There have been surprisingly few studies that set out to quantify what makes for a successful corporate transformation. Using a meta-analysis that crunched data on financial performance as well as corporate reputation, the authors examined 128 global companies that had undergone transformation between 2016 and 2020 and found that: 1) Transformation is even harder than expected (only 22% of companies in their sample were successful), and 2) Successful companies shared a common focus on initiatives that prioritized employees, including DE&I programs and support for women managers’ careers, in addition to competitive pay and access to health care.