Boris Groysberg

Richard P. Chapman Professor of Business Administration

Boris Groysberg is a professor of business administration in the Organizational Behavior unit at the Harvard Business School. Currently, he teaches courses on talent management and leadership in the school's MBA and Executive Education programs. He has won numerous awards for his research, which focuses on the challenge of managing human capital at small and large organizations across the world. His work focuses, in particular, on how firms can achieve a sustainable competitive advantage by engaging employees in the implementation of business strategy. Groysberg is author of the award-winning book Chasing Stars: The Myth of Talent and the Portability of Performance. A frequent contributor to Harvard Business Review, he has written many articles and case studies on how firms hire, engage, develop, retain, and communicate with their talented employees. Before joining the Harvard Business School faculty, he worked at IBM.

Boris Groysberg is a professor of business administration in the Organizational Behavior unit at the Harvard Business School. Currently, he teaches courses on talent management and leadership in the school's MBA and Executive Education programs. He has won numerous awards for his research, which focuses on the challenge of managing human capital at small and large organizations across the world. His work focuses, in particular, on how firms can achieve a sustainable competitive advantage by engaging employees in the implementation of business strategy. Groysberg is author of the award-winning book Chasing Stars: The Myth of Talent and the Portability of Performance. A frequent contributor to Harvard Business Review, he has written many articles and case studies on how firms hire, engage, develop, retain, and communicate with their talented employees. Before joining the Harvard Business School faculty, he worked at IBM.

Books

  1. Wall Street Research: Past, Present, and Future

    Boris Groysberg and Paul M. Healy

    Wall Street equity analysts provide research products and services on publicly-traded companies to institutional and retail investors to help them make more profitable investment decisions. During the last ten years Wall Street research has been battered by a series of shocks. As concerns over conflicts of interest mounted, the integrity of research output was questioned, leading to transformative regulatory changes. New technologies emerged to democratize information and change the way that stocks are traded, threatening the industry's product and business model. There were upheavals and stagnation in established core financial markets such as the U.S., Japan and Western Europe. And burgeoning new markets in countries such as China and India raised potential challenges to the dominance of leading firms. Our research tells a fascinating story of an industry that has proved remarkably resilient in resolving economic and regulatory challenges. It provides practitioners and scholars with a deeper understanding of the forces that have shaped the industry and accounted for its resilience, and how these are likely to influence its future.

    Keywords: financial analysts; investment banks; conflicts of interest; Accounting; Financial Institutions; Financial Services Industry; United States;

    Citation:

    Groysberg, Boris, and Paul M. Healy. Wall Street Research: Past, Present, and Future. Palo Alto, CA: Stanford University Press, 2013. View Details
  2. Talk, Inc.: How Trusted Leaders Use Conversation to Power Their Organizations

    Boris Groysberg and Michael Slind

    How can leaders make their big or growing companies feel small again? How can they recapture the "magic"--the tight strategic alignment, the high level of employee engagement--that drove and animated their organization when it was a start-up? As more and more executives have discovered in recent years, the answer to this conundrum lies in the power of conversation. In "Talk, Inc.," Boris Groysberg and Michael Slind show how trusted and effective leaders are adapting the principles of face-to-face conversation in order to pursue a new form of organizational conversation. They explore the promise of conversation-powered leadership—from the time-tested practice of talking straight (and listening well) to the thoughtful adoption of social media technology. And they offer guidance on how to balance the benefits of open-ended talk with the realities of strategic execution. Drawing on the experience of leaders at diverse companies from around the world, "Talk, Inc." offers provocative insights and user-friendly tips on how to make organizational culture more intimate, more interactive, more inclusive, and more intentional—in short, more conversational.

    Keywords: Leadership; Interpersonal Communication; Organizational Culture; Social and Collaborative Networks; Spoken Communication;

    Citation:

    Groysberg, Boris, and Michael Slind. Talk, Inc. How Trusted Leaders Use Conversation to Power Their Organizations. Harvard Business Review Press, 2012. View Details

Journal Articles

  1. Manage Your Work, Manage Your Life

    Boris Groysberg and Robin Abrahams

    Work/life balance is at best an elusive ideal and at worst a complete myth, today's senior executives will tell you. But by making deliberate choices about which opportunities they'll pursue and which they'll decline, rather than simply reacting to emergencies, leaders can and do engage meaningfully with work, family, and community. They've discovered through hard experience that prospering in the senior ranks is a matter of carefully combining work and home so as not to lose themselves, their loved ones, or their foothold on success. Those who do this most effectively involve their families in work decisions and activities. They also vigilantly manage their own human capital, endeavoring to give both work and home their due—over a period of years, not weeks or days.

    Keywords: Work-Life Balance; Management Teams;

    Citation:

    Groysberg, Boris, and Robin Abrahams. "Manage Your Work, Manage Your Life." Harvard Business Review 92, no. 3 (March 2014): 58–66. View Details
  2. The Stock Selection and Performance of Buy-Side Analysts

    Boris Groysberg, Paul Healy, George Serafeim and Devin Shanthikumar

    Prior research on equity analysts focuses almost exclusively on those employed by sell-side investment banks and brokerage houses. Yet investment firms undertake their own buy-side research and their analysts face different stock selection and recommendation incentives than their sell-side peers. We examine the selection and performance of stocks recommended by analysts at a large investment firm relative to those of sell-side analysts from mid-1997 to 2004. We find that the buy-side firm's analysts issue less optimistic recommendations for stocks with larger market capitalizations and lower return volatility than their sell-side peers, consistent with their facing fewer conflicts of interest and having a preference for liquid stocks. Tests with no controls for these effects indicate that annualized buy-side Strong Buy/Buy recommendations underperform those for sell-side peers by 5.9% using market-adjusted returns and by 3.8% using four-factor model abnormal returns. However, these findings are driven by differences in the stocks recommended and their market capitalization. After controlling for these selection effects, we find no difference in the performance of the buy- and sell-side analysts' Strong Buy/Buy recommendations.

    Keywords: buy-side analysts; sell-side analysts; stock recommendations; recommendation optimism; recommendation performance; investment recommendations; conflicts of interest; Financial Markets; Financial Institutions; Financial Services Industry; United States;

    Citation:

    Groysberg, Boris, Paul Healy, George Serafeim, and Devin Shanthikumar. "The Stock Selection and Performance of Buy-Side Analysts." Management Science 59, no. 5 (May 2013): 1062–1075. View Details
  3. Great Leaders Who Make the Mix Work

    Boris Groysberg and Katherine Connolly

    Business leaders send a powerful message when they make a commitment to diversity that goes beyond rhetoric. But what motivates them to do so, and how do they actually create inclusive cultures? To find out, the authors interviewed 24 CEOs whose firms were known for embracing people of all backgrounds. These executives saw diversity as a strategic and moral imperative and made promoting it a personal mission. Many had experienced what it was like to be an outsider, which gave them a deeper understanding of the barriers that women, in particular, face at work. The CEOs resoundingly agreed that an inclusive environment was one in which employees contributed to success as their authentic selves, and the organization respected and leveraged their talents and provided a sense of connectedness. Eight best organizational practices for instilling such a culture emerged from their interviews: 1. Measure diversity and inclusion. 2. Hold managers accountable. 3. Support flexible arrangements. 4. Recruit and promote from diverse pools of candidates. 5. Provide leadership education. 6. Sponsor employee resource groups and mentoring programs. 7. Offer quality role models. 8. Make the chief diversity officer position count. It's also key for CEOs to dedicate time to work personally on diversity initiatives. That sets the tone for everyone and helps ensure that organizations attract and develop the best talent.

    Keywords: Leadership Development; Working Conditions; Leading Change; Management Practices and Processes; Organizational Culture; Diversity Characteristics; Gender Characteristics;

    Citation:

    Groysberg, Boris, and Katherine Connolly. "Great Leaders Who Make the Mix Work." Harvard Business Review 91, no. 9 (September 2013): 68–76. View Details
  4. Dysfunction in the Boardroom: Understanding the Persistent Gender Gap at the Highest Levels

    Boris Groysberg and Deborah Bell

    The article examines the gender gap that is present in boardrooms in U.S. corporations and internationally in 2013 as more women attempt to reach executive-level positions. Countries in the European Union are attempting to institute laws regarding the minimum percentage of women on a company's board, while research suggests that women enter executive positions earlier and work harder than male counterparts. Other topics include a discussion of a female director's strengths in fields like board experience, leadership, and organization, why men believe women are more emotionally intelligent, and the challenges female directors of corporations face in interacting with their male counterparts.

    Keywords: Equality and Inequality; Governing and Advisory Boards; Gender Characteristics; United States; European Union;

    Citation:

    Groysberg, Boris, and Deborah Bell. "Dysfunction in the Boardroom: Understanding the Persistent Gender Gap at the Highest Levels." Harvard Business Review 91, no. 6 (June 2013): 88–97. View Details
  5. Leadership Is a Conversation

    Boris Groysberg and Michael Slind

    Globalization and new technologies have sharply reduced the efficacy of command-and-control management and its accompanying forms of corporate communication. In the course of a recent research project, the authors concluded that by talking with employees, rather than simply issuing orders, leaders can promote operational flexibility, employee engagement, and tight strategic alignment. Groysberg and Slind have identified four elements of organizational conversation that reflect the essential attributes of interpersonal conversation: intimacy, interactivity, inclusion, and intentionality. Intimacy shifts the focus from a top-down distribution of information to a bottom-up exchange of ideas. Organizational conversation is less corporate in tone and more casual. And it's less about issuing and taking orders than about asking and answering questions. Interactivity entails shunning the simplicity of monologue and embracing the unpredictable vitality of dialogue. Traditional one-way media—print and broadcast, in particular—give way to social media buttressed by social thinking. Inclusion turns employees into full-fledged conversation partners, entitling them to provide their own ideas, often on company channels. They can create content and act as brand ambassadors, thought leaders, and storytellers. Intentionality enables leaders and employees to derive strategically relevant action from the push and pull of discussion and debate.

    Keywords: Employees; Management Style; Interpersonal Communication; Leadership; Cooperation; Partners and Partnerships;

    Citation:

    Groysberg, Boris, and Michael Slind. "Leadership Is a Conversation." Harvard Business Review 90, no. 6 (June 2012). View Details
  6. What Factors Drive Analyst Forecasts?

    Boris Groysberg, Paul Healy, Nitin Nohria and George Serafeim

    A firm's competitive environment, its strategic choices, and its internal capabilities are considered important determinants of its future performance. Yet there is little evidence on whether analysts' forecasts of firm performance actually reflect any of these factors and which are considered most important. We use survey data from 967 analysts ranking 837 companies to judge how their forecasts are related to evaluations of firms' industry competitiveness, strategic choices, and internal capabilities. Forecasts are generally associated with many of the factors that money managers rate as important in their assessments of analyst contributions, including industry growth and competitiveness, low-price strategy, strategy execution, top management quality, innovation, and performance-driven culture. We also find wide variation across variables for ratings consistency among analysts covering the same firm. On average, consistency is higher for sell-side than buy-side analysts, consistent with sell-side analysts facing greater incentives to herd.

    Keywords: Competition; Forecasting and Prediction; Industry Growth; Judgments; Performance; Valuation; Price; Quality; Innovation and Invention; Organizational Culture; Competency and Skills; Surveys;

    Citation:

    Groysberg, Boris, Paul Healy, Nitin Nohria, and George Serafeim. "What Factors Drive Analyst Forecasts?" Financial Analysts Journal 67, no. 4 (July–August 2011). View Details
  7. Too Many Cooks Spoil the Broth: How High Status Individuals Decrease Group Effectiveness.

    Boris Groysberg, Jeffrey T. Polzer and Hillary Anger Elfenbein

    Can groups become effective simply by assembling high status individual performers? Though an affirmative answer may seem straightforward on the surface, this answer becomes more complicated when group members benefit from collaborating on interdependent tasks. Examining Wall Street sell-side equities research analysts who work in an industry in which individuals strive for status, we find that groups benefited-up to a point-from having high status members, controlling for individual performance. With higher proportions of individual stars, however, the marginal benefit decreased before the slope of this curvilinear pattern became negative. This curvilinear pattern was especially strong when stars were concentrated in a small number of sectors, likely reflecting suboptimal integration among analysts with similar areas of expertise. Control variables ensured that these effects were not the spurious result of individual performance, department size or specialization, or firm prestige. We discuss the theoretical implications of these results for the literatures on status and groups, along with practical implications for strategic human resource management.

    Keywords: Groups and Teams; Equity; Theory; Human Resources; Integration; Body of Literature; Performance Effectiveness; Status and Position; Experience and Expertise;

    Citation:

    Groysberg, Boris, Jeffrey T. Polzer, and Hillary Anger Elfenbein. "Too Many Cooks Spoil the Broth: How High Status Individuals Decrease Group Effectiveness." Organization Science 22, no. 3 (May–June 2011): 722–737. View Details
  8. The New Path to the C-Suite

    Boris Groysberg, L. Kevin Kelly and Bryan MacDonald

    Job requirements at the top of corporations have changed. Companies have come to expect much more from their C-level executives, who need new and different skills to deal with today's business realities. Exactly what abilities do firms want in their leaders—now and in the future? By examining hundreds of job profiles developed by executive-search firm Heidrick & Struggles and interviewing numerous senior managers, the authors have identified some clear trends. One strikingly consistent finding is that today, technical and functional expertise matters less at the top than business acumen and "soft" leadership skills do. Members of senior management now have more in common with their peers than with the people they manage. To thrive at the C-level, you must be a strong communicator, a collaborator, and a strategic thinker. You need a global mind-set and will be expected to offer your CEO deep insights on key business decisions. This article explores those developments in more detail and explains other findings about the latest requirements in each of seven C-level jobs: CIO, chief marketing and sales officer, CFO, general counsel, chief supply-chain management officer, chief human resources officer, and CEO. It offers a road map for ambitious managers who want to know which skills they should focus on developing in order to rise up the chain of command.

    Keywords: Experience and Expertise; Leadership; Management Skills; Personal Development and Career;

    Citation:

    Groysberg, Boris, L. Kevin Kelly, and Bryan MacDonald. "The New Path to the C-Suite." Harvard Business Review 89, no. 3 (March 2011). View Details
  9. What Drives Sell-Side Analyst Compensation at High-Status Investment Banks?

