Preview: Spring 2021

Leading the Way to Recovery

Crisis Management: Lessons from the C-Suite

7 Macro Disruptors Reshaping the Economy

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PAGE 50

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The Magazine of the Rotman School of Management UNIVERSITY OF TORONTO

SPRING 2021

The Health(y) Issue

FIXING A BROKEN SYSTEM PAGES 56, 94, 97, 126

MANAGEMENT

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MANAGEMENT SPRING 2021: THE HEALTH(Y) ISSUE

Based in sub-Saharan Africa, Ilara Health is one of 28 graduates of the Creative Destruction Lab’s Recovery Program, which is facilitating the world’s recovery from the pandemic. Ilara’s COVID-19 Readiness Package helps identify patients who are susceptible to serious complications from the virus, playing a crucial role in patient triage at the primary care level. For more about the CDL Recovery Program, see page 6.

Features

6

Leading The Way to Recovery: The Creative Destruction Lab’s Moonshot

by Karen Christensen

Last March, CDL’s leaders pivoted, redeploying their resources to focus on solutions to the global crisis.

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26

The Next Normal: Trends That Will Define 2021 and Beyond

Managing the Most Complex Organizations On Earth

by Kevin Sneader and Shubham Singhal

Interview with Brian Golden

COVID-19 has changed the world, and its effects will last. Business leaders should consider 13 factors as they prepare for the next normal.

Peter Drucker called hospitals “the most complex form of human organization ever”. Here’s why.

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44

Learning While Leading: The Digital Leadership Challenge

The Unstuck Mind and The Power of Not Knowing

by J. Okada, E. L. Hering and R. McManus

Interview with Jay Cone

Gender Analytics: How Gender-Based Insights Create Value

The digital revolution requires leaders to think differently about strategy, investment, culture — and themselves.

A leadership expert who has spent 30 years working to create a vaccine against closed-mindedness shares the tools of his trade.

Gender-based insights can inform innovative new ways of working, doing business, and designing policy.

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56

by Sarah Kaplan

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Crisis Management: Lessons from the C-Suite

Managing Mental Health: A Behavioural Approach

Unlocking Employee Potential: A Framework for Success

by Tony Comper

by Renante Rondina, Cindy Quan and Dilip Soman

by Janet Krstevski, Sonia Mathur and Sarah Berger

Mental health policy needs to start embracing models and frameworks from other disciplines — in particular, the field of Behavioural Science.

Companies can support workers’ well-being by focusing on six principles, positioning themselves for a stronger future.

The long-term economic implications of COVID-19 are not yet understood, but lessons from earlier crises can guide those responsible for the recovery.

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Powering a Strong Recovery: An Economic Growth Plan for Canada

Macro Disruptors: Seven Themes That Could Reshape the Global Economy

Rewriting the Rules of Corporate Governance

by Robert Asselin and Ross Laver

by Frances Donald

Laying the foundation for a safe and sustainable recovery requires a focus on three pillars of the economy: people, capital and ideas.

As we begin to emerge from the COVID-19 pandemic, seven ‘new normal’ ideas merit the attention of investors.

As boards look to the post-COVID era, they will need to assess their readiness to meet three new demands.

by Lynn S. Paine

Rotman Management Spring 2021 Published in January, May and September by the Rotman School of Management at the University of Toronto, Rotman Management explores themes of interest to leaders, innovators and entrepreneurs, featuring thought-provoking insights and problem-solving tools from leading global researchers and management practitioners.

The magazine reflects Rotman’s role as a catalyst for transformative thinking that creates value for business and society.

