The 10 Commandments of Salary Negotiation

The largest salary increase I’ve helped get was for a female FAANG executive: I helped her get $5.4M more on her offer. Through the process, it struck me that even though she was a senior leader everyone admired (you’d 100% know of her if I told you her name), she had very little knowledge of how to negotiate. Don’t get me wrong — she knew how to ask and be assertive, but she was much less comfortable “playing the game.”

And she’s not alone.

Regardless of how senior or junior you are, most tech folks struggle with negotiation. Partially this is because compensation is set up to be intentionally misleading. Partially it’s because sticking up for yourself is nerve-racking AF.

Here are the 10 commandments to negotiation I wish everyone knew:

1. Negotiation starts earlier than you think

Every recruiter worth their salt will ask about your salary expectations when you first start interviewing. Do not — I repeat, do not — give them a number.

What to do instead: Ask for the range they’re budgeted for the role.

How to say it: “Can you tell me the salary band for this level? Happy to let you know if it’s within my range, and we can discuss specific numbers later when I’ve met the team.”

Bonus points: If you’re junior/mid, time all your interviews so you get offers around the same time. If you’re senior, get some press before you start meeting folks.

2. Mine for intel during interviews

Go into the interview ready not just to answer questions but to ask some of your own. You will use this as ammunition to negotiate later. Here are a few examples of what you should ask:

  • What’s the biggest priority for the team right now?
  • Why is this role open?
  • What’s the biggest challenge for someone stepping into this role?
  • How does the org structure on the team work?

3. Don’t give in to the pressure

Once you’ve been offered the role, the recruiter’s job shifts from evaluating you to closing you. Most experienced recruiters will ask you again to put up a number for your salary. Clever recruiters may even tell you that they “will go to bat for you.” Yeah, no thanks.

What recruiters say: “If you give me your number, I will make it happen for you.”

What they mean: “I’ll get you something lower, but kinda close to what you asked for.”

4. At FAANG, your recruiter may have no say at all

At FAANG-size companies (i.e. over 5K employees), compensation is heavily formulaic. In fact, there is often a separate team — the “compensation committee” — who sets your salary. They take into account your background, interview performance, and level. They give the recruiter a number to go with. The recruiter then gives you the number, and every time you negotiate they have to go back to that committee to ask for a re-evaluation.

What do clever recruiters do? They get your number up-front to save some legwork.

Unfortunately, this may hurt your chances of getting more on your offer later. It also deprives you of some valuable data — where you fall in the level/salary band. If you get caught in this loop, quickly turn the tables: most companies will consider “new information,” like another offer, to reopen a negotiation. Don’t forget, an offer to stay from your existing company also counts!

5. Read between the lines

Your initial offer speaks volumes, if you know how to interpret the data. Here are a few scenarios you should consider:

Let’s say you’re applying for an L6 role at a big company.

Initial offer comes in low: The team may have felt that you have a lot of “room for growth.” In this case, my advice is to dig deeper and ask the interviewer to share feedback from folks who met you to fix any misconceptions before you ever negotiate. Telling someone you want more money because you’re “the greatest PM ever” while the team felt you were “meh” is not going to fly.

Middle of the road: You got “the number” (the medium opening number that’s basically a template recruiters use). It’s the most common opening offer — companies do this to reduce risk of lawsuits. Over 80% of people get it. It likely means you don’t have a strong advocate on the interview loop. Do not negotiate until you match with a team and you have a manager batting for you.

Initial offer comes in top-of-band: There was likely a discussion about giving you a higher level. Many times in this case, you can push for an “out-of-band” offer — essentially getting paid for an L7 while you’re an L6.

6. At a startup, the playbook is different 

You may be dealing with the founder directly. It’s very likely there is no range for the role, as smaller companies have much less access to salary data. The goal at the initial offer conversation is to understand three things:

That last one can be tricky because you need data the recruiter may be reluctant to give — the option strike price, preferred price, number of outstanding shares — and you need to understand how options work. At last, get ready to ask:

“What is the valuation based on?”

And get ready to not get a straight answer until you’ve asked five times (yes, this is normal).

TL;DR: Ask the questions an investor would ask because, *news flash*, you are now an investor — but instead of cash, you’re staking your time and earning trajectory on the company’s success. You can meet with the investors too; it’s 100% OK to ask for that when the company is early-stage.

Lastly, 2021 has been a weird year for startup compensation, so much of the data from previous years is unreliable. Remote work, abundant access to capital, and greater trust in international talent have skewed things quite a bit. Still, I find the Holloway Guide ranges to be a good starting point.

7. Your job is to win hearts and minds

It can be tempting to think you need to negotiate now that you have data. Nope, not yet. The next step, instead, is to upsell your worth before you come back with any kind of counteroffer. This is especially important if you’re going for a senior role.

What to do next: Ask for follow-up meetings with decision makers. If you’re a Director or higher, you can usually ask to meet with any VP and possibly C-level execs. VPs can often meet with the CEO and even board members. Take your time; this is important if you want your salary to reflect your value. If everyone wants you, you’ll be calling the shots later.

How to run these effectively: Come prepared with three things, tailored to who you’re meeting:

  • Questions about how you can create meaningful impact
  • Ideas based on your interviews so far
  • Bonus points: discussing obstacles to your taking the role and making them sell you on it

8. OK, now get some good data

Did you know that women make only 47 cents in equity for every dollar a man makes? A HUGE reason for that is that many women don’t fully evaluate their offer before negotiating. Let’s change that. Particularly if you are a woman, ask yourself these questions:

9. Comparing offers

Not all offers are made equal — in fact, they are intentionally confusing. At Google, you may get a front-loaded vesting schedule on your stock; at Amazon, sizable cash bonuses the first two years. It seems obvious that you should look at the comp, but that’s not everything:

  • Which company has a better trajectory?
  • How do promotions work?
  • Is your manager influential enough to pull for you when needed?
  • Is your product or team visible enough to get good resourcing?
  • What’s the company brand worth to your earnings trajectory?

TL;DR: Getting paid more up-front doesn’t always mean you’ll make the most overall. Plan carefully.

10. Time to make an ask

It can be awkward to ask for more money, but trust me, everyone expects you to do it. On top of that, it doesn’t help that so much of the advice out there is conflicting. Let’s set the record straight:

“I need a competing offer.”

MYTH: You absolutely do not need multiple offers. Just being able to say you’re speaking to other companies is sufficient — you can quote the expected salaries for other roles if needed.

“I need to provide copies of my other offers.”

MYTH: Nope, nope, nope (even though Google in particular loves to ask for them). You signed an NDA before every interview, so you can always use that as a reason.

“I should send the recruiter an email with my ask and justification.”

MYTH: Negotiating via email = MAJOR CRINGE and definitely a worse outcome. I know there are folks selling fill-in-the-blank templates out there. My advice if you want a meaningful/large increase is to have the conversation over the phone.

“If I find a number online, I can quote it as a reason to get more.”

MYTH: Nothing boils a recruiter’s blood more than “It says X on Glassdoor.” Compensation is an exact science — have arguments prepared that are specific to your situation.

“The best way to get more is to reiterate how qualified I am.

MYTH: You already got interviewed and everyone’s read your resume. That’s how you got your initial offer; now you need to build additional arguments. Use the information you collected during the interview about what challenges the team is facing — maybe that increases the scope of the role? Discuss why leaving your current role will be hard — are you critical to your current team? In other words: instead of asking for money, make them give you more money by bringing in obstacles the recruiter needs to overcome to close you.

“I need to be aggressive and threaten to walk if they don’t match.”

MYTH: LOL, let me know how that goes for you. My guess is you’ll get a mediocre increase worded as a “final offer.” If you want big moves, I’m talking $100K+ more, you need to collaborate with your recruiter, not make them an enemy.

As a final word of wisdom: Start with negotiating your overall compensation, not individual components. For example, ask for “500K” and then the next round ask “Can I have X more equity?” Then, when you’ve exhausted all other avenues, ask for a signing bonus. If you still need more help, you can always read our guide.