    Boris Groysberg, Paul M. Healy and David A. Maber

    We use proprietary data from a major investment bank to investigate factors associated with analysts' annual compensation. We find compensation to be positively related to "All-Star" recognition, investment-banking contributions, the size of analysts' portfolios, and whether an analyst is identified as a top stock picker by The Wall Street Journal. We find no evidence that compensation is related to earnings forecast accuracy. But consistent with prior studies, we find analyst turnover to be related to forecast accuracy, suggesting that analyst forecasting incentives are primarily termination based. Additional analyses indicate that "All-Star" recognition proxies for buy-side client votes on analyst research quality used to allocate commissions across banks and analysts. Taken as a whole, our evidence is consistent with analyst compensation being designed to reward actions that increase brokerage and investment-banking revenues. To assess the generality of our findings, we test the same relations using compensation data from a second high-status bank and obtain similar results.

    Keywords: Investment Banking; Research; Compensation and Benefits; Investment Portfolio; Forecasting and Prediction; Resource Allocation; Status and Position; Business Earnings; Quality; Revenue; Stocks; Voting;

    Citation:

    Groysberg, Boris, Paul M. Healy, and David A. Maber. "What Drives Sell-Side Analyst Compensation at High-Status Investment Banks?" Journal of Accounting Research 49, no. 4 (September 2011): 969–1000. View Details
  10. Which of These People Is Your Future CEO?

    Boris Groysberg, Andrew Hill and Toby Johnson

    Americans have long believed that U.S. military officers-trained for high-stakes positions, resilience, and mental agility-make excellent CEOs. That belief is sound, but the authors' analysis of the performance of 45 companies led by CEOs with military experience revealed differences in how the branches (Army, Navy, Air Force, Marine Corps) prepare leaders for business. Those differences reflect the trade-off between flexibility and process that each branch of the armed services must make. Army and Marine Corps officers operate in an inherently uncertain environment. They define the mission but then give subordinates the flexibility to adjust to realities on the ground. This leadership experience tends to turn out business executives who excel in small firms, where they can set a goal and then empower others to work toward it. Navy and Air Force officers, who operate expensive, complex systems, such as submarines and aircraft carriers, are trained to follow processes to the letter, because even small deviations can have large consequences. In corporations, these leaders excel in regulated industries and in firms that take a process approach to innovation. The larger lesson that the military can offer the business world is that fit matters. Different circumstances demand different leadership skills. Hire the person who fits the job.

    Keywords: Experience and Expertise; Training; Leadership Style; Managerial Roles; Situation or Environment; United States;

    Citation:

    Groysberg, Boris, Andrew Hill, and Toby Johnson. "Which of These People Is Your Future CEO?" Harvard Business Review 88, no. 11 (November 2010): 80–85. View Details
  11. Five Ways to Bungle a Job Change

    Boris Groysberg and Robin Abrahams

    The article focuses on career development and job change. The challenges, transaction costs, and risks associated with job moves are discussed. The authors' research with executives is noted. The mistakes in career development that job hunters make are not doing enough research on the job market, leaving a job for one that offers more money, job-hopping instead of career planning, overestimating one's value to an organization, and thinking in a short-term perspective. Questions that should be asked throughout the process of a job change are mentioned. The effect of psychological, social, and time pressures on a job move is mentioned.

    Keywords: Change; Resignation and Termination; Job Search; Managerial Roles; Personal Development and Career; Strategic Planning;

    Citation:

    Groysberg, Boris, and Robin Abrahams. "Five Ways to Bungle a Job Change." Harvard Business Review 88, no. 1 (January–February 2010): 137–140. View Details
  12. The Definitive Guide to Recruiting in Good Times and Bad

    Claudio Fernandez-Araoz, Boris Groysberg and Nitin Nohria

    This article includes a one-page preview that quickly summarizes the key ideas and provides an overview of how the concepts work in practice along with suggestions for further reading. Few companies are thinking about hiring right now, but that's a mistake. If history is any guide, staffing will become a front-burner issue once the economic upheaval eases. Even now, companies are running into staffing problems in emerging markets, and many will have to find talented replacements for baby-boom retirees. Will they be able to meet their needs? Not likely, say Fern ndez-Ar oz of Egon Zehnder and Harvard Business School professors Groysberg and Nohria. Their research, conducted with scores of CEOs, HR executives, and recruiters, found current hiring practices to be haphazard at best and inept at worst. And no wonder. Ignorant of their staffing needs, most companies treat hiring top-level executives as an emergency. That leaves them little choice. One study found that nearly a quarter of the time, the executive selected was the only candidate considered. Far too few companies conduct reference checks; far too many rely on gut reactions when judging qualifications and cultural fit. Hardly anyone considers whether candidates will be good team players. And, shockingly, only half of the top managers recruited by the companies studied were interviewed by anyone in the C-suite. The result: About a third of promising new hires depart within three years of being recruited. As a remedy, the authors offer their best thinking about state-of-the-art hiring practices for the top levels of the organization. Their recommendations cover the entire hiring cycle in seven steps: anticipating the need for new hires, specifying the job, developing a pool of candidates, assessing the candidates, closing the deal, integrating the newcomer, and reviewing hire-process effectiveness. Whatever the future brings, firms that follow these practices successfully will have a distinct advantage over their shortsighted competitors.

    Keywords: Talent and Talent Management; Economic Slowdown and Stagnation; Recruitment; Selection and Staffing; Management Practices and Processes; Managerial Roles;

    Citation:

    Fernandez-Araoz, Claudio, Boris Groysberg, and Nitin Nohria. "The Definitive Guide to Recruiting in Good Times and Bad." Harvard Business Review 87, no. 5 (May 2009): 74–84. View Details
  13. Does Individual Performance Affect Entrepreneurial Mobility? Empirical Evidence from the Financial Analysis Market

    Boris Groysberg, Ashish Nanda and M. Julia Prats

    Our paper contributes to the studies on the relationship between workers' human capital and their decision to become self-employed as well as their probability to survive as entrepreneurs. Analysis from a panel data set of research analysts in investment banks over 1988-1996 reveals that star analysts are more likely than non-star analysts to become entrepreneurs. Furthermore, we find that ventures started by star analysts have a higher probability of survival than ventures established by non-star analysts. Extending traditional theories of entrepreneurship and labor mobility, our results also suggest that drivers of turnover vary by destination: (a) turnover to entrepreneurship and (b) other turnover. In contrast to turnover to entrepreneurship, star analysts are less likely to move to other firms than non-star analysts.

    Keywords: Entrepreneurship; Investment Banking; Retention; Human Capital; Performance Effectiveness; Banking Industry;

    Citation:

    Groysberg, Boris, Ashish Nanda, and M. Julia Prats. "Does Individual Performance Affect Entrepreneurial Mobility? Empirical Evidence from the Financial Analysis Market." Journal of Financial Transformation 25 (March 2009): 95–106. View Details
  14. The Effects of Colleague Quality on Top Performance: The Case of Security Analysts

    Boris Groysberg and Linda-Eling Lee

    Keywords: Quality; Performance;

    Citation:

    Groysberg, Boris, and Linda-Eling Lee. "The Effects of Colleague Quality on Top Performance: The Case of Security Analysts." Special Issue on Professional Service Firms: Where Organization Theory and Organizational Behavior Might Meet, edited by Roy Suddaby, Royston Greenwood, and Celeste Wilderom Journal of Organizational Behavior 29, no. 8 (November 2008): 1123–1144. View Details
  15. Can Research Committees Add Value for Investors? An Analysis of Lehman Brothers' Ten Uncommon Values® Recommendations

    Boris Groysberg, Paul M. Healy and Yang Gui

    Since 1949 Lehman Brothers has used an investment committee to select the top ten recommendations made by its analysts each year. We examine the performance of this committee's recommendations and find that on average its selections generated abnormal returns of 2.7% at the recommendation announcement and 4.5% for the remainder of the year. This performance cannot be explained by changes in analyst recommendations and/or target prices that accompany the committee report. Nor was it due to analyst screening ability since the returns were higher than those that earned from investing in analysts' top stock picks that were not selected by the committee. Finally, we find that abnormal announcement returns and trading volume at the report publication are correlated with market-adjusted returns for the prior year's stock selections, suggesting that investors believe that a successful process in one year is likely to be repeated the following year. We believe that these findings are particularly interesting given recent efforts to require firms to use research recommendation committees to improve the quality of research.

    Keywords: Forecasting and Prediction; Stocks; Financial Markets; Investment; Investment Return; Governing Rules, Regulations, and Reforms; Performance Expectations; Groups and Teams; Research; Value Creation;

    Citation:

    Groysberg, Boris, Paul M. Healy, and Yang Gui. "Can Research Committees Add Value for Investors? An Analysis of Lehman Brothers' Ten Uncommon Values® Recommendations." Journal of Financial Transformation 24 (November 2008): 123–130. View Details
  16. Can They Take It with Them? The Portability of Star Knowledge Workers' Performance: Myth or Reality

    Boris Groysberg, Linda-Eling Lee and Ashish Nanda

    Keywords: Knowledge; Employees; Performance;

    Citation:

    Groysberg, Boris, Linda-Eling Lee, and Ashish Nanda. "Can They Take It with Them? The Portability of Star Knowledge Workers' Performance: Myth or Reality." Management Science 54, no. 7 (July 2008): 1213 – 1230. View Details
  17. Buy-Side vs. Sell-Side Analysts' Earnings Forecasts

    Boris Groysberg, Paul M. Healy and Craig James Chapman

    We compare the earnings forecast performance of analysts at a large buy-side firm to that of sell-side analysts. Our tests show that the buy-side firm analysts make more optimistic and less accurate forecasts than their counterparts on the sell-side. These performance differences appear to be partially explained by the buy-side's higher retention of poor-performing analysts and by differences in performance benchmarks used to evaluate buy- and sell-side analysts.

    Keywords: Motivation and Incentives; Business Earnings; Forecasting and Prediction; Performance Effectiveness;

    Citation:

    Groysberg, Boris, Paul M. Healy, and Craig James Chapman. "Buy-Side vs. Sell-Side Analysts' Earnings Forecasts." Financial Analysts Journal 64, no. 4 (July–August 2008): 25 – 39. View Details

Working Papers

  1. The Use of Broker Votes to Reward Brokerage Firms' and Their Analysts' Research Activities

    David A. Maber, Boris Groysberg and Paul M. Healy

    In traditional markets, the price mechanism directs the flow of resources and governs the process through which supply and demand are brought into equilibrium. In the investment-research industry, broker votes perform these functions. Using detailed clinical data from a midsized investment bank for the years 2004 to 2007, we present evidence that institutional investors use broker votes to budget future aggregate commission payments across brokerage firms; that these votes are responsive to actions that brokerage-house analysts take to communicate with client investors; and that brokerage firms use client-supplied votes as a quasi allocation base to indirectly reward individual analysts for contributions to brokerage-wide commission payments. Overall, our results suggest that broker votes function as the nexus for a set of implicit contractual relationships between sell-side brokers, their affiliated analysts, and their buy-side clients.

    Keywords: Markets for information; sell-side analysts; Commissions; Broker votes; compensation; Public and private communications; Management access; relational contracts; Voting; Balance and Stability; Research; Supply and Industry; Investment; Corporate Governance; Compensation and Benefits; Banking Industry;

    Citation:

    Maber, David A., Boris Groysberg, and Paul M. Healy. "The Use of Broker Votes to Reward Brokerage Firms' and Their Analysts' Research Activities." Harvard Business School Working Paper, No. 14-074, February 2014. View Details

Cases and Teaching Materials

  1. Interview with Anders Byriel and Mads Nygård: Kvadrat

    Boris Groysberg and Sarah L. Abbott

    Anders Byriel, CEO of the family-owned Danish textiles company, Kvadrat, and Mads Nygård, SVP of Strategy & Organization at Kvadrat, discuss the challenges and opportunities faced by the company. They elaborate on areas covered in the case including: 1.) Asia; 2.) Soft Cells; 3.) Retail; 4.) People & Culture; 5.) Organizational Structure; 6.) Evolution of Kvadrat; 7.) Data Analytics; 8.) Conversation-Driven Company; 9.) Managing Growth; 10.) Products

    Keywords: general management; Organization Behavior; strategy; performance management; Leadership; Business or Company Management; Growth and Development Strategy; Management Practices and Processes; Human Resources; Manufacturing Industry; Denmark;

    Citation:

    Groysberg, Boris, and Sarah L. Abbott. "Interview with Anders Byriel and Mads Nygård: Kvadrat." Harvard Business School Video Supplement 415-704, December 2014. View Details
  2. Doing Deals and Leading Teams at XAF Partners

    Boris Groysberg, Sarah L. Abbott and Robin Abrahams

    Private equity firm XAF Partners had grown steadily over the last decade, establishing offices across Asia. At the end of their day-long partners' retreat, several firm partners discuss the challenges they face as "producing managers." These include collaboration and delegation; compensation; development; giving feedback; and time-pressure. This teaching note explores each of these challenges in turn.

    Keywords: leadership; management; time management; Development; Competency and Skills; Talent and Talent Management; Leadership; Growth and Development Strategy; Business or Company Management; Management Practices and Processes; Financial Services Industry; China;

    Citation:

    Groysberg, Boris, Sarah L. Abbott, and Robin Abrahams. "Doing Deals and Leading Teams at XAF Partners ." Harvard Business School Teaching Note 414-060, June 2014. View Details
  3. Rebecca S. Halstead: Steadfast Leadership

    Boris Groysberg and Deborah Bell

    The case reviews Rebecca Halstead's career history, detailing how, through her personal attributes, skills, experiences, challenges, and organizational practices she developed into a successful leader and commander in the U.S. Army. The teaching note discusses Halstead's career choices, her leadership and communication style, and how she dealt with adversity during her career.

