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Alessandro Cripsta

Good evening.

Moving forward

How marathons became big business. Running has evolved from an unglamorous, inexpensive, and accessible sport to one increasingly shaped by PR firms and advertising dollars.

How marathons became big business

As our society becomes increasingly focused on "experiences" and "wellness" as markers of status it should be no surprise that it's popular for highly motivated people to prove through performance their ability to train hours a day for months. It should also be no surprise that the aspirations of these

As our society becomes increasingly focused on "experiences" and "wellness" as markers of status it should be no surprise that it's popular for highly motivated people to prove through performance their ability to train hours a day for months. It should also be no surprise that the aspirations of these ultra-high achievers is ripe to be co-opted by brands for profit.

The way we work

How can you stay happy at work as a longtime employee? After years in the same position, a promotion always helps. But surprisingly, LinkedIn data shows that lateral career moves can be almost as effective to keep employees in place and satisfied.

The surprisingly effective retention power of lateral career moves

Keeping an open mind about lateral moves is a great way to maintain momentum in your career—new challenges often lead to new responsibilities, which can also lead to advancement, or just expose you to work you didn't know you'd find fulfilling. Case in point: I would never have discovered digital news

Keeping an open mind about lateral moves is a great way to maintain momentum in your career—new challenges often lead to new responsibilities, which can also lead to advancement, or just expose you to work you didn't know you'd find fulfilling. Case in point: I would never have discovered digital news if I hadn't been open to moving "over" instead of "up."

Cryptic crypto

ETFs are eating the market

What happens in a flash crash? And how are they related to ETFs? One of the big questions about ETFs is the extent to which their rapid growth has led to an increasing number of flash crashes and a greater risk for the mother of all liquidity events. A financial advisor who manages millions of dollars in assets describes his experience of one. ✦

It’s alive! ETFs as Frankenstein

While ETFs have done a lot of good for investors, they bear a certain resemblance to the aggregated financial products that set off the last financial crisis, especially newer forms of "synthetic ETFs" that are derivatives of equities and bonds. It's not hard to imagine how, in the event of broader market

While ETFs have done a lot of good for investors, they bear a certain resemblance to the aggregated financial products that set off the last financial crisis, especially newer forms of "synthetic ETFs" that are derivatives of equities and bonds. It's not hard to imagine how, in the event of broader market downturn, the small liquidity crises, or flash crashes, described in this piece could snowball into a much bigger market meltdown. 😬

The new face of education

Employers shouldn’t obsess over hiring elite students. Hiring from lesser-known colleges can benefit companies in surprising ways.

Only recruiting the smartest students is a dumb hiring strategy.

It is really important to hire people who have the humility to take feedback and the confidence to give it. The college elite may not always bring that to the table. It is also equally important to get people from a wider section of the society, especially if you are building a startup that would cater to the entire country.

Buying, mindlessly

Who’s in charge of Christmas?

Ironing out fashion’s wrinkles

Go, do your thing on the runway

Close

Nearly 200 CEOs agreed on an updated definition of “the purpose of a corporation” Look for the word "shareholder" at the very bottom.

Read more on Quartz

From Our Members

  • EY supports the concept of corporations having a broader responsibility to society beyond delivering short-term profits to shareholders. In that spirit, EY supports the Embankment Project for Inclusive Capitalism (EPIC), which is committed to broadening the definition of business value to encompass long-term

    EY supports the concept of corporations having a broader responsibility to society beyond delivering short-term profits to shareholders. In that spirit, EY supports the Embankment Project for Inclusive Capitalism (EPIC), which is committed to broadening the definition of business value to encompass long-term, sustainable results that benefit all stakeholders. We’re also encouraging companies to invest in their employees’ skills, because it takes human enterprise to build long-term value across the whole business ecosystem – and because a highly skilled workforce can be our greatest collective social asset.

  • When nearly 200 influential CEOs can agree on the need for change, it could be a sign the change was long overdue. The fact is, business cannot succeed if society fails. And it’s up to us to work together to contribute everything that business knows to address society’s most difficult challenges. At

    When nearly 200 influential CEOs can agree on the need for change, it could be a sign the change was long overdue. The fact is, business cannot succeed if society fails. And it’s up to us to work together to contribute everything that business knows to address society’s most difficult challenges. At Deloitte, we measure success by the triple bottom line of people, profit, and planet. Our purpose-first mindset fuels our growth, and I’m pleased to see we’re in good company.

