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Championing a Radical Old Way of Doing New Global Business: High Profits & Low Power Centric Culture

Championing a Radical Old Way of Doing New Global Business:  High Profits &  Low Power Centric Culture | Change Leadership Watch | Scoop.it

Svenska Handelsbanken has championed an entirely different way of doing business, and has the profits, loyalty and longevity to prove that it works.

Three years ago, stock market analysts at Sweden’s main business paper set about using data from the London School of Business to find the world’s best performing share since the start of the 20th century.

The answer? Handelsbanken. Ten pounds invested in the Swedish bank in 1900 would have been worth about £20m by 2009, a rise of 1.9m pc. General Electric could manage only an 843,000pc rise.
 

And if you think the fruits of this astonishing return were limited to an elite club at the bank, you would be wrong.

Handelsbanken has an almost religious devotion to Oktogonen, its profit-sharing scheme. ...Every employee receives an equal share of the bank’s profits as long as it makes a return on equity greater than the average of its peer group.

   

__________________
   
..branches ....scrutinise [head office] costs. If they are not happy...they make sure the head office ups their game...

     
__________________

      

The money is then used to buy Handelsbanken shares for each staff member but these can be accessed only when employees reach the age of 60. This ultra-equitable approach means the bank teller whose career is spent cashing cheques will receive the same payout from Handelsbanken on retirement as its chief executive.


Afew other differences:


- It does not pay bonuses, with the exception of a small number of staff in its investment banking arm;
 

- It has no financial plans;
 

- The bank sets no sales targets for staff;
 

- It does not set out long-term goals and has no central marketing budget;
 

- Even its largest corporate customers must still bank with it at a branch level, and it has no credit scoring system.
 

...Anders Bouvin, UK chief executive explains....branches decide the costs of the head office. They scrutinise our costs. If they are not happy with the service, they make sure the head office ups their game...[or]...go elsewhere. The branch manager is the king of the bank,” he says.


Read the full post here.   Read more about the unusual 28 year career of Anders Bouvin, here.

   

Related tools & posts by Deb:

    

  • Stay in touch with Best of the Best news, taken from Deb's  NINE multi-gold award winning curation streams from @Deb Nystrom, REVELN delivered once a month via email, available for free here, via REVELN Tools.
     
Deb Nystrom, REVELN's insight:

This is a companion article, featuring the graphic shared by Niels Pflaeging on LinkedIn who mentions that  ...."companies like Handelsbanken have ....value creation and informal structures [that] are far more well-curated and developed than in command-and-control organizations."

~  Deb 

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Deb Nystrom, REVELN's curator insight, February 18, 8:11 PM

Sometimes numbers can be a trap.   This is one of two posts featuring this unique, profitable bank that has outperformed MANY competitors.  ~  Deb

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A Change Leader Profile: 3 Ways to Define it

A Change Leader Profile:  3 Ways to Define it | Change Leadership Watch | Scoop.it

Look for five key competencies - drawn from..." a change-agent profile [based on]... extensive data on Fortune 1000 executives across a wide spectrum of industries. 


We’ve discovered... in that senior group:

    

  • They’re somewhat rare. Approximately 20 percent of senior executives scored high on five key competencies that correlate with effective change management.
   
  • Executives with those five competencies are more task-oriented than people-oriented.
    
  • They also appear to be motivated most by achievement. Power is a close second.
    

And here’s how we arrived at those high-level findings.


We analyzed competencies  ...we’ve identified the following strengths as key indicators of effective change management:

   

  1. Demonstrates flexibility and resilience. 
  2. Recognizes growth opportunities
  3. Strives for results. Focuses on improving performance.
  4. Leads courageously.  
  5. Gains buy-in.  



    Deb Nystrom, REVELN's insight:

    This post also connects DISC profile behaviors such as driving and impact, along with values such as achievement and power to those who lead the pack in effective change leader success.   ~  D

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    Michigan Gov. Rick Snyder Condemns GOP Official's Anti-Gay Remarks

    Michigan Gov. Rick Snyder Condemns GOP Official's Anti-Gay Remarks | Change Leadership Watch | Scoop.it

    Michigan Republican National Committee member Dave Agema's anti-gay remarks last week are drawing criticism from fellow Republicans, including Michigan Gov. Rick Snyder (R).

     

    At a GOP holiday party last week,  Agema said that gay people want health care reform because they die earlier in life. The Herald Palladium newspaper reported that Agema said he had seen gay colleagues at American Airlines claim AIDS victims as lovers so they could receive insurance benefits.