    Keywords: strategy and leadership; leadership and managing people; Working Conditions; Groups and Teams; competitive strategy; Personal Development and Career; organizational culture; Personal Characteristics; Leadership Style; gender; power and influence; Working Conditions; Groups and Teams; Competitive Strategy; Personal Development and Career; Organizational Culture; Personal Characteristics; Leadership Style; Gender Characteristics; Power and Influence;

    Citation:

    Groysberg, Boris, and Deborah Bell. "Rebecca S. Halstead: Steadfast Leadership ." Harvard Business School Teaching Note 414-080, July 2014. View Details
  4. Hindustan Petroleum Corporation Ltd.: Driving Change Through Internal Communication

    Boris Groysberg, Sarah L. Abbott and Robin Abrahams

    Hindustan Petroleum (HPCL), confronted in 2003 with an urgent need to change how it operated externally, adopted a highly innovative approach to communicating internally. This case, set in 2010, presents an overview of the new, more interactive model of employee communication that HPCL introduced as part of its effort to adapt to increased market competition during the early 21st century. The TN focuses on three key themes presented in the case: change management, vision crafting, and effective organizational communication strategies.

    Keywords: Communication strategy; change management; leadership; Communication; Change; Leadership; Management; Energy Industry; India;

    Citation:

    Groysberg, Boris, Sarah L. Abbott, and Robin Abrahams. "Hindustan Petroleum Corporation Ltd.: Driving Change Through Internal Communication." Harvard Business School Teaching Note 414-006, June 2014. View Details
  5. Chorus and Telecom: Building the Boards

    Boris Groysberg and Sarah L. Abbott

    In 2011, Telecom, the largest telecom provider in New Zealand, was being divided into two publicly traded companies. In connection with this split, Sarah Naudé and Matt Stanley worked with the chairman of Telecom New Zealand, Wayne Boyd, to create two new boards of directors for these companies. This teaching note reviews: the role and importance of a board of directors; the processes used to select board members and assemble boards; and the steps taken at Telecom to ensure they created two high-performing boards.

    Keywords: board of directors; Women's Empowerment; governance; leadership; Governance; Leadership; Selection and Staffing; Organizational Structure; Decision Making; Human Resources; Diversity Characteristics; Telecommunications Industry; New Zealand;

    Citation:

    Groysberg, Boris, and Sarah L. Abbott. "Chorus and Telecom: Building the Boards." Harvard Business School Teaching Note 414-025, June 2014. View Details
  6. Women MBAs at Harvard Business School: 1962–2012

    Boris Groysberg and Robin Abrahams

    Keywords: female; general management; American History; Economic History; business history; globalization; career planning; gender; nonverbal; sexism; leadership; leadership development; organizational behavior; women; HBS; education; Harvard Business School; Education; Leadership; Management; United States;

    Citation:

    Groysberg, Boris, and Robin Abrahams. "Women MBAs at Harvard Business School: 1962–2012." Harvard Business School Teaching Note 414-051, May 2014. (Revised August 2014.) View Details
  7. The Claytons: Facing Life and Career Decisions as a Couple

    Boris Groysberg and Kerry Herman

    The Rawlinsons, a young, ambitious, career-minded couple, are considering their life and career goals. They are both successful, have aspirations to serve in public office, and are negotiating important career choices as a couple.

    Keywords: talent management; career management; career planning; organizational behavior; work/life balance; work/family balance; careers; human capital; Talent and Talent Management; Human Capital; United States;

    Citation:

    Groysberg, Boris, and Kerry Herman. "The Claytons: Facing Life and Career Decisions as a Couple." Harvard Business School Case 414-002, February 2014. View Details
  8. Leadership in Law: Amy Schulman at DLA Piper

    Boris Groysberg and Robin Abrahams

    This teaching note provides a discussion plan and rich conceptual background for the "Leadership in Law: Amy Schulman at DLA Piper" case. Topics covered include definitions of success, lifespan career development, team leadership, managing professional service firms, relationship management, and issues of women and representation.

    Keywords: professional service firm; team leadership; women and leadership; career planning; Law; Leadership; Personal Development and Career; Gender Characteristics; Service Industry;

    Citation:

    Groysberg, Boris, and Robin Abrahams. "Leadership in Law: Amy Schulman at DLA Piper." Harvard Business School Teaching Note 414-066, February 2014. View Details
  9. A.P. Møller–Maersk Group: Evaluating Strategic Talent Management Initiatives

    Boris Groysberg, Sarah L. Abbott and Robin Abrahams

    This teaching note is an accompaniment to the case, A.P. Møller–Maersk Group: Evaluating Strategic Talent Management Initiatives. The case reviews the talent management issues being discussed at Maersk Group, a global conglomerate with large shipping and oil & gas businesses.

    Keywords: Retention; Human Capital; Human Resources; Organizational Change and Adaptation; Organizational Culture; Management Practices and Processes; Shipping Industry; Energy Industry; Denmark;

    Citation:

    Groysberg, Boris, Sarah L. Abbott, and Robin Abrahams. "A.P. Møller–Maersk Group: Evaluating Strategic Talent Management Initiatives." Harvard Business School Teaching Note 414-069, February 2014. View Details
  10. People Management (Abridged)

    Boris Groysberg

    Highlights critical gaps between research and practice in the field of strategic human resources management. Also, aims to debunk some myths and preconceptions that general managers bring to their HR decisions. Before class, participants fill out a true-or-false questionnaire for subsequent class discussion.
    Note: Please refer to the Teaching Note for "People Management" (Product #: 406034). Although the numbering of the questions will not line up, all the information is included. A Teaching Note for the abridged version is forthcoming.

    Keywords: Human Resources; Management; Compensation and Benefits; Retention; Performance Evaluation;

    Citation:

    Groysberg, Boris. "People Management (Abridged)." Harvard Business School Exercise 414-055, November 2013. View Details
  11. Interview with Bill Allen and Maria Pejter: A.P. Møller - Maersk Group

    Boris Groysberg

    In 2012, Bill Allen and Maria Pejter, of Maersk Group's Human Resources Department, sat down to consider some key aspects of Maersk's talent management strategy. In this video, Allen and Pejter discuss in some greater detail some of the challenges they faced as outlined in the HBS case, "A.P. Møller - Maersk Group: Evaluating Strategic Talent Management Initiatives."

    Keywords: organizational development; human resource management; talent management; organizational change and transformation; corporate culture; hiring; employee training; diversity; Strategy; Selection and Staffing; Talent and Talent Management; Training; Retention; Diversity Characteristics; Denmark;

    Citation:

    Groysberg, Boris. "Interview with Bill Allen and Maria Pejter: A.P. Møller - Maersk Group." Harvard Business School Video Supplement 413-710, July 2013. View Details
  12. Kvadrat: Leading for Innovation

    Boris Groysberg and Sarah L. Abbott

    In 2013, Anders Byriel, CEO of the family-owned Danish textiles company, Kvadrat, considered the firm's strategic plan. In 2000, Byriel and Mette Bendix, Kvadrat's Product Director, had taken over management of the company from their fathers, who had founded Kvadrat in the 1960s. Byriel and Bendix had joined Kvadrat in 1992, and since that time, Kvadrat had grown from €19 million in annual sales to over €86 million. It had expanded its focus on selling textiles to European architects and furniture manufactures, becoming a global company with a wide product range and a broad customer base. Kvadrat's internal organization had grown and transformed to support this larger business.

    Now Kvadrat's management team was focused on a number of key initiatives: expansion into Asia; improved sales trends in its curtain and Soft Cells businesses; development of Kvadrat's retail sales operations; the implementation of new Human Resources practices; and the execution of a new organizational design. Was such an extensive growth, turnaround and internal development agenda feasible? And, were the initiatives being considered the right ones for Kvadrat?

    Keywords: general management; organizational behavior; strategy; performance management; Leadership; Business or Company Management; Growth and Development Strategy; Management Practices and Processes; Human Resources; Denmark; Europe; Asia;

    Citation:

    Groysberg, Boris, and Sarah L. Abbott. "Kvadrat: Leading for Innovation." Harvard Business School Case 413-120, June 2013. (Revised March 2014.) View Details
  13. Women MBAs at Harvard Business School: 1962–2012

    Boris Groysberg, Kerry Herman and Annelena Lobb

    Eight women had first enrolled in Harvard Business School's traditional MBA program in 1963. By 2013, the number of women in the MBA classroom had reached 40%. The 50th anniversary of women's enrollment in the traditional MBA program gave HBS Dean Nitin Nohria the opportunity to take stock of the progress that had been made by HBS women students and alumnae and ponder what still remained to be done. The case examines the evolving experiences of male and female MBAs over the decades through interviews with dozens of HBS alumni, as well as the experiences of female faculty at the School. The case scrutinizes a number of issues facing professional women, such as changing definitions of success and diversity, barriers faced by women at work, the expectations of work and family, and present-day implications for the pipeline of future women leaders. Students consider the role of the School in addressing disparities both on campus and in the wider business world.

    Keywords: Business Education; Boston;

    Citation:

    Groysberg, Boris, Kerry Herman, and Annelena Lobb. "Women MBAs at Harvard Business School: 1962–2012." Harvard Business School Case 413-013, February 2013. (Revised May 2014.) View Details
  14. Chorus and Telecom: Building the Boards (B)

    Boris Groysberg and Sarah L. Abbott

    This follow up to Chorus and Telecom: Building the Boards provides a one-page description of the new boards that were created at Telecom and Chorus.

    Keywords: Governing and Advisory Boards;

    Citation:

    Groysberg, Boris, and Sarah L. Abbott. "Chorus and Telecom: Building the Boards (B)." Harvard Business School Supplement 413-081, January 2013. View Details
  15. Chorus and Telecom: Building the Boards

    Boris Groysberg and Sarah L. Abbott

    In 2011, Sarah Naudé and Matt Stanley sat down with the chairman of Telecom New Zealand, Wayne Boyd. Telecom, a publicly listed company and the largest telecom provider in New Zealand, was being divided into two publicly traded companies, Chorus, a telecom infrastructure company, and new Telecom, a telecom retail services provider. In connection with this split, Naudé and Stanley were charged with overseeing the process of creating two new boards of directors for these companies. As part of this process, the team reviews the roles and responsibilities of a board, defines what capabilities the new boards need, and reduces a preliminary list of candidates to a short list. They must now use this short list to create two strong boards.

    Keywords: board of directors; Women's Empowerment; governance; leadership; Governance; Leadership; Selection and Staffing; Organizational Structure; Decision Making; Human Resources; Diversity Characteristics; Telecommunications Industry; New Zealand;

    Citation:

    Groysberg, Boris, and Sarah L. Abbott. "Chorus and Telecom: Building the Boards." Harvard Business School Case 413-030, January 2013. (Revised June 2013.) View Details
  16. Beth Stewart: Navigating the Boardroom

    Boris Groysberg and Deborah Bell

    After rising through the ranks of Corporate America, Beth Stewart has become a corporate director on the board of General Growth Properties. Stewart is struggling with how to address her mounting concerns over the financial health of the growing large publically traded real estate investment trust (REIT) to her fellow board members and company management. The case explores interpersonal communications, influencing one's peers, leadership style, and board dynamics. The case also chronicles Stewart's career progression focusing on different stages including work/life choices she made as a wife and mother of five children.

    Keywords: career management; leadership; women executives; women and leadership; boards of directors; board dynamics; corporate governance; career planning; work-life balance; independent directors; interpersonal communication; Leadership; Work-Life Balance; Corporate Governance; Interpersonal Communication; Real Estate Industry; United States;

    Citation:

    Groysberg, Boris, and Deborah Bell. "Beth Stewart: Navigating the Boardroom ." Harvard Business School Case 413-094, January 2013. (Revised March 2013.) View Details
  17. Naina Lal Kidwai: Investing in Her Country

    Boris Groysberg and Anjali Raina

    This case showcases the 30-year career of Naina Lal Kidwai, Chairman of HSBC India, a leading woman business leader globally. It demonstrates how Kidwai spent a lifetime overcoming barriers as a woman in a male-dominated profession and as an Indian in the global marketplace. Now, as opportunities to play a role in the environment are beginning to open up, she has to decide the next direction to take in her career.

    Keywords: leadership; Leadership; Financial Services Industry; Insurance Industry; India;

    Citation:

    Groysberg, Boris, and Anjali Raina. "Naina Lal Kidwai: Investing in Her Country." Harvard Business School Case 413-003, November 2012. (Revised May 2013.) View Details
  18. Learning Resources: A Hands-On Toy Company Deals with New Challenges and Opportunities

    Boris Groysberg and Anahita Hashemi

    Learning Resources is a family-owned educational toy company that, by late 2011, was facing a myriad of challenges, including increased competition, entry into new markets, new distribution methods, rising costs of production in China, and changing customer behavior. The company lacked a clear strategy and suffered from organizational misalignment. Rick Woldenberg, the former CEO of Learning Resources, is called back to the helm after a four-year absence to address these issues, increase performance and set a direction for the company, all while remaining true to the values of his family's business.

    Keywords: Leading teams; strategy formulation; strategy and execution; change management; innovation; corporate culture; family business; industry analysis; organizational alignment; entrepreneurs; Product design; sales channels; Leadership; Strategy; Change Management; Innovation Leadership; Family Business; Entrepreneurship; Product Design; Sales; Retail Industry; United States;

    Citation:

    Groysberg, Boris, and Anahita Hashemi. "Learning Resources: A Hands-On Toy Company Deals with New Challenges and Opportunities." Harvard Business School Case 413-086, November 2012. (Revised September 2013.) View Details
  19. Talking Strategy at Greighton Partners

    Boris Groysberg and Kerry Herman

    Since its inception, London-based private equity firm Greighton Partners had managed over $15 billion in investor capital. The firm employed about 150 professionals around the globe and had completed over 175 company acquisitions since its founding. Started with a small intimate team in London, the firm had merged with a continental PE firm and was successful, with an increased focus on Asia deals. After a long day of global partner meetings behind them, a group of Greighton partners, eager to unwind, gathered to discuss the firm's success in terms of executing on its recently refined strategy. Opinions ranged across the following strategic issues: growing the firm's Asian footprint versus remaining focused in Europe; aiming to be a top performing mid-market firm or focusing on moving up a tier to compete for bigger deals against larger firms; growth and expansion through organic growth, merger/acquisition, or through lateral hires; and finally, sector mix and client mix/client focus.

