Business scandals from Enron to WorldCom have escalated concerns about corporate governance into a full-blown crisis. Institutional investors and legislators have dominated the debate and enacted important changes in corporate accounting and other areas. But Colin B. Carter and Jay W. Lorsch say that we must now focus on the performance of corporate boards. This timely book argues that boards are being pressed to perform unrealistic duties given their traditional structure, processes, and membership. Carter and Lorsch propose a strategic redesign of boards--making them better attuned to their oversight, decision-making, and advisory roles--to enable directors to meet 21st century challenges successfully. Based on the authors' deep expertise and longtime experience working with boards around the world, and on a probing survey of CEOs, Carter and Lorsch help boards to develop a realistic value proposition customized to the company they serve. The authors explore the core dilemmas and responsibilities boards face and outline a framework for designing the most effective structure, makeup, size, and culture. This book provides a candid account of the current state of boards and points the way in a time of crisis and change.
Listen, observe, test—these three words lie at the heart of a powerful method for businesses’ transformation. Behind this method is a deceptively simple idea: managers and management scholars must first take the pulse of a real business, get its case history, diagnose its problems, and only then solve them. Invented by the scholars who launched Harvard Business School, this medical model will still cure companies today. Damningly, during the last thirty years business schools embraced the presumptions of economists, game theorists, and other calculators of abstraction. The solving of real-world, real-time problems has atrophied and stagnated. In this book, renowned scholar and emeritus professor Jay W. Lorsch marshals evidence, history, and insights from his more than fifty-year career at Harvard Business School to make the case for a return to the medical model–the practices of listening, observing, and testing in which the fields of human relations and organizational behavior are rooted. By telling the history of the development of his field, Lorsch demonstrates how the medical model emerged in the years before World War II and for decades helped managers, management scholars, and consultants diagnose and solve the problems besetting companies large and small. Explaining the case studies that define the practice, he discusses how the model has been refined and reapplied by later generations and how it can continue to address issues such as diversity, leadership, competition, and optimal corporate board structures.
Most businesses rely on talent to succeed, but none so much as professional service firms. Within this rapidly expanding, trillion-dollar industry, professionals--and how they're managed--are the primary source of competitive advantage. In fact, success in this sector is determined more by the people you pay than the people who pay you. This path-breaking book provides readers with a practical and integrated perspective on how to win in the unique and tumultuous world of professional services. From strategy to organization to culture, it offers customized insights for businesses in which professionals drive bottom-line results and long-term company success. Respected academic Jay W. Lorsch and accomplished practitioner Thomas J. Tierney apply their broad experience to the realities of "Monday morning" decision making. Their work reflects decades of personal experience, combined with a rigorous study of outstanding professional service firms in industries that include law, information technology, accounting, advertising, investment banking, executive search, and consulting. Aligning the Stars explains what differentiates the "best of the best" within professional services. By describing how to attract, retain, motivate, organize, and lead the stars that shape a company's destiny, this book provides valuable lessons for the current and future leaders of every talent-driven business.
The role of boards in charting a wiser course for the future. We are at a crucial juncture in the evolution of business and the economy. In the wake of the financial crisis of 2008 and the subsequent global recession, we must now reshape the structures and practices of business leadership to avoid going down the same destructive path again. This is largely a question of governance - in particular, the role corporate boards must play in wrestling with critical issues like CEO performance and succession, executive compensation, and corporate strategy. Edited by Harvard Business School professor Jay Lorsch, the preeminent authority on corporate boards, The Future of Boards gathers thought leaders, CEOs, and some of the most experienced voices at Harvard Business School to describe the current situation, identify and analyze the most important issues at hand, and chart a wiser course for the future. The chapters include Bill George on how boardroom conflicts can be understood and managed; Krishna Palepu on how directors can gain the knowledge necessary to effectively oversee strategy; Lorsch himself and colleague Rakesh Khurana on how boards can set reasonable compensation while still motivating top talent; and Katharina Pick and Kenneth Merchant on group behavior pathologies in the boardroom and ways to overcome them. The book also includes point-counterpoint chapters by corporate governance experts David Nadler and Raymond Gilmartin on the right model for board leadership. The Future of Boards should be required reading for CEOs, business and industry leaders, policymakers, and anyone else seeking to influence and even reshape business in the twenty-first century.
The role of boards in charting a wiser course for the future. We are at a crucial juncture in the evolution of business and the economy. In the wake of the financial crisis of 2008 and the subsequent global recession, we must now reshape the structures and practices of business leadership to avoid going down the same destructive path again. This is largely a question of governance - in particular, the role corporate boards must play in wrestling with critical issues like CEO performance and succession, executive compensation, and corporate strategy. Edited by Harvard Business School professor Jay Lorsch, the preeminent authority on corporate boards, The Future of Boards gathers thought leaders, CEOs, and some of the most experienced voices at Harvard Business School to describe the current situation, identify and analyze the most important issues at hand, and chart a wiser course for the future. The chapters include Bill George on how boardroom conflicts can be understood and managed; Krishna Palepu on how directors can gain the knowledge necessary to effectively oversee strategy; Lorsch himself and colleague Rakesh Khurana on how boards can set reasonable compensation while still motivating top talent; and Katharina Pick and Kenneth Merchant on group behavior pathologies in the boardroom and ways to overcome them. The book also includes point-counterpoint chapters by corporate governance experts David Nadler and Raymond Gilmartin on the right model for board leadership. The Future of Boards should be required reading for CEOs, business and industry leaders, policymakers, and anyone else seeking to influence and even reshape business in the twenty-first century.
Listen, observe, test—these three words lie at the heart of a powerful method for businesses’ transformation. Behind this method is a deceptively simple idea: managers and management scholars must first take the pulse of a real business, get its case history, diagnose its problems, and only then solve them. Invented by the scholars who launched Harvard Business School, this medical model will still cure companies today. Damningly, during the last thirty years business schools embraced the presumptions of economists, game theorists, and other calculators of abstraction. The solving of real-world, real-time problems has atrophied and stagnated. In this book, renowned scholar and emeritus professor Jay W. Lorsch marshals evidence, history, and insights from his more than fifty-year career at Harvard Business School to make the case for a return to the medical model–the practices of listening, observing, and testing in which the fields of human relations and organizational behavior are rooted. By telling the history of the development of his field, Lorsch demonstrates how the medical model emerged in the years before World War II and for decades helped managers, management scholars, and consultants diagnose and solve the problems besetting companies large and small. Explaining the case studies that define the practice, he discusses how the model has been refined and reapplied by later generations and how it can continue to address issues such as diversity, leadership, competition, and optimal corporate board structures.
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