Category: Management

A leadership skill you can't afford not to perfect

Posted by MIT Sloan Executive Education - 22 days ago

Quick. Name the top three leadership skills that define a good executive. If you didn’t mention negotiation, you’re missing a big one. Knowing how to negotiate is not only one of the most important leadership skills, it’s also one of the most empowering, according to MIT Sloan Professor Jared Curhan.

Negotiation

As executives and leaders, we are called upon to negotiate every day. Sometimes a negotiation is necessary to resolve a critical issue like hiring or firing a team member. Other times, it might be as mundane as deciding who will make the coffee run. Regardless of the scope of the negotiation, knowing how to negotiate is a core leadership skill and one that executives can benefit from honing. Professor Curhan says negotiation is “how we achieve things in the world. Negotiation is a potentially powerful and transformative tool. It’s something all of us do all of the time. And for many, it’s a source of control.”

What defines a successful negotiation experience?

Although we negotiate often, it might not be something we enjoy. In fact, for many people negotiating is difficult and uncomfortable. Professor Curhan explains there are several behaviors that can make the difference between a successful or unsuccessful negotiation. One of the first steps in any negotiation process is to ask the right questions. Curhan says the most important question is “What don’t I know?” or, what is it that I am most worried the other person will ask? Preparing answers to these kinds of questions is a good place to start. Furthermore, Professor Curhan says the preparation for a negotiation “is 90% of the determinant of whether you will be successful in the negotiation.”

Next, says Professor Curhan, it’s important to find some common ground from which you can both begin. If there are areas where you and the other person are in agreement, you’ll be starting from a positive position and also conveying a cooperative attitude. Balance is key. “The challenge is to balance the tension between empathy and assertiveness … there are certain things you want to accomplish, but you also want to maintain the relationship.”

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Is your online persona projecting the right image?

Posted by MIT Sloan Executive Education - 1 month and 9 days ago

"In our digital age, it's no surprise that the use of video is increasing in all industries, whether it is in a business setting to encourage employees to take action, teaching videos to train employees, or videos to boost morale," says MIT Professor Edward Schiappa. "Videos are a powerful medium and if we want to encourage people about certain behaviors, it is more powerful to show and not just tell through a visual channel."


profile

The expression "a picture is worth a thousand words" may have started as an advertising slogan, but there is no question that visual images are just as powerful in today's digital age as they were in predigital society. In fact, in a society where people often meet for the first time via LinkedIn, Twitter, Facebook, YouTube, or Instagram, visual elements are an important part of an online profile, professional or otherwise. The question to ask is, "Are you the master of the visual messages that you are sending personally, professionally, or on behalf of your organization?"

As a society, we innately make inferences based on images and often make snap judgements from those inferences. In turn, those judgements affect how we are perceived by the people we want to influence in our daily lives, whether they are friends, family, or potential employers. According to Edward Schiappa, MIT Professor and expert in the field of digital communications, there are three things to think about when it comes to visual persuasion in the digital age and identifying who you are online.

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Price optimization: Q&A with Professor Simchi-Levi

Posted by MIT Sloan Executive Education - 1 month and 6 days ago

MIT Sloan Executive Education recently hosted the latest in its INNOVATION@WORKTM webinar series, entitled “The New Frontier in Price Optimization," with MIT Professor David Simchi-Levi. The webinar, now available on demand, which drew hundreds of attendees from across the world, presented recent breakthroughs in the development of models that combine machine learning and optimization for pricing that significantly improve revenue and reduce inventory risks

During the webinar, Simchi-Levi presented a case study on Rue La La—an online retailer with whom he worked that offers invitation-only flash sales—to answer the question: “How can we generate an effective forecast for a product we’ve never sold before?” His second example, Groupon, a daily deal website and mobile application offering things to do, see, eat, and buy, focused on how to combine forecasting with learning on the fly to understand the probability that a customer will purchase a product at a specific price. Simchi-Levi’s third case-in-point was the story of B2W Digital, the leading e-commerce company in Latin America, which took price optimization even further by leveraging forecasting, learning on the fly, and optimization.