    Keywords: Financial Services Industry; Asia; Europe;

    Citation:

    Groysberg, Boris, and Kerry Herman. "Talking Strategy at Greighton Partners." Harvard Business School Case 413-031, November 2012. (Revised March 2013.) View Details
  20. Doing Deals and Leading Teams at XAF Partners

    Boris Groysberg and Kerry Herman

    Private equity firm XAF Partners, created out of the 2003 merger of Shanghai-based Xuan Partners and AF Group, a spin out of the Shanghai-based, emerging market-focused private equity arm of a large European bank, had grown steadily over the last decade, establishing offices in Beijing, Hong Kong, Jakarta, Kuala Lumpur, Mumbai, Seoul and Singapore. At the end of their day-long partners' retreat, several firm partners discuss the challenges they face as they juggle three roles in their business life: deal makers in their own sectors; managers of younger associates and directors across their sector teams; and as leaders in their young but successful firm.

    Keywords: professional service firms; Leading teams; producing managers; work-life balance; time management; delegation; giving and receiving feedback; managing performance; Financial Services Industry; Asia;

    Citation:

    Groysberg, Boris, and Kerry Herman. "Doing Deals and Leading Teams at XAF Partners." Harvard Business School Case 413-032, November 2012. View Details
  21. A.P. Møller - Maersk Group: Evaluating Strategic Talent Management Initiatives

    Boris Groysberg and Sarah Abbott

    In 2012, Bill Allen and Maria Pejter, of Maersk Group's Human Resources Department, sat down to consider some key aspects of Maersk's talent management strategy. Headquartered in Copenhagen, Maersk was a global conglomerate with large shipping and oil & gas businesses. Among the talent management issues being discussed: an increase in employee turnover, internal training and development programs, hiring experienced talent from outside the firm, rehiring former employees ("boomerangs"), and increasing employee diversity.

    Keywords: organizational development; human resource management; talent management; organizational change and transformation; corporate culture; hiring; employee training; diversity; Strategy; Selection and Staffing; Talent and Talent Management; Training; Retention; Diversity Characteristics; Denmark;

    Citation:

    Groysberg, Boris, and Sarah Abbott. "A.P. Møller - Maersk Group: Evaluating Strategic Talent Management Initiatives." Harvard Business School Case 412-147, June 2012. (Revised May 2013.) View Details
  22. Gerson Lehrman Group: Managing Risks

    Boris Groysberg, Paul Healy and Sarah L. Abbott

    It was June 2011 and Alexander Saint-Amand, President and CEO of Gerson Lehrman Group, the largest expert network firm globally, has found his firm once again in the midst of controversy. This controversy centered around a number of insider trading cases that had been brought against consultants working for competing expert network firms. While GLG was in no way implicated in these cases, and GLG had invested significantly in its compliance policies and controls in order to prevent the mishandling of public information, the entire industry was being impacted. Saint-Amand is faced with the challenge of deciding how best to handle this crisis.

    Keywords: Risk Management;

    Citation:

    Groysberg, Boris, Paul Healy, and Sarah L. Abbott. "Gerson Lehrman Group: Managing Risks." Harvard Business School Case 412-004, September 2011. (Revised January 2012.) View Details
  23. Teena Lerner: Dividing the Pie at Rx Capital (A)

    Boris Groysberg, Victoria Winston and Robin Abrahams

    Teena Lerner started her own hedge fund firm in 2001 after nearly 20 years as a star biotechnology analyst and hedge fund manager. After the start-up phase, her firm became highly profitable. In 2004, however, one of her four analysts lost a lot of money for the firm. If Lerner followed the existing compensation system, she would wind up significantly underpaying her other analysts, all of whom had performed well. Should she follow the compensation system or not? And what should be done about the underperforming analyst?

    Keywords: Managerial Roles; Investment Funds; Performance; Business Startups; Compensation and Benefits; Corporate Finance; Financial Services Industry;

    Citation:

    Groysberg, Boris, Victoria Winston, and Robin Abrahams. "Teena Lerner: Dividing the Pie at Rx Capital (A)." Harvard Business School Case 406-088, June 2006. (Revised January 2012.) View Details
  24. Teena Lerner: Dividing the Pie at Rx Capital (Abridged)

    Boris Groysberg, Victoria Winston and Robin Abrahams

    Teena Lerner, the CEO of Rx Capital, had a problem. Her three-year-old hedge fund was highly profitable, but in 2004, one of her four equities analysts lost a lot of money for the firm. If Lerner followed her existing compensation system, designed to reward teamwork, he would wind up significantly underpaying her other analysts, all of whom had performed well. Should she follow the compensation system or not? And what should be done about the underperforming analyst?

    Keywords: Compensation and Benefits; Employee Relationship Management; Performance Evaluation; Groups and Teams; Financial Services Industry;

    Citation:

    Groysberg, Boris, Victoria Winston, and Robin Abrahams. "Teena Lerner: Dividing the Pie at Rx Capital (Abridged)." Harvard Business School Case 409-058, November 2008. (Revised January 2012.) View Details
  25. Building a Developmental Culture: The Birth of Deloitte University

    Boris Groysberg, Maureen Elizabeth Gibbons and Joshua William Bronstein

    It is October 2009 and Barry Salzberg, CEO of Deloitte LLP, has just returned from the groundbreaking of Deloitte University. When completed, Deloitte University would be a world class learning and development center owned by, and for the exclusive use by the employees of, Deloitte. Deloitte spent a significant amount of time and money on the training and development of its employees. Historically, this training had taken place at hotels and conference centers, not affiliated with Deloitte. The idea for the construction of a special-purpose, Deloitte-owned learning facility had been championed by Salzberg. He believed Deloitte University would allow the firm to "instill our values in our people through learning and development" which he thought was critical to Deloitte's long-term success. Salzberg had won over the necessary majority of the partners, but not all of them supported the University concept. As he thought about the future of this new facility, how could he ensure it would be successful?

    Keywords: Leading Change; Problems and Challenges; Organizational Change and Adaptation; Management Teams; Competency and Skills; Training; Employees; Values and Beliefs; Education Industry; Consulting Industry; United States;

    Citation:

    Groysberg, Boris, Maureen Elizabeth Gibbons, and Joshua William Bronstein. "Building a Developmental Culture: The Birth of Deloitte University." Harvard Business School Case 411-059, October 2010. (Revised January 2012.) View Details
  26. Liberté, Égalité, Sororité: How Should France Achieve Boardroom Parité?

    Boris Groysberg and Hilary Fischer-Groban

    The French government is considering mandating a gender quota for corporate boards. Other countries have approached the question of gender equity in corporate governance in various ways; which model might best work for France?

    Keywords: Equality and Inequality; Governing and Advisory Boards; Gender Characteristics; Corporate Governance; France;

    Citation:

    Groysberg, Boris, and Hilary Fischer-Groban. "Liberté, Égalité, Sororité: How Should France Achieve Boardroom Parité?" Harvard Business School Case 412-061, September 2011. (Revised November 2011.) View Details
  27. Big Spaceship: Ready to Go Big?

    Boris Groysberg and Michael Slind

    Big Spaceship, a digital marketing agency, faced a rather big challenge: How to scale the distinctive culture that was essential to its competitive strategy? Renowned for the cutting-edge websites that it developed to market major Hollywood movies and leading consumer brands, the firm had won numerous awards and garnered considerable attention within the advertising industry. In mid-2008, Big Spaceship remained small (it had fewer than 50 employees) but was poised for significant growth. For founder and CEO Michael Lebowitz, the central challenge was to figure out whether and how the agency could retain its boutique culture while transcending its boutique size. The case begins by briefly outlining Lebowitz's background, along with the history of Big Spaceship since its founding in 2000. Then the case shifts to a discussion of external dynamics: the firm's value proposition, which focused on providing start-to-finish, strategy-driven digital marketing solutions; its interaction with clients; and its relationship with established players in the advertising industry. Next, the case examines the firm's internal dynamics. Here, in addition to describing the culture of Big Spaceship, the case puts special emphasis on the firm's recent shift from a functional structure to a team-based structure. Finally, the case provides an overview of key issues that Lebowitz and his team must consider as they plan for the firm's growth—how to raise capital, how to gauge the optimal size for the company, and how to manage an expanding staff. A major highlight of the case is the inclusion of more than a dozen graphically compelling exhibits, which help to illustrate the firm's value proposition, its innovation-oriented culture, and its evolving organizational design.

    Keywords: Entrepreneurship; Innovation and Management; Human Capital; Growth and Development Strategy; Marketing; Organizational Culture; Organizational Design; Groups and Teams; Competitive Strategy; Value Creation;

    Citation:

    Groysberg, Boris, and Michael Slind. "Big Spaceship: Ready to Go Big?" Harvard Business School Case 409-047, February 2009. (Revised September 2011.) View Details
  28. Leadership in Energy: Jim Rogers at Cinergy

    Boris Groysberg, Nitin Nohria, Colleen Kaftan and Geoff Eckman Marietta

    Jim Rogers, CEO of the energy company Cinergy, has led the company from the brink of bankruptcy to one of the premier energy companies through selecting a focused strategy, aligning the organization to support it, and mobilizing all the employees to implementation. The case also discusses the strategies used by Rogers to communicate the strategy, which included innovative image maps.

    Keywords: Communication Strategy; Leading Change; Organizational Culture; Organizational Structure; Alignment; Corporate Strategy; Energy Industry;

    Citation:

    Groysberg, Boris, Nitin Nohria, Colleen Kaftan, and Geoff Eckman Marietta. "Leadership in Energy: Jim Rogers at Cinergy." Harvard Business School Case 408-097, December 2007. (Revised July 2011.) View Details
  29. Keeping Google 'Googley'

    Boris Groysberg, David A. Thomas and Alison Berkley Wagonfeld

    This case, set in 2008, examines how Google has worked to avoid potential negative byproducts of rapid growth such as bureaucracy, slow decision-making, lack of visibility, and organizational inconsistency. When the case protagonist, Kim Scott, started with Google in 2004, she wondered if she would still be there in several years as she liked small, entrepreneurial companies. In 2008, she was pleased that Google still had the same entrepreneurial energy that it had when she joined. She and her colleagues reflect on how Google has been able to maintain its culture as the company keeps doubling in size.

    Keywords: Entrepreneurship; Growth and Development Strategy; Organizational Culture; Internet; Information Technology Industry;

    Citation:

    Groysberg, Boris, David A. Thomas, and Alison Berkley Wagonfeld. "Keeping Google 'Googley'." Harvard Business School Case 409-039, September 2008. (Revised July 2011.) View Details
  30. A Note on Compensation Research

    Robert G. Eccles, Boris Groysberg and Ann Cullen

    This note provides guidelines to consider and reviews the sources available for compensation research. Having an understanding of the “outside option,” that is effectively the average salary being offered for a position in a specific type of firm is an important component of conducting analysis for compensation decisions. The information in this note will help in locating the information necessary for this type of analysis.

    Keywords: Decision Choices and Conditions; Compensation and Benefits; Jobs and Positions; Research;

    Citation:

    Eccles, Robert G., Boris Groysberg, and Ann Cullen. "A Note on Compensation Research." Harvard Business School Background Note 408-114, February 2008. (Revised May 2011.) View Details
  31. Hindustan Petroleum Corporation Ltd.: Driving Change Through Internal Communication

    Boris Groysberg and Michael Slind

    Hindustan Petroleum (HPCL), confronted in 2003 with an urgent need to change how it operated externally, adopted a highly innovative approach to communicating internally. This case, set in 2010, presents an overview of the new, more interactive model of employee communication that HPCL introduced as part of its effort to adapt to increased market competition during the early 21st century. (HPCL, previously a wholly state-owned company within a state-controlled industry, had begun to operate in an increasingly privatized environment.) At the center of the new model was a series of "vision workshops"--structured conversations in which employees at all levels of the company took part in developing strategic and organizational visions for their regional offices, for their business units, and for the company as a whole. The case also discusses HPCL's use of digital technology to enhance employee communication; its leaders' increased emphasis on direct, "one-to-one" interaction with employees; and some of the consequences (both external and internal) of this more conversational model of organizational communication. As of 2010, HPCL was a Fortune Global 500 company, with more than 11,000 employees and with annual revenues of more than $23 billion. The question that company leaders now faced was whether HPCL's novel approaches to communicating with employees were appropriate to its next stage of internal development and external growth.

    Keywords: Communication Strategy; Interpersonal Communication; Employee Relationship Management; Innovation and Management; Leading Change; Management Practices and Processes; Organizational Change and Adaptation; Organizational Culture; Corporate Strategy; India;

    Citation:

    Groysberg, Boris, and Michael Slind. "Hindustan Petroleum Corporation Ltd.: Driving Change Through Internal Communication." Harvard Business School Case 411-077, April 2011. View Details
  32. Development and Promotion at North Atlantic Hospital

    Boris Groysberg, Lisa Leffert, Kerry Herman and Libby Williams

    Dr. Elizabeth Harris, Chair of the Department of Anesthesiology (DA) at North Atlantic Hospital (NAH), faces several significant challenges. Staff satisfaction surveys confirmed her assessment that department faculty morale was low, the tenure and promotion system was perceived as opaque and biased towards researchers over clinicians, and overall, faculty felt the organization had little interest in their professional development and well-being. NAH had mandated career conferences across all departments one year prior, and Harris felt this initiative could serve as an important building block for a comprehensive staff performance and development program for the DA. In designing the DA career conference initiative, Harris and her team polled DA faculty representing all promotion tracks and length of service. They also captured best practices from across other NAH divisions and other peer institutions.

    Keywords: Training; Employees; Retention; Performance Evaluation; Personal Development and Career; Motivation and Incentives; Health Industry;

    Citation:

    Groysberg, Boris, Lisa Leffert, Kerry Herman, and Libby Williams. "Development and Promotion at North Atlantic Hospital." Harvard Business School Case 411-018, January 2011. (Revised March 2011.) View Details
  33. Rachael Ray: Cooking Up a Brand

    Boris Groysberg and Kerry Herman

    The case details the rapid rise of Rachael Ray's career, beginning with her first appearance on NBC's Today show in March 2001. The case chronicles her success, exploring her various brands, promotional work, and expansion into new media markets. The case also allows students to grapple with the challenges Rachael Ray might face in terms of the continued sustainability of her successful brand.

