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Managing for value. It's not just about the numbers.

P Haspeslagh, T Noda, F Boulos

    Harvard Business Review
    |July 13, 2001
    PubMed
    Summary

    Implementing value-based management (VBM) requires significant cultural shifts, not just financial metrics. Successful VBM programs involve deep organizational changes and employee incentives for sustained profitability.

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    Area of Science:

    • Business Administration
    • Organizational Behavior
    • Financial Management

    Background:

    • Value-based management (VBM) is theoretically simple but often yields mediocre results.
    • Many companies struggle with VBM implementation, indicating a gap between theory and practice.

    Purpose of the Study:

    • To investigate the critical success factors for implementing value-based management programs.
    • To identify the key characteristics differentiating successful VBM initiatives from unsuccessful ones.

    Main Methods:

    • A major research project analyzing the practical application of VBM in companies.
    • Qualitative analysis of successful VBM programs to identify common characteristics.

    Main Results:

    • Successful VBM programs require fundamental cultural changes.
    • Five key characteristics identified: public commitment to shareholder value, receptive training environment, broad incentives, organizational adaptability, and inclusive system changes.

    Conclusions:

    • Effective VBM implementation is complex, demanding patience, effort, and investment.
    • When properly applied, VBM can significantly improve company profitability through holistic organizational transformation.

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