{"title":"Can strategic planning adapt to an era that requires enhanced reactive capability?","authors":"Robert J. Allio","doi":"10.1108/sl-11-2023-262","DOIUrl":"https://doi.org/10.1108/sl-11-2023-262","url":null,"abstract":"","PeriodicalId":39797,"journal":{"name":"Strategy and Leadership","volume":"18 24","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135809078","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Purpose McKinsey partners, Bill Schaninger, Bryan Hancock and Emily Field are championing the premise that the need for a fundamental rethink of the role of middle management in today’s organizations is now more urgent than ever. Design/methodology/approach So what should the new blueprint be for middle management as the crucial link between the executive level and the front line S&L interviewer Prof Brian Leavy asks the authors of Power to the Middle: Why Managers Hold the Keys to the Future of Work. Findings Companies with top quartile management practices can have more than three times the return to shareholders than other companies. Practical implications Because of middle managers’ proximity to the front line, they have a helpful, realistic perspective on how new tools like generative AI should be adopted throughout the organization. Originality/value The authors found that middle managers deliver the most value to the organization when they can serve as coaches, connectors, talent managers and strategists. For senior leaders to truly put middle managers at the forefront, they must give managers space to grow and the license to manage in a way that works for them and their team.
{"title":"Rethinking the role of middle management for the new world of work","authors":"Brian Leavy","doi":"10.1108/sl-09-2023-0093","DOIUrl":"https://doi.org/10.1108/sl-09-2023-0093","url":null,"abstract":"Purpose McKinsey partners, Bill Schaninger, Bryan Hancock and Emily Field are championing the premise that the need for a fundamental rethink of the role of middle management in today’s organizations is now more urgent than ever. Design/methodology/approach So what should the new blueprint be for middle management as the crucial link between the executive level and the front line S&L interviewer Prof Brian Leavy asks the authors of Power to the Middle: Why Managers Hold the Keys to the Future of Work. Findings Companies with top quartile management practices can have more than three times the return to shareholders than other companies. Practical implications Because of middle managers’ proximity to the front line, they have a helpful, realistic perspective on how new tools like generative AI should be adopted throughout the organization. Originality/value The authors found that middle managers deliver the most value to the organization when they can serve as coaches, connectors, talent managers and strategists. For senior leaders to truly put middle managers at the forefront, they must give managers space to grow and the license to manage in a way that works for them and their team.","PeriodicalId":39797,"journal":{"name":"Strategy and Leadership","volume":"43 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136293018","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Purpose An interview with Zeynep Ton, a professor of practice in the operations management group at MIT Sloan School of Management, about er latest book, The Case for Good Jobs: How Great Companies Bring Dignity, Pay & Meaning to Everyone’s Work. Design/methodology/approach She believes that leaders can either view their employees as a cost to be minimized, invest little in them and operate with high turnover, or they can see them as drivers of profitability and growth—investing heavily in them, designing their work for high productivity and contribution and therefore operating with low turnover.-- “the good jobs strategy.” Findings The secret sauce of good jobs strategy is four operational choices—focus and simplify, standardize and empower, cross-train and operate with slack—that improve productivity and contribution and make that higher investment possible. Practical implications The competitive costs of low people investment are even higher than the poor operational execution costs. Originality/value By making the work better and increasing pay, companies can better attract and keep their talent and enforce high standards, which improve execution and service, uplifting revenue. Few have examined this important topic more closely than Zeynep Ton, a professor of practice in the operations management group at MIT Sloan School of Management, best-selling author of The Good Jobs Strategy: How the Smartest Companies Invest in Employees to Lower Costs and Boost Profits.