    ________________________________
          
    "There shouldn’t be room for that in any political party. We must make sure everyone is treated with respect and civility." ~ Gov. Snyder's spokeswoman, Sara Wurfel

          

    ________________________________


    "Folks, they (gay people) want free medical because they're dying (when they're) between 30 and 44 years old," Agema said, according to Herald Palladium.   "To me, it's a moral issue. It's a Biblical issue. Traditional marriage is where it should be and it's in our platform. Those in our party who oppose traditional marriage are wrong."


    Snyder's spokeswoman, Sara Wurfel, said Tuesday that Agema's remarks "are extreme and discriminatory."   ...."There shouldn’t be room for that in any political party. We must make sure everyone is treated with respect and civility."


    ...After Agema's comments last week were widely reported, he sent an email to supporters, saying the original article "twisted [his] speech far out of context."


    "I was simply making a point about my opposition to same sex benefits and for traditional marriage," he wrote. "I stand by my words as I said them despite efforts by others to twist the meaning of those words. I strongly support the GOP Platform, the Michigan Constitution and the RNC Resolutions passed in support of Traditional Marriage and will not back down from those principles."


    Deb Nystrom, REVELN's insight:

    Agema has been in the press several times before for the same issue.  It is up to the voters of Michigan to decide regarding facts of this politician and what he is promoting.   ~  D

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    Creativity & Freedom in the Class of 2013 - MacArthur Foundation

    Creativity & Freedom in the Class of 2013 - MacArthur Foundation | Change Leadership Watch | Scoop.it

    MacArthur named its 2013 class of MacArthur Fellows, recognizing 24 exceptionally creative individuals with a track record of achievement and the potential for even more significant contributions in the future.


    “This year’s class of MacArthur Fellows is an extraordinary group of individuals who collectively reflect the breadth and depth of American creativity,” said Cecilia Conrad, Vice President, MacArthur Fellows Program.


    _____________________________
            
    They are artists, social innovators, scientists, and humanists who are working to improve the human condition... 

          

    _____________________________
     
    Fellows each receive a no-strings-attached stipend of $625,000 paid out over five years. The Fellowship provides maximum freedom for recipients to follow their own creative vision.


    “They are artists, social innovators, scientists, and humanists who are working to improve the human condition and to preserve and sustain our natural and cultural heritage. Their stories should inspire each of us to consider our own potential to contribute our talents for the betterment of humankind.”


    - See more at: http://www.macfound.org/press/press-releases/24-macarthur-fellows-announced/#sthash.KF8jZVd4.dpuf

    Deb Nystrom, REVELN's insight:

    Creativity can be in short supply in business today.  This famed award allows for expansive thinking and doing.  

    It's also extraordinary to receive stipends with no strings attached, for not just STEM, but STEAM, Science, Technology, Engineering, the ARTS and Humanities, and Math.  


    ~  D

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    Most Creative People 2013

    Most Creative People 2013 | Change Leadership Watch | Scoop.it

    The 2013 global leaders in technology design media music movies marketing television sports and more. What have you learned from the world's most creative, successful leaders?


    Excerpts:

    2.  THE GALAXY GUIDE

    Samsung--under the design direction of Dong-hoon Chang--has been killing the smartphone game, from the gargantuan Galaxy Note 2, which further popularized the “phablet” trend, to the Galaxy S III, which briefly unseated the iPhone last year as the best-selling phone in the world. To gather ideas during the development of the S III, Chang led his design team on a city-hopping observation tour around the globe, from hot-air-balloon rides in Africa to Singapore’s Skypark on the Marina Bay. He says the travels inspired the S III’s oval, pebblelike shape and shimmery color, as well as the water-ripple effect of its touch screen. 



    4.  KIRTHIGA REDDY, DIRECTOR OF ONLINE OPERATIONS, FACEBOOK INDIATHE GLOBAL MOBILE ALL-STAR

    When Kirthiga Reddy opened Facebook's India office in 2010, the site had just 8 million users in a nation of 1.2 billion people. Since then, she's grown Facebook India ninefold, to 71 million as of the end of 2012--healthy growth, given that only a tenth of Indians have Internet access.



    Deb Nystrom, REVELN's insight:

    The headline offers, "the value of creativity at a crucial time in business."  ~  D

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    Markets ARE Highly Dependent on the Fed, The September Experiment

    Markets ARE Highly Dependent on the Fed, The September Experiment | Change Leadership Watch | Scoop.it
    This week should remove any doubt about whether markets are highly dependent on the Fed. They sure are. Indeed, you could not have constructed better conditions for a controlled experiment.


    ...there is only one major factor that can consistently explain this week's market moves. And it centers on expectations of Fed policy.

    ...markets are celebrating; and the Fed has proven that it still enjoys tremendous influence on asset prices regardless of fundamentals. 


