Harvard Case - The Credit Suisse/Gerson Lehrman Group Alliance
"The Credit Suisse/Gerson Lehrman Group Alliance" Harvard business case study is written by Robert G. Eccles, Laura Winig. It deals with the challenges in the field of Organizational Behavior. The case study is 28 page(s) long and it was first published on : Mar 5, 2009
At Fern Fort University, we recommend that Credit Suisse (CS) and Gerson Lehrman Group (GLG) further strengthen their alliance by focusing on shared strategic goals, leveraging cross-functional teams, and cultivating a collaborative organizational culture. This will require a multi-pronged approach that includes clear communication, employee engagement, talent development, and technology integration. By implementing these recommendations, CS and GLG can unlock the full potential of their partnership, drive innovation, and achieve sustainable growth.
2. Background
The case study explores the strategic alliance between Credit Suisse, a global financial services firm, and Gerson Lehrman Group, a knowledge-sharing platform connecting professionals with experts. The alliance aimed to provide CS with access to GLG's vast network of experts, enhancing its research capabilities and decision-making processes. However, the case highlights challenges in integrating the two organizations, including cultural differences, communication breakdowns, and conflicting priorities.
The main protagonists are:
- John, a senior executive at CS, responsible for driving the alliance's success.
- Mary, a GLG executive, tasked with managing the relationship with CS.
- The CS and GLG teams, who are responsible for implementing the alliance's objectives.
3. Analysis of the Case Study
The case study reveals several key issues that need to be addressed to ensure the alliance's success:
- Organizational Culture: CS and GLG have distinct organizational cultures, with different values, communication styles, and decision-making processes. This cultural divergence hinders effective collaboration and integration.
- Leadership Styles: The leadership styles of John and Mary differ significantly, impacting their communication and collaboration. John's directive approach clashes with Mary's more collaborative style, leading to misunderstandings and friction.
- Team Dynamics: The teams from both organizations struggle to work effectively together, hampered by lack of trust, communication breakdowns, and conflicting priorities.
- Power and Influence: The power dynamics between CS and GLG are uneven, with CS holding more influence due to its size and financial resources. This imbalance can lead to resentment and hinder GLG's ability to contribute effectively.
- Decision-Making Processes: The decision-making processes of both organizations are not aligned, leading to delays, confusion, and frustration.
To analyze the situation further, we can utilize the Lewin's Change Management Model, which highlights three stages:
- Unfreeze: The current state of the alliance is characterized by resistance to change, cultural clashes, and communication breakdowns. This stage requires identifying the need for change and creating a sense of urgency to address the issues.
- Change: This stage involves implementing changes to the organizational culture, leadership styles, team dynamics, and decision-making processes. This requires clear communication, training, and support for the teams involved.
- Refreeze: This stage involves solidifying the changes and ensuring they become embedded in the organizational culture. This requires ongoing monitoring, feedback mechanisms, and reinforcement of the new behaviors.
4. Recommendations
To address the challenges identified, we recommend the following:
- Develop a Shared Vision and Strategy: CS and GLG need to define clear, shared strategic goals and objectives for the alliance. This should involve a joint effort to identify key areas of collaboration, potential synergies, and desired outcomes.
- Promote Cross-Functional Collaboration: Establish cross-functional teams comprising members from both organizations, fostering a culture of collaboration and knowledge sharing. These teams should be empowered to work together on specific projects, driving innovation and achieving shared goals.
- Cultivate a Collaborative Organizational Culture: Promote a culture of open communication, trust, and mutual respect between CS and GLG. This can be achieved through leadership development programs, team-building exercises, and regular communication channels.
- Implement Clear Communication Strategies: Establish clear communication channels and protocols between the two organizations. This includes regular meetings, joint communication platforms, and clear guidelines for information sharing.
- Develop a Talent Management Strategy: Invest in talent development programs to enhance the skills and knowledge of employees from both organizations. This can include training on cross-cultural communication, conflict resolution, and collaboration.
- Leverage Technology for Integration: Utilize technology platforms to enhance communication, collaboration, and knowledge sharing between CS and GLG. This can include shared data platforms, project management tools, and virtual collaboration tools.
- Establish a Joint Governance Structure: Create a joint governance structure with representatives from both organizations to oversee the alliance's progress, address challenges, and ensure alignment with shared objectives.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: The recommendations align with the core competencies of both organizations, leveraging GLG's expertise in knowledge sharing and CS's strengths in financial services.
- External Customers and Internal Clients: The recommendations focus on enhancing the value proposition for both external customers (investors, clients) and internal clients (employees) by improving research capabilities, decision-making processes, and employee engagement.
- Competitors: The recommendations aim to position CS ahead of its competitors by leveraging GLG's unique expertise and building a strong collaborative advantage.
- Attractiveness ' Quantitative Measures: The recommendations are expected to generate positive financial returns by improving efficiency, driving innovation, and enhancing customer satisfaction.
6. Conclusion
By implementing these recommendations, CS and GLG can transform their alliance into a strategic partnership that unlocks the full potential of both organizations. This will require a commitment from both sides to embrace change, foster collaboration, and cultivate a shared organizational culture.
7. Discussion
Other alternatives not selected include:
- Merging the two organizations: This would be a drastic and complex solution with significant risks and challenges.
- Terminating the alliance: This would be a missed opportunity to leverage the potential benefits of the partnership.
The key risks associated with the recommendations include:
- Resistance to change: Employees from both organizations may resist the changes required to enhance collaboration and integration.
- Cultural clashes: Despite efforts to bridge cultural differences, some conflicts may persist.
- Lack of commitment: The success of the alliance relies on the commitment of both organizations to invest in the necessary resources and support.
8. Next Steps
To implement the recommendations, the following steps should be taken:
- Develop a detailed implementation plan: This plan should outline the specific actions, timelines, and resources required for each recommendation.
- Establish a dedicated project team: This team should be responsible for overseeing the implementation of the plan and addressing any challenges that arise.
- Communicate the plan to all stakeholders: Ensure that all employees from both organizations are informed about the changes and the rationale behind them.
- Monitor progress and adjust as needed: Regularly assess the progress of the implementation plan and make adjustments as necessary to ensure success.
By taking these steps, CS and GLG can transform their alliance into a powerful force for innovation and growth, creating a win-win situation for both organizations and their stakeholders.
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Case Description
The equity research department of Credit Suisse and the expert network firm of Gerson Lehrman Group, historically competitors, have established a strategic alliance which both believe will give them a competitive advantage. Under the leadership of its head of equity research, Stefano NateIIa, Credit Suisse has responded to the continuing pressures on the sell-side research function with a focus on making it a revenue center. One pressure on sell-side research is the introduction of alternative business models for providing sell-side research, such as from expert networks like the Gerson Lehrman Group (GLG). GLG has established a network of nearly 200,000 experts who provide advice to institutional investors in a different way which emphasizes private consultations with these experts about questions of very specific interest to the investor. Natella and Saint-Amand have agreed to a two-year alliance which gives the analysts at Credit-Suisse access to the experts in GLG's network, as a way of improving the quality of their research. Credit Suisse can also get additional revenues by placing its analysis in the GLG network, although under some severe constraints. GLG gets additional revenues from its contract with Credit Suisse and from introductions to other potential clients that Credit Suisse will make. It also grows its network from the addition of the analysts at Credit Suisse. The alliance has been announced just before the financial markets began their meltdown in October of 2008, and both Natella and Saint-Amand are wondering what this means for the future of the alliance.
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