MANAGING in the

NEW WORLD

Business Research

{module [227]}

In the 1970s, Xerox pioneered a concept known as Employee Resource Groups (ERGs) where all the out-groups or historically excluded ones would get additional funding towards their efforts at greater equality. This included groups such as women, religious minorities, immigrants or the LGBTQ community. While most of these were successful to quite an extent, the overlying benefits could not be reached as even today the in-groups of white straight men tend to dominate the large corporate groups. That is why business consulting group Deloitte has taken on the initiative of educating the in-groups towards increasing diversity. As the talent pool in the US has changed, it is time for a rethink and the ERGs were seen as an anachronism. Increasing number of leaders are organically coming up who are women or immigrants, so the traditional majority is becoming a minority in some cases. The in-groups still remain in power and the future of more members of the out-group reaching the top echelons continues to be dictated by the latter. So the need to provide diversity lessons to the in-group as identified by Deloitte.

Source:https://hbr.org/2017/08/deloittes-radical-attempt-to-reframe-diversity?utm_medium=email&utm_source=newsletter_daily&utm_campaign=dailyalert&referral=00563&spMailingID=17792212&spUserID=OTY0OTMwNTk5NwS2&spJobID=1080216301&spReportId=MTA4MDIxNjMwMQS2

Uploaded Date: 27 October 2017

Liberal Arts or Humanities students often get asked about what they wish to pursue in their respective careers. It is often wrongly assumed there are very few career choices after this. Yet a cursory glance at today’s requirements clearly confirms that not only is it a highly sought after a vocation, indeed people with knowledge of such fields actually have an edge in the digital age. In the past it was assumed that to get a job in the tech industry, one had to be from one of the STEM fields. Now a lot of previously difficult tasks can be done using online tools such as programming from Git Hub. While economists often underestimate cultural factors behind decision making, humanities grads have deep insights on human nature and a resultant empathy. Reading literature helps people in understand specifics as opposed to others treating people as mere abstractions. A management consulting expert has written the book Sense-making where he has illustrated the importance of understanding people to gain a foothold in the market. That explains why a lot of organizations such as Airbnb, Facebook, Alibaba, Slack and YouTube were founded by Liberal Arts majors. Ultimately Inter-disciplinary studies can only be beneficial for businesses and larger human problems.

Source:https://hbr.org/2017/07/liberal-arts-in-the-data-age

Uploaded Date:21 October 2017

There are certain character traits associated with leadership success. Yet a lot of these traits could prove to be deadly if not handled in the right manner or if available in too high dozes. Two decades back, a study conducted by psychologists established eleven such traits which were- bold, cautious, colourful, diligent, dutiful, excitable, imaginative, leisurely, mischievous, reserved and sceptical. For example, colourful could give way to being dramatic or attention-seeking, bold could mean entitled or overly self-confident and so on and so forth. Now a related business research carried out by the Hogan Development Assessments has divided these eleven traits into three broad categories. It has been noted that most managers display at least three such dark traits and about two-fifths score high enough in one or two to put their careers in potential peril. As leaders rise in their professional careers, they tend to make a less objective assessment on their own selves. The three categories are Distancing, Seductive and Ingratiating. Distancing involves cautious, excitable, leisurely, reserved and sceptical. Seductive includes Bold, colourful, imaginative and mischievous. The last category consists of diligent and dutiful. All of these in excess quantities can prove to be dangerous and managers must take care to navigate past their dark sides.

Source:https://hbr.org/2017/09/could-your-personality-derail-your-career.

Uploaded Date: 21 October 2017

 

The city of Cleveland is proving to be one of the most fertile grounds for developing scalable business based around Virtual Reality (VR) or the related Augmented Reality (AR). Goldfarb Weber Creative Media for example put together a pilot run for one of its clients Lubrizol which took potential customers to a virtual walk around their plant overseeing the latest formulations. A Oculus Rift headset was used for this purpose. Cleveland based firms are experimenting with VR to be used extensively in education and corporate training. The Western Reserve University for example has been using Microsoft’s Holo Lens to train anatomy to medical students. A practical demonstration of VR and AR was provided at the Cleveland International Film Festival (CIFF). The event manager at Games Done Legit, a company specializing in conducting video game events, has confirmed that the obstacles facing VR will soon be addressed with upcoming processing improvements and an expected drop in prices.

Source:http://www.crainscleveland.com/article/20170812/NEWS/170819961/virtual-reality-is-potentially-vital-engagement-tool

Uploaded Date:16 August 2017

 

An experiment was recently conducted in the Indian city of Bengaluru to study whether formal skills training provided to low wage earners provides benefits to the company. The pilot training was provided by Personal Advancement and Career Advancement (PACE) a corporate training programme developed by Gap. It was realized that there was a seven percentage points’ increase in productivity post this training among these employees. About sixty thousand workers in twelve countries have been trained by the PACE methodology, with nearly half of them in India. The Indian government plans to train about ten million people on life skills such as entrepreneurship, soft skills, financial and digital literacy so such a procedure could help. This programme has also contributed to Gap’s target of a million plus outreach for women and adolescent girls by year 2020.

Source:https://hbr.org/2017/07/an-experiment-in-india-shows-how-much-companies-have-to-gain-by-investing-in-their-employees?utm_medium=email&utm_source=newsletter_daily&utm_campaign=dailyalert&referral=00563&spMailingID=17730018&spUserID=OTY0OTMwNTk5NwS2&spJobID=1061906882&spReportId=MTA2MTkwNjg4MgS2

Uploaded Date:31 July 2017

Globally it is estimated that more than a trillion and a half US dollars was spent on marketing annually in 2014, with the figure set to top the two trillion figure by the year 2019. While this clearly is a huge figure, not all of it is used up correctly. Thus the concept of Marketing Return on Investment (MROI) must be used up. It helps in several ways such as in justifying marketing spend and deciding on the heads to spend on. It provides business analytics to compare on trends against competitors. MROI also helps companies in being accountable to the tasks they were set such as handling customers and sales. MROI can be calculated using the formula where the cost of the marketing investment gets deducted from the incremental financial value gained as a result of the marketing investment and the resultant figure is divided by the same cost of the marketing investment. There are some challenges though, notably in social media induced digital marketing where the returns sound good when only measured against the tech investment but comes down substantially when the personnel costs get added up. A common fallacy meanwhile with MROI is that only incremental sales margins are given preference as opposed to long-term gains from marketing efforts.

Source:https://hbr.org/2017/07/a-refresher-on-marketing-roi?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+harvardbusiness+%28HBR.org%29

Uploaded Date:28 July 2017

A bias has set in among people that organizational transformation is bound to fail. People are afraid of change and this has resulted in a sort of pessimism with a belief on high failure rates. Business consulting giant McKinsey conducted a research to ascertain this problem. Organizations were surveyed and it was found out that less than forty percent of respondents confirmed success in the change. While this sound akin to majority failing, the same survey also mentioned that a third of respondents claimed to be somewhat successful. Only a tenth voted in favour of the change efforts being complete failures. So while change is hard, it isn’t impossible and in fact most efforts in the long run when pursued authentically tend to succeed rather than fail.

Source:https://hbr.org/2017/07/stop-using-the-excuse-organizational-change-is-hard?utm_medium=email&utm_source=newsletter_daily&utm_campaign=dailyalert&referral=00563&spMailingID=17688012&spUserID=OTY0OTMwNTk5NwS2&spJobID=1061437157&spReportId=MTA2MTQzNzE1NwS2

Uploaded Date:28 July 2017

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