Do You Have a Winning Mindset?
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QUESTION 2 / 6
Using the scale below, indicate how you generally feel about changes to your working processes.
Really Positive
Really Negative
Neither positive or negative
No
By focusing too much on the past companies become slower, obsessed with core competencies and neglect future potential
Yes
It's important to understand where a business has come from before deciding where it wants to go next.
QUESTION 3/ 6
Is it important to understand a company’s history?
A
I like to keep steady, multi-year goals top of mind. It avoids getting swept up in moving targets and losing sight of the fixed vision.
B
I prefer annual goals that help to provide a stable environment, clear transparency and measureable progress.
C
I prefer to keep strategy cycles short and flexible, with the ability to reward based on continuous change rather than longer-term goals.
QUESTION 4/6
When implementing change what is the best way to approach strategy and staff rewards?
Neither positive or negative
QUESTION 5 / 6
Using the scale below, how do you think the business you work for reacts to change?
No
It is more important to focus on the core business and founding vision.
Yes
We need to adapt quickly to disruptive influences.
QUESTION 6/6
Do you consider it to be important for your business to always be looking to adopt new technologies?
More Than 67% Positive Mindset
Result 4
Your approach to work demonstrates a strong mindset that makes you ideally suited to today's fast-changing world.
The ability to effectively assess and adapt to an evolving business environment is a key indicator of success, and becomes especially important when working at a legacy company.
Employees within successful mindset organizations tend to feel more empowered, more willing to take risks and have a stronger belief in the power of teamwork.
Your approach to work mostly tallies with answers given by people working at successful companies, currently growing.
A winning mindset is simply the belief that our abilities can be developed and improved. We can all learn new skills, and our capabilities grow with each new experience.
Do not let your fear of making mistakes lead you to avoid new challenges.
You currently have more of a fixed mindset to your working life.
Perhaps you have worked at the company for a number of years, or your organization has a strong culture? It is all too common for organizations to fall into habits and established 'group think' that can be hard to challenge or step away from.
It can be difficult to embrace change in such circumstances, but the good news is that you can teach yourself to have a more successful mindset.
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More Than 50% Positive Mindset
Less Than 50% Positive Mindset
Transforming While Performing, Maersk’s global research study with Bloomberg Media, has unearthed significant differences in how individuals working in growing businesses approach business challenges compared to those working in declining companies. A clear shift from problem solving to opportunity seeking unlocks untapped potential to business growth. Leaders that adopt an alternative approach to their physical assets, new digital platforms and unique competencies, empower greater competitive advantage.
Leaders are leveraging technology to create new possibilities for flexibility, efficiency and growth. Maersk itself is embracing the potential of this new mindset and turning problem solvers into new opportunity creators. The transformation of the supply chain, led by digital capabilities, is unlocking new competitive advantages for many businesses.
Conducted by reseach agency Sparkler (part of PA Consulting Group), Transforming While Performing garnered views of more than 400 senior executives with experience of business transformation in large companies (500+ employees) in Europe, North America and Asia. By analyzing responses from individuals at high growth companies the report is able to identify a series of common characteristics that comprise an aspirational mindset among today’s successful business leaders.
Really Positive
Really Negative
1. Which one of these positive attributes would you consider to be most important when it comes to delivering successful change?
Most (59%) of leaders in growing businesses placed the need to provide a clear core vision and purpose of change as the most important factor when delivering change.
In contrast, 49% of leaders in stagnant or declining organisations prioritized the need to have a strong knowledge foundation.
2. Using the scale below, indicate how you generally feel about changes to your working processes.
The more positive you feel about change, the more likely you are to have a growth mindset.
3. Do you think it's important to understand a company’s history?
Despite being future-facing, our survey found leaders in growth businesses valued knowledge about where the company had come from (90%) much higher than those in non-growth companies (76%).
How did I compare?
4. Which of these methods do you prefer as an approach to strategy and staff rewards?
Leaders in growth businesses were significantly more likely to identity the need to be able to react quickly to changes in customer demand (91% vs 79%), install a culture where change is an ongoing cycle (90% vs 77%) and to be able to measure, plan and reward based on continuos change, rather than fixed goals (90% vs 78%).
