Innholdsfortegnelse for July/August 2022 i The European Business Review

FUTURE SERIES FRONT COVER STORY Merck is a leading science and technology company with a 350-year history of scientific achievement. Advancing human progress has always been at the heart of everything we do. Much of our work to make the lives of people around the world longer, better and more sustainable is done in conjunction with a global network of partners. To help stimulate innovative research that has the potential to address unmet needs in areas of current or emerging importance, we provide a series of research grants: researchgrants.merckgroup.com. In preparation for the “Curious 2022 – Future Insight” global scientific conference (http://curiousfutureinsight.org), which takes place from 12–14 July, Merck and AAAS/Science have published an updated edition of the “Milestones of science” poster (https://www.science.org/content/resource/milestones-science), which summarises many of the most significant…

Based on a 5 year study of the executive development industry, comprising interviews with over 200 executives, CLO's, CEO's, program designers and program developers, we have ascertained that the executive development field is at a critical crossroads, seeded by the digitalization of content and interactions and driven by the forces of disaggregation, decoupling and disintermediation that have already transformed the media, travel and entertainment fields: ► Payers (organizations) and users (executives) differ in most what they value in executive development programs, yet agree on the critical importance of skill development; ► There are large gaps between the skills required by most organizations and the skills executive development programs offer; ► There is widespread agreement that even when skills are acquired, they are not applied on the job – an insight…

SPOTLIGHT While media attention focuses on the military and humanitarian aspects of the war in Ukraine the huge implications for multinational corporations get very little attention. Two major themes stand out here. First, many companies will be swept up in the impassioned media stories of the war and overlook the more fundamental need for a disciplined assessment of political and social risks. Most companies want to do the right thing. But without a careful evaluation they will be sucked into the emotional and political hysteria that often comes with political and social conflict. The second theme is the precedent that companies pulling out of Russia has established. Getting out of Russia is pretty much of a clear cut case. It's an easy call for many reasons. Future political and social…

Employee loyalty is not always a good thing. If someone blindly sticks with their employer without developing or progressing, neither party is likely to benefit in the long term. Yet, as recent Accenture research on UK workers has shown, despite advancing less quickly than their peers, people from lower socio-economic backgrounds (SEB) are no less loyal to their employer and no less satisfied with their career progression than others. We call this the “progression paradox”. It's one of three major challenges (alongside socio-economic taboo and cultural inertia) stifling social mobility in the UK that are explored in Accenture Research's recent report, A fair chance to advance: The power of culture to break socio-economic barriers in the workplace. It's worth a closer look. The UK workplace is not a level playing…

The most recent report from the Intergovernmental Panel on Climate Change (IPCC) showed a stark scenario. It highlighted that little progress has been made in terms of limiting temperatures to 1.5 degrees above pre-industrial levels; and in order to meet such a goal, emissions must peak in the next couple of years. While the report showed some scepticism about the potential of some technologies designed to limit emissions, there was some optimism around cities. Debra Roberts, the IPCC cochair, recently referred to cities as “a key place for mobilisation”1. But why does the IPPC focus on cities, an invention from thousands of years ago with a reputation for bad air quality, in a world where electric vehicles and machines that suck carbon from the air are developing rapidly? THE URBAN…

A common question I often face from leaders who are in the process of learning about human leadership is how to attain the balance of compassion and accountability – “How can I can lead with compassion and hold my employees accountable while also setting high ideals for the organization's future growth?”. Undoubtedly, compassion is valuable in today's corporate culture. I've noticed that organizations that place a high value on people and kindness are frequently acknowledged for their consideration of a greater purpose. But the definition we accord to compassion, even so, is still very limiting. Many people believe that leading with compassion is all about reducing the suffering of those who come to you for advice and answers. But human leadership goes far beyond merely showing goodwill and empathizing with…

PEOPLE MANAGEMENT Tiffany Tate was eagerly awaiting the phone call informing her that she had gotten the job as career center director at a recognized college. Not only was she qualified–overqualified, in fact–as a college career development expert with two degrees, her interviews with the university's hiring team had gone exceptionally well. The team was selling the role to her; she had spent ample hours in the interview process including having dinner with the team that she was sure she would be working with. Tate was excited to move to a beautiful part of North Carolina with her then two-year-old daughter. The role would give her a growth opportunity, she would manage a significant budget, and the person she would be reporting to had bonded with her over the fact…

If asked whether the recent months have been “turbulent”, the odds are high that you agree. After a global and ongoing COVID-19 pandemic, a major war has broken out, in which Russia has invaded Ukraine, as if in a large-scale remake of the invasion of Crimea about eight years ago. And if the risks of terrorism peaked in 2021, the jihadist ideology is still much in play in countries such as Iraq, Somalia and Afghanistan. Minor turbulences are a fact of life, but major turbulences are clearly a different species. They are, obviously, highly disruptive, but also much more frequent than many believe. In consequence, companies would be well advised to anticipate the onset of turbulent periods as best they can, and to be agile enough to display strong resilience.…

If there's one feeling that has been omnipresent for all of us, it must be the sense of uncertainty. The last two years have felt as if there's very little we can be certain about. As a result, many organisations have moved into a state of crisis that is affecting a wide range of decisions. Out of fear, companies forego certain investments, bet on what they know rather than looking for what they don't know (and should focus on), avoid risky decisions and are hesitant in changing the way they want to mobilise and motivate their workforce. All of this makes clear that organisations and the people who populate them do not like uncertain situations. In other words, the collective brain of companies hates uncertain situations and, in reality, is…