Now that you’ve got all these RSUs in your compensation…

If your new RSUs are more than 10% of your liquid net worth, you should make a plan to diversify ASAP. Holding a concentrated position can translate into greater portfolio volatility, which has been shown to reduce compounded growth rates and future wealth. At Candor we help you automate RSU diversification by converting your stock weekly, even during blackout periods. You can find us here.

Thanks, Niya!

Till next week, and have a fulfilling and productive week 🙏


🔥 Featured job opportunities

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  7. Permutive: Senior Product Manager (NYC)
  8. CloudTrucks: Product Manager-Console (SF)
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  10. HomeLight: Senior Product Manager, Listing Management (SF, Phoenix, Seattle)
  11. Perfect Recall: Founding Fullstack Engineer (Waterloo)
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Browse more open roles, or add your own, at Lenny’s Job Board.

 

By: Lenny Rachitsky

Guest post by Niya Dragova, co-founder of Candor

Source: The 10 commandments of salary negotiation – by Lenny Rachitsky – Lenny’s Newsletter

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5G Technology Begins To Expand Beyond Smartphones

Proponents of 5G technology have long said it will remake much of day-to-day life. The deployment of superfast 5G networks is believed to herald a new era for much more than smartphones – everything from advanced virtual-reality video games to remote heart surgery. The vision has been slow to come to mind, but the first wave of 5G-enabled gadgets is emerging.

Last among the first uses of 5G to enter the consumer market is the delivery of home broadband Internet service to cord-cutters: those who want to not only drop their cable-TV bills but also give up internet access via wires altogether. give. For example, Samsung Electronics Co. has partnered with Verizon Communications Inc. to offer a wireless 5G router. Which promises to provide broadband access at home. The router takes a 5G signal just like a smartphone.

Other consumer devices that are starting to hit the market include 5G-compatible laptops from several manufacturers, all of which are faster than other laptops and offer high-quality video viewing when connected to a 5G network. (The laptop requires a 5G chip to make that connection.)

In the latest: Lenovo Group Ltd., in association with AT&T Inc., in August released a 5G laptop, the ThinkPad X13 5G. The device, which started shipping last month, comes with a 13.3-inch screen and retails for around $1,500. Samsung also introduced a new laptop in June that offers 5G connectivity. The Galaxy Book Go 5G has a 14-inch screen, and retails for around $800.

OK, but what if you want a 5G connection on your yacht, miles offshore? You have good luck. Meridian 5G, a Monaco-based provider of internet services for superyachts – the really big ones – advertises 5G Dome Routers, a combination of antennas and modems that are within about 60 miles of the coast to access 5G connectivity. Allows sailing. Hardware costs about $17,000 for an average-sized Superyacht.

America is ready for China’s Huawei, and it just happened

Of course, all of these gadgets are only useful where 5G networks are available, which still doesn’t cover a lot of locations, onshore or off. The same holds true for new drone technology unveiled by Qualcomm Inc in August with 5G and artificial-intelligence capabilities. The company says the technology called Qualcomm Flight RB5 5G Platform enables high-quality photo and video collection.

Drones equipped with 5G technology can be used in a variety of industries, including filming, mapping and emergency services like firefighting, Qualcomm notes. For example, due to new camera technology enabled by 5G, drones can be used for mapping large areas of land and for rapidly transferring data for analysis and processing.

Proponents of 5G technology have long said it will remake much of day-to-day life, bringing the so-called Internet of Things to a point where you can name any number of devices—home and office appliances, Industrial equipment, hospital equipment, vehicles, etc.—will be connected to the Internet and exchange data with the cloud at a speed that will allow for new capabilities.

“The goal of 5G, when we have a mature 5G network globally, is to make sure everything is connected to the cloud 100% of the time,” Qualcomm CEO Cristiano Amon said at a conference in Germany last month.

But it will take years for 5G devices to become widespread, analysts say, as network coverage expands and markets develop for all those advanced new products.

By: Meghan Bobrowsky

Meghan Bobrowsky is reporter with the tech team. She is a graduate of Scripps College. She previously interned for The Wall Street Journal, the San Francisco Chronicle, the Philadelphia Inquirer and the Sacramento Bee. As an intern at the Miami Herald, she spent the summer of 2020 investigating COVID-19 outbreaks in nursing homes and federal Paycheck Protection Program fraud. She previously served as editor in chief of her school newspaper, the Student Life.

Source: 5G technology begins to expand beyond smartphones

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Startup Near Space Labs Raises $13 Million To Launch More Mapping Balloons Into The Stratosphere

Growing up in Yerevan, Armenia, Rema Matevosyan and her amateur astronomer grandparents enjoyed heading outside in the middle of the night, paper map carefully marked, to observe the stars. Now as CEO of geospatial data startup Near Space Labs, her technology takes her close.

While the billionaire space race has helped spur a wave of interest in companies looking to travel, manufacture and mine off-planet, Near Space is focused a little bit closer, in the stratosphere. There, Matevosyan’s startup collects geospatial data through small autonomous robots attached to weather balloons, a contraption it calls “the Swifty,” capturing up to 1,000 square kilometers of imagery each flight from more than 60,000 feet up.

The process is cheaper—and carries a much lower carbon footprint—than flying a special plane or launching a satellite, Matevosyan says. But its data sets could prove just as valuable to insurers, governments, disaster recovery and autonomous vehicle operators alike.

“We are a very rebellious Earth-imaging company when everyone is launching satellite constellations,” Matevosyan says. “Don’t get me wrong, they’re beautiful devices. But with the rapid adoption of our product and our rapid growth wherever we’ve deployed, it speaks to the dire need for this data that we are providing.”

Now, with more than 150 flights completed, Brooklyn- and Barcelona-based Near Space is raising a $13 million Series A funding round led by Crosslink Capital, with Toyota Ventures and existing investors Leadout Capital and Wireframe Ventures joining in. The funding brings Near Space’s total funding to $16.8 million so far, and comes as the business is looking to hire more than a dozen roles to expand its customer base across the U.S. The startup plans to launch 500 flights in 2022.

After moving to Moscow to conduct funded master’s degree research in mathematics, the trilingual Matevosyan (she’s currently trying to pick up Spanish as a fourth) met cofounders Ignasi Lluch, Near Space’s CTO, and Albert Caubet, its chief engineer, while starting to earn a Ph.D. and working as a junior research fellow studying complex aerospace systems, specifically how satellites communicate with each other.

Her research took her to launches in remote parts of central Russia in December—an activity she does not recommend—and convinced her that some applications of geospatial data would be impossible to cover effectively through satellites, even with billions of dollars pouring into space tech.

Originally founded as Swiftera in late 2016, Near Space Labs was admitted to New York-based accelerator Urban-X, a five-month program operated by MINI and Urban Us that invests $100,000 in two cohorts of ten urban tech startups each year. Matevosyan abruptly relocated to Brooklyn, initially crashing on a friend’s couch, and got a working prototype running before the program’s completion.

A few months later, in June 2018, the company raised $2 million from Leadout, the VC firm founded by former Facebook executive Alison Rosenthal, Wireframe Ventures and others; it added another $1.5 million last year, with Matevosyan appearing on the Forbes 30 Under 30 list for manufacturing and industry in between.

Near Space launched its first major commercial rollout in July 2020, slowed a bit by the pandemic. While Matevosyan operates out of the Brooklyn Navy Yard, an emerging hub for frontier tech and hardware startups, her cofounders and much of the hardware R&D is located in Barcelona. (Despite interest from Europe and Southeast Asia, especially, Matevosyan says Near Space’s immediate focus is on the U.S. market.)

The startup operates several business models, sending up Swifty platforms on a contract basis as needed for custom projects, while also launching them regularly from its own launch sites to maintain coverage for a fresh data set of geospatial data. “The idea is that we will have a global constellation of our Swifties, and then people will be subscribing to this data set and using it,” says Matevosyan.

The device itself ships in a small box; operators on the ground switch them on, attach them to the weather balloon and Near Space manages them autonomously from there. “Everybody wants to come to a launch site, which is also great for our sales, because it’s a very exciting event,” Matevosyan admits.