The event included a live question and answer session and was immediately followed by a Facebook chat with the webinar audience. Recently we spoke with Professor Simch-Levi to dig deeper into the topic of pricing optimization.

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Could a scandal like Volkswagen's happen to your organization?

Posted by MIT Sloan Executive Education - 1 month and 13 days ago

Volkswagen

Just over seven months ago, MIT Sloan Senior Lecturer Otto Scharmer wrote in the Huffington Post about one of the top headline-grabbing stories: Volkswagen's diesel deception scandal. Unfortunately for Volkswagen, the scandal shows no signs of going away any time soon. It was only recently that a federal court in San Francisco announced a settlement where Volkswagon would fix or buy back nearly 500,000 diesel cars in the U.S.

There are still more components to settling the issue. According to the New York Times, "Lawyers in the case are still negotiating the fines that Volkswagen must pay, as well as the compensation that owners will receive." The same article cites Kelley Blue Book as estimating the "cost of buying back all the cars in the U.S. at $7 billion." Then, of course, Volkswagen has to address the same diesel emissions issue in Europe.

One might wonder how a highly respected automobile manufacturer and global brand could intentionally deceive its customers and the public to this extent. According to Scharmer, "The VW disaster is a leadership failure of epic proportion. It's connected to a leadership style and culture that, until now, was the source of incredible pride and success." As Scharmer points out in his Huffington Post article, that culture "prevented leaders from reading and recognizing information that, in a culture of fear and control, no one ever wants to communicate upwards--thereby preventing the company from learning as a system."

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Productivity tips that keep us efficient and productive every day

Posted by MIT Sloan Executive Education - 1 month and 15 days ago

Productivity

Often it's the small tasks that wreak havoc in an already overscheduled day at the office. How can we, as business professionals with never enough time to complete the tasks at hand, better utilize the time we have to get things done?

MIT Sloan Senior Lecturer and productivity management guru Robert Pozen says there are some simple things we can do every day to make ourselves more productive and make our work day more efficient. In his short course, Maximizing Your Personal Productivity: How to Become an Efficient and Effective Executive, he identifies culprits of an unproductive day, some of which may come as a surprise and others all too familiar.

  • As a manager, one of the best ways to make good use of your time is to delegate the tasks that can be completed by your direct reports. As an executive, it's important to focus on the tasks that you do well--usually the "bigger picture," more strategic items. Learn to delegate the rest.
  • Most executives have annual goals they are working towards. Focusing on long-term goals and connecting them to your daily schedule is an efficient way to reach those goals. Breaking them down into smaller, more reachable goals that can be tackled every day helps.
  • We all know email can be the stealth time killer. How often has each of us intended to check our email for just a few minutes and discovered we are still at it 45 minutes later?
  • By all means, take care of email, but don't get overruled by it. Pozen uses the 80/20 and the OHIO rules. Respond to only 20 percent of all of our emails. Deal with those immediately and forget the rest. In addition, only open each email once--the old “Only Handle it Once (OHIO) rule.

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A personal story of accomplishment: Jackie Caniza

Posted by MIT Sloan Executive Education - 2 months and 8 days ago

By Colleen Berger, Program Director, MIT Sloan Executive Education

Jackie Caniza at MIT Sloan

As a Program Director at MIT Sloan Executive Education, I have the good fortune of meeting many interesting, successful people from a variety of industries. I truly enjoy getting to know our participants and hearing their stories, and I would like to share a recent one with you.
Jackie Caniza is a Success Coach and HR Consultant at Business Hat, Inc. in the Philippines. After a 15-year career in corporate HR roles, she took a calculated risk and decided to start her own consulting business. Realizing she needed two separate educational tracks in order to succeed, she pursued her coaching certification while simultaneously evaluating executive education programs that would teach her the necessary business skills for starting and sustaining a business.

