Introducing The 6 New Management Imperatives October 17, 2008
Posted by Bruce Temkin in 6 New Management Imperatives, Customer experience, Executive leadership.Tags: Harvard Business School, 1907 Banker's Panic
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Over the last decade we’ve seen enormous social, economic, and technological shifts; creating an environment with new opportunities and new challenges for most companies. Despite these significant changes, management practices are still relatively the same as they have been for the past 20 years. As a result, management has become an outdated art.
Interestingly, the Harvard Business School (HBS) was created exactly 100 years ago, a year after the 1907 Banker’s Panic, when the stock market fell nearly 50% from the previous year. What was the goal of HBS? To infuse US companies with the management skills needed for the changing US economy.
Well, it’s time to modernize corporate management once again. While execs must continue to understand core business disciplines like finance, marketing, and sales, there’s a new set of skills they must master. That’s why I’ve defined the following 6 New Management Imperatives:
- Invest in culture as a corporate asset
- Make listening an enterprisewide skill
- Turn innovation into a continuous process
- Provide a clear and compelling purpose
- Extend and enhance the digital fabric
- Practice good social citizenship
I’ll take a closer look at each of these imperatives in later posts. For now, just get acquainted with them.
The bottom line: It’s time for a management renaissance.
Bruce – I’d love to add my two cents on this post once you decide to expand on these – I really am passionate about the topic of corporate culture. Coincidentally, I posted a tad about ours yesterday: http://anthonyfranco.wordpress.com/2008/10/18/hot-topic-recession-proofing/
Hi Bruce, Your post is interesting, your 6th point social citizenship, can be broken down to Business Ethics, and Corporate Transparency.
I can give a small suggestion this 6th point is the most important point and needs more emphasis, now a days this has to be given the topmost priority( If Possible make this the 1st Point).
If you talk about the legacy of the American Capitalism they are indebted to four great Americans, Henry Ford, Andrew Carnegie, Rockefeller, and J.P. Morgan apart from the two great technical genius who went into business in later years, Alex Graham Bell, Tom Edison.
All these great Americans were founder of modern American capitalism there business acumen were superb at times they were ruthless to achieve their business goals, but at the end of the day they were philanthropist, made foundations and trusts, gave away millions of dollars for educational trust and research and development, for eradication of poverty and dreadful disease which not only benefited the U.S. but the whole world.
But now the America capitalism is all about fast bucks by some crooks I-Bankers, over smart FII executives in Wall Streets ,who out of sheer greed, reckless business banking have not only put America in trobe but the whole world in trouble.
Business smartness is not about making fast bucks, but consistency and steady growth and returning back to the society the money you make from society.
With Warm Regards,
Debashish Brahma.
Calcutta.
India.
Anthony: Thanks for the comment. I think the link you put is is broken; but I found the post on “Recession Proofing.” It’s great to hear from people who are pationate about culture. What do you think about my post about the 1st management imperative?
Debashish: I really liked your discussion about the legacy of American Capitalism. I’ll definitely tap into this thinking when I write the post about social responsibility. Thanks.
Bruce – I love the “6 New Management Imperatives”. I’m looking forward to hearing more about your thoughts on each.
Bruce–
Your post is refreshing and on point. Two common themes that underly your six New Management Imperatives are respect for open communication and adherence to process. I’ve been writing on the topic of board governance best practices in the venture capital industry for nine years and have produced three white papers that are broadly applicable to management challenges in the board room, whether a board is public or private. I do believe, however, that some continuity in management practices is appropriate despite the transformational changes in technology and business that have brought global capitalism to its current state of tumultuous evolution. For example, in VC, many boards are plagued by a wide variance in the application of best practices– often because inexperienced directors do not know their fiduciary duties, and sometimes because even experienced directors are hampered by inherent conflicts of interest. For more on these topics see my blog at wwwpascalsview.com . My white papers are freely available at http://www.levp.com/news/whitepapers.shtml
Dodge & Pascal: Thanks for the positive feedback!
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