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<div type="image" title="Companies are embracing the unbossing trend" msid="113256383" hostid="261" sizebytes="1440779"></div> If there’s one thing both a productive team member and an underperformer hates in the corporate world, it’s being micromanaged. Now, imagine a workplace where the boss isn’t calling all the shots. Instead, everyone has a voice, and innovation flows freely. The recent corporate trend of "Unbossing" promises to do just that, empowering employees by eliminating the heavy hands of hierarchy. Sounds too good to be true? Well, globally, not just the new-age start-ups, but dozens of major corporations have embraced this trend and trimmed their middle management. <h2>Managers managing managers — no more!</h2>In January last year, <keyword id="399907" type="General" weightage="20" keywordseo="META" source="Orion">Meta</keyword> CEO Mark Zuckerberg made headlines for declaring 2023 as the “year of efficiency” and saying that he doesn’t want a management structure that's just “managers managing managers”. <div type="image" title="Meta CEO Mark Zuckerberg" agency="ANI" msid="113256403" hostid="261"></div> The same month, it was also reported by Command Line that Meta's chief product officer Chris Cox, had shared a post on the company's communication platform, Workplace, highlighting the necessity to "flatten" the organisation's structure. What followed was reports of Meta slashing middle management roles. Gradually, other companies like Shopify, Bayer, and Cisco began making headlines for showing the exit door to some of their middle managers. Loosely, unbossing is essentially cutting down the middle management roles. It cuts significant costs for the company and the new-age workforce also endorses the trend as efficient in enabling faster decision-making and innovation. However, critics argue this trend also limits the extent of mentorship that the younger generation receives while entering the workforce, which often remains an intangible value if your boss turns out to be a good mentor. Therefore, for some, it’s not about firing the middle management, but just another leadership philosophy on how leaders (and ‘bosses’) should conduct themselves. This approach advocates bosses working along with the team as a part rather than shouting instructions from the top. Whatever one’s understanding, this trend of “Unbossing” appears to be taking corporate America by storm in 2023, as evidenced by hundreds of media reports highlighting the same. Overall, most agree that the trend is restructuring organisational hierarchy to enable direct communication between employees and leaders. Cut to 2024, this trend is still prevalent and making headlines. A Bloomberg report recently said that Georges Elhedery, the incoming CEO of HSBC Holdings, might also consider plans to streamline the company's operations by reducing layers of middle management. But what’s the scenario in India? Are Indian companies ready to ditch the old-school approach and adopt this new way of working? Let’s dive in and see what the experts have to say! <h2>Layoffs to impact senior professionals: Naukri.com survey</h2>A survey by job portal Naukri.com early last year had suggested that recruiters in India expect a decline in layoffs during the first half of 2023. The survey, which included responses from 1,400 recruiters and consultants across ten industries, revealed that only 4 percent of participants anticipated layoffs to be the main focus of hiring activities within their organisations. However, the survey also highlighted that information technology roles and senior professionals were likely to be the most affected by hiring adjustments. About 20 percent of recruiters predicted that layoffs would predominantly impact senior professionals, while freshers are expected to face the least disruption from these hiring corrections. Interestingly the survey came around the same time when the Unbossing trend had begun picking up pace abroad. <h2>Layoffs at Wipro, <keyword id="18635" type="General" weightage="20" keywordseo="amazon" source="Orion">Amazon</keyword> and Collegedunia</h2>In January this year, Wipro India was in the limelight for laying off hundreds of its mid-level executives. The company reportedly culled many jobs as part of its strategy to improve margins. An ET report citing two sources familiar with the situation had said that the leading Indian IT firm reduced mid-level roles at its onsite locations. "Notices began being issued earlier this month, and hundreds of mid-level executives onsite are being let go," one source revealed. Another source added, "They have costly resources onsite in Capco, and although growth is returning, it's not sufficient. Aparna Iyer, Wipro's chief financial officer, has been tasked with delivering better margins this quarter." <div type="image" title="Amazon decided to lay-off middle managers in May" msid="113256170" hostid="261"></div>Then in May, Amazon also decided to reduce layers of middle management within its