Enews June 2018

SMR Learn & Perform E-news – June 2018

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Dear Learn & Perform subscriber:

Greetings.  

Let us cover in the June e news:

  • Cutting People Costs in a Turnaround
  • Personality Traits of an Entrepreneur
  • Becoming a Doctor/Pharmacist at Cyberjaya University College of Medical Sciences (CUCMS)
  • SMR News
Cutting People Costs in a Turnaround

In this interesting Harvard Working knowledge article, business research for business leaders, the debate on whether companies should cut salary costs of employees or resort to employee layoffs made interesting reading. Not a new debating subject but the arguments were interesting. Christopher Stanton and colleagues point out that companies looking to shed costs in an economic downturn rarely cut compensation—typically, they slash jobs instead. But what if they held on to workers and cut their salaries instead? Their research highlights several points. The study concludes that when a company cuts employee pay, the best performers are the first to leave, often joining a competitor. That, in turn, drags down the firm’s revenue even faster. In contrast, if a company decides to eliminate head count, the employer can control who leaves—presumably letting go less-productive workers. The findings are presented in the working paper “Analyzing the Aftermath of a Compensation Reduction”, co-authored by Harvard Business School’s Christopher T. Stanton, along with Jason Sandvik and Nathan Seegert of the University of Utah; and Richard Saouma of Michigan State University. 

“There’s this huge literature in economics on why firms tend not to cut people’s pay,” says Stanton, an applied economist who is an assistant professor in the Entrepreneurial Management Unit at HBS. “We can actually measure the consequences.”  “When the best people left, they were on average selling more. So, if you replace the best person with an average salesperson you lose the difference between the best and the average [sales].”  One surprising finding: Sales reps who remained in their jobs didn’t slack off. In fact, some even worked harder.

Read more at https://hbswk.hbs.edu/item/cut-salaries-or-cut-people-the-best-way-to-survive-a-downturn?cid=spmailing-20592093-WK%20Newsletter%2006-13-2018%20(1)-June%2013,%202018

Personality Traits of Entrepreneurs

In another Harvard article, recent findings in the academic literature on the prevalence of various personality traits among entrepreneurs and their impact on venture performance are summarised. The literature focuses on three themes:

  1. personality traits of entrepreneurs and how they compare to other groups;
  2. attitudes towards risk that entrepreneurs display; and
  3. overall goals and aspirations that entrepreneurs bring to their pursuits.

The extensive review of literature since 2000 on the personality traits of entrepreneurs first considers baseline personality traits like the Big-5 model, self-efficacy and innovativeness, locus of control and the need for achievement. Then it considers risk attitudes as well as goals and aspirations of entrepreneurs. Within each area, the studies are separated by the type of entrepreneurial behaviour considered: entry into entrepreneurship, performance outcomes, and exit from entrepreneurship.

https://hbswk.hbs.edu/item/personality-traits-of-entrepreneurs-a-review-of-recent-literature

Look forward to being in touch with you in July.

With Best wishes

Palan
www.palan.org

 
 

Becoming a Doctor/Pharmacist at Cyberjaya University College of Medical Sciences (CUCMS)

CUCMS is renowned for its Medical and Pharmacy programmes. Whilst the admissions are highly competitive, we have seen an increasing number of applications annually. I would urge those who are interested to pursue Medicine or Pharmacy visit the CUCMS website and start the process of applying to the Uni. For more details please visit http://cybermed.edu.my/

 

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