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Research: Hiring Chief Risk Officers Led Banks to Take on Even More Risk
Paul Garbett for HBR Risk taking by big U.S. banks exploded in the years leading up to the 2008 financial crisis, with disastrous consequences for American firms, markets, and households. Much of the added risk, of course, came in the form of complex, opaque financial instruments like derivatives, the “financial weapons of mass destruction” that played such a central role in the crisis and the panic that followed. But why did banks get in so deep with derivatives, particularly after Washington tried to crack down on risk with new laws and regulations in the early 2000s? In [...]
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A Study of 16 Countries Shows That the Most Productive Firms (and Their Employees) Are Pulling Away from Everyone Else
The corporate landscape has become increasingly unequal, with the most productive firms thriving and the least productive ones failing to keep up. This matters not just for economic growth but also for inequality: Our research shows that as they grow apart in productivity, firms are also becoming more unequal in how much they pay workers. Other research has documented that the pay gap between firms is contributing to increased income inequality, but our work makes two additional contributions. First, we use new OECD data that is representative of the whole population of businesses in 16 c [...]
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Nike’s Co-founder on Innovation, Culture, and Succession
Phil Knight, former chair and CEO of Nike, tells the story of starting the sports apparel and equipment giant after taking an entrepreneurship class at Stanford and teaming up with his former track coach, Bill Bowerman. Together (and with the help of a waffle iron) they changed how running shoes are designed and made. Knight discusses the company’s enduring culture of innovation, as well as the succession process that led to former runner and Nike insider Mark Parker becoming CEO. Download this podcast [...]
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Could Open-Source Code Make Our Y2K Fears Finally Come True?
Almost 20 years have passed since the corporate world woke up to long-term problems in computer code, which became known as Y2K. Over the previous decades, software developers had used the date 01-01-00 (January 1, 2000) as a convenient hack to make it easier to debug software. The problem was that it wasn’t taken out. So as 2000 loomed, there was a realization that, when the clocks hit midnight, software all over the world could simply stop running. Thankfully, at a cost of a few billion dollars, the software was audited and patched, and businesses went back to worrying about [...]
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Why Business Leaders Need to Read More Science Fiction
At the end of the 19th century, New York City stank. One hundred fifty thousand horses ferried people and goods through the streets of Manhattan, producing 45,000 tons — tons! — of manure a month. It piled up on streets and in vacant lots, and in 1898 urban planners convened from around the world to brainstorm solutions to the impending crisis. They failed to come up with any, unable to imagine horseless transportation. Fourteen years later, cars outnumbered horses in New York, and visions of manure dystopia were forgotten. If 19th-century urban planners had had [...]
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Research: Writing a Business Plan Makes Your Startup More Likely to Succeed
Jennifer Maravillas for HBR When asked about an opponent’s plan for their impending fight, former world heavyweight champion Mike Tyson once said: “Everyone has a plan until they get punched in the mouth.” It is a school of thought now fashionable in entrepreneurship circles. Advocates of “learning by doing” approaches such as the lean startup say it is better to act, improvise, and pivot than to waste time and resources on a 20-page plan that won’t survive first contact with the customer. In stark contrast, the “purposive planning” approach a [...]
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Offices Can Be Bastions of Civility in an Uncivil Time
After the heated rhetoric of last November’s U.S. presidential election, Interpublic (IPG), my company’s parent corporation, held its first open call for employees to talk about concerns related to respect in the workplace. IPG wanted to reinforce its commitment to inclusion. People called in anonymously from five continents. What struck me most was how many people talked about feeling unsafe as a result of the political atmosphere. One employee in Omaha, Nebraska, described commuting on the bus while being buffeted by political disagreements. All she could think was: “I [...]
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You Don’t Need to Be a Silicon Valley Startup to Have a Network-Based Strategy
The success of platform companies like Airbnb, Amazon, and Netflix has led to envy bordering on despair for their competitors. When we asked one successful online retailer “How do you compete with Amazon?” the response was “You don’t.” Publicly, CEOs talk about digital transformation, but privately, they wonder if their efforts will be enough. Companies are right to be worried. Our research shows that companies with platform- and network-based business models are exponentially better at creating value. They grow faster, make more money, and are more valued than co [...]
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LifeStar Alberta: Recovering People from Pornography and Sex Addiction
Life Star Alberta is a globally recognized pornography addiction counselling Lethbridge program which is beneficial for both addicts as well as their partners. They are a professional team of clinical partner therapists emotionally focused therapists and psychologists who strive harder to promote health and wellbeing among people. They help porn addicts to overcome from several issues such as anxiety, depression, grief loss, trauma, life transitions and so on. With their effective programs, resources and workshops, they help their patients to get fast recovery. Pornography is one of the common [...]
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Cielo Wigle Inc: Offering Updated Top-Notch Smart Home Products at Affordable Prices
Smart home technology has no boundaries! Maybe to the extent of being within the walls of the house but not in terms of limitation towards products, it has developed itself into being highlighted convenience and control in the most efficient way. Similarly, Cielo Wigle Inc. is one of the best smart home companies offering numerous smart home gadgets like lighting controls, air-conditioning controls and other home appliance control with amazing features. Cielo’s highlight feature is that you don’t need different sources to control these home appliances, all you need is a single mob [...]
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4 Ways Managers Can Be More Inclusive
Management teams and organizations that prioritize inclusion attract better talent and perform better. Dozens of studies have demonstrated that more-diverse teams make better decisions than less-diverse teams. Many leaders know this but still struggle with making day-to-day work more inclusive. By definition, inclusive leaders embrace the notion that every person counts. If that sounds fairly straightforward, it really isn’t. In bringing this mindset to life, leaders wind up embracing a number of unconventional management practices. They boldly depart from old standbys like credenti [...]
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The Board Directors You Need for a Digital Transformation
Photo by Ferdinand Stohr When the term digital transformation was first bandied about by consultants and business publications, its implications were more about keeping up and catching up than true transformation. Additionally, at first it was only applied to large, traditional organizations struggling, or experimenting, in an increasingly digital economy. But true digital transformation requires so much more. As evidenced by the recent Amazon acquisition of Whole Foods, we’re living in a new world. Early transformation efforts were focused on initiatives: e-commerce, sensors [...]
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