    Deb Nystrom, REVELN's insight:

    An experiment proves how much thr Fed can affect the markets.  Worth a look, especially by investors.  ~  Deb

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    Insourcing at GE: The Real Story of Process, Change, Culture and Profit

    Insourcing at GE: The Real Story of Process, Change, Culture and Profit | Change Leadership Watch | Scoop.it

    "The focus has been on jobs coming back. It's really a process and a culture story."

    GE Appliances is proving once again that the balance of process and people, aligned with a clearly articulated and understood purpose and vision, is the source of improved performance and capability development. With leadership engagement and support, this system will thrive


    Excerpted:


    • There was a fishbone diagram of the production flow
    • A cardboard mockup of the factory layout which also showed how the equipment would look.
    • At 7:45 a.m. each day leaders met, then at 8:00 a.m. everyone met to review the prior day, and what they would do that day.
    • Then at 4:15 p.m. everyone met again to review what they'd done.


    The water heater that resulted was a new design, with better performance: 20% fewer parts and 50% less labor.


    Inventory was reduced 60%, labor efficiency improved 30%, time-to-produce was reduced 68%, and space required for the line came down by 80%.


    The development team was extremely cohesive. But the problem was, the culture needed to change outside the "Big Room" and very few cultural change efforts had been made since 1994.

    As the leadership began to introduce a new way of working together it had to solidify trust in the workforce and instill a level of confidence that continuous improvement was not just another initiative that would pass. This would be a journey.


    Deb Nystrom, REVELN's insight:

    The insourcing story of GE is actually a process & culture change story, which is how it comes to be shared here on Change Leadership Watch.  ~  D

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    I'm the Boss! Why Should I Care If You Like Me? Research Results on Executive Likability

    I'm the Boss!  Why Should I Care If You Like Me?  Research Results on Executive Likability | Change Leadership Watch | Scoop.it

    Bad news for mean bosses.  In a study of 51,836 leaders, we found just 27 who were rated at the bottom quartile in terms of likability but in the top quartile in terms of overall leadership effectiveness — that's approximately one out of 2,000.

    360 data from these 50,000+ leaders highlighted seven key steps executives can take to substantially increase their likability.


    Excerpted:

       


    Increase positive emotional connections with others.... If a leader is angry or frustrated, those feelings will spread to others. Conversely, if a leader is positive and optimistic, those emotions also spread. Be aware of your emotional state and work to spread the positive emotions.

        

    Display rock solid integrity. Do others trust you to keep your commitments and promises? Are others confident that you will be fair and do the right thing? 

       
    Be a coach, mentor, and teacher. Most people have fond and positive memories of coaches and mentors. Helping others develop is a gift that is never forgotten.

    Be an inspiration. Most leaders know very well how to drive for results. ...The most successful leaders ...also ...roll up their sleeves ...and pitch in with the team. They communicate powerfully. Inspiring leaders...are more likeable.


    Deb Nystrom, REVELN's insight:

    Also scooped to Careers and Self-Awareness Strength.  ~  Deb

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    Deb Nystrom, REVELN's curator insight, August 6, 2013 4:05 PM

    Like or dislike, integrity also connects to respect:  "Perhaps the surest test of an individual's integrity is his refusal to do or say anything that would damage his self-respect." ~ Thomas S. Monson

    Manish Puranik's curator insight, August 7, 2013 1:32 AM

    ...The most successful leaders ...also ...roll up their sleeves ...and pitch in with the team. They communicate powerfully. Inspiring leaders...are more likeable...

    Chad Manske's curator insight, August 19, 2013 8:00 AM

    It takes real humility to ask subordinates for feedback on your performance.  The purpose in doing so is not to expect to hear how good you are, but to hear what you need to work on.  We all have leadership 'blind spots' requiring the benefit of trusted people, ideally honest and critical subordinates, to tell us when we wear 'no clothes.'  If you're open and honest to feedback, and pay attention to the likability characteristics here, you WILL increase your leadership quotient.

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    Netflix CEO posts a growth Facebook status update, Social Media Power and Transparency

    Netflix  CEO posts a growth Facebook status update, Social Media Power and Transparency | Change Leadership Watch | Scoop.it

    It’s quite telling that, after the SEC cleared CEO Reed Hastings’ Facebook post in April, the lede to the Wall Street Journal’s story read, “CEOs of the world, start tweeting.”


    Instead of discussing the penalties Hastings could have faced or introducing more social media fears, WSJ’s angle essentially charged executives with a new job requirement: social media.

    Deb Nystrom, REVELN's insight:

    CEO Hastings Facebook post, “monthly viewing exceeded 1 billion hours for the first time ever," was on the line for SEC violations.  

    He dodged that bullet and in doing so, he may be ushering in mainstream social media  communication with customers, employees, and partners, and ....shareholders.  


