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There's a secret about strategy that no one tells you: Every function has one, whether or not it is written down and whether or not it is the product of an official strategic-planning process. If functions do not adopt a strategy consciously, they almost inevitably end up defaulting to one of two unconscious models, both of which are likely to result in their becoming a drag on corporate performance rather than a driver of it. Most leaders acknowledge that companies and business units need strategies. But for corporate functions--shared services such as IT, HR, R&D, finance, and so on--the need for strategy is less widely understood. In many firms, functions just exist, serving the company in whatever manner and at whatever scale the business units demand. In this article, the authors describe the problems of the unconscious strategies and outline a strategy-making framework to help functions strengthen the capabilities that set their company apart.

Grief is a universal human experience, yet workplace culture is often inhospitable to people suffering profound loss. Managers come to work prepared to celebrate births and birthdays, and even to handle illnesses, but when it comes to death, they fall silent and avert their gaze. The default approach is to try to spare the office from grief, leaving bereaved employees alone for a few days and then hoping they'll return expediently to work. This article provides guidance on how to humanely help team members return to productivity. Grief rarely unfolds in a neat progression, and managers should understand the phases the bereaved will experience and the most helpful response to each. Immediately after a death, acknowledging the loss without making demands is the best a manager can do. After grieving employees are back on the job, managers should be patient with inconsistency in performance and attitude. And as workers eventually emerge from mourning, managers should support this opportunity for growth. In confronting grief, managers help fulfill their promise to bring out the best in their employees.

Companies that introduce sustainable offerings face a frustrating paradox: Most consumers report positive attitudes toward eco-friendly products and services, but they often seem unwilling to follow through with their wallets. The authors have been studying how to encourage sustainable consumption for several years, performing their own experiments and reviewing research in marketing, economics, and psychology. The good news is that academics have learned much about how to align consumers' behaviors with their stated preferences. Synthesizing these insights, the authors identify five approaches for companies to consider: use social influence, shape good habits, leverage the domino effect, talk to the heart or the brain, and favor experiences over ownership.

Marvel Studios has redefined the franchise movie, in part by finding the right balance between creating innovative films and retaining enough continuity to make them all recognizably part of a coherent family. The authors analyzed 338 interviews with producers, directors, and writers and 140 reviews from leading critics. They digitally analyzed each movie's script and visual style and examined its network of actors and behind-the-scenes workers. They argue that Marvel's success rests on four principles: (1) selecting for experienced inexperience, (2) leveraging a stable core, (3) continually challenging the formula, and (4) cultivating customers' curiosity.

If you're passionate about your career--and about being a great mom or dad--you're facing an ongoing struggle for at least 18 years. But you can learn techniques to reduce the stress and successfully balance your professional and family roles. The author, an executive coach who specializes in helping working parents, suggests that you start by identifying the kinds of challenges you're confronting. There are five core types: those involving transitions (such as returning to work after parental leave, or hiring a new caregiver); practical challenges (dealing with errands, appointments, and all your other responsibilities); communication issues (conversations and negotiations about working-parent matters); feelings of loss (fear that you're missing out at work or at home); and identity concerns (uncertainty about your priorities and how you define yourself). To mitigate these challenges, the author recommends five powerful strategies: (1) Rehearse to prepare for transitions; (2) audit your commitments and plan your calendar so that practicalities don't overwhelm you; (3) frame your working-parent messages effectively; (4) use "today plus 20 years" thinking to put losses into perspective; and (5) revisit and recast your professional identity and brand.

The famed fashion designer describes why she waited until age 40 to launch her own business, what she learned from working for Ralph Lauren, and how she balances her two roles as creative director and business head.