In Every Issue 5

From the Editor ISSN 2293-7684 (Print) ISSN 2293-7722 (Digital)

14

Thought Leader Interview: Anita M. McGahan

Editor-in-Chief Karen Christensen Contributors Ajay Agrawal, Angèle Beausoleil, Mark Britnell, Brian Golden, Sarah Kaplan, Eric Kirzner, Mara Lederman, Anita M. McGahan, Renante Rondina, Laura Rosella, Dilip Soman

by Karen Christensen

Marketing & Communications Officer Mona Barr

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94

110

117

123

Idea Exchange “We live in a very selfish culture — and that is amplified within organizations” –Martin Lindstrom, p. 91

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114

QUESTIONS FOR Martin Lindstrom

POINT OF VIEW Juggy Sihota

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117

QUESTIONS FOR Pamela Newkirk

QUESTIONS FOR Vivek Goel

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121

QUESTIONS FOR André Picard

POINT OF VIEW Erika Kirgios

100

124

QUESTIONS FOR Mark Britnell

FACULTY FOCUS Eric Kirzner

105

127

FACULTY FOCUS Angèle Beausoleil

QUESTIONS FOR Azi Boloorchi (MBA ‘09)

110 QUESTIONS FOR Heather Chalmers (MBA ‘04)

130 QUESTIONS FOR Stewart Hardie

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Leading the Way to Recovery: CDL’s Moonshot(s)

Crisis Management: Lessons from the C-Suite

The Magazine of the Rotman School of Management UNIVERSITY OF TORONTO

SPRING 2021

An Economic Recovery Plan for Canada

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FIXING A BROKEN SYSTEM

MANAGEMENT

The Health(y) Issue

Leading the Way to Recovery: CDL’s Moonshot(s)

Crisis Management: Lessons from the C-Suite

The Magazine of the Rotman School of Management UNIVERSITY OF TORONTO

SPRING 2021

An Economic Recovery Plan for Canada

FIXING A BROKEN SYSTEM

MANAGEMENT

The Health(y) Issue

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FROM THE EDITOR

Karen Christensen

The Health(y) Issue IF THERE WAS EVER ANY DOUBT that successful economies depend upon a healthy population, it has likely been erased in the past year. COVID-19 has shown us that societal issues are not just legitimate areas of concern for business — they are sources of both risk and opportunity. Like market forces, societal forces can profoundly affect the competitive environment.

This crisis has further validated the Business Roundtable’s pre-pandemic statement on corporate purpose, when 181 CEOs pledged a commitment to five stakeholder groups: customers, employees, suppliers, communities and shareholders. As we have seen, if one member of this group is too weak to play its role, the entire system can quickly crumble.

In this issue of Rotman Management, we put the spotlight on what has become the Holy Grail for organizations, economies and individuals alike: Health.

We kick the issue off on page 6 with Leading the Way to Recovery, the story of how the Creative Destruction Lab — founded by Rotman Professor Ajay Agrawal and now running at nine locations worldwide — redeployed its resources last March to focus on finding solutions to the global crisis.

While the long-term economic implications of COVID-19 are not yet fully understood, former Bank of Montreal CEO Tony Comper argues that lessons from earlier crises can guide those responsible for the recovery, in Crisis Management: Lessons from the C-Suite on page 50.

On page 62, Accenture’s Janet Krstevski, Sonia Mathur and Sarah Berger show that by supporting six dimensions of well-being, companies position themselves for a stronger future, in Unlocking Employee Potential: A Framework for Success.

Elsewhere in the issue, Sandra Rotman Chaired Professor in Health Sector Strategy Brian Golden argues that healthcare is a key driver of prosperity on page 26; NYU Professor Pamela Newkirk shares key insights from her book, Diversity Inc. with

Rotman Professor Sonia Kang on page 94; Globe and Mail columnist André Picard says it’s time to start respecting our elders on page 97; and Rotman alumna and GE Canada CEO of Heather Chalmers looks at the challenges of leading through a pandemic on page 110.

As COVID-19 continues to linger for longer than many of us had hoped, we must remind ourselves that it has been during times of disruption and chaos that we have seen some of the biggest changes in our economy and society.

During her presentation to the Creative Destruction Lab’s Vision Council last fall, Canadian author and Vision Council member Margaret Atwood pointed out that, “Historically, crises cause great rearrangements.” She went on to say that ours could include a redistribution of wealth and a widespread reconsideration of how we interact with the natural world.

What exactly will the forthcoming rearrangement look like? While we don’t yet know, the good news is that if you are reading this, you can help to shape the answer. We hope this issue gets you thinking about the healthier future that we all want to create.

Karen Christensen, Editor in Chief editor@rotman.utoronto.ca Twitter: @RotmanMgmtMag rotmanmagazine.ca / 5