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The Challenge of Cultural Transformation

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Submitted By evaroutsas
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‘THE CHALLENGE OF CULTURAL TRANFORMATION’

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Description:

In 2005 I founded a real estate developer company with its primary function being developing and selling apartments and houses in the high-end market in Athens. A few years later when the real estate market started loosing its momentum in an attempt to maintain a steady flow of revenues, our business evolved into offering consulting services and construction projects for larger companies. The result was that our main business moved from B2C to B2B. In order to be competitive in this new market a cultural transformation was essential but at the same time really challenging to achieve. Additionally some of the tasks that were previously outsourced were now part of our own operations and required the utilization of certain networks of people. This transformation was not fully successful for us, it led to decreasing our job satisfaction element, our motivation and energy as a group. What follows is my analysis on this matter and the way I dealt with it as the general manager of the firm. In the end I will present just a few thoughts on what I should have done differently.

Analysis:
During the first few years of my company’s operation the market we worked in had high profit margins and success was highly correlated with creativity and innovation. Given the small number of employees the company’s culture reflected some of the personal values of my business partner and myself as well as some characteristics that are present in most new originations. Some of these characteristics were: 1. Low structure: There was little specialization and usually there was no defined protocol in most functions. 2. High Energy: On average young people worked in the company, most of them were energetic and enthusiastic. 3. Lack of formality: A laid back, less professional climate prevailed most of

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