    Keywords: Business Growth and Maturation; Brands and Branding; Personal Development and Career; Expansion; Entertainment and Recreation Industry;

    Citation:

    Groysberg, Boris, and Kerry Herman. "Rachael Ray: Cooking Up a Brand." Harvard Business School Case 409-011, August 2008. (Revised February 2011.) View Details
  34. Solvay Group: International Mobility and Managing Expatriates

    Boris Groysberg, Nitin Nohria and Kerry Herman

    Marcel Lorent, head of International Mobility at Brussels-based Solvay Group, faces decisions on the expatriation status of four of his firm's talented executives. Each decision will impact the candidate's professional and personal life and will have implications for effective management and growth in Solvay's global markets. The case explores these issues, with a close look at Solvay's attempts to develop talent management and mobility processes that allow the firm to align its strategic needs with the complexities of its individual employees' needs and lives.

    Keywords: Leadership Development; Globalized Firms and Management; Work-Life Balance; Talent and Talent Management; Residency Characteristics; Employees; Brussels;

    Citation:

    Groysberg, Boris, Nitin Nohria, and Kerry Herman. "Solvay Group: International Mobility and Managing Expatriates." Harvard Business School Case 409-079, January 2009. (Revised February 2011.) View Details
  35. Sanford C. Bernstein: The Fork in the Road (A)

    Boris Groysberg and Anahita Hashemi

    Soon after the death of the firm's legendary founder, the individuals then serving as chairman and as president--Lewis A. Sanders and Roger Hertog, respectively--talked about the future of their firm. Sanford C. Bernstein & Co., a private investment firm, had grown rapidly in customers, assets under management, and personnel during the previous decade. Its institutional research department, which performed equity research for distribution to major money managers around the world, was considered one of the best such sources in the industry. Its own money management business managed $87.4 billion in 1999. However, as market conditions became more challenging for value-based managers during the late 1990s, the firm's most important portfolios were underperforming their benchmarks. Also, although the investment management industry had grown, it had also consolidated. The firm was facing some issues: How would it be affected by its founder's death? What was its competitive advantage? Does the firm's underlying value system have to change in a new competitive environment? Rumors were circulating about Bernstein going public in the future, merging, or being acquired. Should the firm even consider any of these options? How much was the firm worth?

    Keywords: Mergers and Acquisitions; Organizational Change and Adaptation; Organizational Culture; Performance Expectations; Competitive Advantage; Valuation;

    Citation:

    Groysberg, Boris, and Anahita Hashemi. "Sanford C. Bernstein: The Fork in the Road (A)." Harvard Business School Case 404-001, November 2003. (Revised February 2011.) View Details
  36. Sanford C. Bernstein: The Fork in the Road (B)

    Boris Groysberg and Geoff Eckman Marietta

    Update on the (A) case.

    Keywords: Knowledge; Business or Company Management; Organizational Change and Adaptation; Organizational Culture; Competitive Advantage; Valuation; Financial Services Industry;

    Citation:

    Groysberg, Boris, and Geoff Eckman Marietta. "Sanford C. Bernstein: The Fork in the Road (B)." Harvard Business School Supplement 409-008, July 2008. (Revised February 2011.) View Details
  37. Managing Organizational Human Capital: Research Resources

    Boris Groysberg and Ann Cullen

    This technical note provides a list of library resources for researching various aspects of managing human capital within organizations.

    Keywords: Human Resources; Human Capital; Management Practices and Processes; Organizations; Research;

    Citation:

    Groysberg, Boris, and Ann Cullen. "Managing Organizational Human Capital: Research Resources." Harvard Business School Background Note 410-045, August 2009. (Revised February 2011.) View Details
  38. Managing Individual Human Capital: Research Resources

    Boris Groysberg and Emilie Codega

    This technical note provides a list of library resources for researching executives and a bibliography of books on managing one's own career.

    Keywords: Human Resources; Human Capital; Leadership; Managerial Roles; Personal Development and Career; Research;

    Citation:

    Groysberg, Boris, and Emilie Codega. "Managing Individual Human Capital: Research Resources." Harvard Business School Background Note 410-046, August 2009. (Revised February 2011.) View Details
  39. Rebecca S. Halstead: Steadfast Leadership

    Boris Groysberg and Deborah Bell

    Reviews Rebecca Halstead's career history, detailing how, through her personal attributes, skills, experiences, challenges, and organizational practices she developed into a successful leader and commander in the U.S. Army. The case profiles her leadership style and philosophy. It examines her career strategies and rise through the ranks; strategies she used to deal with challenges faced as a woman in the military; how she turned around a troubled military unit; and how she dealt with a difficult boss who threatened her command of a 25,000 person combat mission.

    Keywords: Working Conditions; Groups and Teams; Competitive Strategy; Personal Development and Career; Organizational Culture; Personal Characteristics; Leadership Style; Gender Characteristics; Power and Influence;

    Citation:

    Groysberg, Boris, and Deborah Bell. "Rebecca S. Halstead: Steadfast Leadership." Harvard Business School Case 411-050, February 2011. View Details
  40. oDesk: Changing How the World Works

    Boris Groysberg, David A. Thomas and Jennifer M. Tydlaska

    It is 2010, and Gary Swart, CEO of oDesk, is contemplating the next steps for his organization. Founded in 2004 in California, oDesk operates an online marketplace which matches Employers with Contractors. oDesk provides fact-based information on Contractors, including experience, skills and certifications, to Employers who use this information as a basis for interviewing and hiring Contractors. oDesk's online marketplace also includes a payment platform and tools which allow Employers to audit and verify Contractors' work and time sheets. oDesk collects commissions, approximately 10% of gross services, on all work which goes through its platform. oDesk has enjoyed robust growth since its inception, and, to date, has focused on a very distinct market segment: small and medium sized employers, Contractors who provide computer programming services, and U.S. based employers hiring overseas Contractors. Swart believes that the time has come for oDesk to expand beyond this niche, but he is concerned about maintaining oDesk's strong reputation and market positioning and, as such, he wants to grow in a very focused manner. Should oDesk expand its customer focus to include large employers? Broaden the services its marketplace offers beyond computer programming? Or, widen its geographic reach? Each of these growth options offers opportunities and entails costs. Swart considers each of these in turn.

    Keywords: Recruitment; Leadership; Growth and Development Strategy; Market Platforms; Marketplace Matching; Corporate Strategy; Online Technology; Consulting Industry;

    Citation:

    Groysberg, Boris, David A. Thomas, and Jennifer M. Tydlaska. "oDesk: Changing How the World Works." Harvard Business School Case 411-078, February 2011. View Details
  41. Sidoti & Company: Launching a Micro-Cap Product

    Boris Groysberg, Paul M. Healy and Sarah Abbott

    It is 2010 and Sidoti & Company, a New York-based brokerage firm specializing in small capitalization stocks, has just launched a new product- micro cap stock research. The firm has hired a group of five analysts who will produce written research reports on micro-cap stocks, that is, publicly traded stocks with a market capitalization of less than $250 million. Peter Sidoti, Sidoti & Company's founder and CEO, knows that there is demand for this product. However, he is not entirely certain how this new business will function, both with respect to how the product is distributed and to how Sidoti & Company will get compensated for it. The case discusses Sidoti & Company's business model, and how the new business fits with, and differs from, that model. It discusses the challenges Sidoti faces in making this new business a success.

    Keywords: Business Model; Financial Strategy; Product Launch; Strategic Planning; Corporate Strategy; Financial Services Industry; New York (city, NY);

    Citation:

    Groysberg, Boris, Paul M. Healy, and Sarah Abbott. "Sidoti & Company: Launching a Micro-Cap Product." Harvard Business School Case 411-072, January 2011. View Details
  42. Morgan Asset Management

    Boris Groysberg, Paul M. Healy and Sarah Abbott

    It is 2010 and Guillermo Araoz, the equity research director at Morgan Asset Management (MAM), is considering his research budget for the year. Due to recent declines in the equity markets and MAM's sale of its mutual funds business, MAM has seen a decline in its assets under management and, consequently, in its research budget. The case describes the investment process at MAM, including how stocks are selected and portfolios are constructed, and discusses the way in which the research budget supports this process. Araoz is faced with the challenge of how best to allocate this smaller research budget without negatively impacting the firm's investment process and investment performance.

    Keywords: Budgets and Budgeting; Asset Management; Financial Strategy; Investment; Resource Allocation; Research and Development; Financial Services Industry;

    Citation:

    Groysberg, Boris, Paul M. Healy, and Sarah Abbott. "Morgan Asset Management." Harvard Business School Case 411-058, November 2010. View Details
  43. Cherie Blair: Inventing Herself

    Boris Groysberg, Robin Abrahams and Lindsay Tanne

    Cherie Blair was famous, or infamous, in the United Kingdom as first lady from 1997 to 2007. Her marriage to Tony Blair, however, was the result of her own groundbreaking career in law--a career she fought to keep during the 10 years of her husband's tenure as Prime Minister, even though it meant bringing suit against his government at times. Blair balanced multiple roles and expectations.

    Keywords: Work-Life Balance; Success; Lawsuits and Litigation; Government Administration; United Kingdom;

    Citation:

    Groysberg, Boris, Robin Abrahams, and Lindsay Tanne. "Cherie Blair: Inventing Herself." Harvard Business School Case 411-021, October 2010. View Details
  44. Sonoco Products Company (TN) (A), (B), and (C), and Sonoco Products Company (A) (Abridged)

    Boris Groysberg, David A. Thomas and David Lane

    Keywords: Energy; Energy Industry;

    Citation:

    Groysberg, Boris, David A. Thomas, and David Lane. "Sonoco Products Company (TN) (A), (B), and (C), and Sonoco Products Company (A) (Abridged)." Harvard Business School Teaching Note 407-058, January 2007. (Revised June 2010.) View Details
  45. Credit Suisse Group: Managing Equity Research as a Business

    Boris Groysberg, Paul M. Healy and Sarah Abbott

    In 2003, in the midst of industry turmoil and company-specific challenges, Stefano Natella was named Global Head of Equity Research at Credit Suisse. Over a six-year period, Natella implemented and refined a new methodology for valuing equity research analysts, both individually and as a collective unit. Natella's system, known as the 'Scorecard' was also used as the basis for compensating, hiring, and promoting analysts. Over time, the Scorecard was refined to allow Credit Suisse to improve its customer service efforts in a way that maximized profitability for the firm.

    Keywords: Business Model; Change Management; Customer Satisfaction; Compensation and Benefits; Selection and Staffing; Balanced Scorecard; Organizational Change and Adaptation; Financial Services Industry;

    Citation:

    Groysberg, Boris, Paul M. Healy, and Sarah Abbott. "Credit Suisse Group: Managing Equity Research as a Business." Harvard Business School Case 410-073, January 2010. (Revised April 2010.) View Details
  46. Managing Human Capital

    Boris Groysberg

    Managing Human Capital, a second-year elective course at Harvard Business School, seeks to create business leaders who understand human resources practices essential to firm performance and who think strategically about managing their own careers. This Managing Human Capital course is integrative, practice-based, and consists of two segments: Managing Organizational Human Capital (MOHC) and Managing Your Human Capital (MYHC), each of which includes several modules. The first segment, taught from the general manager's perspective, examines how to structure and adjust an organization's basic human capital levers to achieve superior results. The second segment takes the vantage point of the individual and addresses critical career choices. This note is for the sole purpose of aiding classroom instructors in teaching the Managing Human Capital course.

    Keywords: Human Resources; Human Capital; Management; Outcome or Result; Personal Development and Career;

    Citation:

    Groysberg, Boris. "Managing Human Capital." Harvard Business School Course Overview Note 410-124, April 2010. View Details
  47. Sonoco Products Company (A): Building a World-Class HR Organization (Abridged)

    David A. Thomas and Boris Groysberg

    Describes the steps the vice-president of human resources takes in revamping an HR function that was noncooperative and, at times, competitive and introducing the company to the notion of HR as a strategic business partner. Explores changes made to the company's compensation, performance management, and succession planning processes.

    Keywords: Human Resources; Organizations; Restructuring; Partners and Partnerships; Management Succession; Strategic Planning; Performance;

    Citation:

    Thomas, David A., and Boris Groysberg. "Sonoco Products Company (A): Building a World-Class HR Organization (Abridged)." Harvard Business School Case 410-082, March 2010. View Details
  48. Toby Johnson (A): Leading After School

    Boris Groysberg, Leslie Danford, Amy Lodge and Tereh Sayles

    After completing her MBA in 2007, Toby Johnson, a former army pilot with the 18th Airborne Corps Rapid Deployment Force, joined PepsiCo's Leadership Development Program (LDP). For her first assignment with PepsiCo, Johnson accepted a position as a manufacturing-manager at a Frito-Lay plant in Williamsport, PA. The Williamsport plant had 200 employees and 54 million pounds of production per year. The case describes how Johnson took charge of the plant, and her action plan for implementing a new set of changes. During Johnson's tenure at Williamsport, the plant was nominated as a potential site for a company-wide transformative initiative. This initiative would entail major changes in the current team structure and incentive program within Frito-Lay. Johnson needed to think carefully about this change implementation.

    Keywords: Leading Change; Organizational Change and Adaptation; Organizational Structure; Compensation and Benefits; Business or Company Management;

    Citation:

    Groysberg, Boris, Leslie Danford, Amy Lodge, and Tereh Sayles. "Toby Johnson (A): Leading After School." Harvard Business School Case 410-103, March 2010. (Revised July 2014.) View Details
  49. Managing Talent at Bertelsmann AG (A)

    Boris Groysberg, Nitin Nohria, Mark Maletz and Kerry Herman

    Bertelsmann's EVP HR Immanuel Hermreck and his team were focused on four key HR issues. Three of these were somewhat discreet: improving Bertelsmann's employer brand; managing Bertelsmann talent across the firm's decentralized businesses; and ensuring early identification and appropriate development of Bertelsmann's top 100 high potential managers (hi-pos) to better seed the company's future top management. The fourth issue—recruitment and retention—played an integral role across all three challenges and had to be strengthened and made consistent across the firm, not an easy prospect given Bertelsmann's highly decentralized structure. Hermreck knew navigating these issues would pose significant challenges, but getting them right was critical to Bertelsmann's competitive advantage and survival as a robust media company. He had some good results in from his early efforts, but as he looked forward, what should his action plan set out to do?