CEOs often talk about wanting to create a high-performance culture--but many go about it ineffectively. New research from Gartner, based on surveys and interviews with HR leaders around the globe, identifies three common pitfalls. Instead of using single buzzwords to describe the culture they aspire to--collaborative, innovative, and so on--leaders should illustrate it by acknowledging the tension between the ideal and the present reality. They should avoid measuring culture with data alone and seek unfiltered feedback from open-response survey questions and by encouraging employees to speak up at any time. And they shouldn't forget to alter policies to support the desired cultural change. The article includes a Q&A with Oscar Rivera, the chief culture officer of the Guatemalan conglomerate CMI.

A new study looked at what happens when auto owners get ratings on their driving immediately from an app. The surprising finding? Their driving usually gets worse.

For legacy companies, culture change is often the biggest challenge of digital transformation. How can they become more agile and innovative without alienating their best employees or wrecking their best existing practices? This article provides a framework for leaders in any industry. The process begins with understanding four key values of digital culture: impact, speed, openness, and autonomy. It then involves adopting or refining a set of digital-ready practices, grounded in these values.

Blockchain technologies are benefiting from significant interest in both societal and business contexts. Cryptocurrencies like bitcoin have grown rapidly in user adoption over the past 8 years. However, blockchain technologies, which fuel cryptocurrencies, have the potential to extend to other business applications even more profoundly. Blockchain can be leveraged to drive innovation and increase efficiencies in new domains-including digital arts management, supply chains, and healthcare-but there remain technical, organizational, and regulatory headwinds that must be overcome before mass adoption can occur. In this article, we provide a brief history of blockchain and identify some of the key features that have enabled its popular uptake in the world of cryptocurrencies. We discuss how blockchain technologies have evolved from traditional software and web technologies and then examine their underlying strengths and evaluate new, noncryptocurrency use cases. We conclude with a look at the limitations of blockchain and present several important factors for managers considering blockchain implementation within their organizations.

In a global marketplace, customers are often unaware of the exact sources of the products they purchase and consume. To address this lack of awareness, blockchain technology can be implemented in supply chains to increase customers' knowledge of products' provenance. Provenance knowledge-information about products' origin, production, modifications, and custody-enables customers to be assured of their purchasing decisions. This assurance comes from information on the origin, authenticity, custody, and integrity of the product that helps reduce risk perceptions. We develop a provenance knowledge framework and show how its application can enhance assurances and reduce perceived risks via the application of blockchain. We present a guide on how to implement blockchain to establish provenance knowledge and close with a kind warning on the importance of demonstrating the value of blockchain to customers.

Much of the attention surrounding blockchain today has focused on financial services, with very little discussion about nonfinancial services firms and how blockchain technology may affect organizations, their business models, and how they create and deliver value. In addition, some confusion remains between Blockchain (capital letters) and blockchain (lower case), distributed ledger technologies, and their applications. Our article offers a primer on blockchain technology aimed at general managers and executives. The key contributions of this article lie in providing an explanation of blockchain, including how a blockchain transaction works and a clarification of terms, and outlining different types of blockchain technologies. We also discuss how different types of blockchain impact business models. Building on the well-established business model framework by Osterwalder and Pigneur, we outline the effect that blockchain technologies can have on each element of the business model, along with illustrations from firms developing blockchain technology.

The ongoing discussion on blockchain technologies is mainly focused on cryptocurrencies, but blockchain features and functionalities have developed beyond financial instruments. As the technologies provide new functionalities, the associated value proposition changes as well. This study explores the relationship between blockchain technologies and their underlying value drivers. Four identified distinct blockchain stages of increased maturity are analyzed and discussed. This covers the evolutionary technology types focused on transactions, smart contracts, decentralized applications, and the introduction of artificial intelligence supporting decentralized decision making. In addition, we address management issues around appropriate blockchain adoption through the use of a blockchain value driver driver-focused framework that gives decision makers actionable questions and recommendations. We provide practitioners with a method for assessing suitable blockchain adoption that addresses the specific value creation associated with a given organizational strategy. For academics, we critically identify and assess the characteristics of the blockchain stages and their strategy implications and provide a structured approach conceptualizing blockchain technology evolution.