    It's the conversation, baby! ~  D

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    World for What It Is, or What It Could Be? Elon Musk, Tesla Motors

    World for What It Is, or What It Could Be? Elon Musk, Tesla Motors | Change Leadership Watch | Scoop.it

    We need people who can execute ...including mastering acceleration.


    Elon Musk

    Recently featured in a Wall Street Journal article, Musk is compared to Steve Jobs, another visionary, and is then discussed as follows:


    Elon Musks's ambitions soar even higher...


    His electric-car company Tesla Motors aims to remake the way we drive, while the ultimate goal of his rocket company SpaceX, he said, is to travel to Mars and help build a self-sustaining base there.


    ______________________

    We need people who can execute. Too often people jump ship before they see an idea through...

    ______________________


    Skepticism?  ...each time Mr. Musk delivers a better, less-expensive electric car or launches another rocket successfully, he proves his doubters wrong.


    ...he co-founded a multibillion-dollar company called PayPal.


    ...Musk...taught himself to code and program software by the age of 12.


    After ...leaving a PhD program at Stanford, Musk dedicated himself to the three important problems that would most affect the future of humanity.  "One was the internet, one was clean energy, and one was space."


    All three are revolutionary spaces, and to work in all three most certainly requires an individual willing to completely reinvent himself and his expertise to change course as needed.


    We need people who can execute. Too often people jump ship before they see an idea through and don't even begin to master the competency of acceleration before they are onto the next thing.


    Related posts from Deb:

         



    Deb Nystrom, REVELN's insight:

    The Tesla story has elements of sensing the future that can be instructive for anyone in a change space including innovation.  ~  D

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    Deb Nystrom, REVELN's curator insight, July 10, 2013 11:09 AM

    Originally posted on my Change Leadership Watch stream, it also is highly instructive to the innovation theme, especially with the lessons of staying-the-course with the new idea and execution.  ~ Deb

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    Will the Girl Scouts Miss Out on the Change Leadership Badge?

    Will the Girl Scouts Miss Out on the Change Leadership Badge? | Change Leadership Watch | Scoop.it

    The Girl Scouts, that 101-year-old wholesome institution that boosts our young girls into women leaders, is struggling to change and remain relevant when the world around them is shifting from campfires to tablets.


    ...there have been fewer volunteer troop leaders and fewer young girls expressing interest in the organization, all of which has contributed to a 20% drop in membership in the past 10 years.


    [There is] a creeping budget shortfall, which was addressed with layoffs and early retirements and additional debt from funding retirement packages...


    ...new CEO Anna Maria Chávez's first moves in the job were to trim senior leadership and launch new programs while simultaneously increasing the financial outlook of the Girl Scouts.


    Some see her as infusing new life into an aged institution.


    [However]


    Reports from employees cite a culture of fear, and anonymous letters and rumors contributed to this labeling Chávez as the “Cookie Monster.”


    Related posts by Deb:

        
        

     

    Deb Nystrom, REVELN's insight:

    Can they get beyond the cookies & deal with non-sustainable palm oil?  Will the Girl Scouts become a cautionary tale of institutionalism and rigid culture or turnaround reinvention?  A Kotter consultant weighs in with the case study in progress example of this change leader challege. ~  D

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    Givers take all: The hidden dimension of corporate culture | McKinsey & Company

    Givers take all: The hidden dimension of corporate culture | McKinsey & Company | Change Leadership Watch | Scoop.it
    By encouraging employees to both seek and provide help, rewarding givers, and screening out takers, companies can reap significant and lasting benefits. A McKinsey Quarterly article.


    After the tragic events of 9/11, a team of Harvard psychologists quietly “invaded” the US intelligence system. The team, led by Richard Hackman, wanted to determine what makes intelligence units effective. By surveying, interviewing, and observing hundreds of analysts across 64 different intelligence groups, the researchers ranked those units from best to worst.



    [They discovered], after parsing the data, that the most important factor wasn’t on their list.


    The single strongest predictor of group effectiveness was the amount of help that analysts gave to each other.


    Evidence from studies led by Indiana University’s Philip Podsakoff demonstrates that the frequency with which employees help one another predicts

    • sales revenues in pharmaceutical units and retail stores;
    • profits, costs, and customer service in banks;
    • creativity in consulting and engineering firms;
    • productivity in paper mills;
    • and revenues, operating efficiency, customer satisfaction, and performance quality in restaurants.


    See the related post by Deb:


       


    Deb Nystrom, REVELN's insight:

    This is a brilliant work by Adam Grant that may be part of the answer to the fragile nature of systems in organizations.  