At new lead investor Crosslink, partner Phil Boyer says his firm was excited to back Near Space due to its familiarity with the geospatial market—it’s also backed Arturo, Descartes Labs and Enview—and the differentiation of Near Space collecting its data cheaply from the stratosphere. The potential for recurring revenue from a large market for such data, Boyer adds, meant the firm saw Near Space’s economics only improving over time. Particular growth areas of interest include real estate, disaster recovery and providing updated map information for autonomous vehicles—which helps explain Toyota’s venture arm on the cap table.

That was more than enough for the VC firm to overcome any hesitation about betting big on balloons in an age of rockets. “When you say the word ‘balloon,’ you certainly get a couple of odd looks, like, you invested a balloon company? What does that mean?” Boyer says. “But it wasn’t a huge leap of faith for us.”

Near Space is rooting for its peers in satellites and rockets, too, says Matevosyan, arguing that more activity in the category generally is good for all players. As for taking balloons seriously? “The questions drop when I show them our data,” she says.

Follow me on Twitter or LinkedIn. Send me a secure tip.

I’m a senior editor at Forbes covering venture capital, cloud and enterprise software out of New York. I edit the Midas List, Midas List Europe, Cloud 100 list and 30

Source: Startup Near Space Labs Raises $13 Million To Launch More Mapping Balloons Into The Stratosphere

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Association of Spaceflight Professionals – H+Pedia

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How to Overcome Your Fear of Failure

A client (who I’ll call “Alex”) asked me to help him prepare to interview for a CEO role with a start-up. It was the first time he had interviewed for the C-level, and when we met, he was visibly agitated. I asked what was wrong, and he explained that he felt “paralyzed” by his fear of failing at the high-stakes meeting.

Digging deeper, I discovered that Alex’s concern about the quality of his performance stemmed from a “setback” he had experienced and internalized while working at his previous company. As I listened to him describe the situation, it became clear that the failure was related to his company and outside industry factors, rather than to any misstep on his part. Despite that fact, Alex could not shake the perception that he himself had not succeeded, even though there was nothing he could have logically done to anticipate or change this outcome.

People are quick to blame themselves for failure, and companies hedge against it even if they pay lip service to the noble concept of trial and error. What can you do if you, like Alex, want to face your fear of screwing up and push beyond it to success? Here are four steps you can take:

Redefine failure. Behind many fears is worry about doing something wrong, looking foolish, or not meeting expectations — in other words, fear of failure. By framing a situation you’re dreading differently before you attempt it, you may be able to avoid some stress and anxiety.

Let’s go back to Alex as an example of how to execute this. As he thought about his interview, he realized that his initial bar for failing the task — “not being hired for the position” — was perhaps too high given that he’d never been a CEO and had never previously tried for that top job. Even if his interview went flawlessly, other factors might influence the hiring committee’s decision — such as predetermined preferences on the part of board members.

In coaching Alex through this approach, I encouraged him to redefine how he would view his performance in the interview. Was there a way he might interpret it differently from the get-go and be more open to signs of success, even if they were small? Could he, for example, redefine failure as not being able to answer any of the questions posed or receiving specific negative feedback? Could he redefine success as being able to answer each question to the best of his ability and receiving no criticisms about how he interviewed?

As it turned out, Alex did advance to the second round and was complimented on his preparedness. Ultimately, he did not get the job. But because he had shifted his mindset and redefined what constituted failure and success, he was able to absorb the results of the experience more gracefully and with less angst than he had expected.

Set approach goals (not avoidance goals). Goals can be classified as approach goals or avoidance goals based on whether you are motivated by wanting to achieve a positive outcome or avoid an adverse one. Psychologists have found that creating approach goals, or positively reframing avoidance goals, is beneficial for well-being. When you’re dreading a tough task and expect it to be difficult and unpleasant, you may unconsciously set goals around what you don’t want to happen rather than what you do want.

Though nervous about the process, Alex’s desire to become a CEO was an approach goal because it focused on what he wanted to achieve in his career rather than what he hoped to avoid. Although he didn’t land the first CEO job he tried to get, he did not let that fact deter him from keeping that as his objective and getting back out there.

If Alex had instead become discouraged about the outcome of his first C-level interview and decided to actively avoid the pain of rejection by never vying for the top spot again, he would have shifted from approach to avoidance mode. While developing an avoidance goal is a common response to a perceived failure, it’s important to keep in mind the costs of doing so. Research has shown that employees who take on an avoidance focus become twice as mentally fatigued as their approach-focused colleagues.

Create a “fear list.” Author and investor Tim Ferriss recommends “fear-setting,” creating a checklist of what you are afraid to do and what you fear will happen if you do it. In his Ted Talk on the subject, he shares how doing this enabled him to tackle some of his hardest challenges, resulting in some of his biggest successes.

I asked Alex to make three lists: first, the worst-case scenarios if he bombed the interview; second, things he could do to prevent the failure; and third, in the event the flop occurred, what could he do to repair it. Next, I asked him to write down the benefits of the attempted effort and the cost of inaction. This exercise helped him realize that although he was anxious, walking away from the opportunity would be more harmful to his career in the long run.

Focus on learning. The chips aren’t always going to fall where you want them to — but if you understand that reality going in, you can be prepared to wring the most value out of the experience, no matter the outcome.

To return to Alex, he was able to recognize through the coaching process that being hyper-focused on his previous company’s flop — and overestimating his role in it — caused him to panic about the CEO interview. When he shifted gears to focus not on his potential for failure but on what he would learn from competing at a higher level than he had before, he stopped sweating that first attempt and was able to see it as a steppingstone on a longer journey to the CEO seat.

With that mindset, he quickly pivoted away from his disappointment at not getting the offer to quickly planning for the next opportunity to interview for a similar role at another company.

Remember: it’s when you feel comfortable that you should be fearful, because it’s a sign that you’re not stepping far enough out of your comfort zone to take steps that will help you rise and thrive. By rethinking your fears using the four steps above, you can come to see apprehension as a teacher and guide to help you achieve your most important goals.

By: Susan Peppercorn / Harvard Business Review

Susan Peppercorn is an executive career transition coach and speaker. She is the author of Ditch Your Inner Critic at Work: Evidence-Based Strategies to Thrive in Your Career. Numerous publications including the New York Times, Wall Street Journal, Fast Company, the Boston Globe, and SELF Magazine have tapped her for career advice. You can download her free Career Fit Self-Assessment and 25 Steps to a Successful Career Transition.

Source: Pocket

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References:

17 Traits That Make a Successful Person Stand out from the Crowd  What Is Creativity?

We All Have It, and Need It 

How to Think Critically: 5 Powerful Techniques 

What Are The Levels Of The Mind And How To Improve Them 

How To Improve Short Term Memory: 7 Simple Ways to Try Now

7 Traits That Make a Successful Person Stand out from the Crowd

  Is There a True Measure of Success? How to Define Your Own

  How Do You Measure Success: 10 New And Better Ways

  50 Habits of Highly Successful People You Should Learn

 8 Daily Habits of the Successful People (Which Are Rare)

Bitcoin Is Steady As It Braces For A Big Week

Led by bitcoin, most major cryptocurrencies have spent the past seven days in relative tranquility. Bitcoin and ether have been trading -0.69% and -4.46% on the week respectively, according to crypto data aggregator COIN360. The biggest movers are Binance’s BNB, which has added 6.95% over the same period, and Dogecoin, which is down by 8.28%.

As of 8.06 a.m. ET, bitcoin is still facing resistance at $33,576 though on-chain metrics are becoming more bullish. For instance, “bitcoin exchange balances have started to show signs of sustained outflows,” tweeted blockchain data and intelligence provider Glassnode. Approximately 40,000 BTC, or $1.37 billion, have been withdrawn over the last three weeks, reversing weeks of inflows that coincided with the 50% market crash. The withdrawals suggest that traders are moving their funds to outside wallets and aren’t looking to sell in the near term.

That said, there have been some standouts among altcoins. EOS, the native cryptocurrency of the EOS.IO blockchain platform, rallied nearly 11% in the last few days following the announcement that crypto startup Bullish is preparing for a public listing via a $9 billion SPAC deal. During the past year, Bullish received an initial capital injection of $100 million and digital assets, including 20 million EOS, from Block.one, the company behind EOS. Additionally, Block.one’s CEO Brendan Blumer will become the chairman of Bullish upon the transaction’s close.