5. Using the scale below, how do you think the business you work for reacts to change?
The more positive you feel about change, the more likely you are to have a growth mindset.
6. Is it important for your business to always be looking to adopt new technologies?
There is strong evidence to support the view that compaines that nurture strong growth mindsets are always looking at ways to harness new technology into their business.
*Based on 402 survey respondents
Dr. Tchiki Davis provides 15 tangible ways to increase your chances of success by developing your growth mindset.
15 Ways to Develop a Growth Mindset
1. Acknowledge and embrace imperfection in self and others, as it is the spice that makes us individuals.
2. Face your challenges bravely. Consider your challenge as an “opportunity,” shifting your perspective to make it easier for you to engage. Try different tactics to coach yourself about how to explore a new path, or how to develop a new skill, or how to interact with a new group of people, or to navigate through new circumstances.
3. Pay attention to your words and thoughts. Start to pay attention to the words you speak, even the words in your mind. Replace negative thoughts with more positive ones to build a growth mindset.
4. Stop seeking approval from others. Approval from others can often prevent a growth mindset. Cultivate self-acceptance and self-approval.
5. Take a step deeper into authenticity. Pretending to be someone who you are not disrespects who you really are. It diminishes what you have to offer. Becoming truly authentic is a process that takes time and a lot of inner work.
6. Cultivate a sense of purpose.
7. Redefine “genius.” We all have strengths and weaknesses. Explore and appreciate your strengths, and work to improve your weaknesses. This effort can help you build a growth mindset.
8. Turn criticism around until you find its gift. The purpose of criticism is to make things better. Someone else can see what you are doing from a slightly different perspective than you, and may have some valuable suggestions for you. If you open up to hearing suggestions, you can more easily develop your growth mindset.
9. Value the process over the end result. Remember, it’s the journey that matters, not the destination.
10. Learn from the mistakes of others. If you can learn from the mistakes of others, then you may be able to make fewer mistakes.
11. “Not yet” is OK. When struggling with a task, remind yourself that you just haven’t mastered it “yet.” If you stick with it, time and practice will lead to improvement.
12. Take risks in the company of others. Try not to take yourself too seriously.
13. Be realistic. It takes time, sometimes lots of time, to learn a new skill. Keeping this in mind can help with a growth mindset.
14. Speed is not important. When you have a growth mindset, the end results are less of a focus. Instead, you fully engage and put effort into the process, no matter how long it takes. Incidentally, focusing on the process often also improves results, because you did put a lot of effort in along the way.
15. Own your attitude. If you value having a growth mindset, then take the time and make the effort to develop it. Persist and opportunities will come. Cultivate resilience along the way.
Source: Psychology Today
2.
The Guiding Principles of Changes
Clarity & Insights
1.
Planning and insight are key for navigating change: accelerating performance, not distracting from it Knowing the legacy business and where it has come from is crucial to successful change.
Senior managers recognize that understanding the legacy business is important in order to effectively plan and pave a way for the desired future
There’s a need to shrewdly evaluate the current state and be honest and clear about what’s required for transformation.
This also allows for evaluating a business’ ‘right to play’ in the desired space based on core expertise and values.
Insight should be collected from both in and out of the sector.
Skillset & Employees
There’s a new skillset required in order to successfully transform while perform
To succeed, new recruits need to thrive on change, and leaders need to feel comfortable feeling uncomfortable.
Businesses must recruit a new type of person to drive and keep up with continuous change.
This requires personnel who thrive in an environment of uncertainty: always pushing forward new agendas and challenging assumptions.
Those most motivated to drive change will recognize the personal benefits of change beyond the business goals or the effort involved in upheaval. For them, change is not a burden.
2.
Devolve to Empower
Knowing how best to distribute power will lead to more effective change implementation.
For successful change to be implemented, employees must be empowered with responsibility and trust.
