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Putting time to work : how to boost returns on your company's most overlooked asset
The McKinsey Quarterly is the business journal of McKinsey & Company. Our goal is to offer new ways of thinking about management in the private, public, and nonprofit sectors. We aim to help business people run their organizations more productively, more competitively, and more creatively.
Quarterly articles, written by McKinsey consultants, offer practical ideas based on the firm's experience with the world's largest companies and on proprietary research and close ties to academic institutions.
Putting time to work
This first McKinsey Quarterly issue of 2013 reframes time management as an organizational concern, not simply an individual one. "Making time management the organization s priority" argues that companies must treat time as a finite resource and allocate it strategically, just as they would investment capital, for example. Time challenges are a factor at all levels, including the very top: corporate boards. In "Board governance depends on where you sit," Harvard Business School professor and former Medtronic CEO Bill George suggests that directors may need to serve on fewer boards than they have in the past. In a wide-ranging series of articles, McKinsey experts describe ways to boost the quality of a company's overall strategy, technology agenda, marketing approach, and M&A performance, while still efficiently prioritizing the board's time.
Other articles in this issue explore how senior leaders can intervene to align an organization with its priorities and foster meaning that motivates employees. Technology can also be a powerful ally. "Six social-media skills every leader needs" describes how General Electric encourages social-media literacy among its executives to gain a competitive advantage through enhanced collaboration.
Although this issue looks to the future of the organization and its leadership, we also delve into history for ideas that are still relevant today. Business executives can learn from Daniel McCallum's organization chart for the New York and Erie railroad in the age of the telegraph and the British Royal Navy's tradition of leadership and camaraderie, notably exemplified by Vice Admiral Horatio Nelson, who led Britain to victory at the Battle of Trafalgar in 1805.
Also in this issue, we outline the advantages of war games, debunk the idea that meeting or beating consensus-earnings estimates means everything, provide the keys to understanding Asian conglomerates, and offer new insights into the electric-vehicle market and potential cost savings from optimizing water usage.
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