customer service divisions as part of an organisational restructuring, a Fortune report had said. The cuts impacted over 100 customer service managers in Level 5 and Level 6 middle management roles, both in call centres and virtual positions, primarily based in the U.S. and India. Not just large tech companies, startups too seem to be adapting the <keyword id="23125775" type="General" weightage="100" keywordseo="unbossing-trend-in-India" source="Orion">unbossing trend in India</keyword>. Last month, educational portal Collegedunia confirmed that around 100 employees from its Study Abroad department had been given the pink slip. A report in CNBC-TV18 had said that additional job cuts were happening across other departments as part of a broader reorganisation. The restructuring, as per the report, was aimed at automating many tasks to reduce costs. Interestingly, despite the layoffs, Collegedunia had posted 13 job openings on LinkedIn for various roles in different locations, primarily entry-level positions requiring up to two years of experience. "While Collegedunia is laying off several employees, it is also hiring fresh talent, allowing them to keep staffing levels up but at a lower cost," one employee told CNBC-TV18 at the time. Another source confirmed that while Collegedunia had been actively recruiting for some months, it has also been letting go of employees, including senior staff members with 7-8 years of experience at the company. <h2>What do experts say?</h2> <div type="image" title="Experts&amp;#39; opinion on unbossing trend" msid="113256250" hostid="261"></div>Mr. Sumit Kumar, Chief Strategy Officer at TeamLease Degree Apprenticeship, told Business Insider India, “From the perspective of HR leaders and CEOs, the strategic culling of middle management is viewed as a means to streamline operations, reduce overhead, and foster a culture of autonomy and innovation.” He also noted that even though employees can “exercise greater ownership and agility in decision-making” through this approach, there are also significant downsides. “The erosion of middle management creates a vacuum in leadership development, mentorship, and the retention of institutional knowledge, potentially leading to disengagement, a weakened talent pipeline, and misalignment with organisational objectives,” Kumar noted. Talking specifically about the Indian scenario, he said, “Implementing this trend in India would be a strategic move, positioning organisations to remain competitive in a rapidly evolving business environment. However, to fully capitalise on this approach, developing a more robust talent pipeline that integrates the ability to multitask at all levels is imperative. In today's landscape, leadership demands thinkers, strategic visionaries, and individuals who can execute with precision. We need to cultivate a new breed of leaders who are both thinkers and doers, capable of navigating complex challenges while driving innovation and growth. By building versatile, agile leaders through targeted talent development programs, Indian organisations can ensure they are well-prepared to thrive in a decentralised, high-performance environment.” RP Yadav, Chairman and Managing Director of Genius Consultants Limited, told ET recently that the Unbossing approach simplifies hierarchies and encourages open communication between frontline employees and senior management. He had added that the concept of “the oldest in the room is always the wisest of all” is no longer applicable. Meanwhile, Aditya Narayan Mishra, MD and CEO of CIEL HR Services told ET that the unbossing trend is predominantly seen in tech companies, creative roles, and startups, where swift decision-making and the unrestricted exchange of ideas are crucial. For example, the tech sector often thrives with flattened hierarchies that support rapid innovation and agility, while creative industries such as advertising and media use unbossing to cultivate a more collaborative and idea-focused environment. Thus, the unbossing trend is gaining traction beyond global companies and is finding its way into Indian organisations as well. While this approach can streamline operations, reduce costs, and enhance agility, experts caution that it also brings challenges, such as gaps in leadership development and the loss of institutional knowledge. To fully harness the benefits of unbossing, Indian companies must focus on cultivating agile leaders who can navigate complex challenges and drive growth. By building a strong talent pipeline and fostering a culture of innovation and collaboration, Indian organisations can position themselves to thrive in a more decentralised and dynamic business environment. Do you have insights or personal experience to s hare on layoffs, <keyword id="34447" type="General" weightage="20" keywordseo="workplace-trends" source="Orion">workplace trends</keyword>, or career changes? Contact us at businessinsider@timesinternet.in.

SIMPLY PUT: What’s with all “Unbossing” talks? Are Indian companies also embracing this global trend?

