Background 

Invesco, a leading global asset management firm, saw the need for a strategic transformation in its European Marketing function to maintain its competitive edge. Changing market pressures necessitated a shift from a predominantly sales-support function to a role that prioritised creativity, collaboration and strategic influence. Two years in it had made some progress but its incremental approach was not delivering the type or speed of change required. A fresh perspective was needed if it were to achieve cultural transformation in what is a fast-moving but highly risk averse environment.

Approach 

Invesco partnered with Corporate Punk in 2020 to implement a three-step strategy titled Create, Embed and Normalise. Create involved the development and observation of a newly formed cross-functional but small group, focusing on enhancing creativity and collaboration. Insights garnered from this phase were escalated in the Embed phase, with more teams replicating the success of the initial team through coaching and training. The Normalise phase aimed to engage the entire European Marketing organisation in the transformative process, turning the successful practices into the new standard business procedure.

This phased approach ensured a gradual and sustainable cultural shift within the organisation. Invesco used Corporate Punk’s Change Index to examine its cultural dynamics and understand where support would be best targeted – and so shape the strategy. It also benefited from the consultancy’s Uncomfortable Conversations training, which fortified the capacity of teams to handle difficult politics for themselves.

Outcome

Despite challenges posed by the pandemic, Invesco achieved a significant transformation in the business and cultural dynamics of the European Marketing team. Data from the Change Index and Invesco’s own performance management systems exhibit double-digit uplifts in flexibility and risk-taking. Morale jumped with more than 70% of the entire team reporting feeling better informed, more energised and more willing to support new ways of working with many long-standing team members achieving significant (and often unexpected) improvements in engagement and performance.

The transformation has also delivered remarkable improvements in customer engagement, streamlined marketing practices and expanded opportunities. What is noteworthy is the teams’ continued evolution post-transformation –innovating and improving without external compulsion. The success of the project influenced the formation of a global Marketing function within Invesco, enabling similar cultural transformations in other markets. It says the result of this wholesale change is that its team has never been healthier, its performance never better and its people feel more able to bring their best selves to work.