    Givers, Matchers (predominate in most organizations, think "silos") and Takers are key terms to understand why some cultures are high performance and others struggle just to be average.  Takers may also describe those leaders and cultures that eventually become a casuality of the normal organizational decline.  ~  Deb

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    John Michel's curator insight, June 13, 2013 4:40 PM

    When it comes to giver cultures, the role-modeling lesson here is a powerful one: if you want it, go and give it.

    Deb Nystrom, REVELN's comment, June 13, 2013 5:10 PM
    Thanks John! So evidently true. Now if we can only fully implement it!
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    Costco's Profit Soars As Low-Wage Competitors Struggle

    Costco's Profit Soars As Low-Wage Competitors Struggle | Change Leadership Watch | Scoop.it
    At a time when other retailers are struggling to get people into stores, Costco is enjoying a moment in the sun.



    For its part, Costco, or at least many of its officials, would like to see the company's practice of paying employees well put into law. The company’s CEO, Craig Jelinek, said earlier this year that he supports President Barack Obama’s proposal to raise the minimum wage, even arguing that lawmakers should boost it to $10 per hour.



    Deb Nystrom, REVELN's insight:

    Membership fees and merchandising, two central parts of Costco's business model, are built upon good wages, an average of around $45K to Sam's Club $17K.  No wonder there are staffers at Costco that have been there over 5 years compared to the churn at other much lower wage competitors.   Henry Ford anyone?  ~  D

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    Harvard Business School Case Study: Gender Equity, Women in the Harvard Business School

    Harvard Business School Case Study: Gender Equity, Women in the Harvard Business School | Change Leadership Watch | Scoop.it

    An aggressive Gender Equity program intended to foster female success brought improvements, but also resentment and uncertainty.


    ___________________
       
    Many Wall Street-hardened women confided that Harvard was worse than any trading floor...
       

    ___________________

          

         

    Year after year, women who had arrived with the same test scores and grades as men fell behind at the country’s premier business training ground. Attracting and retaining female professors was a losing battle; from 2006 to 2007, a third of the female junior faculty left


         

    Harvard Business School says it wants to improve the gender balance among faculty members, but it is far from that goal without extensive hiring.

        

    Many Wall Street-hardened women confided that Harvard was worse than any trading floor, with first-year students divided into sections that took all their classes together and often developed the overheated dynamics of reality shows.


    Some male students, many with finance backgrounds, commandeered classroom discussions and hazed female students and younger faculty members, and openly ruminated on whom they would “kill, sleep with or marry” (in cruder terms). Alcohol-soaked social events could be worse.

          

    In 2010, Drew Gilpin Faust, Harvard’s first female president, appointed a new dean who pledged to do far more than his predecessors to remake gender relations at the business school.

          

    Dean Frances Frei, …a popular professor turned administrator who had become a target of student ire, was known for the word “unapologetic,” as in: we are unapologetic about the changes we are making.

           

    By graduation, the school had become a markedly better place for female students, according to interviews with more than 70 professors, administrators and students…   Women at the school finally felt like, “ ‘Hey, people like me are an equal part of this institution,’ ” said Rosabeth Moss Kanter, a longtime professor.

        

    …yet even the deans pointed out that the experiment had brought unintended consequences and brand new issues. The grade gap had vaporized so fast that no one could quite say how it had happened. The interventions had prompted some students to revolt, wearing “Unapologetic” T-shirts to lacerate Ms. Frei for what they called intrusive social engineering.


    UPDATE:  See the 2014 apology by the current Harvard Business School Dean Nitin Nohria here.



     

    Deb Nystrom, REVELN's insight:

    In the tradition of excellent storytelling, the Times ends this in-depth story with a graduation speech by a Ms. Boyarsky, “the classroom truth-teller” - winner of the a prized Baker Scholarship, usually held by mostly males.  

    Her “witty, self-deprecating speech unlike any in the school’s memory” and provides a capstone ending to a remarkable and sobering story about women in business.


    Baby, you’ve still got a long way to go.  (Paraphrase of old Virginia Slims cigarette ad.)

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    Executive Privilege & Power and Change Management, Facing Extinction?

    Executive Privilege & Power and Change Management, Facing Extinction? | Change Leadership Watch | Scoop.it

    Those in hierarchical positions of power have much to lose...[in a] redefined social contract that redistributes status...


    Gail's 3rd post in a series about change in change management:

    Organizations are ....dipping their toes into enterprise collaborative platforms that encourage symmetrical interactions and reduce hierarchy.


    Technology tools like social media and gamification are unlocking this power by providing platforms that scale and enable dialogue.


    This tentative tapping and experimentation with the speed of information sharing, clarification, engagement, and momentum is both exhilarating and threatening to many.


    As we .... learn how to ride the vast waves of information [via]... desktops, we are evolving new cultures and new social contracts with each other.


