Why your strategy review isn’t working and how it’s costing you top talent
Dear leaders,
If you are struggling to attract and retain top talent, the culprit isn’t just the job market or the competition. It’s your strategy review process or rather, the lack of a real one. At Summit Consulting, we have seen it countless times: companies engaging in perfunctory strategy “reviews” that do little more than create paper trails.
No wonder the best minds are jumping ship, and your culture remains stagnant.
The case of MedTech Solutions
MedTech Solutions, a regional player in healthcare technology, recently faced a talent drain. Their competitors, less funded and arguably less innovative, were attracting the kind of professionals MedTech needed. The CEO was puzzled. “We are leaders, we offer competitive packages. Why are we losing our top people?”
We dug in and found the answer buried in their strategic process: it was stale. MedTech’s strategy was reviewed annually, with surface-level adjustments based on last year’s performance metrics.
Real innovation and market shifts barely made it into discussions. The outcome? A workplace culture that repelled the talent it needed. Their most ambitious employees felt trapped in a strategy that didn’t reflect the speed of their industry or the aspirations of their careers.’
A high-performance culture isn’t built on slogans. It’s created by the behaviors embedded in the strategy process itself.
Mr.Strategy Tweet
Three hard truths Medtech had to face
1. An annual review is not a strategy refresh
Annual reviews are outdated. A genuinely effective strategy requires continuous recalibration, led by people who are on the pulse of change. MedTech’s high-performers wanted agility, not just a yearly memo.
2. Top talent wants a mission, not a job
High performers don’t join companies, they join missions. MedTech’s strategy process failed to inspire. It was disconnected from a purpose that resonated with employees, leaving the talented feeling like cogs instead of contributors.
3. Your culture is the sum of everyday behaviors
A high-performance culture isn’t built on slogans. It’s created by the behaviors embedded in the strategy process itself. Without a process that promotes innovation and openness, MedTech’s culture remained uninspired. Worse, it became toxic as frustrated employees saw no way to make meaningful contributions.
Transformation through culture and strategy, the Summit Consulting way
After some hard truths, MedTech committed to a real overhaul. Here’s what we recommended to be done, and here’s what it can mean for you:
1. We recommended the decentralization of strategy ownership.Leaders and teams across MedTech were empowered to drive strategic discussions not just in boardrooms, but in weekly sessions where their insights informed decisions. This dynamism sparked a new sense of purpose among employees. Codenamed, Weekly Strategy Townhalls, it focused.
2. We advised management to embed culture transformation into the strategy process.
Rather than treating culture as an afterthought, we made it central to strategy formulation and execution. Teams were evaluated not only on financial performance but also on how they contributed to a culture of transparency, innovation, and support.
3. We established real-time feedback loops.
Through a blend of metrics and informal check-ins, MedTech’s leadership was able to make strategy adjustments based on employee and customer feedback. This constant evolution prevented the sense of stagnation that had once plagued the organization.
The result?
MedTech’s culture transformed. They began attracting talent instead of losing it, creating a work environment where people felt valued and engaged. Productivity soared, but more importantly, employees felt they were building a future they cared about.
Your challenge
If you are not reviewing your strategy monthly or even weekly ask yourself: what’s the cost? How many high-performers are you willing to lose before your strategy process becomes a priority? At Summit Consulting, we specialize in reshaping strategy reviews into a culture-driving powerhouse. And if you want your best people to stick around, it’s time to make that shift.
This isn’t just strategy this is survival. Let’s make it happen.
©2024. All rights reserved. Summit Consulting Team
