A new survey released by Deloitte, has shown that there is a relationship between the long-term success of the company, and the ability to instill a sense of purpose in the organization. This was supported by a survey which showed that 91% of the companies that were performing well financially had instilled this sense of purpose in their employees. However, most executives, 68%, and employees, 66%, feel that enough is not being done by many organizations to instill purpose for meaningful impact. We, therefore, go back to the case of Deloitte and explore what are the factors that have led to its continued success.
Doing the Same Things Differently
A successful consultancy has to find ways in which to do the same things differently from others in the field. Strength and commitment are important factor, when it comes to doing things differently. The new drivers of the economy have made traditional consulting methods obsolete, given the rise of younger people into positions of management. In order to achieve this aspect, a company has to examine what it does, and how they can do it differently. The secret lies in identifying needs that have not been met and addressing this fully.
It is common for consultancies to compete for areas where they are familiar, given the long-tested methods of addressing them. This brings about competition by price, but Deloitte focuses on areas that are complex, and therefore avoided by a majority of consultancies. They focus on development and innovation, capacity and management, operational distinction, and brand positioning. The culture of Deloitte is different too, and they adopt what has been described as a “low ego collaborative”, where they adopt to wide management styles, and sometimes have to be candid with their clients.
The other factor is that the company has to be strong in order to incorporate changes. It is crucial to beat strong teams, which can work in amorphous territories, and create strategies that will lead to growth. The company has partners who help it overcome individual consultancies, due to the adoption of a “think tank” concept. When the economy was at its lowest, Deloitte decided to build an academic institution, The Deloitte University, with the aim of building this strength and leadership qualities in individual right from the start. On-job training is also a foundation of strength for the team. The whole organization succeeds by helping the individual to succeed. This is a trait that has been embraced by the organization, whereby they interview potential employees based on a best-cultural-fit approach, and then nurture the candidate in growing within the same culture.
Deloitte has been committed to doing everything to the satisfaction of their clients. They continuously bring about improvement and business development. This commitment has allowed the company to bring about tangible results in their clients’ businesses, develop the staff members of their clients, create businesses that have innovation as the main driving factor, and help them contribute to the community.
It is important that a consultancy builds a culture of purpose in its operations. Building a business is not always about the transfer of money, but it is also about building a relationship between you and your client/customer. The client must be well treated, and all needs addressed satisfactorily. Deloitte aims at doing things differently, and swing away from traditional methods of achieving success. This way, the company is able to be a leading consultancy in an economy that seems to become more complex as time goes by.
Jonathan Meyers is a freelance writer who concentrates primarily on accounting, banking, investment, finance, real estate, business and other topics; those interested in banking should consider viewing the banking jobs with moneyjobs.com by visiting moneyjobs.com.
Image credit goes to tony_kembla.