<ul class="summary-list"><li>Businesses should enhance 5G with complementary tech, like WiFi, and other infrastructure.</li><li>The full value of 5G may lie in its integration with established tech, not just speed and bandwidth.</li></ul>Businesses typically adopt 5G for its speed, expanded bandwidth, and reliability. But to get the most value out of it, organizations should focus on how it interacts with the complementary technologies surrounding it, Dan Crawford, a strategy manager at Cisco, said."It's time to rethink our definition of connectivity," Crawford said. "Rather than viewing it merely through the lens of speed and bandwidth, let's start considering connectivity as a holistic experience."He said companies should focus on enhancing 5G's capabilities with other technologies, such as WiFi, and combine them with hardware and other infrastructure rather than relying solely on 5G to solve every business problem. "This approach makes the network more accessible for innovative applications to shape user experiences," he added.Crawford told Business Insider that this could be complex for some businesses. They often need to decide whether the cost and time needed to upgrade infrastructure and equipment to make it 5G-compatible is worth it.BI spoke with Crawford about these challenges, the types of complementary technologies that can help companies boost connectivity, and how they could unlock 5G's full potential.The following has been edited for length and clarity.What types of complementary technologies should companies focus on to enhance 5G's capabilities?WiFi is the most universal technology. We have computers, laptops, and other devices connected to WiFi, or if you're not relying on WiFi, they use some protocol that's cellularly connected. All these things will need to work together, but the one common factor is their touchpoints to the network.There's an entire ecosystem of devices and tool sets and general employee knowledge that is necessary to be built up to support something that is centered on a single technology like 5G.While the complexity of 5G might seem daunting for companies, especially with the added challenges of existing technologies, we have a responsibility to simplify connectivity for service providers, enterprises, and, ultimately, the end users.We're also trying to remove siloes that have existed. A mobile network has always been siloed from the physical broadband network. There are reasons behind it, but now, how do we integrate them to be sure the experience is seamless and flawless?How does breaking down siloes and focusing on complementary technology benefit businesses?If we can shift our mindset, 5G could very well usher in a new age focused on multiaccess user experiences. There is a likely future where consumers will never need to know whether they are connected to WiFi, 4G, 5G, 6G, or whatever next-generation connectivity technology comes next. If experience expectations are being fulfilled, how users are connected won't matter.The network elements for 5G are designed to distribute roles to empower companies with control, access, and insight. It gives a business the tools to operate similarly to how it is today without feeling like they're handing off the communicative arm of its IT to an entity. If the power goes out or the networks go down, how much will it impact your business? No business wants to forecast that risk in their planning.With 5G, that control can be migrated into the business instead of businesses having to hire experts to understand what mobile networks look like and negotiate the handoffs between a public network and a private network. It simplifies all of that.It's a simplification tool that extends and expands the reach of what a business can do today across the globe.What advice do you have for companies to derive the most value out of 5G?The first thing is understanding your use cases and having a good grasp of your existing technology stack. Looking at the big picture is important for understanding your needs today but also making sure that tomorrow isn't forgotten. It's very important that your ecosystem is front and center in your decision-making process.The goal should be simplifying and expanding what you're already capable of. It's a democratization of connectivity and access.Investing in 5G isn't a one-time thing. It's a long-term decision — an ongoing commitment to innovation, development, and opportunity. It's important that you're not buying technology for technology's sake. Be comfortable not knowing everything and trusting your partners.

Cisco strategy manager says combining 5G with established tech can help companies get ahead

Life Insurance Corporation of India (<keyword id="19903588" type="General" weightage="20" keywordseo="LIC" source="keywords">LIC</keyword>) MD and CEO Siddhartha Mohanty has said that the corporation is looking to make fresh investments of around Rs 1.30 lakh crore in equities during the current financial year. During April-June FY25, the insurance behemoth made an investment of about Rs 38,000 crore in <keyword id="19907577" type="General" weightage="20" keywordseo="shares" source="keywords">shares</keyword> as against Rs 23,300 crore in the same period a year ago. LIC earned a profit of Rs 15,500 crore from its investments in equity markets during the first quarter. The profit from its investment was higher by 13.5 % quarter-on-quarter. "We are surely looking at the markets and price movements...we are looking to invest a good amount at least whatever we had invested in last financial year...LIC invested around Rs 1.32 lakh crore in FY'24," he said. The <keyword id="19913381" type="General" weightage="20" keywordseo="market" source="keywords">market</keyword> value of LIC's investment in stocks of various <keyword id="20027214" type="General" weightage="20" keywordseo="companies" source="keywords">companies</keyword> stood at around Rs 15 lakh crore at the end of June, he said. LIC has exposure in 282 companies through investment in their shares as of June 30, 2024. The <keyword id="20340200" type="General" weightage="20" keywordseo="assets-under-management" source="keywords">Assets Under Management</keyword> (<keyword id="20019621" type="General" weightage="20" keywordseo="AUM" source="keywords">AUM</keyword>) increased to Rs 53,58,781 crore as of June-end as compared to Rs 46,11,067 crore at the end of the same quarter the previous year, registering an increase of 16.22 %. Total investment grew by Rs 7,30,662 crore, from Rs 42,44,852 crore in March 2023 to Rs 49,75,514 crore as of March 31, 2024. The total equity investment portfolio constitutes Rs 12,39,740 crore as against Rs 8,39,662 crore in 2022-23, whereas other investments constitute Rs 37,35,774 crore as against Rs 34,05,190 crore in 2022-23. For the June quarter 2024, LIC reported a 10% increase in net profit to Rs 10,461 crore as against Rs 9,544 crore in the year-ago period. Total income increased to Rs 2,10,910 crore during the latest June quarter as against Rs 1,88,749 crore in the year-ago period. Total premium income for the quarter increased 16 % to Rs 1,13,770 crore as compared to Rs 98,363 crore in the same quarter a year ago.

