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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”.
投资者正从罗罗公司(Rolls-Royce)的经营情况好转中获利。随着图凡•埃尔金比尔吉奇(Tufan Erginbilgiç)于2023年1月上任，这家英国发动机制造商的利润去年增长了一倍多。该公司将恢复派息，其股价仅今年一年就上涨逾60%。这位前英国石油(BP)高管改组了该公司的高层团队，减少了重复工作，并裁减了中层管理人员，他一定对自己非常满意。但他也知道这些成果有多么脆弱。他表示，罗罗的中期目标是一个“里程碑，而不是终点。”
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?
恢复管理者、员工和股东的好感，对任何陷入困境的企业的复苏都至关重要。从苹果(Apple)、福特(Ford)到施乐(Xerox)，一些最知名的企业都经历了自己的改革。范洁恩(Jane Fraser)领导下的花旗集团(Citigroup)是另一个正在发生转变的例子。仅靠清洗领导层、缩减员工人数或推出一些新技术，并不足以改变一家摇摇欲坠的公司。那么，企业应该做些什么呢？
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?
如果领导者想要了解他们的公司需要什么样的转变，就必须对困境的程度有一个清晰的把握。是像英国石油在深水地平线(Deepwater Horizon)事故发生后濒临倒闭的那种救援行动？还是像Netflix那从DVD租赁向流媒体的战略转变？领导者还可以利用哪些潜在优势？
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.
高层通常需要新鲜血液。无论首席执行官来自内部还是外部，是性格温和还是风格生硬，他们都需要对成功有一个清晰的认识，需要有不屈的决心来激发一种新的使命感，需要有执行计划的决心。董事会在选择合适人选领导企业发挥着关键作用，但承担重任的是首席执行官和高管团队。
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.
当一家公司因债务管理不善和错误的支出决策而迷失方向时，财务重组很可能是不可避免的。削减成本、提高效率和提振生产力是改善运营的核心。但是，既要控制资产负债表，又不能扼杀未来的增长，这是一项挑战。企业战略可能也需要调整。正如一些公司在疫情期间的行动表明的那样，危机需要快速适应，需求的变化可能迫使企业放弃曾经的核心产品或服务。推迟必要的变革只会在日后困扰企业。
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.
如果不恢复员工的信心，公司就不可能好转，而员工的信心与让投资者回心转意同样重要。组织的每个层面都需要参与转型。事实上，文化转型可能与修复企业的日常机制一样重要。例如，萨蒂亚•纳德拉(Satya Nadella)重振了微软(Microsoft)，他将员工从“无所不知”(know-it-alls)转变为“无所不学”(learn-it-alls)，在整个企业培养了一种成长心态。
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.
这就是首席执行官人际交往能力的重要性所在。关闭部门、解雇员工和转移资源的领导者需要清晰、谨慎地传达这些艰难的决定及其背后的原因。
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.
当然，运气起了一定作用。罗罗的转型努力恰逢国防部门支出和招聘的复苏。数据显示，领导成功转型的首席执行官并不总能在其他地方复制他们的成功。归根结底，没有放之四海而皆准的模式。埃尔金比尔吉奇的强硬策略——他在加入罗罗后不久就称其为“燃烧的平台”，向员工灌输紧迫感——可能正在起作用。但在平静时期，他会改变自己的领导风格吗？一次成功好转并不能保证永远成功。成功的领导者是那些能够适应环境的人。