本文采访了麻省理工学院斯隆管理学院运营管理组的实践教授泽伊内普•顿(Zeynep Ton)，讨论她的新书《好工作的案例:伟大的公司如何带来尊严、薪酬和福利》。对每个人工作的意义。她认为，领导者可以将员工视为最小化的成本，在他们身上投入很少，并以高流动率运营，或者他们可以将员工视为盈利和增长的驱动力，在他们身上投入大量资金，设计他们的工作，以实现高生产力和贡献，从而以低流动率运营。——“好工作战略”。“好工作”战略的秘密武器是四种操作选择——集中和简化、标准化和授权、交叉培训和宽松操作——从而提高生产率和贡献，并使更高的投资成为可能。低人力投入的竞争成本甚至高于糟糕的运营执行成本。通过提高工作质量和提高薪酬，公司可以更好地吸引和留住人才，并执行高标准，从而改善执行和服务，提高收入。很少有人比麻省理工学院斯隆管理学院(MIT Sloan School of management)运营管理小组的实践教授泽伊内普•顿(Zeynep Ton)更深入地研究了这个重要的话题。他是畅销书《好工作战略:最聪明的公司如何投资于员工以降低成本和提高利润》的作者。
{"title":"Driving growth, productivity and engagement through “good jobs strategy”","authors":"Brian Leavy","doi":"10.1108/sl-09-2023-0098","DOIUrl":"https://doi.org/10.1108/sl-09-2023-0098","url":null,"abstract":"Purpose An interview with Zeynep Ton, a professor of practice in the operations management group at MIT Sloan School of Management, about er latest book, The Case for Good Jobs: How Great Companies Bring Dignity, Pay & Meaning to Everyone’s Work. Design/methodology/approach She believes that leaders can either view their employees as a cost to be minimized, invest little in them and operate with high turnover, or they can see them as drivers of profitability and growth—investing heavily in them, designing their work for high productivity and contribution and therefore operating with low turnover.-- “the good jobs strategy.” Findings The secret sauce of good jobs strategy is four operational choices—focus and simplify, standardize and empower, cross-train and operate with slack—that improve productivity and contribution and make that higher investment possible. Practical implications The competitive costs of low people investment are even higher than the poor operational execution costs. Originality/value By making the work better and increasing pay, companies can better attract and keep their talent and enforce high standards, which improve execution and service, uplifting revenue. Few have examined this important topic more closely than Zeynep Ton, a professor of practice in the operations management group at MIT Sloan School of Management, best-selling author of The Good Jobs Strategy: How the Smartest Companies Invest in Employees to Lower Costs and Boost Profits.","PeriodicalId":39797,"journal":{"name":"Strategy and Leadership","volume":"47 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135095349","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Mark L. Sirower, Chris E. Gilbert, Jeffery M. Weirens, Jacob A. VandeVanter
Purpose M&A success and synergies are regularly discussed in the practical literature, but synergies are typically treated as a static concept (how do you get them?) with little discussion of financial bet acquirers create in paying an up-front premium. We describe the importance of investor reactions, the nature of the challenge, and discuss synergies as a process with five rules of the road covering M&A strategy, diligence, culture, leakage, and validation and reporting. Potential acquirers must be better prepared before they commit these major capital investments, involving multiple stakeholders throughout the process of creating the value they are promising with M&A. Design/methodology/approach We report the important results of our 24-year study on acquirer performance, the persistence of investor reactions, and the role of the acquisition premium to support our position that synergies must be trackable and defendable before and after deal announcement. From our collective author experience of advising on many hundreds of synergy programs over the years, we distilled our experience based on the common lack of understanding of what is required by executives, and when, and what we have seen greatly improve the odds of success in achieving sufficient M&A synergies. Findings Major findings include: 1. Initial market reactions are good predictors of the future, most deals persist, positive or negative, and there is a big spread of returns between winners and losers with losers paying the highest premiums; 2. Premiums additions to target’s growth value and may require larger performance increases than acquirers expect; 3. Synergies are a dynamic process involving multiple stakeholders from becoming a prepared acquirer in M&A strategy, building an early synergy roadmap during diligence, understanding that culture and change issues launch at announcement and preparation must begin long before, anticipating leakage, and validating and reporting post-close. Originality/value Our study is original covering three waves of mergers over 24 years; we formalize the synergy challenge created by paying a premium with respect to the already existing growth expectations for the target; we make clear that ultimately validating synergies begins with M&A strategy and diligence through to the workings of an Integration Management Office, anticipating synergy leakage, and preparing employees for change.
