Harvard Case - Herschend Enterprises: Unifying and Communicating the Voice of Ownership
"Herschend Enterprises: Unifying and Communicating the Voice of Ownership" Harvard business case study is written by Justin B. Craig, Jennifer Pendergast, Sachin Waikar. It deals with the challenges in the field of Business Ethics. The case study is 30 page(s) long and it was first published on : Dec 19, 2021
At Fern Fort University, we recommend Herschend Enterprises implement a comprehensive strategy to unify and communicate the voice of ownership across the organization. This strategy should focus on strengthening the company's organizational culture by embedding its core values, promoting ethical leadership, and fostering transparency throughout all levels of the organization. This will involve developing a robust code of conduct, implementing leadership development programs, and establishing clear communication channels to ensure consistent messaging and engagement with stakeholders.
2. Background
Herschend Enterprises, a family-owned business, operates a diverse portfolio of attractions and entertainment experiences. The company faces challenges in maintaining a unified voice of ownership across its various divisions, leading to inconsistencies in communication, decision-making, and overall brand perception. This lack of alignment poses a threat to the company's long-term success, particularly as it navigates the increasingly complex landscape of social and global issues and disruptive innovation within the entertainment industry.
The case study focuses on the challenges faced by the company's CEO, Peter Herschend, as he seeks to establish a strong and consistent voice of ownership across the organization. Key protagonists include Peter Herschend, the CEO, and the company's diverse leadership team, each representing different divisions and perspectives.
3. Analysis of the Case Study
The case study highlights several critical issues:
- Lack of a Unified Vision: The company's various divisions operate with varying degrees of autonomy, leading to inconsistencies in communication, decision-making, and brand messaging. This lack of a unified vision creates confusion and hinders effective collaboration.
- Limited Transparency: The company's decision-making processes and internal communication channels are not transparent enough, leading to a disconnect between employees and the ownership team. This lack of transparency breeds distrust and hinders employee engagement.
- Weak Corporate Governance: The company's governance structure needs to be strengthened to ensure consistent application of values and ethical principles across all divisions. This requires a clear framework for decision-making, accountability, and risk management.
- Limited Stakeholder Engagement: The company needs to improve its engagement with stakeholders, including employees, customers, and the community. This involves fostering open communication, addressing concerns, and demonstrating a commitment to corporate social responsibility.
4. Recommendations
To address these challenges, Herschend Enterprises should implement the following recommendations:
1. Develop a Comprehensive Code of Conduct:
- Establish a clear and concise code of conduct that outlines the company's core values, ethical principles, and expectations for employee behavior. This code should be communicated effectively to all employees and regularly reviewed and updated.
- Incorporate principles of fair trade, environmental stewardship, labor rights, and diversity and inclusion into the code to demonstrate the company's commitment to responsible business practices.
2. Implement Leadership Development Programs:
- Develop leadership development programs that focus on building ethical leadership skills, fostering a culture of transparency, and promoting effective communication.
- These programs should incorporate stakeholder theory principles, emphasizing the importance of considering the interests of all stakeholders in decision-making.
3. Establish Clear Communication Channels:
- Create clear and consistent communication channels to ensure that all employees are informed about the company's vision, values, and strategic direction.
- Utilize a variety of communication tools, including internal newsletters, town hall meetings, and online platforms, to reach employees effectively.
- Encourage open dialogue and feedback to foster a culture of transparency and accountability.
4. Strengthen Corporate Governance:
- Establish a robust corporate governance framework that includes clear roles and responsibilities for the board of directors, management team, and employees.
- Implement a system for monitoring and evaluating compliance with the code of conduct and other ethical guidelines.
- Develop a comprehensive risk management framework to identify and mitigate potential risks to the company's reputation and financial performance.
5. Enhance Stakeholder Engagement:
- Develop a comprehensive stakeholder engagement strategy that includes regular communication, feedback mechanisms, and opportunities for collaboration.
