PT Telkom Indonesia (Persero) Tbk (Telkom) merupakan salah satu Badan Usaha Milik Negara (BUMN) terbesar di Indonesia. Pada kurun 2016-2020, EBITDA dan laba bersih mengalami fluktuasi. Bagi perusahaan BUMN multibisnis, strategi parenting sangat berperan penting sebagai salah satu strategi korporasi. Namun, ditemukan adanya kecenderungan kinerja yang relatif belum mencapai target di beberapa anak usaha dan bahkan ada beberapa anak usaha yang masih berada di posisi rapor merah. Selain itu, beberapa anak usaha berebut pasar yang sama dalam menjalankan bisnisnya. Hal tersebut menunjukkan bahwa strategi parenting yang dilaksanakan dewasa ini belum sepenuhnya mencapai target. Berdasarkan latar belakang tersebut, penelitian ini bertujuan untuk mendeskripsikan dan menganalisis: gambaran strategi parenting di Telkom; implementasi strategi parenting di Telkom, serta peran anak perusahaan terhadap kinerja Telkom. Penelitian ini merupakan penelitian kualitatif, di mana pengumpulan data dilakukan melalui observasi langsung, in-depth interview, dan Focus Group Discussion (FGD) dengan pihak yang relevan dengan penelitian. Unit analisisnya adalah kelompok unit-unit bisnis di lingkungan anak usaha Telkom. Hasil penelitian menunjukkan bahwa menurut Corporate Strategic Scenario (CSS) 2021-2025, strategi parenting tidak lagi secara eksplisit dinyatakan sebagai corporate strategy tetapi termasuk dalam delivery model direction. Telkom mengatur bisnis berbasis pada Customer Facing Unit (CFU) dengan mengategorikan portofolio produk menjadi lima segmen: Mobile, Consumer, Enterprise, Wholesale & International Business, dan segmen “lainnya”. Penerapan strategi parenting memiliki tingkat dominasi yang berbeda-beda tergantung maturitas anak perusahaan. Selain itu, ada kendala yang umum terjadi dalam penerapan strategi parenting di Telkom di antaranya: birokrasi yang panjang, kurangnya pemahaman tentang sifat bisnis anak perusahaan, kurangnya bimbingan dari perusahaan induk untuk melakukan penilaian, masalah dalam pelaporan, pemahaman tentang CFU, dan kesulitan bagi perusahaan yang memiliki banyak portofolio. Faktor yang paling dominan dan signifikan dalam meningkatkan kinerja anak perusahaan dalam penerapan strategi parenting adalah: manajemen portofolio, dukungan investasi, dukungan SDM, faktor jaringan dan akses informasi dari perusahaan induk. Adapun peran anak perusahaan bagi kinerja Telkom bervariasi sesuai dengan kinerja CFU.

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PT Telkom Indonesia (Persero) Tbk (Telkom) is one of the largest State-Owned Enterprises (BUMN) in Indonesia. In the period of 2016-2020, EBITDA and net profit fluctuated. For multi-business state-owned companies, parenting strategy plays an important role as one of the corporate strategies. However, it was found that there was a tendency for performance that had not reached the target in several subsidiaries and even some subsidiaries were still in the red report card position. In addition, several subsidiaries are fighting for the same market in running their business. This shows that the parenting strategy implemented today has not fully achieved the target. Based on this background, this study aims to describe and analyze: the description of parenting strategy at Telkom, implementation of parenting strategy at Telkom, as well as the role of subsidiaries on Telkom's performance. This is a qualitative research, where data collection is done through direct observation, in-depth interviews, and Focus Group Discussion (FGD) with parties relevant to the research. The unit of analysis is a group of business units within Telkom's subsidiaries. The results show that according to Corporate Strategic Scenario (CSS) 2021-2025, parenting strategy is no longer explicitly stated as a corporate strategy but is included in the delivery model direction. Telkom manages its business based on the Customer Facing Unit (CFU) by categorizing its product portfolio into five segments: Mobile, Consumer, Enterprise, Wholesale & International Business, and “other” segments. The application of parenting strategy has different levels of dominance depending on the maturity of the subsidiary. In addition, there are common obstacles in implementing the parenting strategy at Telkom including: long bureaucracy, lack of understanding of the nature of the subsidiary's business, lack of guidance from the parent company to conduct assessments, problems in reporting, understanding of CFU, and difficulties for the company who have multiple portfolios. The most dominant and significant factors in improving the performance of subsidiaries in implementing parenting strategies are: portfolio management, investment support, HR support, network factors and access to information from the parent company. The role of subsidiaries for Telkom's performance varies according to the performance of the CFU.