    Keywords: Talent and Talent Management; Recruitment; Retention; Selection and Staffing; Leadership Development; Strategic Planning; Competitive Advantage; Media and Broadcasting Industry; Germany;

    Citation:

    Groysberg, Boris, Nitin Nohria, Mark Maletz, and Kerry Herman. "Managing Talent at Bertelsmann AG (A)." Harvard Business School Case 410-010, December 2009. (Revised January 2010.) View Details
  50. Dawn Stokes: The View from the Driver's Seat

    Boris Groysberg and Lindsay Tanne

    Dawn Stokes founded and was successful as CEO of Texas Driving Experience, a company that provided driving lessons, both safety-based for teens, and high-performance racecar driving for individual thrill seekers and corporate events. Although the company had done well, economic hard times were beginning to take their toll. What aspects of the business should Stokes focus on? And would a policy of aggressive geographic expansion make sense?

    Keywords: Economic Slowdown and Stagnation; Training; Entrepreneurship; Growth and Development Strategy; Expansion; Auto Industry; Service Industry; Texas;

    Citation:

    Groysberg, Boris, and Lindsay Tanne. "Dawn Stokes: The View from the Driver's Seat." Harvard Business School Case 410-064, November 2009. View Details
  51. Managing Your Own Human Capital: Executive Interview Exercise (2008)

    Boris Groysberg and Robin Abrahams

    This note contains instructions for an exercise in which students interview C-level executives on how they have managed their careers.

    Keywords: Personal Development and Career; Leadership Development;

    Citation:

    Groysberg, Boris, and Robin Abrahams. "Managing Your Own Human Capital: Executive Interview Exercise (2008)." Harvard Business School Exercise 409-040, March 2009. (Revised August 2009.) View Details
  52. Managing Your Own Human Capital: Executive Interview Exercise (2009)

    Boris Groysberg and Robin Abrahams

    This note contains instructions for an exercise in which students interview C-level executives on how they have managed their careers.

    Keywords: Managerial Roles; Personal Development and Career; Strategic Planning; Personal Characteristics;

    Citation:

    Groysberg, Boris, and Robin Abrahams. "Managing Your Own Human Capital: Executive Interview Exercise (2009)." Harvard Business School Exercise 410-047, August 2009. View Details
  53. Sanctuary Soft: International Expansion Strategies

    Boris Groysberg, Geoff Eckman Marietta, Tim Marshal and Adam Hartley

    A U.S.-based security software company considers its options to expand. Different labor-market and labor-law situations are analyzed for the U.S., U.K., Germany, China, and India.

    Keywords: Global Strategy; Governing Rules, Regulations, and Reforms; Labor; Laws and Statutes; Market Entry and Exit; China; India; Germany; United Kingdom; United States;

    Citation:

    Groysberg, Boris, Geoff Eckman Marietta, Tim Marshal, and Adam Hartley. "Sanctuary Soft: International Expansion Strategies." Harvard Business School Case 409-104, April 2009. (Revised June 2009.) View Details
  54. Barbara Norris: Leading Change in the General Surgery Unit

    Boris Groysberg, Nitin Nohria and Deborah Bell

    Barbara Norris struggles to address the many problems facing her as a recently promoted nurse manager in the General Surgery Unit (GSU) at Eastern Massachusetts University Hospital (EMU). She has inherited a unit with the lowest employee satisfaction scores and highest employee turnover rate among all of the departments at EMU. Furthermore, her new unit was infamous for its culture of confrontation, blaming, and favoritism. The staff that has remained is dissatisfied, unmotivated, and not functioning as a team to deliver patient care. In fact, GSU's patient satisfaction scores, although average, had been declining steadily over the past few years. Barbara has been asked by EMU's Director of Nursing to turn the unit around in the midst of an economic crisis and deep cost-cutting measures throughout the hospital. Where and how should she begin?

    Keywords: Employee Relationship Management; Leading Change; Service Delivery; Organizational Change and Adaptation; Organizational Culture; Groups and Teams; Motivation and Incentives; Satisfaction; Health Industry;

    Citation:

    Groysberg, Boris, Nitin Nohria, and Deborah Bell. "Barbara Norris: Leading Change in the General Surgery Unit." Harvard Business School Case 409-090, March 2009. View Details
  55. Don Jenkins: Resigning from the Firm

    Boris Groysberg, Geoff Eckman Marietta and Steven Manchel

    Don Jenkins, a star event planner at a large firm, resigns to take a position at a boutique firm. However, Don may have made some mistakes when departing that could be trouble later on down the road. The case can be used to teach the business and legal aspects of employee departures and explore turnover dynamics in professional service organizations.

    Keywords: Talent and Talent Management; Resignation and Termination; Retention; Law; Service Industry;

    Citation:

    Groysberg, Boris, Geoff Eckman Marietta, and Steven Manchel. "Don Jenkins: Resigning from the Firm." Harvard Business School Case 408-094, December 2007. (Revised February 2009.) View Details
  56. The Royal Bank of Scotland Group: The Human Capital Strategy

    Boris Groysberg and Eliot Sherman

    Describes the development and implementation of one of the world's most advanced human resource management support systems. The Royal Bank of Scotland Group is a global banking leader that began implementing a strategy for measuring the impact of human capital on bottom-line financial metrics in 2000. Spearheaded by HR executive Greig Aitken, this strategy included the use of an online toolkit of software through which HR executives could measure employee performance, gauge its impact on business performance, and commission new unit-specific surveys and studies. Aitken faces several challenges in advancing the use of human capital strategy throughout the Group: namely, how should he further build buy-in among key Group executives? And how should the Group respond when human capital analysis reveals some startling results in one of its most important divisions?

    Keywords: Financial Management; Human Resources; Human Capital; Management Systems; Measurement and Metrics; Performance Effectiveness; Strategy; Information Technology; Banking Industry;

    Citation:

    Groysberg, Boris, and Eliot Sherman. "The Royal Bank of Scotland Group: The Human Capital Strategy." Harvard Business School Case 408-060, October 2007. (Revised December 2008.) View Details
  57. Marc Abrahams: Annals of an Improbable Entrepreneur

    Boris Groysberg and Michael Slind

    Marc Abrahams was a media entrepreneur who specialized in science humor. In 2008, he sought to boost the scale and monetization potential of his business. That business, called Improbable Research, encompassed a magazine (Annals of Improbable Research), a high-profile annual event (the Ig Nobel Prize Ceremony), a web site (improbable.com), a series of books, and various public appearances. This case uses the story of the "improbable" emergence and expansion of that business to investigate the challenges and opportunities faced by an individual who seeks to build an enterprise around his own human capital. It includes background information on Abrahams's earlier career, a summary of the various segments of his company, and a discussion of recent efforts by Abrahams to break free of constraints that have limited the size and revenue-generating ability of Improbable Research for many years. Among those efforts are a decision to distribute magazine content over the Internet for free and a major investment in producing video content for the web. The case concludes by presenting various options under consideration by Abrahams—options that dealt both with external challenges (How should he define his brand? Which markets should he target?) and with internal challenges (Are there key positions that he should hire to fill?). The case also features lively exhibits that illustrate Abrahams's value proposition, analyze his business model and revenue sources, and so forth.

    Keywords: Entrepreneurship; Selection and Staffing; Human Capital; Growth and Development Strategy; Brands and Branding; Personal Development and Career;

    Citation:

    Groysberg, Boris, and Michael Slind. "Marc Abrahams: Annals of an Improbable Entrepreneur." Harvard Business School Case 409-013, September 2008. (Revised October 2008.) View Details
  58. Duane Morris: Balancing Growth and Culture at a Law Firm

    Boris Groysberg and Robin Abrahams

    After nearly 100 years as a mid-size regional law firm, Duane Morris entered a period of spectacular growth led by CEO Sheldon Bonovitz. Originally founded by Quakers, the firm had a distinct organizational culture featuring a number of unique or unusual business practices: a transparent and flexible compensation system, practice-group integration across multiple offices, ancillary businesses, early adoption of financial reporting software, and consensus-based decision making. The firm was proud of its corporate culture and sought to maintain it as it grew, bringing in only people who would fit the culture, in small groups. In 2005, the firm completed its first merger, taking over a 64-person San Francisco firm. Growth was necessary to remain competitive, but could Duane Morris maintain its unique culture while bringing on large numbers of new attorneys?

    Keywords: Mergers and Acquisitions; Growth and Development Strategy; Management Practices and Processes; Organizational Culture; Competitive Advantage; San Francisco;

    Citation:

    Groysberg, Boris, and Robin Abrahams. "Duane Morris: Balancing Growth and Culture at a Law Firm." Harvard Business School Case 407-025, August 2006. (Revised September 2008.) View Details
  59. Israeli Special Forces: Selection Strategy

    Boris Groysberg, Tal Riesenfeld and Eliot Sherman

    Ron Guntz, commander of recruiting for Israel's Special Forces, had been instructed by his superiors to evaluate the process by which he selected solders for a 20-month-long training program. Was the Army conducting this process in an ideal manner? The case examines the Special Forces training in light of the types of missions soldiers are expected to execute and asks students to consider whether the Special Forces recruitment and training process identifies the best possible candidates for future Special Forces service.

    Keywords: Talent and Talent Management; Training; National Security; Recruitment; Selection and Staffing; Public Administration Industry; Israel;

    Citation:

    Groysberg, Boris, Tal Riesenfeld, and Eliot Sherman. "Israeli Special Forces: Selection Strategy." Harvard Business School Case 409-041, September 2008. View Details
  60. Baker & McKenzie (A): A New Framework for Talent Management

    Boris Groysberg and Eliot Sherman

    Describes the process by which the largest law firm in the world developed a unique framework for personnel management. In 2004, John Conroy is about to take the reigns as the leader of Baker and McKenzie, the largest law firm in the world by employees, with offices in 38 different countries. Facing an intensifying war for talent and associate retention concerns in some offices, Conroy has spearheaded the development of a framework for guiding the hiring, development, and retention of employees. As he is getting ready to introduce his framework at the firm's annual meeting, however, he faces many questions about its implementation. Could a single framework effectively apply to lawyers across so many different regions and cultures? Had this framework properly identified the attributes needed to succeed at Baker and McKenzie? How would the firm's hundreds of partners react? Offers the industry- and firm-specific content necessary for students to explore these questions and more.

    Keywords: Talent and Talent Management; Framework; Cross-Cultural and Cross-Border Issues; Retention; Management Analysis, Tools, and Techniques; Adoption; Legal Services Industry;

    Citation:

    Groysberg, Boris, and Eliot Sherman. "Baker & McKenzie (A): A New Framework for Talent Management." Harvard Business School Case 408-008, August 2007. (Revised September 2008.) View Details
  61. Leadership in Law: Amy Schulman at DLA Piper

    Boris Groysberg, Victoria Winston and Shirley Spence

    What does it take to build a successful career over time? Describes Amy Schulman's career progression and role as a star senior litigator and top executive at one of the world's largest law firms. It focuses on different stages in her career and what she did to be successful at each stage. The demands on her time--client development, casework, firm leadership responsibilities, mentoring her people, managing her team, spending time with her family--were changing over time. After being chosen to sit on the firm's Global Board as well as its Executive and Policy Committees, Amy Schulman feels that there are things that are being left undone. She must decide how to allocate her time.

    Keywords: Work-Life Balance; Employee Relationship Management; Groups and Teams; Time Management; Personal Development and Career; Gender Characteristics;

    Citation:

    Groysberg, Boris, Victoria Winston, and Shirley Spence. "Leadership in Law: Amy Schulman at DLA Piper." Harvard Business School Case 407-033, August 2006. (Revised September 2008.) View Details
  62. Sloan & Harrison: The Associate Challenge

    Boris Groysberg and Eliot Sherman

    The law firm, Sloan & Harrison, was confronting issues pertaining to morale and turnover among its associate ranks. Annual surveys of associates revealed increasing dissatisfaction, particularly with respect to partner communication, work-life balance, and mentorship. The firm's leadership wondered: how legitimate were the associate concerns? What could and should be done to resolve them?

    Keywords: Problems and Challenges; Employees; Human Resources; Leadership Development; Management Style; Performance; Work-Life Balance; Conflict Management; Legal Services Industry;

    Citation:

    Groysberg, Boris, and Eliot Sherman. "Sloan & Harrison: The Associate Challenge." Harvard Business School Case 409-032, August 2008. View Details
  63. Sloan & Harrison: Non-Equity Partner Discontent

    Boris Groysberg and Eliot Sherman

    The law firm, Sloan & Harrison, was dealing with some discontent among its junior non-equity partners. These partners were concerned with the transparency of the advancement process, their ability to position themselves as both leaders within the firm and rainmakers, and the politics of promotion within the firm. The firm must find solutions to these challenges. Senior partners wondered: Was the path to partnership structured in the best interests of the firm? What could and should be done to address the non-equity partners' concerns? What were the ultimate effects of discontent within the NEP ranks upon the firm's functioning overall?

    Keywords: Employees; Human Resources; Leadership Development; Management Style; Performance; Work-Life Balance; Legal Services Industry;

    Citation:

    Groysberg, Boris, and Eliot Sherman. "Sloan & Harrison: Non-Equity Partner Discontent." Harvard Business School Case 409-033, August 2008. View Details
  64. Lehman Brothers (A): Rise of the Equity Research Department

    Ashish Nanda, Boris Groysberg and Lauren Prusiner

    Under Jack Rivkin's leadership, Shearson Lehman's research department rose from relative obscurity to the highest ranking research department on Wall Street within three years. When Rivkin is promoted to head of equity, he wonders how to succeed in his new position. A rewritten version of an earlier case.

    Keywords: Talent and Talent Management; Leadership; Service Operations; Organizational Culture; Research; Alignment;

    Citation:

    Nanda, Ashish, Boris Groysberg, and Lauren Prusiner. "Lehman Brothers (A): Rise of the Equity Research Department." Harvard Business School Case 906-034, January 2006. (Revised June 2008.) View Details
  65. Cinergy and Duke Energy 2005: Think BIG

    Boris Groysberg, Nitin Nohria, Colleen Kaftan and Geoff Eckman Marietta

    Jim Rogers, CEO of Cinergy Energy, has just announced the company's merger with Duke Energy to Employees. Rogers has had success in the past leading his firm though a merger, but will he be able to achieve similar results this time around? This case also illustrates integration strategies used in a successful merger.