To implement change, employees must be properly empowered. This means lifting restrictions for employees to make quick decisions in order to be agile, responsive and able to take risks. Organizations must strike a balance between centralized goals and localized implementation of change.
The vision from leadership must be consistent, but businesses should adapt this to suit the local context to most effectively land the change… one size won’t necessarily fit all
3.
Detox the Word Change
Change must be redefined as a positive ‘new normal’.
To succeed, embedding change vision throughout leadership and influencers in all corners of the business is vital. Senior staff need to be aligned on the company trajectory and be well incentivized to motivate performance. But while this will motivate senior management, it’s wrong to assume this will translate to the rest of the company.
The key is to create a vision which motivates the whole company and aligns change with ongoing performance. Successful businesses identify key ‘influencers’ in the businesses to promote and champion the change (not senior management).
Learn More
Learn More
5.
Demand Vitality
Embedding incremental changes allows the business to fail fast, course-correct and maximise performance. Monitoring & reacting quickly to changes, whilst also embracing risks & a ‘fail fast’ attitude, is central to success. Change is a continuous state for businesses today and to change is to accept risk, therefore the mindset for change must shift towards accepting potential risks.
Successful businesses adopt a fail fast approach; they have adapted their organisation to be able to react to changes in customer demand quickly. Accepting there is no finish line results in shorter strategy cycles and a continuous review of what the next change will be.
4.
Clarity & Insights
Skillset & Employees
There’s a new skillset required in order to successfully transform while perform
To succeed, new recruits need to thrive on change, and leaders need to feel comfortable feeling uncomfortable.
Businesses must recruit a new type of person to drive and keep up with continuous change.
This requires personnel who thrive in an environment of uncertainty: always pushing forward new agendas and challenging assumptions.
Those most motivated to drive change will recognize the personal benefits of change beyond the business goals or the effort involved in upheaval. For them, change is not a burden.
2.
Devolve to Empower
Knowing how best to distribute power will lead to more effective change implementation.
For successful change to be implemented, employees must be empowered with responsibility and trust.
To implement change, employees must be properly empowered. This means lifting restrictions for employees to make quick decisions in order to be agile, responsive and able to take risks. Organizations must strike a balance between centralized goals and localized implementation of change.
The vision from leadership must be consistent, but businesses should adapt this to suit the local context to most effectively land the change… one size won’t necessarily fit all
3.
Detox the Word Change
Change must be redefined as a positive ‘new normal’.
To succeed, embedding change vision throughout leadership and influencers in all corners of the business is vital. Senior staff need to be aligned on the company trajectory and be well incentivized to motivate performance. But while this will motivate senior management, it’s wrong to assume this will translate to the rest of the company.
The key is to create a vision which motivates the whole company and aligns change with ongoing performance. Successful businesses identify key ‘influencers’ in the businesses to promote and champion the change (not senior management).
Learn More
Learn More
5.
Demand Vitality
Embedding incremental changes allows the business to fail fast, course-correct and maximise performance. Monitoring & reacting quickly to changes, whilst also embracing risks & a ‘fail fast’ attitude, is central to success. Change is a continuous state for businesses today and to change is to accept risk, therefore the mindset for change must shift towards accepting potential risks.
Successful businesses adopt a fail fast approach; they have adapted their organisation to be able to react to changes in customer demand quickly. Accepting there is no finish line results in shorter strategy cycles and a continuous review of what the next change will be.
4.
Planning and insight are key for navigating change: accelerating performance, not distracting from it.
Knowing the legacy business and where it has come from is crucial to successful change.
Senior managers recognize that understanding the legacy business is important in order to effectively plan and pave a way for the desired future
There’s a need to shrewdly evaluate the current state and be honest and clear about what’s required for transformation.
This also allows for evaluating a business’ ‘right to play’ in the desired space based on core expertise and values.
Insight should be collected from both inside and outside the sector.
1.
RETAKE QUIZ
The Guiding Principles of Changes
Clarity & Insights
Skillset & Employees
There’s a new skillset required in order to successfully transform while perform
To succeed, new recruits need to thrive on change, and leaders need to feel comfortable feeling uncomfortable.