Following the uncertainty of regulatory reform under Brexit and the new Trump administration era, this installment of Accounting Matters explores the future of international financial reporting standards (IFRS). I interviewed Mr. Hans Hoogervorst, Chairmanof the International Accounting Standards Board (IASB), and Mr. Michael Izza, Chief Executive of the Institute of Chartered Accountants in England and Wales (ICAEW). The two give their opinions on what they see as the lasting impact of Brexit and the Trump era on their organizations and accounting standards internationally.

This article introduces a new concept, embedded ethics, to explain the subtle impact that complex systems and structures have on ethical outcomes. We define embedded ethics as the entrenched complex of networked structural indicators that subtly and silently direct actions in the form of normalized industrial, organizational, and/or functional-role behavior. We then describe two examples-one from the legal systems (corporate governance) and one from business (shareholder value)-to demonstrate the usefulness of this concept in helping to identify opportunities to improve unethical outcomes in systems in which actors otherwise are understood as just doing their job. The concept of embedded ethics is especially critical in our too-big-to-fail corporate environment and Post-Internet Age of technological innovation.

Despite considerable recent advances in big data analytics, there is substantial evidence that many organizations have failed to incorporate them effectively in their own decision making processes. Advancing the existing understandings, this article lays out the steps necessary to implement big data strategies successfully. To this end, we first explain how the big data analytics cycle can provide useful insights into the characteristics of the environments in which many organizations operate. Next, we review some common challenges faced by many organizations in their uses of big data analytics and offer specific recommendations for mitigating them. Among these recommendations, which are rooted in the findings of strategy implementation research, we emphasize managerial responsibilities in providing continued commitment and support, the effective communication and coordination of efforts, and the development of big data knowledge and expertise. Finally, in order to help managers obtain a fundamental knowledge of big data analytics, we provide an easy-to-understand explanation of important big data algorithms and illustrate their successful applications through a number of real-life examples.

The labor market has long included individuals seeking nonemployee, alternative work arrangements. Now, alternative work arrangements such as freelancing, independent contracting, and temporary contracts have entered the lexicon through the following terminology: the gig economy, the sharing economy, the YouEconomy, agile workforce, and contingent workers. There are currently an estimated 18.6 million independent contractors engaged in direct selling. This article reports the first attempt to empirically investigate and document both the economic and social impacts of direct selling in the U.S. Our findings suggest that direct selling has a consequential impact on the U.S. economy and that the direct selling experience fosters a variety of skills that benefit professional activities as well as the personal lives of millions of independent workers.

Strategy is an important tool for competitive success and how firms formulate and implement strategy is widely discussed in both the academic and practitioner literature. Historically, there has been a divide between strategy formulation and execution. Strategy formulation has largely been associated with top management teams, while implementation was assigned to middle and lower-level managers. Organizations can benefit from broadening the strategy formulation process to include a range of both external and internal stakeholders. In this article, we explore the promise and risks associated with open strategy and offer some suggestions for overcoming associated dysfunctions.

While previous studies and management conventions often adopted a finance-centric perspective of cross-border mergers and acquisitions (CBM&A or CBA), we demonstrate that CBA can be an effective platform upon which to build a global corporate social responsibility (CSR) program and that CSR initiatives can be customized for different locales. These CSR-CBA interconnections and customizations respond to a range of stakeholder interests associated with both national and societal institutional factors. We develop a managerial framework for the CSR-CBA setting and illustrate the framework with an exemplar of international expansion through acquisitions combined with the international development and implementation of CSR.

The purpose of this article is to describe how innovative organizations work beyond traditional overlays of rules, hierarchy, and process. This cultural context is best described as tribal and can be framed as seven key instincts: ambition, emergent structure, roles and responsibilities, trust, navigation, resolve, and sacrifice. This tribal approach provides a useful framework for organizations seeking to improve their predisposition for discovering extraordinary ideas.