On average, consistency is higher for sell-side than buy-side analysts, consistent with sell-side analysts facing greater incentives to herd. The industrial economy of the 20th century ensured that growing firms would need to add workers, but the increasingly globalized and information-based economy of the early 21st century makes it possible for businesses to increase profits without adding significant numbers of employees.
Few companies are thinking about hiring right now, but that's a mistake. If history is any guide, staffing will become a front-burner issue once the economic upheaval eases. Even now, companies are running into staffing problems in emerging markets, and many will have to find talented replacements for baby-boom retirees.
Will they be able to meet their needs? Their research, conducted with scores of CEOs, HR executives, and recruiters, found current hiring practices to be haphazard at best and inept at worst. And no wonder.
Ignorant of their staffing needs, most companies treat hiring top-level executives as an emergency. That leaves them little choice. One study found that nearly a quarter of the time, the executive selected was the only candidate considered. Far too few companies conduct reference checks; far too many rely on gut reactions when judging qualifications and cultural fit. Hardly anyone considers whether candidates will be good team players.
And, shockingly, only half of the top managers recruited by the companies studied were interviewed by anyone in the C-suite. The result: About a third of promising new hires depart within three years of being recruited. As a remedy, the authors offer their best thinking about state-of-the-art hiring practices for the top levels of the organization. Their recommendations cover the entire hiring cycle in seven steps: anticipating the need for new hires, specifying the job, developing a pool of candidates, assessing the candidates, closing the deal, integrating the newcomer, and reviewing hire-process effectiveness.
Whatever the future brings, firms that follow these practices successfully will have a distinct advantage over their shortsighted competitors.
As a state, institutionalization is embodied in the structure of argument used to justify a practice at a given point in time. As a process, institutionalization is modeled as changes in the structure of arguments used to justify a practice over time. We use rhetoric surrounding the institutionalization of total quality management TQM practices within the American business community as a case study to illustrate how conceptualizing institutionalization as changes in argument structure can help show how institutions simultaneously constrain and enable social action.
He was chosen for his technical smarts and his knowledge of emerging markets—a critical avenue for growth, given that sales in the company's core markets have stalled. Eager to succeed in his new role in Paris, Jianguo has lots of fresh ideas, but they seem to be falling on deaf ears. Members of the executive team, for their part, find Jianguo to be largely indifferent to their input.
Can Jianguo adjust to this new culture? And can he succeed without sacrificing his identity? Three experts comment on this fictional case study in RA and RZ. She also suggests that the company give all its executive team members multicultural training so they have the tools to understand one another and work together effectively. Mansour Javidan, the dean of research and a professor at Thunderbird School of Global Management, acknowledges that Jianguo's transition would be easier if he had the full support of the CEO, Alain Deronde.
But since that isn't forthcoming, he advises Jianguo to work with Alain to develop targets for growth in emerging and traditional markets and a plan for building an infrastructure to achieve those goals. James Champy, the chairman of consulting for Perot Systems, is surprised that a family business would choose an "outsider" for this important post, but he recognizes it as a wise strategic move.
He says that Jianguo needs a coach and should focus on learning the home market first, before trying to make inroads further afield. To regain public trust, management needs to become a true profession in much the way medicine and law have, argue Khurana and Nohria of Harvard Business School.
True professions have codes, and the meaning and consequences of those codes are taught as part of the formal education required of their members. Through these codes, professional institutions forge an implicit social contract with society: Trust us to control and exercise jurisdiction over an important occupational category, and, in return, we will ensure that the members of our profession are worthy of your trust - that they will not only be competent to perform the tasks entrusted to them, but that they will also conduct themselves with high standards and great integrity.
The authors believe that enforcing educational standards and a code of ethics is unlikely to choke entrepreneurial creativity. Indeed, if the field of medicine is any indication, a code may even stimulate creativity. The main challenge in writing a code lies in reaching a broad consensus on the aims and social purpose of management. There are two deeply divided schools of thought. One school argues that management's aim should simply be to maximize shareholder wealth; the other argues that management's purpose is to balance the claims of all the firm's stakeholders. Any code will have to steer a middle course in order to accommodate both the value-creating impetus of the shareholder value concept and the accountability inherent in the stakeholder approach.
