Cutting costs, finding efficiencies and boosting productivity are central to improving operations. But getting control of the balance sheet while not choking off future growth is a challenge. Business strategies may need adjusting, too. As some companies’ actions during the pandemic showed, crises require rapid adaptation and shifts in demand may force businesses to ditch once-core products or services. Delaying necessary change will only haunt the business later.
當一家公司因債務管理不善和錯誤的支出決策而迷失方向時，財務重組很可能是不可避免的。削減成本、提高效率和提振生產力是改善運營的核心。但是，既要控制資產負債表，又不能扼殺未來的成長，這是一項挑戰。企業戰略可能也需要調整。正如一些公司在疫情期間的行動表明的那樣，危機需要快速適應，需求的變化可能迫使企業放棄曾經的核心產品或服務。推遲必要的變革只會在日後困擾企業。
No turnaround is possible without restoring employee confidence, which is as vital as bringing investors back on side. Every level of an organisation needs to buy into a transformation. Indeed, a cultural turnaround may be just as crucial as fixing the day-to-day machinery of a business. Satya Nadella, for example, revived Microsoft by turning staff into “learn-it-alls” instead of “know-it-alls”, fostering a growth mindset across the business.
如果不恢復員工的信心，公司就不可能好轉，而員工的信心與讓投資者回心轉意同樣重要。組織的每個層面都需要參與轉型。事實上，文化轉型可能與修復企業的日常機制一樣重要。例如，薩蒂亞•納德拉(Satya Nadella)重振了微軟(Microsoft)，他將員工從「無所不知」(know-it-alls)轉變爲「無所不學」(learn-it-alls)，在整個企業培養了一種成長心態。
This is where a CEO’s interpersonal skills matter. Leaders who are closing divisions, firing staff and diverting resources need to communicate these tough decisions and the reasons behind them clearly and with the utmost care.
這就是首席執行長人際交往能力的重要性所在。關閉部門、解僱員工和轉移資源的領導者需要清晰、謹慎地傳達這些艱難的決定及其背後的原因。
Luck plays its part, of course. Rolls-Royce’s turnaround efforts have coincided with the revival of defence sector spending and recruitment. Data shows CEOs that have led successful transformations are not always able to replicate their wins elsewhere. Ultimately, there is no one-size-fits-all model. Erginbilgiç’s tough approach — he called Rolls-Royce a “burning platform” soon after joining to instil urgency in his staff — may be working. But will he have to shift his leadership style for calmer times? A well-executed turnaround does not guarantee success forever. The leaders that triumph are the ones who can adapt.
當然，運氣起了一定作用。羅羅的轉型努力恰逢國防部門支出和招聘的復甦。數據顯示，領導成功轉型的首席執行長並不總能在其他地方複製他們的成功。歸根結底，沒有放之四海而皆準的模式。埃爾金比爾吉奇的強硬策略——他在加入羅羅後不久就稱其爲「燃燒的平臺」，向員工灌輸緊迫感——可能正在起作用。但在平靜時期，他會改變自己的領導風格嗎？一次成功好轉並不能保證永遠成功。成功的領導者是那些能夠適應環境的人。