Businesses must recruit a new type of person to drive and keep up with continuous change.
This requires personnel who thrive in an environment of uncertainty: always pushing forward new agendas and challenging assumptions.
Those most motivated to drive change will recognize the personal benefits of change beyond the business goals or the effort involved in upheaval. For them, change is not a burden.
2.
Devolve to Empower
Knowing how best to distribute power will lead to more effective change implementation.
For successful change to be implemented, employees must be empowered with responsibility and trust.
To implement change, employees must be properly empowered. This means lifting restrictions for employees to make quick decisions in order to be agile, responsive and able to take risks. Organizations must strike a balance between centralized goals and localized implementation of change.
The vision from leadership must be consistent, but businesses should adapt this to suit the local context to most effectively land the change… one size won’t necessarily fit all
3.
Detox the Word Change
Change must be redefined as a positive ‘new normal’.
To succeed, embedding change vision throughout leadership and influencers in all corners of the business is vital. Senior staff need to be aligned on the company trajectory and be well incentivized to motivate performance. But while this will motivate senior management, it’s wrong to assume this will translate to the rest of the company.
The key is to create a vision which motivates the whole company and aligns change with ongoing performance. Successful businesses identify key ‘influencers’ in the businesses to promote and champion the change (not senior management).
Learn More
Learn More
5.
Demand Vitality
Embedding incremental changes allows the business to fail fast, course-correct and maximise performance. Monitoring & reacting quickly to changes, whilst also embracing risks & a ‘fail fast’ attitude, is central to success. Change is a continuous state for businesses today and to change is to accept risk, therefore the mindset for change must shift towards accepting potential risks.
Successful businesses adopt a fail fast approach; they have adapted their organisation to be able to react to changes in customer demand quickly. Accepting there is no finish line results in shorter strategy cycles and a continuous review of what the next change will be.
4.
Planning and insight are key for navigating change: accelerating performance, not distracting from it.
Knowing the legacy business and where it has come from is crucial to successful change.
Senior managers recognize that understanding the legacy business is important in order to effectively plan and pave a way for the desired future
There’s a need to shrewdly evaluate the current state and be honest and clear about what’s required for transformation.
This also allows for evaluating a business’ ‘right to play’ in the desired space based on core expertise and values.
Insight should be collected from both inside and outside the sector.
1.
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The Guiding Principles of Changes
Read more about the Guiding Principles of Changes below.
Read more about the Guiding Principles of Changes below.
Read more about the Guiding Principles of Changes below.
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DATA VIZ HERE
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Transforming While Performing
Global organizations can no longer dictate trends. They must anticipate them, adapt to meet the needs that result from them, and reflect on their own place in this ever-changing landscape. To do so, we need to re-think the way we approach change. What lies at the heart of successful change? How can we help ourselves and others to move forward?
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We will continue to flexibly transform ourselves by adapting to changing times while constantly valuing the spirit of originality based on the belief that “the true value of entertainment lies in its uniqueness” - and will endeavor to continue providing products and services that people will be surprised and delighted by.
DATA VIZ HERE
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Massa enim nec dui nunc mattis enim ut. Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Massa enim nec dui nunc mattis enim ut.
We will continue to flexibly transform ourselves by adapting to changing times while constantly valuing the spirit of originality based on the belief that “the true value of entertainment lies in its uniqueness” - and will endeavor to continue providing products and services that people will be surprised and delighted by.
We will continue to flexibly transform ourselves by adapting to changing times while constantly valuing the spirit of originality based on the belief that “the true value of entertainment lies in its uniqueness” - and will endeavor to continue providing products and services that people will be surprised and delighted by.
DATA VIZ HERE
DATA VIZ HERE
Key Principles of Change
5
DEMAND VITALITY
Devolve to Empower
CLARITY AND INSIGHT
RECRUIT AND DEVELOP FOR A NEW SKILLSET
1
2
3
4
5
Clarity and Insight
Every organization needs a solid foundation.
Knowing a business’s legacy and where it comes from is crucial to successful change. Whether an organization was built on solid values that still apply today, or outdated and even outlawed practices, we must understand the old to embrace the new.
