Evaluasi Strategi Turnaround PT Welldone

Wildan Johardi, Prof. Amin Wibowo, S.E., M.B.A., Ph.D.

2026 | Tesis | S2 MANAJEMEN (MM) JAKARTA

Penelitian ini bertujuan mengevaluasi strategi turnaround PT Welldone, perusahaan EPC fasilitas industri milik pemerintah yang mengalami penurunan kinerja keuangan dan belum mencapai target pemulihan meskipun telah menjalankan restrukturisasi keuangan dan operasional sejak 2024. Penelitian menggunakan pendekatan kualitatif melalui wawancara mendalam, studi dokumen, dan observasi terbatas, dengan analisis terhadap faktor internal, faktor eksternal, critical success factors (CSF), serta keselarasan strategi berdasarkan kriteria Rumelt. Hasil penelitian menunjukkan bahwa deviasi kinerja disebabkan oleh kombinasi faktor internal, seperti proyek onerous, keterbatasan SDM, kelemahan pengendalian proyek, manajemen kontrak, pengelolaan risiko, dan perencanaan kas; serta faktor eksternal, seperti keterlambatan proyek penugasan, keterbatasan proyek pengganti, ketergantungan pada pemangku kepentingan utama, tekanan persaingan industri EPC, dan tingginya kekuatan tawar pembeli. Penelitian ini mengidentifikasi tujuh CSF, yaitu penyelesaian proyek onerous, portofolio peluang proyek yang menguntungkan, peningkatan kualitas SDM, penguatan pengelolaan risiko, penguatan manajemen kontrak, keunggulan pelaksanaan proyek, dan keunggulan pengelolaan arus kas. Hasil evaluasi menunjukkan bahwa strategi turnaround belum sepenuhnya selaras dengan seluruh CSF, terutama pada penyelesaian proyek onerous dan pengembangan portofolio proyek menguntungkan. Temuan ini menegaskan bahwa keberhasilan turnaround tidak hanya bergantung pada program restrukturisasi, tetapi juga pada keselarasan strategi dengan penyebab penurunan kinerja, kondisi internal, dan tekanan eksternal perusahaan.

This study aims to evaluate the turnaround strategy of PT Welldone, a state-owned EPC company for industrial facilities that has experienced declining financial performance and has not achieved its recovery targets despite implementing financial and operational restructuring since 2024. This study uses a qualitative approach through in-depth interviews, document review, and limited observation, with an analysis of internal factors, external factors, critical success factors (CSF), and strategic alignment based on Rumelt’s criteria. The findings show that performance deviation was caused by a combination of internal factors, such as onerous projects, human resource limitations, weak project control, contract management, risk management, and cash planning; and external factors, such as delays in assigned projects, limited replacement projects, dependence on key stakeholders, competitive pressure in the EPC industry, and high buyer bargaining power. This study identifies seven CSFs: completion of onerous projects, development of a profitable project opportunity portfolio, improvement of human resource quality, strengthening of risk management, strengthening of contract management, project delivery excellence, and cash flow management excellence. The evaluation indicates that the turnaround strategy is not yet fully aligned with all identified CSFs, particularly in the completion of onerous projects and the development of a profitable project portfolio. These findings confirm that turnaround success depends not only on restructuring programs, but also on the alignment of strategy with the causes of performance decline, internal conditions, and external pressures faced by the company.

Kata Kunci : strategi turnaround, EPC, critical success factors, keselarasan strategi, restrukturisasi, evaluasi strategi.