  • The new statement is exactly 300 words and "shareholders" appears only twice, way down at the bottom. In fact, it's a bit closer to the BRT's pre-1997 mission statement, but is even clearer about the ways that stakeholders like employees and larger communities matter. A fascinating development that's

    The new statement is exactly 300 words and "shareholders" appears only twice, way down at the bottom. In fact, it's a bit closer to the BRT's pre-1997 mission statement, but is even clearer about the ways that stakeholders like employees and larger communities matter. A fascinating development that's hopefully more than symbolic.

  • This announcement is great validation of the thesis guiding Quartz at Work's longstanding obsession with the purpose of companies. We will await the actions that back up the words, but it's fair to say this is a big milestone in our much hoped-for shift to a more conscious, and conscientious, form of capitalism.

  • To those who say the left just complains and never achieves anything, this clearly would never have happened had the left not adequately vocalised and galvanised the discontent of so many workers/people. This is how movement works. This is how politics by the many works.

  • Afraid it's a bit generous of Dimon to characterize this as "just catching up with the way many leaders are already running their businesses." Although it's certainly catching up to the last decade's demands of environmental, social and governance groups ... among others. This redefinition of the corporate

    Afraid it's a bit generous of Dimon to characterize this as "just catching up with the way many leaders are already running their businesses." Although it's certainly catching up to the last decade's demands of environmental, social and governance groups ... among others. This redefinition of the corporate purpose has been changing and expanding the role and expectations of Board Directors for years now. Certainly, with the Business Roundtable's coming on board, I'd expect that trend to only accelerate.

  • The timing is very interesting given the possibility of a recession ... and lower profits.

  • Thumbs up for the sentiment. Color me skeptical about real change.

  • This new statement is still in the shareholders' best interest. In an environment where crony-capitalism has thrived for decades, there has been a wake of those hurt or done wrong by policies that help companies that can afford to lobby. Milton Friedman's ideas still hold true. The shareholders' benefit

    This new statement is still in the shareholders' best interest. In an environment where crony-capitalism has thrived for decades, there has been a wake of those hurt or done wrong by policies that help companies that can afford to lobby. Milton Friedman's ideas still hold true. The shareholders' benefit from happy employees and a company that isn't in constant litigation due to destroying the environment.

  • Means vs ends... ultimately, profitability is what enables a company to meet stakeholders and shareholders expectations, but it won’t sustain it for the long term unless the corporation keeps its stakeholders aligned and motivated. Long term value vs short term thinking. This is good to see.

  • While the creation of this statement seems reactive (and overdue), in spirit, it sounds reasonable, but like others I’m somewhat skeptical about what this means for action. When there are conflicts between increased margin and serving these articulated responsibilities, what will these companies do

    While the creation of this statement seems reactive (and overdue), in spirit, it sounds reasonable, but like others I’m somewhat skeptical about what this means for action. When there are conflicts between increased margin and serving these articulated responsibilities, what will these companies do? Perhaps more importantly, when there are structural conflicts between business models and these types of values (e.g., Facebook or YouTube’s need for engagement vs. serving users by reducing ‘hooks’), what will these companies do? One the one hand, norms and shared values can do things that regulations can’t; on the other hand, it seems we’re in a race to the bottom in many domains. Lynn Paine and Joseph Bower had a good article in HBR in 2017 about flaws in agency theory and the power that boards of directors already have to manage for the long term: https://hbr.org/2017/05/managing-for-the-long-term

  • A step in the right direction. This statement merely echoes a corporate and social movement that has been underway for some time. However it solidifies the movement's progress through validation of some of our great business minds and leadership.

  • There has been a long movement towards expanding the understanding of corporations beyond investors and shareholders across all stakeholders and the broader integration towards society, environment and different levels of community. More than a decade ago several corporations started moving their ESG

    There has been a long movement towards expanding the understanding of corporations beyond investors and shareholders across all stakeholders and the broader integration towards society, environment and different levels of community. More than a decade ago several corporations started moving their ESG efforts and CSR beyond maximizing shareholder value and looking at understanding what all of the stakeholders across the value chain care about.

  • Finally we're seeing steps to make it a consensus that the undeniable benefits seen by companies investing in the well being and success of their employees is not a "trend" or an "exception." Public digitalization has brought us to a stage in industrialization where 'community' is as significant of an

    Finally we're seeing steps to make it a consensus that the undeniable benefits seen by companies investing in the well being and success of their employees is not a "trend" or an "exception." Public digitalization has brought us to a stage in industrialization where 'community' is as significant of an asset in determining a company's worth as any other, and we see the value transfer directly into their bottom line. This statement wisely suggests that acceptance of this new reality be a benchmark for American industry. If the sentiment contained herein actually becomes a pervasive corporate mindset, there may be hope for America's continued strength in the global economy after all.

