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In 2000, SAS Institute, the largest privately owned software company in the world, confronted the decision of whether to become a public company. The organization, know for its family-friendly policies and low turnovers, had to consider whether being a public company would adversely affect its ability to maintain its unique culture. The leadership in the organization had to address the question: If the company were to go public, what should they do to ensure its continued success?

When Rich Teerlink, now retired chairman and CEO of Harley-Davidson, became president and COO of its motorcycle division in 1987, the hard work of saving the company was already done. The company had just survived seven arduous years of crisis and was on a steady path toward growth. Realizing how much circumstances had changed, Teerlink immediately saw the need for a new kind of leadership--one far removed from the command-and-control model that had carried it through its turnaround. In this First Person account, Teerlink tells the story of how difficult it was to make that shift. In a plan to improve operations, for example, Teerlink came up with an idea for a program he hoped would motivate every employee, customer, and stakeholder. The program, called gain sharing, would allow every employee to share in the company's financial success. The problem? The program was yet another initiative created and imposed from the top. Throughout his tenure, Rich Teerlink launched several programs designed to elicit ideas, enthusiasm, concerns, and vision from employees. These initiatives--as well as other efforts toward inclusiveness--have helped transform Harley's culture and made it the success story it is today.

No one can say for certain how many millionaires have been created by Wall Street's long boom. But this new breed of employee certainly creates a whole new set of challenges for managers today. Working millionaires make motivation and retention--two hard games to play in the first place--harder than ever. And they push already steep compensation levels upward. What, then, can be done to manage millionaires in a way that makes them worth the effort, not to mention the cost? To answer this question, Suzy Wetlaufer, senior executive editor of HBR, interviewed more than two dozen CEOs, HR executives, and headhunters from Wall Street and Silicon Valley, as well as a half-dozen working millionaires themselves. Their thoughts--and the managerial imperatives they imply--have culminated in the first HBR at Large, a new department designed to explore multifaceted business ideas confronting people creating, leading, and transforming business today. Wetlaufer discovered, somewhat unexpectedly, that many executives see an upside to the rise of the working millionaire. Millionaires force companies to be far more creative--indeed, entrepreneurial--about their products and services. They push companies to keep beating their targets in the marketplace. And they compel their bosses to build a productive, healthy culture. Admittedly, some millionaires can only be kept happy with corporate jets, original art lining big offices, and world-class executive lunchroom cuisine. Indeed, millionaires are driving managerial practices that, in another time, might have been dismissed but that today are merely admission to the game. But the irony is that such practices should perhaps have been there for everyone all along.

The newly hired director of human resources for a large golf and country club near Beijing, China has just presented her human resources plan to the company founder. At issue is whether this plan--in terms of recruiting, training and development, rewards, and benefits--is directionally correct and implementable.

The Swiss watch industry has been devastated by new entrants from Asia in the low- and mid-priced watch segments. Japanese and Hong Kong firms have used quartz technology to lower costs dramatically. Nicolas Hayek, president of a Swiss consulting firm, is asked to help design a new strategy and structure for the two Swiss giants, ASUAG and SSIH, which have decided to merge. Ernst Thomke, managing director of ASUAG's manufacturing arm, also figures prominently. The case outlines options for the positioning of the new, inexpensive Swatch brand as well as a number of other flagship Swiss brands. Focuses on alignment of strategy with the structure of the new company. Topics to address include the management of change and the formulation of a detailed action plan to make the new company succeed.

Describes the course pursued by Hayek, Thomke, and others in the formation of SMH. Discusses the new strategy and its implementation, charting the dramatic recovery of the large Swiss watchmakers. Ends with an exploration of Hayek's efforts to build on SMH's successes.

Although most major corporations in the United States claim they are attempting to create a workplace environment reflective of society's diversity (race, gender, etc.), there is a lack of available information describing the successes and failures of their efforts. This note provides a legal and statistical framework for evaluating (1) the federal government's involvement in antidiscrimination efforts, (2) a history of the prevalence and resolution of discrimination claims during the 1990s, and (3) a statistical analysis of U.S. workforce demographics and compensation levels.

The Micro-Electronic Products Division of SMA has financial and organizational problems. Conflict and lack of coordination exist between functional groups. Employees do not have a sense of direction and morale is low. The cause of these problems is found in a change in business environment followed by change in organization and management. A rewritten version of an earlier case.

Focuses on the recommendations and implementation strategy suggested by the organizational development group for the division's problems. A rewritten version of an earlier case.

Supplements the (B) case. A rewritten version of an earlier supplement.

This article describes the contrasting systems of coordination and control at American and Southwest Airlines. Contrary to popular belief, the best way to achieve coordination in high velocity settings like the airline industry is not to create a flat organization based on performance measurement and little supervision. Rather it is better to build an organization based on cross-functional accountability to diffuse blame, with adequate supervisory staffing to provide coaching and feedback. Coordination benefits from strengthening this role of supervisors while weakening the role of accountability and performance measurement.

A senior human resources manager at the YUAN Group, a medium-size, multi-industry company, is reflecting on her first year on the job. She had implemented many new human resources systems, involving salary surveys, performance evaluations, bonus sharing and benefits, but these changes were not always received enthusiastically by the top management team and other employees. This case illustrates the effects of trying to implement large numbers of human resources system changes rapidly in a traditional organization.

Supplements the (A) case.

