Also: Russian oil, Berkshire Hathaway vs crypto, and Amazon vs labor.
Good morning.
There’s a new book out tomorrow that will be useful to every CEO still struggling to figure out the post-pandemic workplace—which, as far as I can tell, is every CEO. The book is called Reimagining Work, and it’s by Linda Gratton, who is professor of management practice at the London Business School and one of the leading academic experts on the future of work.
But a warning before you dive in: It doesn’t provide an easy answer. In fact, it doesn’t provide an answer at all. Instead, it offers a four-step process—a design process—for getting to an answer.
“This design process is crucial because, in my experience, a ‘one-size-fits-all’ approach will not work. Instead you have the opportunity to create a way of working that fully resonates with your unique purpose and values, that acknowledges the capabilities and motivations of your employees and that ultimately increases productivity and fulfillment.”
Unlike many of the instant experts on this subject, Gratton has a deep understanding of the topic, built through careful research. And she understands both the good and the bad of the pandemic experience. Yes, we accelerated our digital skills, we learned the value of flexibility of time and place, and in some cases we learned to better respect the “off” switch. But we also saw strong ties strengthen while weak ties weakened. And we were forced to confront the critical importance of human connections.
Gratton, who has been studying the ‘future of work’ for over a decade, also puts the post-pandemic design process in a larger context. We need to refocus on human skills, she notes, since automation will be replacing many of the rote and repetitive skills that were required in the 20th century; we need to consider the unique needs of older workers, because demographics will force us to rely on them more in the future; and we need to focus much more on continual training and upskilling of the workforce in order to deal with the pace of technological change.
So don’t go to Redesigning Work looking for a quick fix. This one is hard, and it will take time and effort to get it right.
By the way, Gratton’s focus on using a design process for tackling complex problems like this is exactly what we plan to explore at the Fortune Brainstorm Design conference in Brooklyn later this month (May 23-24). On hand will be design leads from many of the top companies in the world—Amazon, Google, IBM, JPMorgan Chase, Salesforce, Walmart, Levi Strauss, Etsy, Netflix, Procter & Gamble, 3M and more. If you are interested in learning more about how to use design principles to rethink your business, drop me a note, or apply here.
More news below.
Alan Murray
@alansmurray
alan.murray@fortune.com
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Russian oil
The next few days will be crucial for determining the EU's common stance on Russian oil. Germany previously wanted to wait until the end of the year for a full embargo, but is now talking about a phaseout over a few months. Fortune
Berkshire Hathaway vs crypto
Berkshire Hathaway's Warren Buffett and Charlie Munger still really don't like cryptocurrencies, as they made clear at Saturday's annual shareholder meeting. Buffett: "It doesn't produce anything." Munger: "In my life, I try to avoid things that are stupid and evil and make me look bad...and bitcoin does all three." (Bonus read: Much of Wall Street is reluctantly embracing crypto because financial firms don't want rivals to grab their business.) Fortune
Bad April
Fortune's Bernhard Warner has a handy, chart-heavy piece on just how terrible last month was for stocks (and crypto)—and why there are still signs of hope for investors. Fortune
Amazon labor
Amazon will have another face-off with the nascent Amazon Labor Union today, with another election on Staten Island—the result could demonstrate whether the first of the labor activists' victories was just a fluke, or the start of something bigger. (Bonus read: Raytheon just reached a deal with unions at two Pratt & Whitney jet-engine plants in Connecticut.) Fortune
Understanding personal resilience Executives have come to understand that a new type of leadership—resilient leadership— is likely needed to enable their organizations, teams, and themselves. In this article, we explore the personal resilience realm, a central foundation of resilience that can ultimately give rise to the powerful self-awareness and self-mastery that is paramount in this new kind of leadership. Learn more
Stakeholder capitalism
Stakeholder capitalists have been silent on issues around concentrated corporate power, according to the American Economic Liberties Project's Denise Hearn and the Balanced Economy Project's Michelle Meagher, who wrote last week: "The inherent dissonance between the perpetual drive for scale and dominance, and the recurring market abuses of the largest corporations, is a conflict that stakeholder capitalism ignores." Financial Times
Russian holdout
Electro-Harmonix, a major company in the world of guitar effects and the vacuum tubes that power many guitar amplifiers, refuses to shutter its Russian tube-making operations. Founder and CEO (and former Jimi Hendrix promoter) Mike Matthews says he couldn't find the necessary skills elsewhere, plus he likes Russia's low wages and relatively weak environmental controls. Fortune
Russian tycoon
Russian billionaire Oleg Tinkov says he was forced to sell his 35% stake in the major bank he founded (Tinkoff) after he made an Instagram post criticizing Russia's war in Ukraine. "I couldn't negotiate," he said. "I've realized that Russia, as a country, no longer exists." New York Times
Vaccine equity
South African vaccine manufacturer Aspen Pharmacare, which last year won the right to license J&J's COVID-19 vaccine and sell it across Africa, has received no orders and may need to shut its plant. The revelation underscores how Africa's vaccine shortage appears to be a thing of the past for now—though getting the stuff into arms is another matter, as only 16% of Africa's population has had two doses. Reuters
This edition of CEO Daily was edited by David Meyer.
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