a. Week 1 McKinsey Connecting Employees in IBs

such efforts typically required over the long term

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Unformatted text preview: es, promotion criteria, and training), and knowledge initiatives (for example asking, “What do we know and who knows it?”). Such efforts, typically required over the long term to complement the levers of change, create the right environment and set the stage for a lasting impact. One global investment bank, for example, has put a good deal of money and energy into a knowledge-management system that enables managers from different functions and product groups to access expertise and build on existing knowledge rather than reinventing the wheel. Another institution we know integrated its new orientation program for managing directors so that the heads of different business units established strong and personal connections with one another and began to think of themselves as leaders of the organization as a whole. Other banks, taking a leaf from the GE playbook, rotate their top managers around the organization. Efforts to mobilize the organization to collaborate should also involve a manageable number of cross-cutting themes (say, three to five) with a real economic upside. These would typically involve a number of groups that may not have worked together previously but have been called upon to accomplish a specific change—for example, increasing cross-border sales of derivatives, creating new risk-managed products for the elderly, targeting pension funds, developing high-net-worth clients, or penetrating the middle market. To be effective, these groups typically need a structure, including staff support, a budget, financial metrics, and an organizing process. Several banks we know have developed teams to identify, across business units, clients that really matter and to concentrate on taking relationships to the next level. Keeping the economic goal paramount is essential: lengthy management meetings and endless “get to know you” offsite festivities bring diminishing returns and are no substitute for cross-cutting themes based on capturing new customer or geographic segments. 6 Finding ways to build networks while preserving the benefits of silos is exciting if executives focus on areas of tangible benefit rather than simply “talking the talk” at the next managing directors’ conference. In many ways, this is a process of getting the whole organization to do what the best do naturally. Vijay D’Silva is a director and Osman Nalbantoglu is a principal in McKinsey’s New York office. In the past, leaders had few options for changing their institutions except focusing on financial performance and walking the halls. By explicitly identifying networks and quantifying what, at best, has been an area for intuitive knowledge, the approach we outline should help institutions begin the transformation and allow the larger ones to capture the benefits of scale and talent more successfully. Related Articles on www.mckinseyquarterly.com “Mapping the value of employee collaboration” “The role of networks in organizational change” “Making a market in talent” Copyright © 2007 McKinsey & Company. All rights reserved. 7...
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