Business models aren’t just adapting; they’re positively in flux. Established firms are literally abandoning long-held heritages, simply to survive. Who would have thought Philip Morris International – the 170-year old cigarette business – would have recently declared its new operating model is now to create a ‘smoke-free future’, phasing out products people burn in exchange for innovative, non-smoke producing ones? In short, morphing from a manufacturer to a science and technology company.
With this type of change occurring within various companies, traditional talent strategies (and by default traditional reward strategies), need re-writing in order to re-skill and engage the people they need to see these changes through.
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