LIC to invest around Rs 1.30 lakh crore in stock market in FY25

<ul class="summary-list"><li>The global IT outage caused by cybersecurity firm CrowdStrike was a PR nightmare.</li><li>CEO George Kurtz was criticized online for not apologizing immediately for the disruption caused.</li></ul>This month, CrowdStrike, <a target="_blank" class="" href="https://www.businessinsider.com/crowdstrike-global-it-outage-one-defective-it-update-sparked-chaos-2024-7">sent the world</a> into chaos.The cybersecurity firm released a software update for Microsoft. But a defect in that update caused computer systems — and the businesses and services that run on them — to <a target="_blank" class="" href="https://www.businessinsider.com/crowd-strike-outage-travel-chaos-tech-expert-2024-7">go into meltdown around the world.</a>Flights, hospitals, banks, emergency services, news outlets, and retailers were all <a target="_blank" class="" href="https://www.businessinsider.com/mass-it-outage-microsoft-chaos-delays-distruption-shown-in-photos-2024-7">impacted</a>.Aside from the global disruption, the incident was also one of the biggest PR nightmares a company could imagine. Not only was trust in CrowdStrike's services likely eroded, but <a target="_blank" class="" href="https://www.businessinsider.com/microsoft-crowdstrike-outage-could-hurt-consumer-trust-big-tech-ai-2024-7">the crisis proved</a> just how fragile the world's reliance on tech really is.But how well did CrowdStrike handle the situation?<h2 id="d63d5c56-fa61-41c0-85be-491a87b2791e">Social media users wanted an early apology</h2>As <a target="_blank" class="" href="https://www.businessinsider.com/global-it-outage-computer-flights-crowdstrike-microsoft-2024-7">the blue screen of death</a> multiplied around the world on Friday, CrowdStrike CEO George Kurtz made a series of public statements on X, LinkedIn, and the company website.Addressing the cause, <a target="_blank" class="" href="https://x.com/George_Kurtz/status/1814235001745027317">he made clear</a> that the outage was "not a security incident or cyberattack" but was related to a "single content update for Windows hosts."Kurtz assured customers they were still protected and said the issue had been "identified, isolated and a fix has been deployed."It wasn't until several hours later that Kurtz issued an apology in a post <a target="_blank" class="" href="https://x.com/George_Kurtz/status/1814316045185822981">on X</a> and in media interviews — something that social media users were quick to point out and criticize him for.<div type="image" title="Passengers at an airport stand in front of an information screen showing the blue &quot;recovery&quot; screen that appeared on Microsoft devices during the CrowdStrike IT outage." height="683" width="1024" msid="112014523" hostid="261"></div>Motti Peer, co-CEO of technology PR firm ReBlonde, which specializes in crisis management, told Business Insider that CrowdStrike's leadership team's response highlighted the good and bad ways to react to an event of this scale.Kurtz's first response on Friday was critiqued online for being too impersonal and lacking candor, while his colleague — CrowdStrike CSO Shawn Henry — was praised for being forthright and empathetic to the impact in a <a target="_blank" class="" href="https://www.linkedin.com/feed/update/urn:li:activity:7220983915421806592/">LinkedIn post</a>, he said. But this didn't come until three days after the outage hit."The difference between the two statements is vast and shows how subtle differences in approaching crisis responses can drastically alter how effective they are," Peer told BI."Although Kurtz's follow-up response sincerely apologized for the event, its initial absence makes it look delayed in any context and can make any future crisis communication seem disingenuous," said Peet.Sean Griffin, CEO and cofounder of Disaster Tech, agreed that expressing empathy and showing respect were basic crisis communication principles that all leaders should deploy.He believed Kurtz deserves credit for quickly engaging the media on Friday, apologizing, and promising solutions — even if social media users say the apology didn't come fast enough.However, the CrowdStrike CEO could have provided more solutions for what those affected could do on their end as the situation was unfolding, Griffin said.<h2 id="cde54914-ae79-4bfd-b060-20e56eb8f11d">The steps to take in a crisis</h2>Good crisis management can be boiled down to a few simple yet crucial steps, the two experts told BI.Peer said the first step is to investigate what happened and understand the scale of the crisis. The next step is to apologize and take responsibility for the misstep."From there, companies should take every possible step to resolve the crisis quickly and effectively with consistent updates," he added."The company's leadership team must explain to their customers and community what proactive measures will be taken to prevent this crisis from repeating," he said.Griffin said it is crucial to recognize the importance of having a resilient risk management framework and ensuring you have an experienced team to carry it out."Crises are part of human life, and it's not an 'if' yet 'when,'" Griffin said. "There is no way to avoid it, but there is an opportunity to prepare for it."