SUPPLY CHAIN Digitalisation is the twenty-first-century challenge impacting almost every process in manufacturing industry. The COVID-19 crisis increased the speed at which companies use technology in their day-to-day procedures and demonstrated the advantage of technology to improve supply chain resilience [1]. Access to complete information about process-related supply chain activities appeared to be a critical element in reducing supply chain risks during the crisis [2]. In such times of crisis, appropriate communication within the supply chain becomes even more essential to transfer information among supply chain members, making communication a critical factor towards the actual performance of the supply chain [3]. Most communication occurs between individuals in the supply chain and is typically based on their actual need for information [5]. In addition, during the crisis, customers started to appreciate…

SUSTAINABLE FINANCE Business plays an essential role in tackling social and environmental problems. The typical approach emphasizes the need for companies to create social and environmental value while also generating profits–commonly referred to as the triple-bottom line.1 In this paradigm, investors take on responsibility to positively influence the wellbeing of society and health of the planet by selectively allocating their capital. The umbrella term of sustainable finance captures how investors engage with companies over their environmental, social and governance (ESG) issues. But how do investors decide whether to invest, divest, or engage with firms on sustainability issues? What challenges do investors face in promoting corporate change toward more sustainable business models? THE SUSTAINABLE FINANCE MENU Most agree that for asset managers to drive corporate transformations toward a greener, more inclusive,…

Good day, Dr. Mullett! Thank you for taking time out of your busy schedule to speak with us today. Are you enjoying the year so far? “Yes, thank you, it's been an exciting time. With COVID restrictions lifting, we have been able to get back to fully in-person teaching across all of our courses and resume work in our behavioural research labs at full capacity”. When did your interest in behavioural science start and how natural was your integration into the field? Mullett explains how he's been interested in predicting and understanding behaviour for a long time as he was doing his undergraduate in psychology and cognitive neuroscience. However, the courses he took focused much more on what he calls ‘normal behaviour’ than ‘abnormal behaviour’. A module in economic psychology…

ARTIFICIAL INTELLIGENCE For companies, the COVID-19 pandemic has underscored the fact that face-to-face is not always the best way to have meetings. Technological devices have made it possible to hold virtual meetings and to have it be the first option for many recruiters who are unaware of the candidate's health risks and prefer to conduct the interview virtually. The use of tools to conduct video interviews and online assessments, assisted by artificial intelligence (AI) in decision-making, has increased exponentially. Digital interviews enable companies as well as candidates to have more opportunities. Candidates who would not have been interviewed without this tool can now be considered, and processes that were previously out of reach for many stakeholders can now be applied. On the other hand, AI lacks the keen eye and…

As a society we need to break away from the traditional management mindset that leaders are at the top of the organisational pyramid and instead think about leadership as a shared responsibility. There is no such thing as a leaderless organisation, but there could be an organisation where many employees could step up as leaders. As we enter a new era of work, the question is not whether your organisation can survive in a post-Covid world. The question is whether and organisation can thrive and prosper. Great leadership is a combination of vision, experience, empathy and empowerment. A leader must provide a vision that enables their employees to see themselves in their future success and provide experience that allows their employees to learn from their mistakes, so they don't repeat…

CRISIS MANAGEMENT CATEGORISING EXTREME CRISIS SITUATIONS Generally, traditional management, leadership, and engineering education programmes address “normal” business situations, not diving deep enough into the development of management skills aimed at leading and deciding under extreme crisis. Some examples, however, as the cases posed by some explosions at industrial plants and similar infrastructures do happen, even if they are scarce. Such severe events could be categorised by being rare, but of high impact and consequences. From the Piper Alpha accident in the North Sea, to the BP Deepwater Horizon accident at the Gulf of Mexico and the Fukushima Daiichi nuclear drama in Japan; these are situations where uncertainty and potential impacts affecting lives and assets are extreme, and where the finest leadership and courage are called upon. To provide some background…

We are on the verge of a massive reconfiguration of the way in which we digitally communicate, engage with one another, and do commerce. Emerging at the same time are the Metaverse, the 3D, avatar-centric, virtual reality platform, and the decentralised Web 3.0 platform, built on blockchain, supporting 3D displays, and artificial intelligence. Working together, the Metaverse and Web 3.0 will combine to support most online communication and commerce in just a few years. While parts of these entities will stand independently, the two platforms will overlap and combine most powerfully to revolutionise the way in which we all use the Internet and host the combination of our physical and digital lives. Perhaps “phygital” best describes the new environment that is emerging, combining the terms “physical” and “digital”: “Today's consumer…

EDUCATION This paper is Part I of two articles to be published in sequence under the same principal heading. The subheading is somewhat different for these two parts, and they are very complementary. EDUCATORS ARE THE CO-FOUNDERS OF OUR FUTURE We are living in extremely disruptive times. Our world, our systems, and our foundations for working and living are out of balance, ready both to implode and explode. We teeter on the edge of collapse of all-encompassing transformation, which calls all leaders to face challenging choices. Do we view these challenges as opportunities or threats? Are we capable of launching the inward exploration, the “heroes’ journey” that is required to change ourselves and then to lead change with others and in our organisations? Do we have the courage to confront…