Another big altcoin winner of the week is Terra (LUNA), a native token of the namesake protocol for issuing fiat-pegged stablecoins,  – up by 30.86%. The token seems to have found its footing after the volatility it saw in May. On July 7, Terraform Labs, the project’s creator, committed approximately $70 million to boost the reserves of its savings protocol Anchor. LUNA’s market capitalization has leaped from $300 million to $3.4 billion since January.

But all eyes will be on one of the largest releases of locked shares (16,240) in the Grayscale Bitcoin Trust (GBTC), bound to take place on July 17. In total, 40,000 shares will become unlocked in the coming weeks.

The trust, set up as a private placement where qualified investors can buy shares directly from Grayscale, requires investors to hold their shares for six months before selling them on the secondary market. GBTC saw massive interest in late 2020 and early 2021 among institutions looking for a simple way to get exposure to bitcoin.

Opinions on the impact of the event on the market differ. JPMorgan strategists think the selling will add pressure on the cryptocurrency. “Selling of GBTC shares exiting the six-month lockup period during June and July has emerged as an additional headwind for bitcoin,” wrote the bank’s analysts in a note issued earlier in June. “Despite some improvement, our signals remain overall bearish.”

Analysts at cryptocurrency exchange Kraken, however, seem to disagree: “market structure suggests that the unlock will not weigh materially on BTC spot markets anytime soon, if at all, like some have claimed.” Whether or not the unlock creates a catalyst for price action, it remains one of the most anticipated events of the week.

Follow me on Twitter or LinkedIn.

I report on cryptocurrencies and emerging use cases of blockchain. Born and raised in Russia, I graduated from NYU Abu Dhabi with a degree in economics and Columbia University Graduate School of Journalism, where I focused on data and business reporting.

Source: Bitcoin Is Steady As It Braces For A Big Week

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Critics:

Bitcoin was holding steady after surging to $40,000 following another weekend of price swings following tweets from Tesla boss Elon Musk, who fended off criticism over his market influence and said Tesla sold bitcoin but may resume transactions using it.

In other news, some 81% of fund managers believe Bitcoin is in a bubble, even after May’s 35% price crash, according to the latest Bank of America Global Fund Manager survey and reported by Coindesk.

genesis

The results for the period June 4-10 are up six percentage points from last month’s data, indicating sentiment on Wall Street has turned more bearish. 

The survey showed 72% of the fund managers surveyed think the recent uptick in inflation is transitory. Bitcoin is often seen as a hedge against inflation, and many crypto analysts attribute the cryptocurrency’s gains over the past year to concern about increasing inflation.

Last week, El Salvador became the world’s first country to recognize bitcoin as legal tender.

References

High Turnover? Here Are 3 Things CEOs Do That Sabotage Their Workplace Culture

She has one too many deadlines to deal with

Every CEO wants long-standing employees, but their ineffective leadership causes organizational stress that cripples the workplace culture. Quite often, we read articles or hear of CEOs abusing their power and tarnishing their company’s reputation.

This is due to them neglecting feedback from their team and making decisions based solely on their own judgement. Not only does this erode trust, but it sets a standard that employee and leadership voices are not welcome.

When employees are taken care of, they go above and beyond to drive the company forward. Conversely, when they don’t feel valued, appreciated or kept in the loop, employees quickly become disengaged. The cost of a disengaged employee impacts more than the bottom line.

It decreases productivity, creates negative client experiences and destroys the company culture, to name a few. According to a Gallup survey, the State of the American Workplace 2021, 80% of workers are not fully engaged or are actively disengaged at work.

While CEOs claim to embody a people-first and feedback-driven culture, they believe, due to their position, that they know better than everyone else. Todd Ramlin, manager of Cable Compare, said, “if a person is fortunate to have the opportunity to be a CEO, they need to ask themselves if they can live by the company values, expectations, rules and processes that are in place.” They can’t pick and choose which rules and processes to abide by, yet punish others when they do the same. Doing so cultivates a toxic workplace and demonstrates poor leadership.

Here are three things CEOs do that sabotage their workplace culture.

Embraces Data, Dodges Emotions

The workplace is made up of a diverse group of experiences and perspectives. CEOs who lack the emotional intelligence to understand another person’s viewpoint or situation will find themselves losing their most valuable people. Sabine Saadeh, financial trading and asset management expert, said, “companies that are only data driven and don’t care about the well-being of their employees will not sustain in today’s global economy.”

Businessolver’s 2021 State Of Workplace Empathy report, revealed that “68% of CEOs fear that they’ll be less respected if they show empathy in the workplace.” CEOs who fail to lead with empathy will find themselves with a revolving door of leadership team members and employees. I once had a CEO tell me that he didn’t want emotions present in his business because it created a distraction from the data. His motto was, “if it’s not data, it’s worthless”.

As such, he disregarded feedback of employee dissatisfaction and burnout. Yet, he couldn’t understand why the average tenure of his employees very rarely surpassed one year. Willie Greer, founder of The Product Analyst, asserted, “data is trash if you’re replacing workers because you care more about data than your people.”

Micromanages Their Leadership Team

One of the ways a CEO sabotages a company’s culture is by micromanaging their leadership team. Consequently, this leads to leadership having to micromanage their own team to satisfy the CEOs unrealistic expectations. When leadership feels disempowered to make decisions, they either pursue another opportunity or check out due to not being motivated to achieve company goals.

As such, the executives who were hired to bring change aren’t able to live up to their full potential. Moreover, they’re unable to make the impact they desired due to the CEOs lack of trust in them. Employees undoubtedly feel the stress of their leadership team as it reverberates across the company.

Arun Grewal, founder and Editor-in-chief at Coffee Breaking Pr0, said, most CEOs are specialists in one area or another, which can make them very particular. However, if they want to drive their company forward they need to trust in the experts they hired rather than trying to make all of the company’s decisions.

At one point during my career, I reported to a CEO who never allowed me to fully take over my department. Although he praised me for my HR expertise during the interview, once hired, I quickly realized he still wanted full control over my department. Despite not having HR experience, he disregarded everything I brought to the table to help his company.

I soon began questioning my own abilities. No matter how hard I tried to shield my team from the stress I endured, the CEO would reach out to them directly to micromanage their every move. This left our entire department feeling drained, demoralized and demotivated. Sara Bernier, founder of Born for Pets, said, “CEOs who meddle in the smallest of tasks chip away at the fundamentals of their own company because everything has to run through them”. She added, “this eliminates the employee’s ownership of their own work because all tasks are micromanaged by the CEO.

Neglects Valuable Employee Feedback

Instead of seeking feedback from their leadership team or employees, CEOs avoid it altogether. Eropa Stein, founder and CEO of Hyre, said, “making mistakes and getting negative feedback from your team is a normal part of leading a company, no matter how long you’ve been in business.”

She went on, “as a leader, it’s important to put your ego aside and listen to feedback that will help your business grow. If everyone agrees with you all the time, you’re creating a cult mentality that’ll be detrimental to your business’ success in the long run.” This results in a toxic and unproductive workplace culture.

What’s worse than avoiding constructive feedback is receiving it and disregarding it entirely. Neglecting valuable feedback constructs a company culture where no individual feels safe voicing their concerns. Rather than silence those who give negative feedback, CEOs should embrace them. These are the individuals who are bringing issues forward to turn them into strengths in an effort to create a stronger company.

Follow me on Twitter or LinkedIn. Check out my website.

I’m a Leadership Coach & Workplace Culture Consultant at Heidi Lynne Consulting helping individuals and organizations gain the confidence to become better leaders for themselves and their teams. As a consultant, I deliver and implement strategies to develop current talent and create impactful and engaging employee experiences. Companies hire me to to speak, coach, consult and train their teams and organizations of all sizes. I’ve gained a breadth of knowledge working internationally in Europe, America and Asia. I use my global expertise to provide virtual and in-person consulting and leadership coaching to the students at Babson College, Ivy League students and my global network. I’m a black belt in Six Sigma, former Society of Human Resources (SHRM) President and domestic violence mentor. Learn more at http://www.heidilynneco.com or get in touch at Heidi@heidilynneco.com.