<h2 id="0c842b22-4163-4c0c-ae51-e4fc604dbcab">Look for a silver lining</h2>The impact of the CrowdStrike outage has been estimated to cause losses of $5.4 billion for Fortune 500 companies, excluding Mircosoft, according to <a target="_blank" class="" href="https://cdn.prod.website-files.com/64b69422439318309c9f1e44/66a14199d3c5dde3b1c40aaa_CrowdStrikes%20Impact%20on%20the%20Fortune%20500_%202024%20_Parametrix%20Analysis.pdf">an analysis by Parametrix</a>, a cloud insurance provider.Attracting new business after a billion-dollar global mess-up may seem unthinkable, but a major crisis doesn't have to be the end of a company, Peer said."While CrowdStrike's positioning took a major hit in both public sentiment and <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/microsoft-and-crowdstrike-shares-plunge-amid-massive-global-it-outage-2024-7">financial standing</a>, it managed to mostly avoid the more outwardly negative response that some of its clients received for mishandling the outage," the ReBlonde co-CEO said."Delta, for example, shouldered a good amount of <a target="_blank" class="" href="https://www.businessinsider.com/delta-customers-refund-crowdstrike-outage-2024-7">public frustration</a> due to the outage affecting countless flights and millions of travelers," Peer added.Griffin agreed that there could be a silver lining to the situation."For the companies that prepare and survive crises, the data shows that you generate revenue by gaining market share from competitors or seizing the unfortunate media attention as an opportunity to shine through adversity," he said.But as disruption from the CrowdStrike outage slowly lessens, many are still concerned by the <a target="_blank" class="" href="https://www.businessinsider.com/global-it-outage-y2k-24-years-later-crowdstrike-cyber-expert-2024-7">in-built potential</a> of technology-reliant systems crashing, bringing down all operations with them.How can that crisis be avoided?"Companies of any size should be operating with clear and robust contingency plans in case of such events," Peer said.Griffin said his company, which provides crisis management software, is now reviewing its plans and policies to prevent the kind of tech failure CrowdStrike experienced. He recommended that others do the same."The bottom line is that crisis management is not a check the box; it is an evolution and requires continuous training, exercising, and learning to improve, especially as the nature of threats and types of incidents evolve."

CrowdStrike's crisis management strategy holds lessons for all companies

<ul class="summary-list"><li>Companies are cutting <keyword id="21771459" type="General" weightage="20" keywordseo="middle-management" source="keywords">middle management</keyword> roles, and millennials are likely to be most affected.</li><li>Work culture has changed, and some companies see middle managers as obsolete.</li></ul>Companies are increasingly ditching middle <keyword id="21263594" type="General" weightage="20" keywordseo="management-positions" source="keywords">management positions</keyword>, and it could be millennials who find their jobs are most at risk. The great "<keyword id="21771460" type="General" weightage="20" keywordseo="unbossing" source="keywords">unbossing</keyword>" has been brought on by several factors, including cost-cutting, <a target="_blank" href="https://www.businessinsider.com/gen-z-might-kill-middle-management-2023-11">Gen Z's distaste for management</a>, remote working, and increased pressure on performance. The repercussions are that future generations entering the workforce may receive less mentorship while being put under more stress from above. But it's not just <keyword id="998753" type="General" weightage="20" keywordseo="junior-employees" source="Orion">junior employees</keyword> that could be worse off. Lara Milward, a neuro-leadership coach with expertise in how <keyword id="20346862" type="General" weightage="20" keywordseo="workplace-culture" source="keywords">workplace culture</keyword> is changing, told Business Insider it's the 30-somethings who are buying houses, starting to have children, and juggling "<keyword id="21219154" type="General" weightage="20" keywordseo="career-progression" source="keywords">career progression</keyword> and family life" that may find their jobs are suddenly axed. "It could well be that that's the generation that takes this hit," she said. <h2>Millennial middle managers are at risk</h2>Joe Galvin, the chief research officer of the executive coaching organization Vistage, told BI the unbossing trend has come about due to the normalization of working from home, advances in tech and AI, and generational shifts. "In the analog era, going back to, let's say, the eighties, you had to communicate manually to be able to align your workforce," he said. "Today, technology has made that all possible. And the behavior change that we saw during the pandemic was an accelerant to that." In 2021, Steven Baert, then the chief people and organization officer of Novartis, <a target="_blank" href="https://www.gallup.com/workplace/349589/unbossing-leaders-novartis.aspx">told Gallup</a> that traditional leadership was "becoming redundant." He said the company's goal was to have a workforce that's motivated and encouraged to be effective rather than told what to do. It's now rare to see the traditional version of a boss who walks around an office and checks in on what all their employees are doing. "That boss's job has changed tremendously," Galvin said. "How you manage relationships in a more digital environment is much more difficult." While Galvin said the intent of reducing middle management is to streamline communication between employees and senior executives, the impact could be unfairly balanced. Middle management positions <a target="_blank" href="https://www.businessinsider.com/middle-managers-layoffs-2023-meta-tech-companies-jobs-employment-2024-3">accounted for almost a third of layoffs</a> in 2023, according to <a target="_blank" href="https://www.bloomberg.com/news/newsletters/2024-03-15/bloomberg-evening-briefing-middle-managers-are-getting-fired-more-often">an