    Deb Nystrom, REVELN's insight:

    Might the ever widening chasm of executive power and compensation collapse on itself?  It seems possible when reading Gail's series about change management, power, hierarchy, transparency and social connection.

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    H&M Promises to Pay a 'Living Wage' by 2018

    H&M Promises to Pay a 'Living Wage' by 2018 | Change Leadership Watch | Scoop.it
    Swedish clothing retailer H&M on Monday said it is developing a plan to ensure about 850,000 textile workers earn a "living wage" by 2018.


    Hennes & Mauritz, the world's second-largest clothing retailer, said it will begin its pay strategy with three factories -- two in Bangladesh and one in Cambodia -- by 2014. The plan involves improving its purchasing practices to ensure its suppliers pay workers the true cost of labor, the company said. 


    By 2018, H&M said it plans to raise wages at 750 of its suppliers, which make 60% of the company's goods.


    Related posts & tools by Deb:




    Deb Nystrom, REVELN's insight:

    News indeed!  This is from the first-ever Living Wage in International Supply Chains conference.  It would be even better if they can achieve this ahead of schedule.  


    Just the announcement could make a change in the livlihood of millions, just based on where people shop.  ~  Deb

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    Universities Embracing ‘Incubators’ Role with Tech Start-ups

    Universities Embracing ‘Incubators’ Role with Tech Start-ups | Change Leadership Watch | Scoop.it

     "Hundreds of US colleges and universities have created incubators, aiming to provide a different kind of educational experience, and a chance for a successful company."


     

    Excerpts:
     

    Just before graduating from the University of Michigan, Calvin Schemanski began his start-up.

     

    With two classmates, he got free office space on campus and $7,500 in funding from the university’s student startup accelerator, TechArb.

     

    ___________________________
         
     “there is a good support network” of professors and mentors to help students and new graduates get their startups going."

        

    ___________________________


    The project, a restaurant recommendation app called MyFab5 using a “favorites” formula, is now preparing a national launch.

     

    The project is among dozens at Michigan and thousands across the United States getting help from “incubators” at US colleges and universities, often with a dream of launching the new Facebook or Google.

     

    “There’s a real spark of entrepreneurship on campus,” said Schemanski, who graduated in 2012 with a business degree.

     

    ...The 23-year-old, who had begun his own pedicab service as a freshman, acknowledged that “it’s definitely a sacrifice” to work nights and weekends on these projects while other students attend parties and football games."

     

    But he said “there is a good support network” of professors and mentors to help students and new graduates get their startups going."

     

    Click headline to read more--


    Related posts & tools by Deb:


            

               




    Via Chuck Sherwood, Senior Associate, TeleDimensions, Inc, U-M Human Resource Development
    Deb Nystrom, REVELN's insight:

    Universities have been seen as staid, behind the times ivory towers.  With declining state funding at publics & escalating costs everwhere, there is an entrepreneurial spirit entering the academic halls, and this is witness to it. ~  D

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    Carrie Davis Childerston's curator insight, December 4, 2013 9:03 AM

    From Pedi Cabs to Restaurent Apps.. this U of M grad is one to watch.

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    Your Team Can Smell a Rat

    Your Team Can Smell a Rat | Change Leadership Watch | Scoop.it

    "Let’s call him Frank.He seemed so sincere, so talented, so driven. When I met him on a business trip—my former CEO and I—I liked him right away. ...Seemed like a great fit."


    The CEO and I didn’t listen to our subject matter experts. We thought we knew better.


    Frank was a disaster. He one of the most self-absorbed and devious people I’ve ever worked with. Because of the benevolent nature of our organization I was working for at the time, it took us years to untangle the mess we had gotten into, and by then he’d done serious damage to our team’s reputation—not to mention motivation and productivity.

    Deb Nystrom, REVELN's insight:

    One of the author's more recent book is, All In: How the Best Managers Create a Culture of Belief and Drive Big Results,  It features solid research and good examples of the impact of culture on success, so he knows from this single example of "the rat" to company wide culture change on what makes a difference.  


    From one reviewer:   In a healthy culture....those who share it are nourished by mutual respect and trust. It is no coincidence that most of the companies that are annually ranked [as] most admired and best to work for are also annually ranked among those that are most profitable and have the greatest cap value in their respective industries.    ~  D

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    John Michel's curator insight, September 24, 2013 12:50 PM

    A great lesson in hoy leaders would listen to their team before making  key hires.

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    Entrepreneurs Reframe Failure as Intentional Iteration - Adapt the Idea & Live?

    Entrepreneurs Reframe Failure as Intentional Iteration - Adapt the Idea & Live? | Change Leadership Watch | Scoop.it

    Failure.  It’s a harsh word.  No one enjoys failure.  No one ever really says, “Hey, I really want to fail today so I can learn.”  