{"title":"M&A: The process of planning to achieve deal synergies","authors":"Mark L. Sirower, Chris E. Gilbert, Jeffery M. Weirens, Jacob A. VandeVanter","doi":"10.1108/sl-09-2023-0091","DOIUrl":"https://doi.org/10.1108/sl-09-2023-0091","url":null,"abstract":"Purpose M&A success and synergies are regularly discussed in the practical literature, but synergies are typically treated as a static concept (how do you get them?) with little discussion of financial bet acquirers create in paying an up-front premium. We describe the importance of investor reactions, the nature of the challenge, and discuss synergies as a process with five rules of the road covering M&A strategy, diligence, culture, leakage, and validation and reporting. Potential acquirers must be better prepared before they commit these major capital investments, involving multiple stakeholders throughout the process of creating the value they are promising with M&A. Design/methodology/approach We report the important results of our 24-year study on acquirer performance, the persistence of investor reactions, and the role of the acquisition premium to support our position that synergies must be trackable and defendable before and after deal announcement. From our collective author experience of advising on many hundreds of synergy programs over the years, we distilled our experience based on the common lack of understanding of what is required by executives, and when, and what we have seen greatly improve the odds of success in achieving sufficient M&A synergies. Findings Major findings include: 1. Initial market reactions are good predictors of the future, most deals persist, positive or negative, and there is a big spread of returns between winners and losers with losers paying the highest premiums; 2. Premiums additions to target’s growth value and may require larger performance increases than acquirers expect; 3. Synergies are a dynamic process involving multiple stakeholders from becoming a prepared acquirer in M&A strategy, building an early synergy roadmap during diligence, understanding that culture and change issues launch at announcement and preparation must begin long before, anticipating leakage, and validating and reporting post-close. Originality/value Our study is original covering three waves of mergers over 24 years; we formalize the synergy challenge created by paying a premium with respect to the already existing growth expectations for the target; we make clear that ultimately validating synergies begins with M&A strategy and diligence through to the workings of an Integration Management Office, anticipating synergy leakage, and preparing employees for change.","PeriodicalId":39797,"journal":{"name":"Strategy and Leadership","volume":"40 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135476826","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Purpose This paper addresses leadership and strategy issues associated with the management of safety. The paper proposes that companies conduct an annual safety leadership audit involving collaboration between their external financial auditors and their internal operational safety experts. Design/methodology/approach Three possible questions auditors should address in such a safety leadership audit are highlighted. The railroad industry is drawn upon for empirical support, including by reference to recent major railroa0d crashes in the US, Greece, and India. Findings The paper highlights the potential benefits of conducting a safety leadership audit, including that it will help assess whether a leader’s claims regarding safety are verifiable and accord with the data reported in financial statements. Several matters of critical but under emphasized importance in good safety leadership are highlighted. Originality/value This paper explores the somewhat novel idea of using audit procedures and external financial auditors to address matters of safety strategy and leadership. The paper proposes that a leader’s claims in respect of safety should be assessed in terms of whether they encourage a climate of “psychological safety,” report meaningful safety indicators, and use a “vocabulary of safety leadership.”
