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Many people believe that being a good manager only requires common sense, and that it is therefore easy to be one. If this were true, good managers would be commonplace at all levels of more organizations, and as a result, employee engagement and retention would be high. However, only 13% of workers worldwide are engaged at work, and employee turnover rates in the United States are at a 17-year high. As these statistics suggest, either most managers lack common sense, or good management is, in fact, quite challenging in practice.
As social scientists who study organi [...]
Health care practitioners have traditionally relied on clinical heuristics to select, encode and process information from the patient. When a patient is presenting with multiple and complex issues, these heuristics reduce the patient’s difficult question of “what’s wrong with me” to easier ones, such as “is this person presenting with depression”? The use of heuristics is then reinforced by operationalizing evidenced-based care into protocols, procedures and checklists designed to increase efficiency and reduce varia [...]
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Uber and Netflix have fundamentally shifted consumer behavior and disrupted incumbent firms. In our research, we’re beginning to see signs that Wall Street is being threatened by similar forces.
Uber and Netflix’s success were generated through two critical strategies. First, they created a combination of breakthrough product innovation and breakthrough business model innovation—the definition of category creation. Second, Uber and Netflix appealed to a younger superconsumer before they entered the category, which caught the market leaders flat-foot [...]
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The ability to collect and exploit consumers’ personal data has long been a source of competitive advantage in the digital economy. It is their control and use of this data that has enabled the likes of Google, Amazon, Alibaba, and Facebook to dominate online markets.
But consumers are increasingly concerned about the vulnerability that comes with surrendering data. A growing number of cyberattacks — the 2017 hacking of credit watch company Experian being a case in point, not to mention the likely interference by Russian government sponsored hackers in the [...]
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Benjamin Franklin knew he was smart — smarter than most of his peers — but he was also intelligent enough to understand that he couldn’t be right about everything. That’s why he said that whenever he was about to make an argument, he would open with something along the lines of, “I could be wrong, but…” Saying this put people at ease and helped them to take disagreements less personally. But it also helped him to psychologically prime himself to be open to new ideas.
History shows that we tend to choose political and business l [...]
Herminia Ibarra, a professor at the London Business School, argues that job transitions — even exciting ones that you’ve chosen — can come with all kinds of unexpected emotions. Going from a job that is known and helped define your identity to a new position brings all kinds of challenges. Ibarra says that it’s important to recognize how these changes are affecting you but to keep moving forward and even take the opportunity to reinvent yourself in your new role.
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Throughout the global economy, big companies are getting bigger. They’re more productive, more profitable, more innovative, and they pay better. The people lucky enough to work at these companies are doing relatively well. Those who work for the competition aren’t.
Policymakers have noticed. Antitrust and competition policy are seeing renewed interest, including recent hearings on the subject by the Federal Trade Commission. Headlines in publications ranging from The Nation to The Atlantic to Bloomberg warn of America’s “monopoly” prob [...]
“To be wise you must arrange your experiences on a lattice of models.”
— Charlie Munger
Organizations are awash in data — from geocoded transactional data to real-time website traffic to semantic quantifications of corporate annual reports. All these data and data sources only add value if put to use. And that typically means that the data is incorporated into a model. By a model, I mean a formal mathematical representation that can be applied to or calibrated to fit data.
Some organizations use models without knowing it. For example, a yield curve, which compares [...]
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It takes time and care to develop trusting relationships with the women we work with, particularly women who are different from us in some way. But the effort of understanding each other’s experiences is worth it, personally and professionally: We’ll feel less alone in our individual struggles and better able to push for equity.
We talk with professors Tina Opie and Ver [...]
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It finally happened: You got the buy-in to launch a (much-needed!) working parents’ network in your organization. You’ve sent out the blast announcement and secured a small budget. The kickoff cocktail party drew a crowd of parents eager for advice — and curious about this new resource. You’ve done everything needed to get this thing up and running. But as the energy and excitement from that first event fades, you’re left wondering: Now what?
And you’re not alone…because if you’re spearheading the effort to build a wor [...]
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When the FDA issued its first approval for a gene therapy for an inherited disease nearly a year ago—a cure for a type of blindness—it was heralded as breakthrough, a moment decades in the making. With dozens of other genetically engineered therapies moving through clinical trials, the long-promised era of personalized, gene-based medicine seemed to be at hand.
But there was a catch: the one-time treatment, Luxturna from Spark Therapeutics, costs $850,000.
In a recent Goldman Sachs research report about the promise of gene therapies, an [...]
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In any team or organization, some individuals are consistently more likely to come up with ideas that are both novel and useful. These ideas are the seeds of innovation: the intellectual foundation for any new products and services that enable some organizations to gain a competitive advantage over others. However, organizations are often unable to put in place the right processes, leadership, and culture to turn creative ideas into actual innovations, which causes even their most creative employees to underperform. This mismanagement of innovation is further exacerba [...]