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 As a result, management has become an outdated art.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.