Jackie's father, a steadfast proponent of engineering and technology, had always aspired to spend time at MIT and suggested Jackie consider a program at the MIT Sloan School of Management. Given the considerable costs associated with starting a new business, Jackie was skeptical about being able to take on an additional commitment. But her father persisted, even offering to split the cost with her because he felt so strongly about the opportunity and the results it would produce.

In the fall of 2012, Jackie enrolled in four MIT Sloan Executive Education programs and earned an Executive Certificate in Management and Leadership. She was thrilled with her experience and the value of the education which could be immediately applied to her new business. End of story ... or so she thought.

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Is the tech industry overlooking half its talent pool?

Posted by MIT Sloan Executive Education - 3 months and 1 day ago

There is much talk as of late over the lack of women working in and leading organizations in the technology industry. For example, a report by the American Association of University Women concluded that women made up just 26% of computing professionals in 2014, a substantially smaller proportion than 25 years ago and about the same percentage as in 1960. Women in engineering roles in the US are even less represented, making up 12% of working engineers.

Mitra Best

MIT Sloan Executive Certificate holder and U.S. Innovation Leader at PricewaterhouseCoopers, Mitra Best, may have said it best in her recent blog post on CIO Dashboard: "It is ironic that while technology has broken many barriers to innovation, barriers to women’s engagement are rising." Mitra recalls her time as an undergraduate in computer science in the late 80s, when approximately 30% of computer graduates were women. She had assumed at that time that we’d reach parity in 10 to 15 years and was recently disappointed to learn that, in 2015, only 18% of computer graduates in the US were women.

Unfortunately, the underrepresentation of women in tech is, for the most part, a global phenomenon. In the U.K., women represent only 17.5% of computing professionals, and only 8.2 percent of engineers. In Israel, known for its thriving tech scene, women compose only 12% of PhD graduates in engineering and only 15% of professors in STEM subjects.

There is hope. Female scientists, technologists, engineers, and mathematicians worldwide are breaking barriers and making incredible contributions to their fields, despite the odds. Projects like The Internet of Women, an upcoming book and global community to support women in technology founded by leaders from Cisco and New York Institute of Technology, prove that there are exciting cultural shifts taking place around the globe. Some of these achievements, particularly in the Middle East and Africa, are in part driven by the UN's Sustainable Development Goals and Millennial Development Goals, which emphasize gender equality and technology education for girls, respectively.

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The Greater Boston Executive Program is back!

Posted by MIT Sloan Executive Education - 5 months and 14 days ago

After a brief hiatus, the Greater Boston Executive Program (GBEP) is back. Now in the hands of MIT Sloan Executive Education, this popular course was developed almost six decades ago by a partnership formed among MIT and various companies in the Greater Boston area. The program remains supported and guided by a Board of Governors made up of representatives from several Boston based firms, including the Federal Reserve Bank and Raytheon BBN Technologies.

The original goal was to create a management development program for mid-level managers who wanted to move into executive leadership roles. These forward-thinking companies recognized that fostering continuing education in management principles was essential for those who wanted to move up in their firms. Although many of the initial organizations were already participating in in-house management programs, they found there was something missing: a supplementary program that would expose participants to current thinking in management philosophy without taking them away from their respective workplaces for long periods. With the help of MIT's Howard W. Johnson, then President of MIT, the GBEP was established and held its first course in the spring of 1958. 

While the current program has its roots in the original one, it has been shortened, refreshed, and relaunched as part of the MIT Sloan Executive Education portfolio. Today, as before, the program offers the benefits of seminar discussions among participants--representatives from companies based in Greater Boston--while providing managers with current, research-based frameworks for understanding and improving leadership capabilities, the implementation of organization changes, and the management of human resources. 

According to MIT Sloan Professor John Van Maanen, who is Faculty Director of GBEP and one of three faculty members who teach in it, the program's frameworks and modules are complemented by the small class size and close student-faculty interaction, as well as the diversity of topics and participant backgrounds.

"I know of no other open enrollment executive course that fosters the amount of mutual learning over an extended period of time as the Greater Boston program," says Van Maanen. "The local character ensures relevance and uniqueness across a variety of companies and industries."

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