It's the best of times right now, says HOW Online contributor Thomas M. Kostigen. Think about it: When in modern history can you have pointed to a bottom with such assuredness? We’ve cleaned the sewage system in the finance industry; we’ve purged the subprime mortgage bankers, brokers and borrowers; we’ve blown open the biggest Ponzi scheme ever. The worst of times is behind us; there is hope — and the emblem of that hope, President-elect Barack Obama, will soon take office, says Kostigen.
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Since the birth of the modern Internet, the Net has served as an extraordinary digital microphone, enabling companies to broadcast mostly good news about products and services. But now, amid a struggling global economy, executives are learning hard lessons in transparency about trying to keep secrets from the digital universe.
More »"In the end, it is all about culture and creating high performance and high integrity. Culture is a foundational challenge for management."
— Ben W. Heineman Jr.
Since U.S. companies operate across vast geography, they encounter local cultural practices — some of which might be antithetical to organizational standards. How should a values-based company respond to local customs? HOW contributor and former GE general counsel Ben W. Heineman Jr. explores how the internal values and integrity of GE guide its global business and responsibilities in foreign cultures.
More »"It's up to senior management and the board to communicate the facts and the story. If you don't, people will make their own up, and it's usually much worse."
— Blyth McGarrie,
CEO, LIF Group
History has a way of repeating itself. In 1987, the markets also faced fluctuating oil prices and a credit crunch. When the tide came back with a vengeance, Mellon Bank Corp. faced its first loss in 120 years. But the money management giant recovered. The key to its rebirth was a lesson from history: A company cannot pull itself out of trouble without applying transparency and honesty.
More »When he served as general counsel and senior vice president for law and public affairs at The General Electric Co., Ben W. Heineman Jr. was one of the top officers responsible for ensuring compliance with the law and rules set by the technology and services giant. So why does Heineman’s new book put so much emphasis on why values are vital in today’s marketplace? HOW Online's Dov Seidman asks Heineman whether it is counter-intuitive for a lawyer to advocate for what some consider the “softer” issues of business.
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A New York Times column by Pulitzer Prize winner Thomas Friedman considers the root cause of and prescription for our current economic crisis in terms we all know and care about here at HOW Online — that in our connected and transparent world, how we do things matters more than ever.
More »"Say you’re sorry." It's an order parents routinely give their children as a way of mending relationships damaged by a careless or thoughtless act. And centuries of experience demonstrate that the formula actually works.
More »Earlier this month, the FAA notified Southwest Airlines that it was going to fine the company an unprecedented $10.2 million for violating safety inspection rules. Gary Kelly, the company’s CEO, immediately responded, saying the fine was unfair because his company had “acted responsibly.”
More »The Wall Street Journal recently published a summary of the events of 2007, as chronicled throughout the year on the paper's front pages. The Journal did a good job of detailing the course of the year, and as I read over the list, I wondered what last year’s events -- the accounting fraud, overpaid executives, insider trading and ethical violations – tell us?
More »In the wake of a second set of storm-related delays, JetBlue, an industry innovator from its inception, took a unique course of action. Instead of trying to downplay the extent of the inconvenience or hide behind legalities, the company accepted responsibility and acknowledged its failures head on.
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