analysis for Bloomberg</a> — an increase from 20% in 2018. <a target="_blank" href="https://www.livedatatechnologies.com/layoffs-by-job-level">Analysis from Live Data Technologies</a> also found that manager-level or higher roles made up almost 50% of all layoffs in 2023, a jump of 57.6% compared to five years ago. As a result, <a target="_blank" href="https://www.businessinsider.com/middle-managers-feeling-squeeze-amid-cost-and-job-cuts-glassdoor-2024-3">confidence levels of mid-managers have dropped</a> significantly, according to research from Glassdoor. It just so happens that a lot of middle managers are millennials. Aged between 28 and 43, millennials are often in their first management positions or on their way to climbing to more senior roles. They were also hit the hardest during <a target="_blank" href="https://www.businessinsider.com/millennials-won-great-resignation-now-losing-the-big-firing-2022-9">the Great Firing of 2022</a>, making up 94% of laid-off workers. "Since millennials make up a large portion of middle management, they, along with some Gen X, are most likely to be affected by this trend," Chris Lovell, a careers expert at SoFi Technologies and the founder of Careers by Chris, told BI. "These are also the generations that were most likely taught to follow a traditional career path: go to school, earn a degree, and climb the corporate ladder." <h2><keyword id="19901232" type="General" weightage="20" keywordseo="work-life-balance" source="keywords">Work-life balance</keyword> has changed</h2>Ironically, millennials are "less interested in corporate bureaucracies or hierarchies," Lovell said, which could be part of why middle management roles are being cut. Data suggests that both millennials and Gen Zers are <a target="_blank" href="https://www.businessinsider.com/why-millennials-and-gen-z-dont-want-to-be-managers-2023-11">turning away from management positions</a>, with a lack of trust in senior leadership, a perceived limited financial reward, and a greater focus on a work-life balance and time off. Many current <a target="_blank" href="https://www.businessinsider.com/middle-management-having-worst-year-ever-rto-layoffs-burnout-2023-9">middle managers are also burned out</a> with their teams being downsized, and an increased workload. Gen Zers could also be shifting the culture of the workforce, putting more emphasis on their boundaries, their mental health, and wanting more autonomy. "I think this collides with economies and the way that the world is going, that companies are cutting costs," Milward said. "If we're thinking about a world of diversity, inclusivity, and including new generations, they are trying to move towards a more flat structure and less of the old-school parent-child sort of relationship." However, Joel Wolfe, the founder and president of the customer service agency HiredSupport, told BI he believes this attitude from younger generations may be backfiring. There is pressure on managers to constantly do better than they did the previous quarter, but millennials aren't necessarily performing at that high level. <keyword id="21771458" type="General" weightage="100" keywordseo="millennial-managers" source="keywords">Millennial managers</keyword>, in Wolfe's opinion, can be "difficult to work with." "They have fixed schedules and aren't flexible, which is something difficult to adapt to, especially when you are working with different timezones," he said. Millennials and Gen Zers are increasingly opting out of working overtime and going above and beyond for promotions, instead favoring more time off and leaving work at the door when they go home. Wolfe said this may make them seem inflexible and thus vulnerable when layoffs happen. "I prefer employees working when they have some tasks to do," he said. "I don't want them to sit in front of the screen and wait for the clock to strike 5 p.m." <h2>The impact on Zoomers</h2>Shoshanna Davis, the founder of Fairy Job Mother and a consultant who helps young people with their careers, told BI she's not convinced unbossing is a direct response to how younger generations perceive the world of work. But it is likely to disproportionately affect Gen Zers in their first or second jobs. "They are new to the world of work, and they do really need managers to help them find the ropes," Davis said. "Ultimately, eliminating this kind of middle management position means less guidance, less coaching, and less mentoring, which I feel like is still desperately needed in a post-COVID world." Zoomers are already unenthused by management. They are the generation that coined the term "<a target="_blank" href="https://www.businessinsider.com/lazy-girl-job-trend-tiktok-explained-defending-low-stress-work-2023-7">lazy-girl jobs</a>" and strongly believe in the benefits of "<a target="_blank" href="https://www.businessinsider.com/gen-z-quiet-quitting-work-ethic-millennials-money-struggles-2023-10">quiet quitting</a>." Will fewer management positions be replaced by higher salaries? Will career progression stagnate for Gen Z, if they have no millennial managers to look up to? What does this mean for the generations after them? Davis isn't sure. "If it's just truly a way to cut costs, and there's going to be no replacements, then what incentive is there for people to perform at work?" Davis said. "I don't really see how that's going to pan out." Correction: May 22, 2024 — An earlier version of this story misstated Steven Baert's current employment and position. He currently works at GE Vernova, not Novartis. His position at Novartis in 2021 was chief people and organization officer, not CEO.