    Yet failure is an inevitable part of human existence and it plays a central role in the mindset of an entrepreneur.  Without failure there is little forward progress; without failure innovation is rather incremental; without failure there is no reason to celebrate success.

    Entrepreneurs are taught to embrace and expect failure because the entrepreneurial path is rarely smooth or predictable.  Failure in this context, however, is not business failure.  Who wants that?  The fear of business failure paralyzes even the best potential entrepreneurs. 

    Failure in the entrepreneurial vernacular is reframed as intentional iteration and experimentation.  It’s not failure in the catastrophic sense.  Failure is simply a portfolio of setbacks, false starts, wrong turns, and mistakes that are expected and tolerated because the entrepreneur purposefully iterates in order to gather new, relevant, and timely information. 


    _______________________

    There is one fundamental truth in entrepreneurship.  All ideas change.

    __________________________


    Through iteration entrepreneurs seek not to kill an idea but to make it better, and this happens through an anticipated cycle of pivoting and adapting.
     


    There is one fundamental truth in entrepreneurship.  All ideas change.

    Deb Nystrom, REVELN's insight:

    Failure vs. Iteration?  Yes, makes sense to me.


    However,  I just attended an interdisciplinary lecture by Professor Howard E. Aldrich referencing his paper, Lost In Translation: Celebrating Entrepreneurship While Acknowledging Its Costs.  I was stymied that he was posing this question at the end of his lecture as a policy question:  Too many entrepreneurs or too many failures?

    His line of thinking is based on the high 5 year failure rate, 50%, of entrepreneurial businesses.    In my own town, the Ann Arbor Observer monthly journal posts a success / failure rate of local businesses in its business roundup.


    A student asked, at the end of the lecture, "Too many marriages or too many divorces?"   His question gets closer to the gist of the curious framing of professor Aldrich's work.  


    Aldrich offers that his research includes that entrepreneurs try a business idea once, and if the business fails, they do not try again.   Really?   I don't see this line of research ~ fail once and that's it ~ mentioned in the companion article for the ICOS lecture that was held at the Ross School of Business at the University of Michigan.  I will look into this further in due time.  If you have a resource, please share!  ~  Deb


    Reference:    http://icos.umich.edu/sites/icos6.cms.si.umich.edu/files/lectures/SEJ%20lost%20in%20translation.pdf 

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    From Twitter to a new kind of company with no managers, a "Holocracy"

    From Twitter to a new kind of company with no managers, a "Holocracy" | Change Leadership Watch | Scoop.it

    “Management perspective looks at reports as resources – like how can you get the maximum value out of this person,” Stirman says. “But when I think resources, I think like natural gas or coal mines. Thinking about a person’s life that way just seemed really dehumanizing.”


    ______________________

    He started spending one-on-one meetings talking to his reports about their lives, instead of their tasks, and productivity shot through the roof.

    ______________________


    Frustrated with poor results, he decided to go off script. He started spending one-on-one meetings talking to his reports about their lives, instead of their tasks, and productivity shot through the roof.
     

    ______________________

     

    “We don’t have a hierarchy of people, we have a hierarchy of circles.”

    ______________________

        

    “When you sit across a table from someone, ask them ‘What’s going on in your life?’ That will always remove more hurdles than asking them ‘What’s blocking you at work?’” he said.

    Stirman hit another wall trying to shield his team from external drama and politics. “Classic management advice, and all my mentors told me that insulating your team from things so they won’t worry will make them more productive and happier,” he says. “But they just got angry, and confused, and disconnected. I was constantly censoring all this information and they were way happier when they knew everything.”

    ...“The structure is totally built around the work the company needs to achieve its purpose,” Stirman explains. “We don’t have a hierarchy of people, we have a hierarchy of circles.”


    ...But Medium isn’t just taking a revolutionary approach to digital publishing – it’s changing the way companies operate too. As one of the fiercest and most faithful adopters of Holacracy – a radical new theory of corporate structure – Medium is experimenting with a completely management-free environment that’s laser focused on getting things done. 


    Read more: http://ow.ly/nKJBL

     


    Related posts by Deb:

        
       

     

     

    Deb Nystrom, REVELN's insight:

    I have to wonder why this antiquated old-school management advice is still circulating to the likes of of this younger, IT saavy crowd.  Old habits die hard.  

    This detailed article cites the positive side of letting go to embrace something very new.  The leader-writer, Jason Stirman, not a manager,  discovered a diverse motivations tool that seems to work for his group, and is in for the long haul on the manager-less experiment with Holacracy.   ~  Deb



     

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    Marie Jeffery's curator insight, August 10, 2013 3:02 PM

    Thanks for drawing our attention to this excellent post, Deb Nystrom!

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    Elon Musk: The mind behind Tesla, SpaceX, SolarCity ...