- Implement programs that demonstrate the company's commitment to corporate social responsibility, such as environmental sustainability initiatives, community outreach, and diversity and inclusion programs.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: The recommendations align with Herschend Enterprises' core competencies in entertainment and hospitality, while also emphasizing the company's commitment to ethical business practices and stakeholder engagement.
- External Customers and Internal Clients: The recommendations prioritize the needs of both external customers and internal clients by fostering a positive and engaging work environment, promoting transparency, and delivering exceptional customer experiences.
- Competitors: The recommendations help Herschend Enterprises differentiate itself from competitors by emphasizing its commitment to ethical business practices, corporate social responsibility, and stakeholder engagement.
- Attractiveness ' Quantitative Measures: The recommendations are expected to improve the company's financial performance by enhancing its brand reputation, attracting and retaining talent, and increasing customer loyalty.
6. Conclusion
By implementing these recommendations, Herschend Enterprises can effectively unify and communicate the voice of ownership across the organization. This will foster a strong and consistent organizational culture, enhance employee engagement, and strengthen the company's brand reputation. The company will be better positioned to navigate the challenges of the 21st century, including disruptive innovation, globalization, and social and global issues, while maintaining its commitment to ethical business practices and stakeholder engagement.
7. Discussion
Other alternatives include:
- Hiring a Third-Party Consultant: This option could provide valuable external expertise in developing and implementing a unified communication strategy. However, it may be costly and could potentially lead to a disconnect between the consultant's recommendations and the company's unique culture.
- Focus on Individual Divisions: This approach could lead to greater autonomy and flexibility but could also exacerbate inconsistencies in communication and brand messaging.
Key assumptions of our recommendations include:
- The company's leadership team is committed to embracing change and implementing the recommended strategies.
- Employees are willing to embrace the new culture and values.
- The company has the resources to invest in the necessary programs and initiatives.
8. Next Steps
To implement these recommendations, Herschend Enterprises should:
- Establish a dedicated project team: This team should be responsible for developing and implementing the recommended strategies.
- Develop a detailed implementation plan: This plan should outline the specific steps, timelines, and resources required for each recommendation.
- Communicate the plan to all stakeholders: This will ensure that everyone is aware of the changes and can provide feedback.
- Monitor progress and make adjustments as needed: This will ensure that the implementation is on track and that the desired outcomes are being achieved.
By taking these steps, Herschend Enterprises can effectively unify and communicate the voice of ownership, creating a stronger and more sustainable organization for the future.
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Case Description
This case features a family business working to better integrate the voice of the whole family into corporate governance. In November 2019, the Herschend Enterprises board prepared to elect its first family chair in almost 20 years. For several years, the business, which owned and operated multiple popular US-based theme parks and other entertainment offerings, had been governed by a majority independent board led by an independent chair and run by a non-family CEO, with an engaged but largely hands-off family ownership group. Third- and fourth-generation owners struggled with how best to provide input on company direction. This was partly because several longtime independent directors, who were deeply trusted by the family and knew the business very well, were able to shape decisions and wield influence with minimal family input. In this context, the family had recently formed an owners' council responsible for consolidating the owners' voice. But the inaugural council members recognized that family leadership in general remained concentrated among a few members who filled slots on the family council, owners' council, and board. The company therefore had no effective mechanism in place to consolidate the voice of the owners and assure this was heard in the boardroom. Instead, it relied on the individual voices of owners who reached out to independent directors or on owners who already served as family directors. Grappling with these challenges were third- and fourth-generation family and owners' council members Chris (the incoming board chair), Jim, Jonn, and Austin Herschend--all serving or former Herschend corporate board directors. They considered how best to unify and engage the family around issues such as advising and working with the board, engagement of the broad ownership group, determination of optimal profiles for owners' council members and family directors, and the looming decision of moving from an independent chair to a family chair.
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