Source: High Turnover? Here Are 3 Things CEOs Do That Sabotage Their Workplace Culture

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Critics:

Organizational culture refers to culture in any type of organization including that of schools, universities, not-for-profit groups, government agencies, or business entities. In business, terms such as corporate culture and company culture are often used to refer to a similar concept.

The term corporate culture became widely known in the business world in the late 1980s and early 1990s. Corporate culture was already used by managers, sociologists, and organizational theorists by the beginning of the 80s. The related idea of organizational climate emerged in the 1960s and 70s, and the terms are now somewhat overlapping,as climate is one aspect of culture that focuses primarily on the behaviors encouraged by the organization

If organizational culture is seen as something that characterizes an organization, it can be manipulated and altered depending on leadership and members. Culture as root metaphor sees the organization as its culture, created through communication and symbols, or competing metaphors. Culture is basic, with personal experience producing a variety of perspectives.

Most of the criticism comes from the writers in critical management studies who for example express skepticism about the functionalist and unitarist views about culture that are put forward by mainstream management writers. They stress the ways in which these cultural assumptions can stifle dissent towards management and reproduce propaganda and ideology. They suggest that organizations do not encompass a single culture, and cultural engineering may not reflect the interests of all stakeholders within an organization.

References

  • Schein, E. H. (1990). Organizational culture. American Psychologist, 45, 109–119. doi:10.1037/0003-066X.45.2.109
  • Compare: Hatch, Mary Jo; Cunliffe, Ann L. (2013) [1997]. “A history of organizational culture in organization theory”. Organization Theory: Modern, Symbolic and Postmodern Perspectives (2 ed.). Oxford: Oxford University Press. p. 161. ISBN 9780199640379. OCLC 809554483. Retrieved 7 June 2020. With the publication of his book The Changing Culture of a Factory in 1952, British sociologist Elliott Jaques became the first organization theorist to describe an organizational culture.
  • Jaques, Elliott (1951). The changing culture of a factory. Tavistock Institute of Human Relations. [London]: Tavistock Publications. p. 251. ISBN 978-0415264426. OCLC 300631.
  • Compare: Kummerow, Elizabeth (12 September 2013). Organisational culture : concept, context, and measurement. Kirby, Neil.; Ying, Lee Xin. New Jersey. p. 13. ISBN 9789812837837. OCLC 868980134. Jacques [sic], a Canadian psychoanalyst and organisational psychologist, made a major contribution […] with his detailed study of Glacier Metals, a medium-sized British manufacturing company.
  • Ravasi, D.; Schultz, M. (2006). “Responding to organizational identity threats: Exploring the role of organizational culture”. Academy of Management Journal. 49 (3): 433–458. CiteSeerX 10.1.1.472.2754. doi:10.5465/amj.2006.21794663.
  • Schein, Edgar H. (2004). Organizational culture and leadership (3rd ed.). San Francisco: Jossey-Bass. pp. 26–33. ISBN 0787968455. OCLC 54407721.
  • Schrodt, P (2002). “The relationship between organizational identification and organizational culture: Employee perceptions of culture and identification in a retail sales organization”. Communication Studies. 53 (2): 189–202. doi:10.1080/10510970209388584. S2CID 143645350.
  • Schein, Edgar (1992). Organizational Culture and Leadership: A Dynamic View. San Francisco, CA: Jossey-Bass. pp. 9.
  • Deal T. E. and Kennedy, A. A. (1982, 2000) Corporate Cultures: The Rites and Rituals of Corporate Life, Harmondsworth, Penguin Books, 1982; reissue Perseus Books, 2000
  • Kotter, J. P.; Heskett, James L. (1992). Corporate Culture and Performance. New York: The Free Press. ISBN 978-0-02-918467-7.
  • Selart, Marcus; Schei, Vidar (2011): “Organizational Culture”. In: Mark A. Runco and Steven R. Pritzker (eds.): Encyclopedia of Creativity, 2nd edition, vol. 2. San Diego: Academic Press, pp. 193–196.
  • Compare: Flamholtz, Eric G.; Randle, Yvonne (2011). Corporate Culture: The Ultimate Strategic Asset. Stanford Business Books. Stanford, California: Stanford University Press. p. 6. ISBN 9780804777544. Retrieved 2018-10-25. […] in a very real sense, corporate culture can be thought of as a company’s ‘personality’.
  • Compare: Flamholtz, Eric; Randle, Yvonne (2014). “13: Implications of organizational Life Cycles for Corporate Culture and Climate”. In Schneider, Benjamin; Barbera, Karen M. (eds.). The Oxford Handbook of Organizational Climate and Culture. Oxford Library of psychology. Oxford: Oxford University Press. p. 247. ISBN 9780199860715. Retrieved 2018-10-25. The essence of corporate culture, then, is the values, beliefs, and norms or behavioral practices that emerge in an organization. In this sense, organizational culture is the personality of the organization.
  • Compare: Flamholtz, Eric; Randle, Yvonne (2014). “13: Implications of organizational Life Cycles for Corporate Culture and Climate”. In Schneider, Benjamin; Barbera, Karen M. (eds.). The Oxford Handbook of Organizational Climate and Culture. Oxford Library of psychology. Oxford: Oxford University Press. p. 247. ISBN 9780199860715. Retrieved 2018-10-25. The essence of corporate culture, then, is the values, beliefs, and norms or behavioral practices that emerge in an organization.
  • Jaques, Elliott (1998). Requisite organization : a total system for effective managerial organization and managerial leadership for the 21st century (Rev. 2nd ed.). Arlington, VA: Cason Hall. ISBN 978-1886436039. OCLC 36162684.
  • Jaques, Elliott (2017). “Leadership and Organizational Values”. Requisite Organization: A Total System for Effective Managerial Organization and Managerial Leadership for the 21st Century (2 ed.). Routledge. ISBN 9781351551311. Retrieved 7 June 2020.
  • “Culture is everything,” said Lou Gerstner, the CEO who pulled IBM from near ruin in the 1990s.”, Culture Clash: When Corporate Culture Fights Strategy, It Can Cost You Archived 2011-11-10 at the Wayback Machine, knowmgmt, Arizona State University, March 30, 2011
  • Unlike many expressions that emerge in business jargon, the term spread to newspapers and magazines. Few usage experts object to the term. Over 80 percent of usage experts accept the sentence The new management style is a reversal of GE’s traditional corporate culture, in which virtually everything the company does is measured in some form and filed away somewhere.”, The American Heritage® Dictionary of the English Language, Fourth Edition copyright ©2000 by Houghton Mifflin Company. Updated in 2009. Published by Houghton Mifflin Company.
  • One of the first to point to the importance of culture for organizational analysis and the intersection of culture theory and organization theory is Linda Smircich in her article Concepts of Culture and Organizational Analysis in 1983. See Smircich, Linda (1983). “Concepts of Culture and Organizational Analysis”. Administrative Science Quarterly. 28 (3): 339–358. doi:10.2307/2392246. hdl:10983/26094. JSTOR 2392246.
  • “The term “Corporate Culture” is fast losing the academic ring it once had among U.S. manager. Sociologists and anthropologists popularized the word “culture” in its technical sense, which describes overall behavior patterns in groups. But corporate managers, untrained in sociology jargon, found it difficult to use the term unselfconsciously.” in Phillip Farish, Career Talk: Corporate Culture, Hispanic Engineer, issue 1, year 1, 1982
  • Halpin, A. W., & Croft, D. B. (1963). The organizational climate of schools. Chicago: Midwest Administration Center of the University of Chicago.
  • Fred C. Lunenburg, Allan C. Ornstein, Educational Administration: Concepts and Practices, Cengage Learning, 2011, pp. 67
  • “What Is Organizational Climate?”. paulspector.com. Retrieved 2021-05-01.

PayPal CEO Dan Schulman Explains His Strategy For Investing In Employees’ Financial Health

Last year, PayPal PYPL -0.2% CEO Dan Schulman commissioned a study to understand how many of his employees were financially strapped. “I was almost positive the response would be, ‘No, we’re not, because you’re paying so well,’” Schulman said Wednesday at Forbes’ JUST 100 virtual summit. Internal research had shown that staff salaries were at or above market rates.