Citation: Nohria, Nitin, and Rakesh Khurana. McLean, and Nitin Nohria.
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Harvard Business Review 84, no. Geoffrey, and Nitin Nohria. People Management 11, no.
Harvard Business Review 83, nos. Lorsch, and Nitin Nohria. Harvard Business Review 82, no. Article Harvard Business Review The Risky Business of Hiring Stars Boris Groysberg, Ashish Nanda and Nitin Nohria With the battle for the best and brightest people heating up again, you're most likely out there looking for first-rate talent in the ranks of your competitors.
Chances are, you're sold on the idea of recruiting from outside your organization, since developing people within the firm takes time and money. But the authors, who have tracked the careers of high-flying CEOs, researchers, software developers, and leading professionals, argue that top performers quickly fade after leaving one company for another. To study this phenomenon in greater detail, the authors analyzed the ups and downs of more than 1, star stock analysts, a well-defined group for which there are abundant data.
The results were striking. After a star moves, not only does her performance plunge, but so does the effectiveness of the group she joins--and the market value of her new company. Moreover, transplanted stars don't stay with their new organizations for long, despite the astronomical salaries firms pay to lure them from rivals. Most companies that hire stars overlook the fact that an executive's performance is not entirely transferable because his personal competencies inevitably include company-specific skills.
When the star leaves the old company for the new, he cannot take with him many of the resources that contributed to his achievements. As a result, he is unable to repeat his performance in another company--at least not until he learns to work the new system, which could take years. The authors conclude that companies cannot gain a competitive advantage or successfully grow by hiring stars from outside.
Instead, they should focus on cultivating talent from within and do everything possible to retain the stars they create. Firms shouldn't fight the star wars, because winning could be the worst thing that happens to them. Joyce, and Bruce Roberson. Nohria, and D. Nohria, and Thomas Tierney.
This is a longer version of the paper we jointly published in Academy Management Journal in Khanna, and N. Cite View Details Related. Studies of leadership describe how CEOs can significantly impact company performance, while the "constraints" perspective argues that leaders are sufficiently constrained by their environments, and that their ability to impact performance is limited. This paper seeks to alter the framing of this debate by asking, instead, "When does leadership matter?
Harvard Business Press, What makes a CEO effective?
Their Sources of Strength
At first blush, these questions seem easy to answer. A CEO is the epitome of leadership. He or she exercises ultimate power and is responsible for making the most critical choices facing an organization. However, these questions get far more complicated as one contemplates the realities of large organizations.
Actually, the CEO cannot make most decisions, or even review them. The CEO is powerful, but multiple constituencies can exercise power as well, starting with the board. The shortening CEO tenure reveals that many leaders misunderstand the role and how to play it effectively. Chapter Handbook of Leadership Theory and Practice Advancing Leadership Theory and Practice Rakesh Khurana and Nitin Nohria More than a means of getting ahead and gaining power, leadership must be understood as a serious professional and personal responsibility.
In this introductory chapter, editors Nitin Nohria, the dean of Harvard Business School, and Rakesh Khurana, a professor of leadership development at HBS, point out that while many university graduate programs in business, law, education, and public policy claim that their mission is to educate leaders who will advance the well-being of society, the reality is that scholarly research on leadership is, at best, at the periphery of these same universities.
In fact, the increasing demand for insights about leadership has largely been met by popular writers--consultants, journalists, or "iconic" business leaders. The papers that comprise this book--originally presented at the Harvard Business School Centennial Colloquium, "Leadership: Advancing an Intellectual Discipline"--are a starting point. Nohria and Khurana define five dualities that they believe are at the heart of research on leadership--for example, the duality between the leader's role in producing superior results and the leader's role in creating meaning.
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The chapter concludes with a brief summary of each of the book's 25 subsequent chapters. Citation: Khurana, Rakesh, and Nitin Nohria. Lorsch, A. Zelleke, and Leslie Berlowitz. Cambridge: American Academy of Arts and Sciences, Boston: Harvard Business School Press, Gabbay and R.