{"title":"Auditing safety leadership: three railroad catastrophes","authors":"Russell Craig, Joel Amernic","doi":"10.1108/sl-08-2023-0086","DOIUrl":"https://doi.org/10.1108/sl-08-2023-0086","url":null,"abstract":"Purpose This paper addresses leadership and strategy issues associated with the management of safety. The paper proposes that companies conduct an annual safety leadership audit involving collaboration between their external financial auditors and their internal operational safety experts. Design/methodology/approach Three possible questions auditors should address in such a safety leadership audit are highlighted. The railroad industry is drawn upon for empirical support, including by reference to recent major railroa0d crashes in the US, Greece, and India. Findings The paper highlights the potential benefits of conducting a safety leadership audit, including that it will help assess whether a leader’s claims regarding safety are verifiable and accord with the data reported in financial statements. Several matters of critical but under emphasized importance in good safety leadership are highlighted. Originality/value This paper explores the somewhat novel idea of using audit procedures and external financial auditors to address matters of safety strategy and leadership. The paper proposes that a leader’s claims in respect of safety should be assessed in terms of whether they encourage a climate of “psychological safety,” report meaningful safety indicators, and use a “vocabulary of safety leadership.”","PeriodicalId":39797,"journal":{"name":"Strategy and Leadership","volume":"58 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135769682","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Purpose Organizations face challenges in volatile, uncertain, complex and ambiguous (VUCA) environments. It is vital to manage the change’s rate and magnitude in new and different ways to stay competitive. This study focuses on the phenomenon of scenario planning that can help organizations proactively plan for, react and adapt to VUCA forces if and when they occur. Design/methodology/approach Based on an extensive academic and practitioner literature review, we posit that corporate scenario planning involves eight different practical applications and associated benefits. These include risk identification, assessing uncertainty, organizational learning, options analysis, strategy validation and testing, complex decision-making, strategic nimbleness and innovation. We offer a novel typology and propose a more complete and holistic model of the scenario planning application and its intended outcomes. Mini-case studies from various sectors illustrate the process. The model demonstrates the relationship between different benefit-driven applications - inputs, process and output benefits – and identifies opportunities for further research. Findings A previous typology study classified “what” and “why” related scenario planning research and literature. However, the why or associated benefits were not broken down at any level of detail, representing a gap in explaining the actual value of this management tool. The current study proposes a novel “why” focused typology of scenario planning benefits based on an extensive literature review. The novel typology adorned several benefits of scenario planning in an integrated model explained using systems theory. These benefits included risk, uncertainty, options analysis, strategic flexibility, complex decision-making, strategy testing and validation, innovation and organizational learning. Originality/value First time in the literature, the relationship between input, process and output benefits of scenario planning is explained using systems theory. The novel typology proposed illustrates the practical applications of scenario planning in one complete model.
{"title":"Strategic scenario planning in practice: eight critical applications and associated benefits","authors":"Lance Mortlock, Oleksiy Osiyevskyy","doi":"10.1108/sl-08-2023-0090","DOIUrl":"https://doi.org/10.1108/sl-08-2023-0090","url":null,"abstract":"Purpose Organizations face challenges in volatile, uncertain, complex and ambiguous (VUCA) environments. It is vital to manage the change’s rate and magnitude in new and different ways to stay competitive. This study focuses on the phenomenon of scenario planning that can help organizations proactively plan for, react and adapt to VUCA forces if and when they occur. Design/methodology/approach Based on an extensive academic and practitioner literature review, we posit that corporate scenario planning involves eight different practical applications and associated benefits. These include risk identification, assessing uncertainty, organizational learning, options analysis, strategy validation and testing, complex decision-making, strategic nimbleness and innovation. We offer a novel typology and propose a more complete and holistic model of the scenario planning application and its intended outcomes. Mini-case studies from various sectors illustrate the process. The model demonstrates the relationship between different benefit-driven applications - inputs, process and output benefits – and identifies opportunities for further research. Findings A previous typology study classified “what” and “why” related scenario planning research and literature. However, the why or associated benefits were not broken down at any level of detail, representing a gap in explaining the actual value of this management tool. The current study proposes a novel “why” focused typology of scenario planning benefits based on an extensive literature review. The novel typology adorned several benefits of scenario planning in an integrated model explained using systems theory. These benefits included risk, uncertainty, options analysis, strategic flexibility, complex decision-making, strategy testing and validation, innovation and organizational learning. Originality/value First time in the literature, the relationship between input, process and output benefits of scenario planning is explained using systems theory. The novel typology proposed illustrates the practical applications of scenario planning in one complete model.","PeriodicalId":39797,"journal":{"name":"Strategy and Leadership","volume":"37 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135060720","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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