But the study’s results painted a different picture. “In all of our call centers and among our entry-level employees—more than 10,000 people inside of PayPal—two-thirds of that employee base struggled to make ends meet. That was such a huge wake-up call for me,” he said. 

Hedge fund manager and philanthropist Paul Tudor Jones II spoke on the panel with Schulman and noted that, for every year he has done research for the JUST 100 list of the most responsible public companies, “The number-one element of what makes a just company is pay and living wage.” The research polls thousands of Americans to identify what factors they deem most important in defining fair corporate behavior.

In October 2019, Schulman responded to the troubling survey results by lowering the cost of healthcare for employees by 60%. He gave every worker equity in PayPal, raised salaries and rolled out a financial education program to encourage saving. The changes reportedly cost tens of millions of dollars.  Recommended For You

Then PayPal did another poll to see if the changes had an impact. “Employees were four times more engaged, and three times less likely to leave the company,” Schulman said.

Higher morale creates a workforce that serves customers better and leads to better shareholder returns, the CEO believes. His company’s stock has risen nearly 90% this year, reaching a market value of $235 billion. “This idea that making a profit and having a purpose as a company are at odds with each other is fundamentally wrong. I actually think if you don’t have a purpose as a company, you don’t see your workers as your most valuable asset and you minimize your profitability.”

PROMOTED UNICEF USA BrandVoice | Paid Program Fighting COVID-19 In Venezuela With Soap And Water And Expertise Grads of Life BrandVoice | Paid Program Creating A Culture Of Inclusivity: A Spotlight On Atlassian & Genesys Works Civic Nation BrandVoice | Paid Program This Is What College Voter Engagement Looks Like Right Now Follow me on Twitter or LinkedIn. Check out my website. Send me a secure tip

Jeff Kauflin

Jeff Kauflin

I cover fintech, cryptocurrencies, blockchain and investing at Forbes. I’ve also written frequently about leadership, corporate diversity and entrepreneurs. Before Forbes, I worked for ten years in marketing consulting, in roles ranging from client consulting to talent management. I’m a graduate of Middlebury College and Columbia Journalism School. Have a tip, question or comment? Email me jkauflin@forbes.com or send tips here: https://www.forbes.com/tips/. Follow me on Twitter @jeffkauflin. Disclosure: I own some bitcoin and ether.

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PayPal reported a record amount of new active accounts added to its platform in April, but it saw a drop in quarterly profit as the Covid-19 pandemic weighs on consumer spending. PayPal President and CEO Dan Schulman, joins “Squawk Box” to discuss.

For more coronavirus live updates: https://www.cnbc.com/2020/05/04/coron… For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2JdMwO7 » Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision » Subscribe to CNBC: https://cnb.cx/SubscribeCNBC » Subscribe to CNBC Classic: https://cnb.cx/SubscribeCNBCclassic Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide. Connect with CNBC News Online Get the latest news: http://www.cnbc.com/ Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC Follow CNBC News on Twitter: https://cnb.cx/FollowCNBC Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC

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GM Is Pulling out of Australia, New Zealand and Thailand

The GM Holden Ltd. logo is displayed at the company’s engine operations facility in Melbourne, Australia, on Wednesday, Dec. 11, 2013. General Motors Co.’s Holden unit, Australia’s largest carmaker, said it would shutter production lines in 2017 after 69 years, joining Ford Motor Co. in exiting an economy struggling with high costs and a strong currency. Photographer: Carla Gottgens/Bloomberg via Getty Images

(DETROIT) — General Motors says it’s pulling out of Australia, New Zealand and Thailand as part of a strategy to exit markets that don’t produce adequate returns on investments.

The company said in a statement Sunday that it will wind down sales, engineering and design operations for its historic Holden brand in Australia and New Zealand in 2021.

It also plans to sell its Rayong factory in Thailand to China’s Great Wall Motors and withdraw the Chevrolet brand from Thailand by the end of this year.

GM has 828 employees in Australia and New Zealand and another 1,500 in Thailand, the company said.

CEO Mary Barra says the company wants to focus on markets where it can drive strong returns. She says GM will support its employees and customers in the transition.

The company said it will scale back operations in all three countries to selling niche specialty vehicles. It also will make the same move in Japan, Russia and Europe, where “we don’t have significant scale.”

“We are pursuing a niche presence by selling profitable high-end imported vehicles supported by a lean GM structure,” International Operations Senior Vice President Julian Blissett said in the statement.

GM said it will honor all warranties in the markets, and it will continue to provide service and parts. Local operations also will handle recalls and any safety-related issues, the company said.

The Detroit automaker expects to take $1.1 billion worth of cash and noncash charges this year as it cuts operations in the three countries.

GM has a long history in Australia with the Holden brand, where cars were designed and sold in the U.S. and other markets. The 2008 and 2009 Pontiac G8 muscle car, for instance, was designed as a Holden Commodore and built in Australia.

But GM said Holden’s market share, which was nearly 22% in 2002, fell to just over 4% last year.

GM President Mark Reuss, who once ran the Australian operations, said the company explored options to continue Holden, “but none could overcome the challenges of the investments needed for the highly fragmented right-hand-drive market, the economics to support growing the brand, and delivering an appropriate return on investment,” he said in the statement.

The company also said it analyzed the business case for future production at the Rayong plant Thailand, but low use of the plant and expected low sales volumes “made continued GM production at the site unsustainable.”

GM has struggled in Asia in the past year. It’s International Operations, which include China, lost $200 million last year, including $100 million in the fourth quarter.

By Tom Krisher / AP 11:33 PM EST

Source: GM Is Pulling out of Australia, New Zealand and Thailand

After learning the sad truth that GM would be pulling out of Australia as a manufacturer of automobiles, there were several loose ends that needed clarifying in regards to the outcome of the situation and solutions to, well, make the best of it.

Kaiser CEO Bernard Tyson Dies Unexpectedly, Here Is His Impact

In stunning news, healthcare lost a major leader today. Bernard J. Tyson, the Chairman and CEO of Kaiser Permanente, unexpectedly passed away in his sleep at just 60 years young. Unexpected is an understatement since it was only yesterday when Tyson was a guest speaker at the AfroTech gathering in Oakland as shown by this tweet:

                               

And three days prior, he had been in New York City to speak at the Fast Company Innovation Festival as seen in this picture:

Today In: Innovation

Discussing and advocating for key health issues was a big part of Tyson’s life. Through my career, I have met many hospital, health clinic, and insurance executives, and Tyson without a doubt has stood out from most of the rest. He was far from a “mind the store and pick up the paycheck” CEO. Sure, we can rattle off what happened to the typical metrics used to measure hospital and insurance CEO’s since he became Kaiser Permanente’s CEO in 2013 and it’s Chairman of the board of directors in 2014. Kaiser Permanente went from having 9.1 million members to 12.3 million, employing a workforce of 174,000 to 218,000, and generating $53 billion in annual revenues to $82.8 billion. These are all very impressive jumps but do not begin to capture the larger and what I think are the more important steps that have occurred.

Tyson has helped Kaiser Permanente become a leader in transforming how healthcare systems can have a greater impact on population health. Historically, many hospitals and much of the health care system in the U.S. have been way too focused on inpatient and “sick” care, because surprise, surprise, that’s where the immediate money seems to be. You can make a whole lot more money today trying to fix a medical problem (and even failing horribly to fix it) than preventing the problem in the first place.

This has made much of healthcare far too reactive, waiting for problems to occur, too focused on repairing people after they have already been broken. It’s like waiting at the of the wall for Humpty Dumpty to fall rather than helping him down from the wall or at least installing some seat belts. It can also be analogous to waiting for a car to fall into pieces before you take it (or rather carry it in a bag) to the shop and ask the mechanic, “hey, can you do something about patching everything together? I need to drive to a date tonight.”