    Keywords: Mergers and Acquisitions; Leading Change; Integration; Energy Industry;

    Citation:

    Groysberg, Boris, Nitin Nohria, Colleen Kaftan, and Geoff Eckman Marietta. "Cinergy and Duke Energy 2005: Think BIG." Harvard Business School Case 408-096, December 2007. View Details
  66. The 1995 Release of the Institutional Investor Research Report: The Impact of New Information

    Boris Groysberg, Nitin Nohria and Derek Haas

    In 1995, Institutional Investor magazine began selling a complete ranking of the best equity research analysts. This report allowed research firms to assess the relative quality of each analyst across the industry, and this enabled firms to know nearly as much about the quality of analysts at other firms as they knew about the quality of their own analysts. Ponders the impact that increased transparency of performance will have on the labor market for equity research analysts, and asks how the directors of three different research firms ought to respond given each firm's competitive situation.

    Keywords: Talent and Talent Management; Investment Banking; Retention; Selection and Staffing; Reports; Knowledge Use and Leverage; Performance Evaluation; Banking Industry;

    Citation:

    Groysberg, Boris, Nitin Nohria, and Derek Haas. "The 1995 Release of the Institutional Investor Research Report: The Impact of New Information." Harvard Business School Case 408-061, November 2007. View Details
  67. Leadership in Law: Amy Schulman at DLA Piper (Video Supplement)

    Boris Groysberg

    What does it take to build a successful career over time? Describes Amy Schulman's career progression and role as a star senior litigator and top executive at one of the world's largest law firms. It focuses on different stages in her career and what she did to be successful at each stage. The demands on her time--client development, casework, firm leadership responsibilities, mentoring her people, managing her team, spending time with her family--were changing over time. After being chosen to sit on the firm's Global Board as well as its Executive and Policy Committees, Amy Schulman feels that there are things that are being left undone. She must decide how to allocate her time.

    Keywords: Law; Personal Development and Career; Time Management; Work-Life Balance; Governing and Advisory Boards;

    Citation:

    Groysberg, Boris. "Leadership in Law: Amy Schulman at DLA Piper (Video Supplement)." Harvard Business School Video Supplement 408-701, September 2007. View Details
  68. Developing Leaders

    Boris Groysberg and Amanda Cowen

    Provides an overview of leadership development for the manager charged with developing a single individual or corporate leadership program. Introduces a framework for understanding the components of developmental experiences and then applies it to a range of experiences, including: formal and informal feedback, training, job assignments, and mentoring. Concludes with a discussion of the leadership development process--in particular, the need to factor in organizational context and individual differences when selecting and sequencing developmental experiences.

    Keywords: Leadership Development; Programs;

    Citation:

    Groysberg, Boris, and Amanda Cowen. "Developing Leaders." Harvard Business School Background Note 407-015, November 2006. (Revised May 2007.) View Details
  69. Tim Keller at Katzenbach Partners LLC (A)

    Boris Groysberg, Christopher Marquis and Ayesha Kanji

    Tracks of the first 6 months of a recent MBA grad, Tim Keller, at Katzenbach Partners, a boutique consulting firm focused on organizational change and strategy. Covers how Keller initially struggles with his assignment and ends with a question of whether or not he should attend a meeting that he was not invited to, where more senior consultants plan to implement the system dynamics tool that he was responsible for creating--on a Sunday when he had a major personal engagement.

    Keywords: Management; Organizational Change and Adaptation; Personal Development and Career; Work-Life Balance; Projects; Situation or Environment; Strategy;

    Citation:

    Groysberg, Boris, Christopher Marquis, and Ayesha Kanji. "Tim Keller at Katzenbach Partners LLC (A)." Harvard Business School Case 407-037, September 2006. (Revised April 2007.) View Details
  70. Alan Kendricks at Cardiology Associates

    Boris Groysberg, Colleen Kaftan and Wilfred S. McCalla, Jr.

    Alan Kendricks struggles to address many challenges facing him as a recently promoted medical director for Cardiology Associates at Southeastern Pennsylvania University Hospital. He must balance his time taking care of patients, running a practice, managing up, down, and laterally, managing stars with little formal authority, allocating resources fairly, developing his people, providing strategy and direction, building an organization, and spending time with his family. Offers insights into the dilemmas of a "producing manager," a person who is simultaneously responsible for producing and managing.

    Keywords: Leadership; Business or Company Management; Strategy; Organizational Culture; Work-Life Balance; Organizational Structure; Change Management; Health Care and Treatment; Health Industry; Pennsylvania;

    Citation:

    Groysberg, Boris, Colleen Kaftan, and Wilfred S. McCalla, Jr. "Alan Kendricks at Cardiology Associates." Harvard Business School Case 407-067, April 2007. View Details
  71. Tim Keller at Katzenbach Partners LLC (B)

    Boris Groysberg, Christopher Marquis and Ayesha Kanji

    Supplements the (A) case. The (B) case presents the final outcome of the events. Reveals how Keller is able to turn around perceptions about him and forge relationships with key decision makers. Includes reflections and lessons learned from all parties and Keller's actual 2005 year-end and self evaluations on the project.

    Keywords: Projects; Management; Leadership; Organizations; Situation or Environment; Competition; Rank and Position; Attitudes; Motivation and Incentives; Consulting Industry;

    Citation:

    Groysberg, Boris, Christopher Marquis, and Ayesha Kanji. "Tim Keller at Katzenbach Partners LLC (B)." Harvard Business School Supplement 407-038, September 2006. (Revised April 2007.) View Details
  72. Tim Keller at Katzenbach Partners LLC (C)

    Boris Groysberg, Christopher Marquis and Ayesha Kanji

    Supplements the (A) case. The (C) case includes Keller's actual 2006 mid-year and self evaluations.

    Keywords: Projects; Management; Leadership; Organizations; Situation or Environment; Competition; Rank and Position; Attitudes; Motivation and Incentives; Performance Evaluation; Consulting Industry;

    Citation:

    Groysberg, Boris, Christopher Marquis, and Ayesha Kanji. "Tim Keller at Katzenbach Partners LLC (C)." Harvard Business School Supplement 407-039, September 2006. (Revised April 2007.) View Details
  73. Innovation and Collaboration at Merrill Lynch

    Boris Groysberg and Ingrid Vargas

    In the spring of 2005, Candace Browning, head of Global Securities Research and Economics at Merrill Lynch, led about 500 Merrill Lynch analysts worldwide in a collaborative effort to produce innovative research, most of them accustomed to working independently in their own regions and areas of expertise. Less than five years earlier, research analysts had expressed little or no interest in group efforts. By 2005, many analysts who had been assigned to work on collaborative projects indicated increased learning and a willingness to work in teams again. Some analysts themselves chose to work together. Whereas Merrill had come a long way, some analysts remained skeptical. Managers also questioned whether all types of collaboration were worth the significant efforts required. Browning had to consider the issues involved, the feedback received, and the industry itself and devise a strategy moving forward.

    Keywords: Leadership; Groups and Teams; Management Teams; Decision Making; Collaborative Innovation and Invention; Negotiation; Mathematical Methods; Strategy; Human Resources; Motivation and Incentives; Banking Industry; Financial Services Industry;

    Citation:

    Groysberg, Boris, and Ingrid Vargas. "Innovation and Collaboration at Merrill Lynch." Harvard Business School Case 406-081, December 2005. (Revised March 2007.) View Details
  74. Recruitment of a Star

    Boris Groysberg, Stephen Balog and Jennifer Haimson

    Details power dynamics that unfold in the firm when one of its best and brightest threatens to leave. It focuses on the dynamics of attracting, hiring, compensating, negotiating, and leveraging a star performer in a professional service firm. In particular, traces the detailed events from the resignation of a star to the manager's struggle to decide which of the eligible candidates should be hired. Four candidates and their firms are discussed in great detail. The case allows students to consider both individual (e.g., background, aspirations, attitudes, past short-term and long-term performance) and organizational (e.g., cultures, strategies, structures, performance management systems) factors in choosing a candidate to maximize individual-organization fit.

    Keywords: Talent and Talent Management; Compensation and Benefits; Recruitment; Resignation and Termination; Selection and Staffing; Job Interviews;

    Citation:

    Groysberg, Boris, Stephen Balog, and Jennifer Haimson. "Recruitment of a Star." Harvard Business School Case 407-036, September 2006. (Revised March 2007.) View Details
  75. Leadership Development at Goldman Sachs

    Boris Groysberg, Scott A. Snook and David Lane

    In November 1999, 11 of Goldman Sachs' finest gathered to put the final touches on a revolutionary leadership development plan. Following Goldman's explosive growth during the 1990s and its eventual IPO in 1999, a diverse group of leaders from across the firm were selected to "assess the future training and development needs of Goldman Sachs, with a particular focus on the need for a more systematic and effective approach to developing managing directors." After six months of brainstorming, holding discussions with Goldman Sachs colleagues, interviewing experts, and benchmarking best practices, it was finally time to present their findings to the management committee. The briefing contained an integrated leader development plan with concrete recommendations on how to resolve several critical design issues, including: location, faculty, content, format, method, target audience, governance, and sponsorship. No one sitting on the management committee had relied on a formal leadership program to reach the top. How skeptical might they be? How do you convince hard-nosed bankers to leave their desks and invest precious time focusing on what many perceived as "soft" issues?

    Keywords: Initial Public Offering; Leadership Development; Growth and Development Strategy; Management Skills; Organizational Design; Planning;

    Citation:

    Groysberg, Boris, Scott A. Snook, and David Lane. "Leadership Development at Goldman Sachs." Harvard Business School Case 406-002, November 2005. (Revised March 2007.) View Details
  76. 10 Uncommon Values®: Optimizing the Stock-Selection Process

    Paul M. Healy and Boris Groysberg

    In 2003, Steve Hash, research director at Lehman Brothers, prepared to initiate the firm's "Ten Uncommon Values" stock-picking process for the year. An investment committee had to pick the 10 best stocks from about 100 stock ideas presented by the firm's analysts. The performance of the stocks selected for the Ten Uncommon Values had historically been strong--an investment strategy to acquire the recommended stocks and hold them for one year would have outperformed the S&P 500 for 39 of the last 54 years. However, during the latest three years--2000 to 2002--the recommendations had performed poorly, generating an average return of -22.5% vs. -11.7% for the S&P 500. Hash pondered several questions: What was the importance of the Ten Uncommon Values for Lehman Brothers and its clients? How much time and effort should the firm put into the process of selecting stocks for the report? How many members should be on the Investment Policy Committee, and who should be selected? What should the process for selection be? Should analysts whose stocks were selected be compensated for their picks? Finally, should they continue the process? Teaching Purpose: Using both qualitative and quantitative data, to allow students to discuss a range of issues: the optimal process of selecting stocks, the optimal size of the committee, how much time to spend with each analyst, private or public voting on stocks by the committee members, the right decision-making process, and whether incentives play a role in the process.

    Keywords: Stocks; Investment; Financial Strategy; Decision Making; Groups and Teams; Financial Services Industry; United States;

    Citation:

    Healy, Paul M., and Boris Groysberg. "10 Uncommon Values®: Optimizing the Stock-Selection Process." Harvard Business School Case 405-022, November 2004. (Revised March 2007.) View Details
  77. Leerink Swann & Co.: Creating Competitive Advantage

    Boris Groysberg and Andrew N. McLean

    In the spring of 2005, CEO Jeff Leerink has called a meeting of the executive committee to formulate Leerink Swann's growth strategy over the next five years so that it accomplishes three goals: expand into a new business, reinforce the firm's legacy businesses, and maximize the synergies between different parts of the firm. Covers the history of the boutique investment bank, including the nature and source of its personnel and culture, the development of its competitive strategy, the leadership style of its founder, and the development of each department, product, and function.

    Keywords: Banks and Banking; Human Resources; Leadership Style; Growth and Development Strategy; Organizational Culture; Alignment; Competitive Strategy; Competitive Advantage; Expansion;

    Citation:

    Groysberg, Boris, and Andrew N. McLean. "Leerink Swann & Co.: Creating Competitive Advantage." Harvard Business School Case 406-060, December 2005. (Revised March 2007.) View Details
  78. Drexel Burnham Lambert (A): "The Smartest People on Wall Street Can be Had"

    Boris Groysberg, Anahita Hashemi and Brendan Reed

    In February 1990, Drexel Burnham Lambert declared bankruptcy amid a slew of scandals. Equities chief Arthur Kirsch hoped to keep his high-performing 600-person team intact. Could he find a company that would take on such a massive group hire? Competitors were already moving in to poach his stars, but Kirsch was reluctant to see the group disintegrate. Could he keep a sufficient core intact while enticing a corporate suitor to make an offer? How could he maintain high morale and good communication within his group while he negotiated? What kind of company would want Kirsch's group? What kind of company would be the best fit culturally? What was the group's collective market value in the prevailing business climate and in the aftermath of Drexel's collapse? And if Kirsch could pull off such a deal, would the group follow him?

    Keywords: Decision Making; Decision Choices and Conditions; Insolvency and Bankruptcy; Selection and Staffing; Leadership; Negotiation; Groups and Teams; Power and Influence; Society;

    Citation:

    Groysberg, Boris, Anahita Hashemi, and Brendan Reed. Drexel Burnham Lambert (A): "The Smartest People on Wall Street Can be Had". Harvard Business School Case 406-107, April 2006. (Revised March 2007.) View Details
  79. Roller Coaster Ride, The: The Resignation of a Star

    Boris Groysberg, Steve Balog and Jennifer Haimson

    Presents a detailed account of power dynamics that unfold in the firm when one of its best and brightest threatens to leave. Focuses on the dynamics of attracting, retaining, compensating, negotiating, and leveraging a star performer in a professional services firm. A manager and a star performer fight to improve their relative bargaining power. Specifically traces the detailed events from the resignation threat to the research director's struggle over deciding whether to counteroffer, to promote a junior, or to hire from outside the firm. Teaching Purpose: To discuss issues ranging from managing talent to resignation dynamics, power and influence, compensation, negotiation strategies, and managing a professional services firm.

