thyssenkrupp is in the midst of the corporate transformation adopted in May 2019, which was further concretized in May 2020. The aim is to realign thyssenkrupp as a sustainable and high-performing group of companies with a lean management model and clearly structured portfolio.
The framework for this comprises our brand and our values. The transformation of thyssenkrupp is following a clear concept. We are aligning our portfolio stepwise, based on the development potential of the individual businesses (“Focus”). In the first step, the group will therefore become smaller but more competitive. In parallel, we want to continuously raise the profitability of all businesses (“Improve”) so that we can grow profitably again on from our efficient new basis (“Scale”). Our objective in this process is not simply to make a significant contribution to reducing CO2 and align our activities systematically to sustainability criteria; through our products and technologies, we also want to participate in emerging growth opportunities, for example, in the areas of renewable energy, hydrogen and e-mobility.
Performance: How we work
We want to be among the best in our industry.
The overarching goal is to boost the performance and competitiveness of all our businesses. All businesses are expected to strive to be among the best in their respective sectors. Each unit has been set an individual profitability target, based on benchmark analysis. In addition, all businesses must earn at least their cost of capital. Plans on how to achieve these targets are worked out with all businesses and specific and realistic measures are defined. These measures are reviewed, adjusted where necessary and monitored in regular dialogue between the holding company and relevant decentralized unit. The businesses’ management teams bear full responsibility for the results.
As part of the performance action area, we are also focusing more strongly on performance culture throughout the group and driving forward the continuous enhancement of our competitiveness. This also involves continuously reviewing and revising our key performance indicators and the logic behind them as well as the associated compensation systems.
Portfolio: How we are structured
We focus on sustainable development.
thyssenkrupp has a clear goal: we want a successful future for all our businesses. Therefore, we examine and evaluate the development potential of the individual businesses to find the constellation that offers the best future prospects for these units from the perspective of all stakeholders. The principal criteria are their market attractiveness, their technology and cost position and the future potential to create value. In this, achieving or maintaining a sustainable competitive position in the individual businesses is more important than their ownership structure.
Against this background, thyssenkrupp’s portfolio has been divided as follows:
People: Who we are
We want to continuously improve.
Alongside the structural changes, the transformation of the company does not simply require more decentralized organizational structures; it also makes new demands on how we work, requiring a continuous alignment of the key strategic areas of our HR work. Our aspiration is to be a fair and attractive employer. We actively support managers and staff in the transformation and, above all, with a view to growth topics by offering a wide range of continuing professional development courses. We offer HR measures tailored to each company to support the necessary restructuring activities. At the same time, we are working on HR topics relating to the future of thyssenkrupp.
We see the constantly changing workplace as an opportunity and are modernizing collaboration, processes and working models in alignment with our business models, and most recently, also in connection with the introduction of hybrid working models. We are positioning thyssenkrupp with the relevant target groups and platforms as an attractive technology employer. Internally we make use of employee retention measures, which also heighten our strong culture. A key focus here is identifying, networking and retaining technology and engineering staff. The foundations for all this are our shared values: openness and mutual respect. We aim for continuous improvement and, with a view to future challenges, we want to make our organization more agile and more adaptable.
We are continuing to reduce hierarchies and foster professional strengths and personal initiative. Our goal is to bundle our strengths to increase efficiency in the long term.
The “lean & agile” method is helping us achieve this.
"engineering. tomorrow. together." remains our motivation; with our technological know-how and industrial expertise under a strong thyssenkrupp umbrella brand we aim to make an important contribution to a more livable and above all sustainable world.