Innholdsfortegnelse for July/August 2024 i The European Business Review

When customers make a request, they usually want to hear that magic word “yes.” So shouldn’t businesses focus on exploring ways to satisfy them? And if we really must say “no,” couldn’t we think about sweetening the pill? Well… yes! In fact, the Singaporeans have a word for it. As customers, we’ve all been there, denied a reasonable request by a rigid no, with excuses about companies’ internal rules. Can we really get what we truly desire (all the time)? In preparation for delivering the “Chief Delighting Officer1” course for the top 85 leaders of Fairmont and Swissotel in Singapore, I embarked on a unique learning journey of their unique culture. I was invited to a half-day internal workshop called “Can-Lah,” a brilliant program masterminded by the then Managing Director,…

Leaders often prioritise immediate results, but visionary leadership requires balancing shortterm gains with long-term strategy. This involves embracing flexibility, empowering teams, and fostering innovation. By shifting focus from daily operations to strategic planning and external trends, leaders can drive both immediate success and sustainable growth in a rapidly changing business landscape. When Sarah, a former client, was promoted to VP of Product Innovation at a cyber security firm, she embarked on a mission to prove herself. With a well-crafted 30-60-90-day onboarding transition plan, she aimed to quickly familiarise herself with her new team and make a tangible impact on the group’s strategy and direction. She expressed her desire to revamp the organisation’s projects, enhance the group’s capabilities, and shift their focus towards tangible results. Sarah wanted to deliver visible results…

LEADERSHIP This article proposes a range of ideas for successful organisational change in a world that has completely changed. The crucial drive for change for a new world is at the heart of business thinking today. A new definition of change is crucial for business success. The world that we once knew no longer exists. What does exist is you reading this article. INTRODUCTION Change has been posited as very important today by top journals such as California Management Review, Harvard Business Review, Stanford Social Innovation Review, and Rutgers Business Review, but what exactly does the change mean to you as a CEO? For example, the COVID-19 change is so broad that readers view it as changing everything from the price of food to the remote working environment. Many CEOs…

The 32-year rule of the Suharto New Order regime (1966-98) socially engineered gender roles in the service of authoritarian rule. The democratic reforms post-1998 have included empowerment of women, who enjoy some gains in political participation and personal autonomy while facing a backlash from conservative male voices that fight to maintain a male prerogative. Suharto’s New Order (1965-98) reshaped the political culture of Indonesia, including refashioning gender relations as an instrument of power. Defining the social role of women as wives and mothers was a central ideological pillar of the authoritarian regime that ruled for 32 years. Its “familist” ideology, in which the state supported the role of men as household heads with dominance over their wives and children, “naturalised” the strongman rule of the leader, a tactic typical of…

It has become increasingly common for companies to implement supply-chain diversity to maintain a good image and show commitment to sustainability efforts. Here are some insights into how Fortune Global 500 companies are diversifying their supply chains. As companies face growing demands for supply-chain transparency and inclusive workplaces, many especially in the US and Europe, are stepping up efforts to expand their supplier diversity. Gone are the days when companies could consider their supply chain - the complex web of third-party contractors and sub-contractors - to be independent of headquarters. An important turning point came in 2013 with the collapse of the infamous Rana Plaza in Bangladesh which killed more than 1,100 people and revealed just how little many Western fashion brands knew about who was making their clothes and…

ARTIFICIAL INTELLIGENCE Could generative AI breathe new life into the old continent? Europe’s technology deficit with North America is well documented. Last year, our research explored how the region’s lower technology maturity poses a threat to business reinvention efforts.1 The advent of generative AI, however, presents a chance to catch up, by boosting the creativity and efficiency of Europe’s large cohort of knowledge workers. We estimate that generative AI could raise the forecast rate of economic expansion across the region by 0.6 percentage points per annum over the next 15 years.2 Europe’s technology industry is dwarfed by that of the US, which is home to nearly five (4.5) times as many of the world’s 100 largest technology companies.3 What is more concerning is that companies headquartered in Europe tend to be…

Entrepreneur Andrew Barnes, founder of 4 Day Week Global, discusses the transformative potential of a four-day work week and contends that focusing on productivity rather than hours worked can yield enhanced business performance and improved work-life balance. To many business leaders, the perception of a reduced-hours or four-day week is merely another example of society abandoning the concept of working and saving hard in favour of a better work-life balance. Inevitably, it does not sit well with individuals who have been often singularly focused on climbing the corporate tree, at the expense of family and personal needs. It is viewed as yet another exercise to pander to a younger generation looking to work less at the cost of reduced profitability and output. It is in this context that 4 Day…

LEADERSHIP What makes a great leader? Can children be trained for leadership right from the cradle? In this article, Jason and Mary Sue Woldt explain how children's books and a robust reading culture help to develop emotional intelligence and the needed soft skills for managers. The great NFL Hall of Fame coach Vince Lombardi (2023) said, “Leaders are not born, they are made.” Those who believe this to be true have long tried to determine the right skill set and training to cultivate a great leader. Using successful leaders as units of study, researchers have found the defining trait separating a good individual contributor from a good manager is a high level of emotional intelligence (i.e., soft skills) (Goleman, 2017). A leader with a high level of emotional intelligence can…