Under Tyson’s leadership, Kaiser Permanente has taken major steps to expand the role of health care beyond the walls of hospitals and clinics. For example, as I reported previously for Forbes, there are the ongoing initiatives to address obesity and homelessness in the communities surrounding Kaiser facilities. Tyson covers the latter in this Kaiser Permanente video:

                                  

Another example is their first-of-its-kind partnership with the National Basketball Association (NBA) to tackle (or rather, since it’s basketball, assist with) children’s health issues, which I also have written about for Forbes.

Then there’s climate change, which for Pete’s and everyone else’s sake exists. Recognizing the impact that all of their facilities and many employees can have on pollution and the climate, Kaiser Permanente has been taking steps to become carbon neutral by 2020.

If this doesn’t sound like your typical hospital system or clinic, it isn’t. Tyson hasn’t been your typical healthcare system CEO either. When I spoke to Tyson earlier this year, the conversation was more about a vision of how healthcare should be and what a good healthcare system should be doing rather than a review of how great things already are. He didn’t dwell on dollar signs and listing the clinical services that Kaiser and its many physicians offer. Instead, he talked at length about how Kaiser was trying to not just be reactive but rather address the “social determinants of health” such as “improving basic infrastructure, promoting healthy eating, working on exercise, and taking care of the key ingredients to promoting health.” As he emphasized, “great health care is not just engaged with treatment.”

Tyson also pointed to a part of the body that healthcare systems frequently neglect. No, not the feet or the spleen. It’s the head or more specifically the mind, which incidentally should be connected to the rest of your body. As Tyson mentioned, Kaiser has been “extremely focused on the mind, as in mental health and well-being,” and “looking at the whole person.” He spoke of the “comprehensive package, looking at health and health care.” Again, while healthcare systems may talk about mental health and well-being, talk is cheap. They often don’t mind the gap or rather address the gap in taking care of the mind in the community. How many have actually invested in community well-being programs as Kaiser Permanente has?

Of course, Kaiser Permanente does have strong incentives to keep its millions upon millions of members healthy since it serves the dual purpose of insurer and healthcare system. However, this dual role alone may not necessarily lead to transformative change. When you talk to Tyson, you never got the sense that he was just spewing platitudes. Rather, expanding healthcare these directions seemed to be a passion.

For example, take a look at his experiences as a child. As he related to me, he was “greatly impacted by a wonderful mother, who was sick all of my life and wonderful doctor who take care of her and us.” This combined with the fact that his “father was a minister” meant that his “line of sight was always the community of the congregation. The community was the family.” He spoke of “having resources in the community and encouragement with multiple ‘moms’ who raised me as a child. The community came together,” and offered “a support system that you can rely on, that was in your corner,” that was encouraging, “you to be all that you can be.”

Certainly, Tyson was much more than the color of his skin. Nevertheless, in this day and age, color of the skin still unfortunately can be a major barrier in healthcare. It was an important step that Tyson, as a racial minority, became the leader of the largest nonprofit health plan and integrated delivery system in the United States. This brought a little more demographic diversity to healthcare leadership, which remains way too homogeneous. If you look at pictures of many healthcare system executives, the colors of the neckties are often more diverse that the colors of the skin. Tyson helped get many people more used to seeing an effective and forward-thinking healthcare system leader from a different background.

Tyson didn’t shy away from talking about how race, ethnicity, gender, and sexual orientation either. These demographic characteristics still unfortunately affect healthcare inside and outside hospital and clinic walls. In fact, he had strong interests in reducing disparities of care as well and said, “The fact that someone may not be getting what they should be getting because color of skin or sexual orientation is unacceptable. Period. No sentence to follow.”

The Kaiser Board of Directors has named Gregory A. Adams to fill Tyson’s shoes as Chairman and CEO on an interim basis. These are certainly big shoes to fill. Adams is no stranger to the Kaiser system as he had been reporting to Tyson as the Executive Vice President and Group President, overseeing all eight Kaiser Permanente Regions that includes 38 hospitals and 651 medical office facilities. Additionally, Adams has led Kaiser Permanente’s national Medicare care delivery strategy and was responsible for Kaiser Permanente’s partnership with the NBA. Adams appears in this video covering the launch of the NBA partnership:

                                

Adams has been with Kasier Permanente since 1999, beginning at Kaiser Permanente in Southern California and subsequently holding positions with increasing leadership responsibility. Adams’ Kaiser Permanente biography includes more information on his background.

In a statement, Ed Pei, Kaiser Permanente board member and Chair of its Executive Committee and the Governance, Accountability and Nominating Committee, said: “Bernard was an exceptional colleague, a passionate leader, and an honorable man. We will greatly miss him. The board has full confidence in Greg Adams’ ability to lead Kaiser Permanente through this unexpected transition.”

Indeed, in his five years as CEO and over 30 years in the Kaiser system, Tyson made a major impact on healthcare that went well beyond hospital and clinic walls in many ways. Unfortunately, we won’t be able to see all that he could have done with more years at the helm.

Follow me on Twitter or LinkedIn. Check out my website.

I am a writer, journalist, professor, systems modeler, computational and digital health expert, avocado-eater, and entrepreneur, not always in that order. Currently, I am a Professor of Health Policy and Management at the City University of New York (CUNY), Executive Director of PHICOR (@PHICORteam), Associate Professor at the Johns Hopkins Carey Business School, and founder and CEO of Symsilico. My previous positions include serving as Executive Director of the Global Obesity Prevention Center (GOPC) at Johns Hopkins University, Associate Professor of International Health at the Johns Hopkins Bloomberg School of Public Health, Associate Professor of Medicine and Biomedical Informatics at the University of Pittsburgh, and Senior Manager at Quintiles Transnational, working in biotechnology equity research at Montgomery Securities, and co-founding a biotechnology/bioinformatics company. My work involves developing computational approaches, models, and tools to help health and healthcare decision makers in all continents (except for Antarctica) and has been supported by a wide variety of sponsors such as the Bill and Melinda Gates Foundation, the NIH, AHRQ, CDC, UNICEF, USAID and the Global Fund. I have authored over 200 scientific publications and three books. Follow me on Twitter (@bruce_y_lee) but don’t ask me if I know martial arts.

Source: Kaiser CEO Bernard Tyson Dies Unexpectedly, Here Is His Impact

765K subscribers
The Kaiser Permanente model is all about integration and partnerships, and how everything comes together for patients, said Kaiser Permanente CEO Bernard Tyson. Tyson thus has to balance his time with both internal and external constituents, which is a non-trivial task for an organization of Kaiser Permanent’s size. “The outside influences so much of what happens on the inside, that I have to spend a lot of my time with customers, the government and other key parties.” In his visit to Systems Leadership on April 25, 2019, Tyson spoke with Lecturer Robert Siegel on the challenges of running an $80B per year company in a complex world while still focusing on the goal of keeping patients healthy.
Read more on Medium: https://stanford.io/2XZKhTZ

Not A Toy Story: How Brian Goldner Is Transforming Hasbro

It’s Friday night and The Uncommons in Manhattan’s Greenwich Village is running at full tilt. A few dozen people—kids, college students, adults fill every corner of the meandering space that’s part café, part game shop. Seated shoulder to shoulder, they fill the room with the sounds of Magic: The Gathering, the 26-year-old collectible card game owned by Hasbro, the world’s most valuable toy company.

In an age of Fortnite, League of Legends and stadium-filling esports tournaments, the chatter seems to come from another time. Players arm themselves with decks of 60 cards, each one featuring a deadly fantasy creature or a fiendish spell, with 20,000 unique cards up for grabs. It’s easy to learn but infinitely deep. More importantly for Hasbro CEO Brian Goldner, it has a rabid, and profitable, following. In total, some 38 million people have played Magic since its release in 1993, and in 2017, the game accounted for an estimated $500 million in sales, according to KeyBanc Capital Markets.

“We’ve always been a management team that’s taken the longer view,” says the 56-year-old Goldner, who joined the Pawtucket, Rhode Island-based company in 2000 as the head of toys and games, and took over as CEO in 2008. “Any moves we make in the future, it’s with an eye to where the consumer and audience is going to be in three to five years, not three to five weeks.”