Companies are 'unbossing' the workplace, and millennial managers are getting axed

<ul class="summary-list"><li>Boeing's still-new CEO, Kelly Ortberg, <a target="_blank" class="" href="https://www.businessinsider.com/see-inside-boeing-777x-test-aircraft-biggest-twin-engine-airliner-2023-8">faces urgent challenges</a>, including a worker strike.</li><li>Ortberg has to address decades of management issues and concerns from customers, workers, and investors.</li></ul><a target="_blank" href="https://www.businessinsider.com/boeing-new-ceo-kelly-ortberg-2024-7">Kelly Ortberg</a> took the helm at Boeing with no time to spare.Just two months in and he is grappling with striking workers, <a target="_blank" class="" href="https://www.businessinsider.com/boeing-q3-results-earnings-loss-ceo-vows-iconic-again-2024-10">multi-billion-dollar losses</a>, and a corporate culture gone adrift — all while trying to create a plan to one day <a target="_blank" class="" href="https://www.businessinsider.com/boeing-ceo-turnaround-plan-employee-memo-earnings-2024-10">develop a new aircraft</a>.Unlike the lucky new CEO who gets to walk factory floors and office hallways before pulling big levers of change, Ortberg faces pressure to do as much as he can quickly to correct course after more than two decades of misfires by five previous CEOs.Ortberg, who started in August, is trying to set expectations."I'm still in the process of traveling around, meeting our people, particularly two and three levels down," he said during an investor call Wednesday. "We just have to get everybody in the right position, running the right play, focused on the right thing, and I think we've got some work to do there."The pressure to perform is significant. On Wednesday, the company reported a loss of $6.1 billion for the third quarter. The same day, the machinists' union again rejected a company proposal that would have delivered a 35% pay increase over four years. According to one group of analysts, the strike has cost the company <a target="_blank" href="https://www.businessinsider.com/boeing-strike-costing-50m-per-day-as-negotiations-restart-2024-10">$50 million a day</a>.Ortberg, in a letter released to employees along with the company's third-quarter results, said Boeing's customers want — and need — the company to succeed."With the right focus and culture, we can be an iconic company and aerospace leader once again," he wrote.The letter offered a reminder that Ortberg has to balance pressures from workers, investors, and Boeing's customers. In the case of the company's commercial business, which builds aircraft for airlines, that ultimately means the flying public.Bill George, the former CEO of medical device maker Medtronic and an executive fellow at Harvard Business School, told BI that Ortberg has to tackle short-term challenges like the worker strike and shoring up cash flow while also making "bold decisions" for the long term."He can't just do one or the other," George said.<h2 id="344697db-407e-4770-8539-290cb807cfc8">Restoring a culture of safety</h2>George said that while the company's commercial, defense, and space businesses each face challenges individually, the broader issue that needs prioritizing is restoring a <a target="_blank" href="https://www.businessinsider.com/alaska-boeing-737-max-9-door-blowout-company-response-earnings-2024-1">culture of safety after high-profile failures</a>."That's the most important thing he's got to do, but that will take time," George said. He estimates fixing the culture and quality concerns might take three to five years and even longer to embed them deep within the company.George said Ortberg's background as an engineer — and not being a <a target="_blank" href="https://www.businessinsider.com/boeing-ceo-says-decision-resign-his-own-2024-3">finance type who previously ran the company</a> — should help on the communication front with many of the company's workers."They know if you know what you're talking about or not," George said. "If you don't, they don't have any confidence."He added Ortberg's decision to <a target="_blank" href="https://www.businessinsider.com/boeing-disaster-american-businesses-greedy-broken-stock-market-wall-street-2024-2">move to the Seattle area, unlike prior chiefs</a>, was wise. The company has deep roots there, particularly in its commercial business."You need to have the whole top team in Seattle and run it out of there," George said.