    Entrepreneur Elon Musk is a man with many plans. The founder of PayPal, Tesla Motors and SpaceX sits down with TED curator Chris Anderson to share details about what's next.

    Deb Nystrom, REVELN's insight:

    A TED talk that has made it to the list, "15 TED Talks That Will Change Your Life," belongs on this stream, and goes with a previous post here a few days ago.  ~  Deb

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    Deb Nystrom, REVELN's curator insight, July 22, 2013 1:24 PM

    Shared from my Change Leadership Watch as a companion to another innovation post about Elon Musk on this stream.

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    Restaurant fires all its employees by text message - How not to do it

    Restaurant fires all its employees by text message - How not to do it | Change Leadership Watch | Scoop.it

    More than a dozen workers at a Florida bistro reportedly received a text message from the boss saying they were losing their jobs.


    "Despite my efforts there were circumstances that I was not able to address. I wish you all the best and sincerely thank you for everything you have done. Any final payroll checks will be addressed after the accounting has been finalized."


    Jackson said she and the other employees are still waiting for their final paychecks.


    Deb Nystrom, REVELN's insight:

    Sensitive messages by text , esp. mass text = never.  Leadership fail.  Epic #fail.~ D

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    Classic Leader Traits: 5 Lessons from Lincoln

    Classic Leader Traits: 5 Lessons from Lincoln | Change Leadership Watch | Scoop.it

    "Leaders are rarely the first person to see an opportunity, but they’re the first to seize an opportunity."


    Excerpted from 5 leadership lessons from Lincoln.


    Lead with action.  While others are talking about the problem, leaders take action.  ...Action, not intention, determines your destination.


    Speak with conviction.  ...speaking with conviction inspires others to join your movement.


    Set the tone.  Many will try to distract you.  ...In every interaction and every meeting a leader brings focus to the objective.  W


    Via Jeremy Walsh &  - xoombi


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    Deb Nystrom, REVELN's insight:

    It's a helpful post:  simple, clear and well-timed for the July 4th holiday, referencing the critical impact of followership on leadership and Lincoln's great model for us all.  ~  Deb

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    John Michel's curator insight, July 3, 2013 10:39 PM

    Have you ever wondered what makes a leader? We’ve heard that leaders have followers, but is there more? Leaders are going somewhere. What would you think of someone who claimed to be a leader, was surrounded by followers, but was going nowhere? Unfortunately, that’s the situation for many teams, organizations, and nations. So what really makes a leader?

    David Hain's comment, July 4, 2013 3:06 AM
    Happy 4th July to all my American friends!
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    Billion-Dollar Babies: Are All These Little Companies Really Worth $1 Billion?

    Billion-Dollar Babies: Are All These Little Companies Really Worth $1 Billion? | Change Leadership Watch | Scoop.it
    As small companies get valued at such large sums of money, it begs the question, "Are they really worth it?"



    Part of it is that money has been cheap and there’s a lot of it sloshing around looking for a home. There’s also the sense that the next wave of computing, built on mobile devices and social software, is going to be bigger than anything that has come before it...


    ...these are the companies that the “smart money” has decided will be the winners out of an ocean of new startups...


    Check out: Fab.com, Snapchat and other relatively tiny companies have been generating sky-high valuations...including:



     


    • Evernote, Spotify, and Airbnb.
    Deb Nystrom, REVELN's insight:

    Good piece including the "transfer of wealth" that provides insights to what is happening and forecasted in the tech world.  Are there any of us that haven't been touched by changes tech innovations and growth?  ~  D

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    It's Not Just Nice to Share, It's the Future: Blue Bikes in the Cities

    It's Not Just Nice to Share, It's the Future:  Blue Bikes in the Cities | Change Leadership Watch | Scoop.it

    With collaborative consumption — the growing new economy based on access instead of ownership —you don’t have to buy a bike, car, prom dress, DVD, or chainsaw. You rent it or swap for it.

    ...collaborative consumption is a way to live light, waste less, to protect the environment, to create and associate with a community of like-minded people. But it’s not just a phenomenon of the hip. For everyone, it’s a way to de-clutter and save money. 


    Related posts by Deb:





    Photo credit:  by edwardhblake

    NOTE:  The Flickr Creative Commons is terrific photo sharing to help illustrate this ScoopIt.
    Deb Nystrom, REVELN's insight:

    I first saw the blue bikes in the St. Paul, MN area.  That this discussion and event is happening in NYC may also be a sign of city health returning.  ~

    Nassim N. Taleb, the author of Black Swans and Anti-Fragile, specified bikes as an example of something "anti-fragile," or something that improves with some abuse.  In this example, I can see why with a more systemic look. at access to bikes.  ~   D

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