    Keywords: Talent and Talent Management; Compensation and Benefits; Resignation and Termination; Retention; Business or Company Management; Negotiation; Power and Influence;

    Citation:

    Groysberg, Boris, Steve Balog, and Jennifer Haimson. "Roller Coaster Ride, The: The Resignation of a Star." Harvard Business School Case 405-031, September 2004. (Revised February 2007.) View Details
  80. Lehman Brothers (C): Decline of the Equity Research Department

    Ashish Nanda and Boris Groysberg

    This case tracks the rapid decline of Lehman Brothers' equity research department from August 1992, when, beset by declining ranking, low morale, and high turnover, firm management decides to clean house and reinvest in building the department.

    Keywords: Organizational Change and Adaptation; Business or Company Management; Leadership; Human Resources; Financial Services Industry;

    Citation:

    Nanda, Ashish, and Boris Groysberg. "Lehman Brothers (C): Decline of the Equity Research Department." Harvard Business School Case 902-003, July 2001. (Revised January 2007.) View Details
  81. Furman Selz LLC (A): A Tale of Two Acquisitions

    Nancy D. Beaulieu, Boris Groysberg and Kyle Doherty

    Profiles a firm that was reacquired by two companies with different degrees of success. Highlights integration challenges present in acquisition deals when the primary assets of the target are human capital. Focuses on Furman Selz's acquisition by Xerox in 1987; its return to a private company in 1993; and a second acquisition, by ING, in 1997. In particular, provides the opportunity to evaluate five major corporate transitions: the initial launching as an independent firm, Furman Selz, in 1973; the shift to professional management in 1983-1986; the Xerox acquisition in 1987; the MBO in 1993; and the ING acquisition in 1997. Presents the transactions from multiple points of view: the founders and their associates; the professional managers brought in to advance the firm to the next level; the acquired firm under both Xerox and ING; and Xerox and ING themselves.

    Keywords: Mergers and Acquisitions; Transition; Valuation; Human Capital; Compensation and Benefits; Integration; Organizational Culture; Banking Industry; Financial Services Industry; United States;

    Citation:

    Beaulieu, Nancy D., Boris Groysberg, and Kyle Doherty. "Furman Selz LLC (A): A Tale of Two Acquisitions." Harvard Business School Case 905-066, April 2005. (Revised January 2007.) View Details
  82. The Pine Street Initiative at Goldman Sachs

    Boris Groysberg, Scott A. Snook and David Lane

    Almost five years had passed since Goldman Sachs launched its innovative leadership development initiative called Pine Street. Focused primarily on developing Goldman's most senior managers, Pine Street had evolved significantly since its inception in November of 1999. Looking forward, there were a number of challenges. How would Pine Street remain valued in a culture where what you did yesterday doesn't matter much? The question every day is "What will you do for me today?" Early in May 2005, members of the Pine Street Board of Directors gathered for their quarterly meeting to address the dimensions of this challenge: First, its curriculum had to maintain the interest of an increasingly demanding internal clientele. Second, program content had to keep pace with the constantly changing requirements of a rapidly shifting competitive and regulator landscape. Third, Pine Street itself had to pursue creative ways of renewing its structure and people without compromising either its mission or its unique culture. Fourth, Pine Street had to retain the continued support of Goldman Sachs' senior leadership. Finally, as program offerings grew, so did fundamental questions of identity: After five years of evolutionary growth, what did the Pine Street brand mean to Goldman Sachs?

    Keywords: Executive Education; Personal Development and Career; Leadership Development; Business Education; Financial Services Industry;

    Citation:

    Groysberg, Boris, Scott A. Snook, and David Lane. "The Pine Street Initiative at Goldman Sachs." Harvard Business School Case 407-053, November 2006. View Details
  83. People Management

    Boris Groysberg and David Lane

    Highlights critical gaps between research and practice in the field of strategic human resources management. Also, aims to debunk some myths and preconceptions that general managers bring to their HR decisions. Before class, participants fill out a true-or-false questionnaire for subsequent class discussion.

    Keywords: Human Resources; Management; Compensation and Benefits; Retention; Performance Evaluation;

    Citation:

    Groysberg, Boris, and David Lane. "People Management." Harvard Business School Exercise 406-034, August 2005. (Revised August 2006.) View Details
  84. Goldman Sachs IPO, The

    Ashish Nanda, Malcolm S. Salter, Boris Groysberg and Sarah Matthews

    Addresses the proposed IPO and raises questions regarding how agency costs may rise or fall as Goldman converts from a private partnership to a public limited corporation.

    Keywords: Initial Public Offering; Going Public; Corporate Governance; Agency Theory; Financial Services Industry;

    Citation:

    Nanda, Ashish, Malcolm S. Salter, Boris Groysberg, and Sarah Matthews. "Goldman Sachs IPO, The." Harvard Business School Case 800-016, September 1999. (Revised April 2006.) View Details
  85. Finance Leadership in Novartis Consumer Health Businesses

    Boris Groysberg and Ingrid Vargas

    Describes and contrasts the roles and challenges of three high-performing finance heads at Novartis Consumer Health businesses in Australia, Japan, and Venezuela. All three faced tremendous pressures in terms of managing time and limited resources, but the particular circumstances of each business made for some specific challenges. Remi Escurel, CFO for Animal Health in Australia and New Zealand and regional CFO for Asia Pacific, juggled a demanding dual role. In Australia, Animal Health was a market leader, but dependence on climate-sensitive products made for uneven performance. Tanya Ferretto served as both finance head and general manager for Animal Health in Japan, where the business was a niche player struggling for survival. Jaime Maturana filled the business, planning, and analysis role for Over-the-Counter in Venezuela, a fast-growing business in a volatile political and economic environment. Describes and contracts the roles and challenges of three high-performing finance heads at Novartis Consumer Heath businesses in Australia, Japan, and Venezuela. Examines whether the skills that made these executives successful are portable from one country or region to another. Focuses on how an administrative function such as finance can play a strategic role.

    Keywords: Finance; Financial Management; Multinational Firms and Management; Leadership Style; Health Industry; Japan; Australia; Venezuela;

    Citation:

    Groysberg, Boris, and Ingrid Vargas. "Finance Leadership in Novartis Consumer Health Businesses." Harvard Business School Case 406-102, April 2006. View Details
  86. Delivering Strategic Human Resource Management

    Boris Groysberg, Andrew N. McLean and Cate Reavis

    This note reviews the history of the human resources (HR) function and the strategic human resources management (SHRM) movement, wherein HR managers' aspired to be strategic partners with line managers. Reviews practices for implementing a strategic-business-partner model for HR with a focus on the strategy, structures, and systems companies need to implement, and the skills that aspiring SHRM leaders need to develop in order to successfully play a strategic role. Also explores line managers' perceptions of new HR roles, and what capabilities they most want HR leaders to have in those roles.

    Keywords: Human Resources;

    Citation:

    Groysberg, Boris, Andrew N. McLean, and Cate Reavis. "Delivering Strategic Human Resource Management." Harvard Business School Background Note 405-049, June 2005. (Revised March 2006.) View Details
  87. Fernwood Art Investments: Leading in an Imperfect Marketplace

    Boris Groysberg, Joel Podolny and Timothy Keller

    As Bruce Taub, founder of Fernwood, strolled past some of New York City's finest galleries, he pondered the unique challenges that Fernwood faced. Where others had seen the inefficiency of imperfect markets, Taub saw an opportunity to revolutionize the very nature of how Americans related to the fine art market. As its chairman and founder, Taub had built Fernwood to serve as a vehicle for his vision: to democratize investment in art such that "even my secretary could someday own (shares of art) in her 401(k)." As Taub walked through the doors at Christies, he knew that in the near future, he was going to decide the path that would initially guide Fernwood toward investors. He also knew that at least in the short-term, he needed the support of the art community, and he wondered what else he could or should do to win that support.

    Keywords: Arts; Investment; Strategic Planning; Problems and Challenges; Opportunities; New York (city, NY);

    Citation:

    Groysberg, Boris, Joel Podolny, and Timothy Keller. "Fernwood Art Investments: Leading in an Imperfect Marketplace." Harvard Business School Case 405-032, September 2004. (Revised February 2006.) View Details
  88. Leading the Josie Esquivel Franchise (A)

    Boris Groysberg and Laura Morgan Roberts

    Reviews Josie Esquivel's career history, detailing how, through her personal attributes, skills, experiences, and organizational practices she has developed into a star analyst. Should Esquivel accept an offer to leave Lehman Brothers for Morgan Stanley? To make this decision, Esquivel needs to reflect on what made her successful and to consider seriously what it would take to move her "franchise" to another company without compromising her performance as a star.

    Keywords: Experience and Expertise; Decision Choices and Conditions; Resignation and Termination; Job Offer; Franchise Ownership; Performance; Personal Development and Career; Personal Characteristics; Competitive Strategy; Competitive Advantage;

    Citation:

    Groysberg, Boris, and Laura Morgan Roberts. "Leading the Josie Esquivel Franchise (A)." Harvard Business School Case 404-054, November 2003. (Revised October 2005.) View Details
  89. Leading the Josie Esquivel Franchise (C): Definition of Success over Time

    Boris Groysberg and Laura Morgan Roberts

    Supplements the (A) case.

    Keywords: Entertainment and Recreation Industry;

    Citation:

    Groysberg, Boris, and Laura Morgan Roberts. "Leading the Josie Esquivel Franchise (C): Definition of Success over Time." Harvard Business School Supplement 405-072, January 2005. (Revised October 2005.) View Details
  90. Sonoco Products Company (A): Building a World-Class HR Organization

    David A. Thomas, Boris Groysberg and Cate Reavis

    Describes the steps the vice-president of human resources takes in revamping an HR function that was noncooperative and, at times, competitive and introducing the company to the notion of HR as a strategic business partner. Explores changes made to the company's compensation, performance management, and succession planning processes. Teaching Purpose: To allow students to think strategically about reorganizing the human resources department to support business strategy and serve as a business partner.

    Keywords: Human Resources; Compensation and Benefits; Management Succession; Measurement and Metrics; Organizational Change and Adaptation; Performance; Partners and Partnerships; Business Strategy;

    Citation:

    Thomas, David A., Boris Groysberg, and Cate Reavis. "Sonoco Products Company (A): Building a World-Class HR Organization." Harvard Business School Case 405-009, October 2004. (Revised September 2005.) View Details
  91. Sonoco Products Company (B): The Hybrid Model

    David A. Thomas, Boris Groysberg and Cate Reavis

    Supplements the (A) case.

    Keywords: Business Model; Non-Renewable Energy; Energy Industry;

    Citation:

    Thomas, David A., Boris Groysberg, and Cate Reavis. "Sonoco Products Company (B): The Hybrid Model." Harvard Business School Supplement 405-010, October 2004. (Revised September 2005.) View Details
  92. Merrill Lynch in 2003: Sunny Skies Ahead?

    Boris Groysberg, Paul M. Healy and David Kiron

    Merrill Lynch (ML) is at a crossroads. Stan O'Neal became its CEO and implemented a radical cost-cutting program. In addition, the company dot-com continues to recover from the fallout from the Enron and dot-com scandals. What are the future prospects for ML? Can the firm compete against its traditional competitors or against the recently merged Goliaths of banking, such as Citigroup?

    Keywords: Management Teams; Forecasting and Prediction; Financial Condition; Investment; Financial Services Industry; Insurance Industry; United States;

    Citation:

    Groysberg, Boris, Paul M. Healy, and David Kiron. "Merrill Lynch in 2003: Sunny Skies Ahead?" Harvard Business School Case 105-067, April 2005. View Details
  93. Prudential Securities

    Boris Groysberg, Paul M. Healy and Amanda Cowen

    Prudential Insurance Co. attempted to diversify into financial services by building an investment banking franchise. Prudential's initial foray into the industry was its acquisition of The Bache Group in 1982. In 2000, the company decided to exit investment banking. The firm adopted various strategic positions and human resource management strategies during the 18 years it struggled to compete successfully against prestigious incumbents. Although Prudential's efforts to establish a top-tier investment bank ultimately failed, other firms did succeed in this endeavor.

    Keywords: Investment Banking; Corporate Strategy; Competitive Strategy; Market Entry and Exit; Diversification; Mergers and Acquisitions; Financial Services Industry; Insurance Industry;

    Citation:

    Groysberg, Boris, Paul M. Healy, and Amanda Cowen. "Prudential Securities." Harvard Business School Case 104-008, May 2004. (Revised April 2005.) View Details
  94. Thomas Weisel Partners (A)

    Thomas J. DeLong, Ashish Nanda, Boris Groysberg, Matthew C. Lieb and Scott D Landry

    Thomas Weisel, longtime leader of Montgomery Securities, realizes that the sale of Montgomery to NationsBank was the biggest mistake of his life. After his exit from NationsBanc Montgomery Securities, Weisel develops a business plan for a new merchant bank, Thomas Weisel Partners.

    Keywords: Competitive Strategy; Business Plan; Financial Institutions; Management Teams; Financial Services Industry;

    Citation:

    DeLong, Thomas J., Ashish Nanda, Boris Groysberg, Matthew C. Lieb, and Scott D Landry. "Thomas Weisel Partners (A)." Harvard Business School Case 800-215, March 2000. (Revised February 2005.) View Details
  95. Sanford C. Bernstein: Growing Pains

    Boris Groysberg and Anahita Hashemi

    To remain competitive, Sallie Krawcheck and Lisa Shalett, Sanford C. Bernstein's director of research and associate director of research, respectively, were examining the need to expand the research department's size, not only domestically but also internationally. Were they too late? Could they maintain their strong culture and hiring process--viewed by top management as a main source of competitive advantage--and also increase their research and sales efforts exponentially? How could they move quickly when traditionally it took them years to find the right person for any given role?

    Keywords: Global Strategy; Selection and Staffing; Management Teams; Organizational Culture; Competitive Strategy; Competitive Advantage; Expansion;

    Citation:

    Groysberg, Boris, and Anahita Hashemi. "Sanford C. Bernstein: Growing Pains." Harvard Business School Case 405-011, September 2004. (Revised November 2004.) View Details

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