In uncertain times, strategic leadership is crucial for navigating growth. Dr Peter Lorange, Honorary President of IMD, explores how executives can harness volatility to drive success. This blueprint proposes developing innovative programmes for leadership amidst economic turbulence and emerging opportunities. INTRODUCTION These are, without a doubt, uncertain times, and most leaders are, inevitably and predictably, becoming more concerned about the future. We observe throughout the world more apprehension about economic slowdowns. Yet, as in most such unstable or challenging cycles, there are several potential opportunities that may open up, as is clearly the case now in interesting new, sometimes even unexpected, directions and markets. Plus, valuations of projects and take over consolidates all are becoming more “reasonable”, and growth multiples are generally coming down. EBITA / cash multiples seem to…

Team members use much different language when describing "good" versus "typical" trading partner relationships. Through assessments, companies can measure and address relationship health, ensuring that trading partner trust remains as strong as possible in order to keep the companies' goals aligned. “Mind the gap” is a popular warning for rail passengers when going from one platform to another - but it also applies to trading partner relationships. When trust has eroded in supplier relationships, companies can find themselves worlds apart. The gap can feel insurmountable, and it can feel like you’re stretching and stepping beyond your comfort zone to maintain the relationship. In fact, there is a massive gap in how organisations feel, and the words used by team members regarding “good” versus “typical” relationships with trading partners. Think of…

In every industry sector, companies are striving to overcome organisational hurdles to enhance their efficiency and productivity. Within the risk management space, bridging the silos is crucial, given the rapid spread of risk events and the necessity for effective communication to promptly address and mitigate losses. The integration of enterprise risk management, insurance, and business continuity management proves instrumental in making companies more resilient, as evidenced by the successful case studies outlined in this article. THE CHALLENGE WITH A SILOED APPROACH TO RISK MANAGEMENT Siloed risk management practices originate from the traditional organisational structure where each department operates independently, focusing on its specific objectives without considering the broader organisational goals. Despite the evolution of management practices, siloed risk management persists in mature organisations due to established departmental cultures, lack of…

AI and machine learning are revolutionizing the banking industry. Although the phenomenon offers unprecedented opportunities for efficiency and innovation, these advancements inarguably come with significant challenges. In that light, Victor Dan explores the transformative impact of AI on banking and the critical need for vigilant risk management. In the ever-evolving world of finance, the integration of artificial intelligence (AI) and machine learning (ML) into banking operations is rapidly transforming the landscape. This technological revolution brings with it unprecedented opportunities for efficiency and innovation, but also significant challenges and uncertainties. Pablo Hernandez de Cos, Governor of the Bank of Spain and chair of the international Basel Committee on Banking Supervision, emphasized the critical need for vigilance in a Monday address in Washington. “My main message is that the use of AI…

Mental health has a massive impact on our leadership, work, and life. It heavily influences how we lead and the people we lead. Here, we explore the reasons for the impact of health on leadership and ways of enhancing employee mental health by being a healthy leader. First, we define what is a healthy leader and what is employee mental health. BEING A HEALTHY LEADER Means that you are taking care of both your physical health and mental health. You can cope with life and work, grounded and centred in your values and purpose. Your leadership style reflects your self-care and is inclusive, considerate, and mindful of other’s mental health and physical health. You work to create an organisation and culture that is decent and respectful for all regardless of…

LEADERSHIP What do you look for in a leader? Are good entrepreneurs necessarily good leaders? Hakan Kapucu takes a dive into why leaders cannot be Supermen but good humanity should be the deciding factor for an ideal leader. History has witnessed impactful business people, and today there are innovative ones. When business-related environments speak of innovation and entrepreneurship, Henry Ford, John D. Rockefeller, Elon Musk, and Steve Jobs come to mind. Reading these entrepreneurs’ lives, it is clear they are neither omnipotent nor omniscient — they can neither do absolutely anything nor do they know everything. HAVING NO CONSENSUS ABOUT THE LEADERSHIP DEFINITION Leaders are different, and so are their styles and leadership definitions. Democratic leadership style will radically differ from dictatorship, as Technoversal Leadership differs from Bureaucratic Leadership. A…

TALENT MANAGEMENT Many believe that the young generation is not interested in working, with some calling them the Lazy Generation. The concept of the Great Resignation seems to corroborate this claim. Is this really true or are young people pickier about the quality of jobs and their prevailing conditions? This is a relatively new concept. It has also been known as the Big or Quiet Quit or even the Great Reshuffle. It is associated with the idea that over the last five years, large numbers of people in Western countries have resigned from their jobs. It is a unique, sustained, and very worrying mass exodus of, typically, young people from their (mainly full-time) jobs. Some call it a general strike. It is primarily the Millennials and Generation Z who resign.…

CIRCULAR ECONOMY Leading companies such as Philips, Renault, and IKEA are embracing circular business models to reduce environmental impact and promote sustainability. This article explores strategies for engaging stakeholders in the circular economy, and proposes effective practices for driving systemic change. What do Philips, Renault, Solvay, Fairphone, H&M Group, IKEA, and Intesa Sanpaolo have in common? All these companies have committed to (partly) adopting circular business models oriented towards slowing down, narrowing, and / or closing resource loops. These actions are critical in reducing the burden on our finite natural resources and promoting a circular economy, which starkly contrasts with the prevailing linear “take-makewaste” model that leads to a rapid depletion of natural resources. In fact, according to the World Bank1, the current global demand for natural resources exceeds our…