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      "text": "To transform that culture, RBC invited its 80,000-plus employees worldwide to participate in an online vision and values jam to discuss and debate the organization's guiding principles, core values, and overall purpose. With the foundation set, McKay then set out to align the corporate culture with the newly articulated vision and purpose. He enlisted a core team of senior leaders in 2016 and 2017 to establish a new leadership model that focuses on the behaviors critical to the bank's future success, as well as a performance management and development system that reinforces these behaviors in employees.",
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      "text": "McKay was acutely aware that much of the change at RBC had to come from the C-suite, with leaders role-modeling the behaviors they hoped to see throughout the organization. \"We want leaders who set bolder aspirations for their teams and are willing to fail publicly and take some personal risk,\" McKay says.",
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      "text": "When Dave McKay became CEO of Royal Bank of Canada (RBC) in 2014, things were going very well for the Toronto-based global financial institution. It was the world's 14th largest bank by market capitalization and held top positions in its home country in consumer lending, business loans, business deposits, and long-term mutual funds. McKay, however, was worried that RBC, which was founded in 1864 and has a rich legacy in Canada, had become complacent and set in its ways, relying on an old method of doing business that would not serve it well going into an uncertain future.",
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      "text": "RBC's transformation holds lessons for today's corporate leaders who, by their own acknowledgement, do not feel that their companies are prepared to overcome these complex hurdles. McKay's leadership team exemplifies all four mindsets in our leadership framework. They invested in employees, customers, and communities (investor). They became less rigid, more open, and curious (explorer). They encouraged more collaboration, inviting more participation in strategic decisions by a wide array of workers (connector). And they did this all while improving their digital skill sets and paying careful attention to results (producer).",
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      "text": "By all measures, RBC's revamped leadership model has been a success, creating the conditions for the enterprise's sustainable growth. The company's strong financial performance has generated above-average shareholder returns. Employee engagement is at an all-time high, and RBC scores high in customer satisfaction and loyalty.",
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      "text": "While the CEO knew RBC had to make a shift to prepare for the future, there remained a legacy focused on \"running a tight ship,\" McKay says. \"I had a group of leaders who didn't want to set bold objectives for fear of failure. That wasn't the culture.\"",
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      "text": "The organization became more team-based and agile. Reimagining the hierarchical structure led the company to discover value in places it hadn't thought to look. The employee makeup became more inclusive and diverse.",
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      "text": "Consumers' banking behaviors were changing rapidly and radically, and so accordingly were their expectations of their financial institutions. China's emergence as an economic powerhouse was altering and intensifying the competitive landscape. RBC's customer base and its employees were becoming increasingly diverse. Not least, digitalization, in addition to redefining how banking got done, was enabling well-capitalized upstarts to enter the marketplace while also helping traditional competitors, aided by emerging technologies, to up their game.",
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      "text": "Transforming RBC into a purpose-driven company has ignited the passion of its employees. \"It's not just about your product and service and winning and losing,\" McKay says. \"So many of our employees are engaged by the mission of helping the community. We're only as strong as our clients, and our clients are only as strong as the communities where they live and work. Therefore, we have a vested interest in the health and success of that community.\"",
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      "text": "RBC's leadership model encouraged people to be open to new ways of creating value, reduce complexity, and get to decisions faster. It aimed to make the bank less hierarchical in the way people worked, in part by inviting employees to share ideas with their boss's boss — in effect acknowledging that in an ecosystem world, leaders must recognize they alone don't have all the answers. \"The strong, confident, authoritarian CEO — that worked to a large degree in the last 40 years, but that doesn't work anymore,\" McKay observes. \"You're going to move to a culture of openness, partnership-building, and authenticity.\"",
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