McKinsey Plus Managerial Transformation Model in the Phase of New Normal: Evidence from Bank Mandiri Syariah Indonesia

Abstract

Aim: This research aimed to find the model of banking managerial transformation and business strategy in the new normal phase. Methodology: This research applied a qualitative approach and a mono case study design by conducting in-depth interviews with the managers, supervisors, and stakeholders combined with observation. The resulted data then were compared to the data taken from the document. The data were in the form of primary and secondary data. The informants were selected by applying purposive followed by snowball sampling method. The analysis was based on Mckinsey and House of Strategy models. Finding: The result showed that this research could formulate a new managerial transformation model known as McKinsey Plus Model (Strategy, Structure, System, Staff, Style, Share Value, and Skill + Spirituality at work). Most of the previous research merely identified the 7S model formulated by McKinsey. Furthermore, this research also found House of Sharia as a new business strategy developed based on the existing House of Strategy model. Conclusion: This research found that including spiritual elements in managerial transformation and business strategy models made sharia Mandiri bank survive. It helped the Bank make a profit more than expected in the new normal era.