A strong leadership team with a Winning Mindset should be aware of the legacy of the business and evaluate it against the ongoing social and political landscape, both within and outside of its business sector.
Leaders need to listen to the people within their organizations and accept their experiences to be true. They cannot assume that events they haven’t lived through are not real, neither should they expect those who have lived these negative experiences to provide all the answers. Organizations must seek clarity, and be prepared to act on insights in a positive and structured way.
Recruit and Develop for a New Skillset
To succeed, a company’s new recruits need to thrive on change and leaders need to feel comfortable feeling uncomfortable.
Every good leader needs a well-established set of core skills with their workforce, but to drive transformational change requires agility, humility and the ability to influence.
Those who are most motivated to drive change will recognize the benefits of change beyond the immediate business goals or the effort involved in the upheaval; for leaders with a Winning Mindset, change is not a burden. They thrive in an environment of uncertainty, challenging assumptions and pushing bold agendas.
Leaders who successfully drive transformational change with a Winning Mindset encourage and develop others to do the same. They recruit people who thrive on change, but at the same time help their existing employees develop the skills they need to adapt.
5
Devolve to Empower
3
For successful change to be successfully implemented, employees must be empowered with responsibility and trust.
Leadership and senior management must be closely aligned with a shared vision for the organization. This vision should be formalized in a strategy and accompanied by actionable plans that provide clear guidance for employees at all levels.
Within this strong framework, trust is essential. With the right training, strong, positive leadership and the freedom to make decisions, people are empowered to make fast decisions without fearing consequences. An employee who feels constantly watched will likely deliver exactly what is expected of them—nothing more. They’ll tick boxes and meet outcomes, but fixed performance parameters do not allow for agility.
Organizations must strike a balance between achieving central goals and localized implementation of change led by individuals with Winning Mindsets.
Demand Vitality
Business transformation should not be viewed as a destination, but a journey.
Business transformation should not be viewed as a destination, but a journey. Along the way, leaders with a Winning Mindset are able to monitor and respond to change, while embracing risks and a “fail fast” attitude. The mindset for successful change also accepts that every new idea carries potential risk.
Planning, modeling and forecasting all have very valid places within the organizational structure, but rather than looking at five-year projects, the business should be reassessed and readjusted constantly.
Detox the Word Change
Successful leaders and businesses understand the need to detox the word change.
Change is no longer something that is only decided in a boardroom and then delivered through the ranks. Change is constant, fluid and unpredictable. It requires organizational alignment, strong, positive leadership and individual empowerment.
Change as a positive constant is a vision that should be embedded throughout an organization, clearly articulated and utilized to motivate the workforce to adopt Winning Mindsets and help achieve company targets.
1
PRINCIPLE IN ACTION
MARKET CAP
$4.6B
Lululemon Athletica, the Canadian athletic apparel retailer, has come a long way since starting life as a yoga wear specialist 22 years ago. Since inception, the company has fostered a distinctive culture around a clear vision of itself as an “experimental brand that ignites a community of people living the sweat life through sweat, grow and connect.”
Its core values include “nurturing entrepreneurial spirit, taking personal responsibility, valuing connection, honesty and courage, and choosing fun.”
Lululemon credits these values for its ability to attract passionate and motivated employees who are driven to achieve personal and professional goals.
PRINCIPLE IN ACTION
$3.5B
MARKET CAP
Games Workshop Group, the listed British manufacturer of miniature wargames, has a strategy to “recruit the best staff we can by looking for the appropriate attitudes and behavior each job requires.”
In July 2020, Kevin Rountree, CEO of Games Workshop, celebrated “the best year in Games Workshop’s history” in a report that stated: “It is also important that everyone we employ has a real desire to learn the skills needed to do their job and has a great attitude to change. We offer all of our staff both personal development and skills training.”
PRINCIPLE IN ACTION
$17.6B
MARKET CAP
Logitech, the Swiss computer accessories manufacturer, is one of the world’s largest hardware companies, and distributes products, including keyboards, remotes, speakers, and smart-home devices, in more than 100 countries.
