Rotman Management

world 2.0

FEW WOULD ARGUE THAT 2020 was one of the most challenging years in history — not just for organizations but for people around the world. In recent months, simple clarity has been in dangerously short supply. One of the few things we can say with some certainty is that the strategy you had in place last January is very likely no longer relevant. The seismic shifts we have seen among consumers, competitors and markets themselves inevitably raise questions about your business model’s core assumptions. Unfortunately, the focus on protecting your employees and conducting business amidst deep uncertainty has left little time to step back and explore the new world that is emerging around us. In this issue of Rotman Management, we will introduce you to some key aspects of ‘World 2.0’. We…

how to build back better

Ken Corts: Many people have spent the last few months asking, ‘When will things return to normal?’ But rather than hoping for a return to normal, both of you have talked about the need to ‘build back better’. Please explain. Sarah Kaplan: One thing that both the COVID-19 crisis and the Black Lives Matter protests point out is that our previous state of ‘normalcy’ was not that great for many people. If you think about who has suffered the most during this crisis, frontline workers are at the top of the list. And the fact is, in most cases these are people who haven’t had the same opportunities and privileges that many of us have enjoyed. Going forward, the goal can’t be just ‘to get back to where we were’. We have…

thought leader interview: rebecca henderson

The title of your book [Reimagining Capitalism in a World on Fire] indicates that the world is on fire. Please explain what you meant by that. At the most basic level, I meant that the world was literally on fire. When I finished the manuscript in early 2020, both Australia and California were burning and many of our societies were on fire with rage, anger and indignation. Months later people said to me, ‘How did you know?’ — but it has seemed to me fairly clear for at least the last 10 years that, unless we start to focus on our environmental and social problems, the situation will become increasingly dire. Sadly, many business leaders still view issues like climate change, inequality and institutional collapse as things that have nothing to do…

the wake-up call: how the pandemic has exposed the weakness of the west

ONE OF THE WEST’S GREAT STRENGTHS has been its talent for reinvention. Just when everything looks hopeless, it succeeds in regenerating itself, spurred on by new ideas, new technology and the threat of competition. Woken up, the West could do a lot, quite quickly. Our hope is that the pandemic, by exposing so many weaknesses, will force Western governments to embark on a sustained period of reform. Any renewal must involve three ingredients: basic modernization; luring talented people back into public service; and focusing the state on what it does well. They are linked. An unmodernized state that tries to do everything (and therefore does lots of things badly) will never get good people to work for it — and without better people, the public sector doesn’t have a chance of…

wellness in the age of covid: the power of social networks

THE COVID-19 PANDEMIC has affected the lives of just about everyone on the planet. Each day seems like an altered version of our previous existence, with familiar routines replaced by entirely new habits. At this point, we are well acquainted with the concept of ‘social distancing’ — minimizing close contact with others in order to reduce the spread of the virus. Among other things, this means avoiding crowded places and non-essential gatherings, wearing proper protective equipment, limiting contact with people who are at higher risk and keeping a distance of approximately two metres from others at all times. In terms of how social distancing has changed our former routines, it has meant eating out less, if at all; reducing or eliminating travel outside of the country; teenagers missing out on school dances;…

welcome to the low-touch economy

How do you define the Low-Touch Economy? Our society and the global economy have been permanently altered by COVID-19. Reduced physical interactions between employees and consumers are one of the most noticeable constraints on business-as-usual, which is why we coined the term ‘Low-Touch Economy’. My colleagues and I believe the pandemic is shaping a new era of consumer behaviour, and that successful companies will be those who adapt their business models to work with the different health measures and other challenges that COVID-19 presents. The current disruption is changing how we eat, work, shop, exercise, manage our health, socialize and spend our free time. Even the post-pandemic era will have an economy shaped by new habits and regulations based on reduced close-contact interactions and tighter travel and hygiene restrictions. Who are the…