What Really Works
by William Joyce, Nitin Nohria and Bruce Roberson
With hundreds of well-known management practices and prescriptions promoted by consultants and available to business, which are really effective and contribute to the growth and continued success of a company? Which do little or nothing? Through a 5-year study the authors set out to find the management practices that actually promote long-term growth and success. Analyzing data on 200 common management practices the authors developed a “4+2” (4 primary and 2 of 4 possible secondary) formula made up of practices that, if followed carefully, lead to sustained business success. Companies they identify as winners consistently followed successful practices in all four of the primary areas (strategy, execution, culture and structure) and any two secondary areas (talent, leadership, innovation, and mergers and partnerships). The key to long-term success, they argue, is implementing effective programs in the six areas simultaneously.