President and CEO, Bracken Darrell, has placed the focus on people and communities, believing ‘together we can drive big change.' In its 2020 Sustainability Report, Logitech, states: “As a company, we’re small and flexible enough for every person to take the initiative and make things happen. But we’re big enough in our portfolio and reach for those actions to have a global impact. That’s a unique position to be in and we will always try to keep it that way.”
PRINCIPLE IN ACTION
$30.5B
MARKET CAP
Zalando SE, the e-commerce company in Germany, is a poster child for continuous evolution as it shapes its fashion and lifestyle products to customers across its European markets. The company regularly talks about continuously shaping the best possible experience for its customers. Its platform strategy has allowed the company to unite behind one vision: to become the Starting Point for Fashion.
“To get there, we continuously evolve our assortment, our digital experience, and our convenience proposition,” reported Zalando’s Management Board in 2019. “Today, 31 million active customers find their inspiration on Zalando, and we continuously work on bringing styles to them faster and more conveniently.”
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2020: Preparing for a Decade of Change and Transformation
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How to Keep Global Trade Moving
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Transforming
While Performing
PRINCIPLE IN ACTION
$805B
MARKET CAP
Tesla, the U.S. electric vehicle and clean energy company, has been a disruptive force for change ever since its formation, 18 years ago. Founded by a group of engineers who challenged conventional thinking around our reliance on fossil fuels, the company has embedded the ethos of change within its workforce, which has grown from fewer than one thousand people 10 years ago to more than 48,000 strong today.
Working together, Tesla produced more than 500,000 vehicles in 2020 and continues to make products more accessible and affordable, accelerating real change within mobility sector based on clean energy.
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2
3
4
5
Devolve to Empower
DETOX THE WORD CHANGE
NOTES: All companies featured in case studies have achieved a compound annual growth rate of more than 5% over the past five years, providing a total return of security of greater than 5% over a 1 year period, with a portion being delivered to shareholders.
DETOX THE WORD CHANGE
DEMAND VITALITY
CLARITY AND INSIGHT
RECRUIT AND DEVELOP FOR A NEW SKILLSET
2
4
Conducted by research agency Sparkler (part of PA Consulting Group), Transforming While Performing garnered views of more than 400 senior executives with experience of business transformation in large companies (500+ employees) in Europe, North America and Asia. By analyzing responses from individuals at high growth companies the report is able to identify a series of common characteristics that comprise an aspirational mindset among today’s successful business leaders.
These findings can be grouped into five principles that can help businesses of all sizes better adapt to a changing world. Simply put, leaders closely aligned with these five guiding principles are more likely to be working at companies outperforming the market.
Transforming While Performing, Maersk’s global research study, has unearthed significant differences in how individuals working in growing businesses approach business challenges compared to those working in declining companies.
Maersk's Transformation Journey
Maersk, an industry leader for 117 years, has been on a five-year transformational journey that has seen it evolve from a shipping company to a fully integrated logistics business. By providing full end-to-end solutions, Maersk now combines its unrivaled physical assets with people expertise, data management and full digitization. The result is a roster of customers with the opportunity to unleash previously untapped potential.
This transformation has moved logistics on from being a conversation about risk to one about opportunity.
See Maersk CEO Vincent Clerc bring it to life at maersk.com/connected
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Transforming While Performing is not Bloomberg editorial content. It has been produced by Maersk and Bloomberg Media Studios based on talks with global leaders in businesses undergoing, or have recently undergone, significant change within their organization. By working closely with these high-value organizations at the most senior level, it gathers insights designed to drive and stimulate the conversation around change, and help fuel healthy and sustainable growth.
Transforming While Performing is not Bloomberg editorial content. It has been produced by Maersk and Bloomberg Media Studios based on talks with global leaders in businesses undergoing, or have recently undergone, significant change within their organization. By working closely with these high-value organizations at the most senior level, it gathers insights designed to drive and stimulate the conversation around change, and help fuel healthy and sustainable growth.