  • We all, including corporations, have to take into account their long term effect on this planet. Really great to see this updated definition.

  • Great read

  • This is a great step in the right direction!

  • This is a genuinely important development. It creates a clear reference for ensuring the value of a company is determined not strictly by what might be happening day to day with its stock price, but by what it is contributing to the overall health and wellbeing of society, and the natural systems we

    This is a genuinely important development. It creates a clear reference for ensuring the value of a company is determined not strictly by what might be happening day to day with its stock price, but by what it is contributing to the overall health and wellbeing of society, and the natural systems we all depend on. Capital will still seek the highest return, but valuations based on this definition will help to align capital with general welfare. This is necessary if we are to have free societies and sustainable prosperity in the future.

  • Khalil A. Cassimally, the left does not have a monopoly on concern for others. In fact, the conscious capitalism movement that has spurred this change was founded by libertarians, not progressives.

  • Typical tip of the market, late cycle blah blah blah. Let’s see what happens when times get very tough, like during a recession. Shareholder value will be front and center then.

  • The purpose of a corporation should be to do what the investors want it to do. If that is to follow a standard of behavior then that is the shareholders decision. The problem of CEOS making such a commitment no matter how laudable the intent is as an employee they need the shareholders consent.

  • Una asociación importante de empresas estadounidenses han hecho una nueva declaración sobre el propósito de lo que debe ser una empresa el cual debe incluir el beneficio a sus clientes, a sus empleados, a sus comunidades y a sus accionistas. Estamos realmente en un mundo en transición!

  • This one I will probably talk about on Spreaker because there was a time where stockholders were part of nearly every movie, including ‘It’s a Wonderful Life’ . They weren’t exactly looked as the good guys either back then

  • It’s a start. How serious the CEO’s are is a question. Capitalism without regulation is a license to indulge in guiltless greed, and it is unsustainable without a humane ethos.

  • Actually, Friedman was not all wrong, and this Friedman vs broader “Social Responsibility” debate will shift toward a new synthesis -- as customers gain power to be equal partners with the businesses they deal with, individual customers will vote with their wallets on the forms of social responsibility

    Actually, Friedman was not all wrong, and this Friedman vs broader “Social Responsibility” debate will shift toward a new synthesis -- as customers gain power to be equal partners with the businesses they deal with, individual customers will vote with their wallets on the forms of social responsibility they demand of the companies they do business with. The customer has a unique role, since it is the customer that pays the business, and thus pays for any value provided to the other stakeholders.

    Customers already pay at premium levels to support corporations they view as being socially responsible. As mass-customized relationships become more central to more businesses, it will not be the stockholders/managers or the politicians who vote on which social values are supported, but the individual customers who pay the “tax.” That will drive a new, market-driven calculus in which those customer votes will drive straight into the bottom line. (The customers will also vote for employees and communities as they each see fit, reducing need for alternative bottom lines.) As that happens, all of us (including Friedman) will be pleased, and the corporate short-sightedness of the last century or so will fade, to be seen as a historical aberration.

    UPDATE 8/26/19:

    And here is a full working draft on this, just posted: The Reformation of Market Capitalism in The Age of the Customer -- Profiting From "Social Responsibility as a Service" (at http://bit.ly/ReCptlsm).

  • In France there is a growing debate about this as well. A law was recently passed to update the definition of what a corporation’s ultimate goal is to include social and environmental concerns. A statute inspired by the B Corp in the US was created, "mission-driven company" (l’entreprise à mission).

  • Demonstrates the power of social media...nice in theory but as the dust settles I fear the

    big businesses will revert back to total focus on the bottom line...

  • If the employees don’t believe in the company it’s all talk. If everyone buys in, it happens and the corporate culture will shift.

  • !!

  • It only took how many years to update the definition? Now I’m looking for an action plan.

  • About time!

  • Wow this is quite the “epiphany”....

    The next step would be to endorse Andrew Yang : to facilitate growth from the Bottom Up vs the Top down version that’s created the “untenable” situation we have this Day

  • Am good start..

  • Can they also update "the purpose of lobbyists" ??

  • Good!