Goldner has built his career both by carefully stewarding old franchises like Magic and Dungeons & Dragons and by turning toys like My Little Pony and Transformers into television and movie stars. Goldner calls it the “brand blueprint” strategy: Nurture your own brands, build audiences around them and push them onto riskier, but more lucrative, platforms.

He sold off Hasbro’s factories, pushing all of that messy, low-margin manufacturing work onto third parties. Revenue hit a record $5.2 billion in 2017, the year before Toys “R” Us died and Hasbro saw a 12% drop in revenue. Even in that annus horribilis Hasbro managed to eke out a profit of $220 million on revenue of $4.6 billion. That same year, its archrival Mattel lost $531 million on revenue of $4.5 billion. Under his leadership, Hasbro shares have returned twice that of the S&P 500, hitting a record high in July. In all, Goldner’s performance has been good enough to earn him the 96th spot in our first ever ranking of America’s most innovative corporate leaders.

He is not resting on his laurels. Goldner made a huge move, spending $4 billion in late August to buy Entertainment One. The Toronto-based film and TV production company is known mostly for owning Peppa Pig and PJ Masks, cartoon favorites of the preschool set. The two properties pull in almost $2.5 billion of retail sales and are a nice addition to Hasbro’s My Little Pony and Play-Doh. Better yet, Peppa Pig and PJ Masks are not only beloved stories, they also represent the potential for future Hasbro toy sales. As Goldner can attest after his flopping with movies based on Battleship and Jem and the Holograms, it’s much easier to start with a great story than with a great toy.

Back when Goldner joined the company, stories weren’t Hasbro’s business. They manufactured toys, and revenue was increasingly reliant on outside ideas, like licensing Pokémon, and tethered to a holiday shopping season that left managers holding their breath until Thanksgiving, when sales began to pick up steam.

“People were asking, ‘Why is that essential?’ and ‘Does that add more volatility?’ ” Goldner says. “You actually have more volatility when you’re relying on other people to provide you all the entertainment for your portfolio.”

Goldner, after being named COO, tapped Transformers as a place to prove it. The line of miniature cars that can be converted into bipedal robots had been a huge hit with kids since the mid-1980s, thanks in part to a popular television cartoon. Goldner turned his sights to a much bigger screen. Attach characters like Optimus Prime to a Hollywood blockbuster and things could really soar.

Steven Spielberg got it. A fan of the toys, the billionaire director signed on to produce the movie, and would spend planning meetings carefully positioning the action figures on a table and taking shots with his phone as they talked. The film was directed by Michael Bay and debuted in 2007, with Goldner and Spielberg as executive producers. It did $710 million in global ticket sales and increased Transformers toy sales by a factor of five. Goldner was named CEO the following year.

The son of an electronic engineer and teacher turned investor, the Long Island native is a boundlessly energetic self-labeled geek who can flip conversations seamlessly between everything from building radios to canoeing. He is no stranger to adversity. Just as things were starting to click at Hasbro, he was diagnosed with prostate cancer, which he revealed to investors he’d been treated for in 2014. A year later, his adult son died of an opioid overdose.

By buying Entertainment One, he’s just taken on a hefty new challenge. Hasbro shares plummeted when the deal was announced, some saying he overpaid for two preschool properties and others focused on the risks of owning a media company outright, rather than hiring one to tell your stories. Entertainment One’s content library, worth $2 billion, also comes with adult-skewing properties that don’t lend themselves to selling more toys, such as TV shows Criminal Minds and Sharp Objects.

There is reason for skepticism. In 2009, Hasbro invested $300 million in Hub, a children’s TV network that was a joint venture with Discovery Communications, and has little to show for it today. A push to make G.I. Joe into a movie star made for decent box-office sales but didn’t move the needle on sales of the action figures. Other films just tanked. And the company has suffered repeated black eyes with efforts to further exploit Monopoly, arguably it’s most iconic property, including a recent attempt to create a socialist-themed version of the canonical board game of capitalism.

But then there’s Magic, which Goldner’s team has rejuvenated in conjunction with Wizards of the Coast, the Hasbro subsidiary based outside of Seattle that also oversees Dungeons & Dragons. The card game had its best year in 2018, fueled by an expansion into digital that began with Magic: The Gathering Arena, a free-to-play video game that some feared would cannibalize the core tabletop product. So far, those fears have proved unfounded. Still not officially launched and lacking a mobile version, its soft launch has significantly boosted its audience on Amazon’s game streaming platform, Twitch, and viewership is up 120% year over year.

KeyBanc Capital Markets analyst Brett Andress estimates Arena pulls in $75 per user. He expects the free version will have almost four million players by year-end, a promising step toward bringing lapsed players back to the game. An animated Netflix spinoff series from Joe and Anthony Russo, the duo behind the Avengers: Endgame, is in the works.

The Transformers films are also thriving, with two sequels pulling in $1 billion each worldwide. A television series, My Little Pony: Friendship Is Magic, became a massive hit among children and, surprisingly, older viewers, known as “bronies.”

The rise of social media helped Hasbro turn the game Pie Face, a 1960s throwback, into what market researcher NPD says was Hasbro’s bestselling toy in the U.S. in 2016, due to viral videos, like one of a grandfather and grandson having laughing fits, which drew 205 million views on Facebook.

These new efforts are funded in part by a 2014 coup that saw Hasbro steal the license to produce Disney Princess toys from Mattel. Euromonitor estimates the rights brought in $441 million for Mattel in 2014. Despite the new emphasis on owning its own intellectual property, Hasbro hasn’t abandoned the licensing game. Third-party partnerships, including Disney’s Marvel and Star Wars franchises, make up 21.5% of Hasbro’s revenue.

And things are far from perfect in the toy industry, which NPD reckons generates $90.4 billion in annual sales. Not only is Toys “R” Us a shell of its former self—the struggling retailer remained an important sales channel even in the era of Amazon—but the threat of Chinese tariffs is making 2020 look uncertain. Hasbro currently outsources about two-thirds of its manufacturing to companies in China.

So the move into media could prove prescient. The streaming wars are picking up and players like Netflix, Hulu and Disney+ are all on the hunt for fresh properties. Goldner says the acquisition will help Hasbro create content out of its smaller properties, while bigger brands will still get the Hollywood touch, including Transformers films, which are produced by Paramount under a five-year deal signed in 2017.

Stephanie Wissink at Jefferies estimates the acquisition could boost Hasbro revenue by more than $1 billion and operating income by more than $200 million.

“People are looking for high quality content that has great story and canon and characters,” Goldner told Forbes the day after it was announced. “We of course have that in spades.”

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I’m the reporter for the Games section of Forbes.com. I previously served as a freelance writer for sites like IGN, Polygon, Red Bull eSports, Kill Screen, Playboy and PC Gamer. I also manage a YouTube gaming channel under the name strummerdood. I graduated with a BA in journalism from Rowan University and interned at Philadelphia Magazine. You can follow me on Twitter @mattryanperez.

Source: Not A Toy Story: How Brian Goldner Is Transforming Hasbro

Hasbro released a new version of the game “Monopoly” that parodies socialism. The game went viral on Twitter and quickly sold out on Amazon. NBC News’ Dasha Burns decided to play the game and reports on the new riff on the classic. » Subscribe to NBC News: http://nbcnews.to/SubscribeToNBC » Watch more NBC video: http://bit.ly/MoreNBCNews NBC News Digital is a collection of innovative and powerful news brands that deliver compelling, diverse and engaging news stories. NBC News Digital features NBCNews.com, MSNBC.com, TODAY.com, Nightly News, Meet the Press, Dateline, and the existing apps and digital extensions of these respective properties. We deliver the best in breaking news, live video coverage, original journalism and segments from your favorite NBC News Shows. Connect with NBC News Online! NBC News App: https://smart.link/5d0cd9df61b80 Breaking News Alerts: https://link.nbcnews.com/join/5cj/bre… Visit NBCNews.Com: http://nbcnews.to/ReadNBC Find NBC News on Facebook: http://nbcnews.to/LikeNBC Follow NBC News on Twitter: http://nbcnews.to/FollowNBC Follow NBC News on Instagram: http://nbcnews.to/InstaNBC Playing Hasbro’s New Monopoly Edition: Socialism | NBC News Now
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