Direct foreign investment in Russia was only 1% of GDP in 1999, and Russian industry was only half as productive in that year as in 1992. Not surprisingly, the prevailing opinion is that privatization has only aggravated Russia's economic problems, and that foreign firms should avoid investing in Russia for the time being. This case study argues that, on the contrary, Russian companies can be successfully integrated within a multinational organization. It shows that an Anglo-Saxon-style revolutionary change process is not always the best way to proceed in Eastern European organizations; that the commonly accepted goals of rapid change, employee empowerment and a flatter hierarchy are not necessarily appropriate in these organizations in the short-term, moreover that even the definitions of trust, strategy and leadership can differ according to cultural context. The challenge lies in understanding the complexities the lingering influence of the Soviet planned central economy - as well as the Russian culture and management systems.

Supplement to case IN1056. Direct foreign investment in Russia was only 1% of GDP in 1999, and Russian industry was only half as productive in that year as in 1992. Not surprisingly, the prevailing opinion is that privatization has only aggravated Russia's economic problems, and that foreign firms should avoid investing in Russia for the time being. This case study argues that, on the contrary, Russian companies can be successfully integrated within a multinational organization. It shows that an Anglo-Saxon-style revolutionary change process is not always the best way to proceed in Eastern European organizations; that the commonly accepted goals of rapid change, employee empowerment and a flatter hierarchy are not necessarily appropriate in these organizations in the short-term, moreover that even the definitions of trust, strategy and leadership can differ according to cultural context. The challenge lies in understanding the complexities the lingering influence of the Soviet planned central economy - as well as the Russian culture and management systems.

Stock option grants have come to dominate the pay of top executives. But while they've made many people wealthy, their impact on business in general remains controversial. Critics say options motivate corporate leaders to boost stock values in the short run rather than build companies that will thrive over the long run. Drawing on an extensive analysis of the real-world impact of options, Brian Hall argues that the critics are wrong. Option grants are the best compensation mechanism we have for getting managers to act in ways that ensure the long-term success of their companies and the well-being of workers and stockholders. But because options tend to be poorly understood, companies often end up with counterproductive plans. The author explains the three types of option plans that can be used. Fixed value plans, for which executives receive options of a predetermined value every year, are ideal for companies that set pay according to compensation surveys, but they weaken the link between pay and performance. Fixed number plans, which stipulate the number of options executives will receive over the plan period, provide a much stronger link. The lump-sum megagrant is the most highly leveraged type of grant because it not only fixes the number of options in advance, it fixes the exercise price as well. The type of plan must be carefully matched to the company's strategy. The article is accompanied by several exhibits, including a chart entitled "Which Plan?" that succinctly sets out the weaknesses and strengths of each type of option program.

For years, partners at professional service firms considered the leap from professional to partner a function of "natural selection"--a test of survival of the fittest. But that model is on the verge of extinction: in today's firms, securing and retaining talent is becoming paramount as young MBAs, once willing to log years of hard labor in hopes of being made partner, are leaving in hordes for hot new Internet companies. So how can companies keep the talent they've worked so hard to cultivate? One way, Ibarra says, is to have partners take a more active mentoring role in helping junior professionals create a partner persona. She explains the three steps that senior colleagues can take to guide junior professionals on this journey. The first has to do with observing role models. By taking a collage approach, young professionals can survey a broad range of personalities and so accumulate a larger repertoire of possible styles to choose from. For their part, partners can assist in this observation process by communicating explicitly what styles work for them and why. The second step partners can take is to encourage professionals to develop a repertoire of role models; by working with many senior professionals, junior colleagues are more apt to find just the right mix of mentors. And third, senior people can take extra care to support young professionals at the most difficult moments in the process. Indeed, the leap from professional to partner is difficult--even trying at times. But for those willing and daring enough to take the leap--and for those who've already made it--understanding the associated psychological and emotional obstacles is critical to success.

Back in the prehistoric days of information technology--say, about 15 years ago--many companies opted to deal with the frighteningly complicated matter of "machines and men" by creating a new position: chief information officer. This newfangled executive, companies hoped, would protect and prepare them for the coming technology revolution. But now that the revolution is upon us, and as more and more companies integrate e-commerce into their corporate strategies, the role of the chief information officer is undergoing intense scrutiny. Should the CIO participate fully in strategy formulation? Is the position evolving from a technical manager to a general manager? If, in fact, the CIO role is becoming largely strategic, how much will the job overlap with that of the CEO? And what of the operational responsibilities that traditionally go along with the CIO title? Commenting on these issues are: Dawn Lepore, CIO and vice chairman at Charles Schwab; Jack Rockart, director of the Center for Information Systems Research at MIT; Michael J. Earl, professor of information management at London Business School; Tom Thomas, chairman and CEO at Vantive Corporation; and Peter McAteer and Jeffrey Elton, consultants at Giga Information Group and Integral, respectively.

This case and its B companion case explore the challenges facing an African American executive trying to manage organizational responses to diversity problems. Jeff Fairbanks, vice president for Strategic Human Resources at MOEX Corporation, had received a call the previous day from Jeri Caldwell, who related the details of what she called the "Friday blowout." She had been passed over for a promotion--the third time. During a meeting with her manager, she found herself yelling in frustration and then storming out of his office. She asked Fairbanks to meet with her to discuss what she should do next. Normally, Fairbanks would not meet informally with an employee at the center of such a volatile situation but instead would have one of his subordinates take care of it. However, Fairbanks didn't feel these were normal circumstances. Unfortunately, he didn't know how to handle the situation.

Case A: This case exposes the growing pains of an older, brick-and-mortar, company as it attempts to join the New Economy. The focus is on synergy; pushed by converging technologies and managed by a young and energetic leader, Bertelsmann attempts to overcome a history of decentralization to create a more integrated and Internet savvy corporation.