<h2 id="aa7aebc2-c476-4c9a-bb7f-bef3296a434a">Rebuilding trust with employees</h2>Rosalind Franklin, a partner in the global leadership consulting practice at the executive search firm Boyden, told BI that to build trust and be most effective, Ortberg needs to sound a note that is "both vulnerable and yet strong" without being deceptive.She said that means being open about "the hurt" that the company's recent decision to <a target="_blank" href="https://www.businessinsider.com/boeing-layoffs-strike-777x-delay-freighter-2024-10">cut 10% of its workforce</a> will cause. Ortberg needs to "communicate honesty and acknowledge the fact that this is a really difficult time for the company," Franklin said."When you feel that the CEO is with you, and the CEO is feeling your pain, it makes it more tolerable and provides hope for the future," Franklin said.The need to <a target="_blank" href="https://www.businessinsider.com/top-business-execs-trending-insights-ai-worker-well-being-roundtable-2024-9">convey empathy</a> is greater than before the pandemic, she said, because many workers have come to expect more from their leaders.Franklin said that doesn't mean shying away from tough decisions."You can't give up what you know you need to do. It's not what you do, it's how you do it," she said.<h2 id="8c691d8b-13f0-4c1e-afad-b5a3768d68d2">Leading from the front</h2>Jeffrey Sonnenfeld, senior associate dean for leadership studies at Yale School of Management, told BI that "usually, the advice we would give someone is not to do too much too soon."In this case, he said, Ortberg doesn't have much choice but to try to fix the problems with labor, with the company's "precarious" financial situation, and with regulators' concerns.Sonnenfeld, who's also the founder of Yale's Chief Executive Leadership Institute, said the task before Ortberg is similar to those once faced by General Motors CEO Mary Barra and Alan Mulally, the former chief at Ford who once ran Boeing's commercial division.Like Boeing, Sonnenfeld said, both GM and Ford are complicated industrial businesses that sit prominently in the public eye. When the automakers' respective CEOs had to wrest their companies from crises, both made "really bold" public statements and were highly visible, he said."They banked a lot on the character of leadership and demonstrated it with accountability and visibility with really good follow-up," Sonnenfeld said.In his letter, <a target="_blank" class="" href="https://www.businessinsider.com/boeing-corporate-culture-fix-executives-factory-floor-2024-10">Ortberg encouraged senior leaders</a> to close the distance between those in management and those closest to the manufacturing process. "We need to be on the factory floors, in the back shops and in our engineering labs," he wrote.That type of leadership "shows an accountability, shows an accessibility," Sonnenfeld said. "It shows a transparent and less formal style, and that's long past due."<h2 id="3996aed0-3075-47ab-98f6-3c71139b4c7c">A clear plan for the future</h2>George, the former Medtronic chief, said one step Ortberg could take to start restoring confidence and getting people excited about the future would be to announce a program for a new single-aisle aircraft redesigned from scratch."I think he must do that," George said.A new aircraft could leapfrog older designs that he said haven't kept pace with advances in jet engine and avionics in recent decades.Ortberg alluded to such a future in his letter. He wrote that the company has to fix its balance sheet "so that we do have a path to the next commercial aircraft."Richard Aboulafia, an aviation industry analyst who's a managing director at AeroDynamic Advisory, told BI that it's essential to talk about what's coming. He said Ortberg also needs to make clear that the planned job cuts won't compromise safety, add to delays in the company's defense business, or shortchange future product development."He has to reassure investors and everyone else that the situation is stable and also reassure the industry that they're prepared to invest in the future," Aboulafia said. "It's tough to thread that needle."

Boeing's new CEO is taking on the ultimate management test

<ul class="summary-list"><li>This is an excerpt from the Insider Today newsletter.</li></ul>From the polls to the bars. For many Americans, election night is a chance to blow off steam after an intense few months of campaigning that included a last-minute candidate switch and two assassination attempts.Business Insider's Juliana Kaplan has a story on how businesses <a target="_blank" href="https://www.businessinsider.com/election-night-prep-drinks-specials-cannabis-bipartisan-parties-2024-11">are leaning into the election season finale</a> with events and promos.As polarizing as this year has been, many businesses are taking a bipartisan approach. Whether it's weed strains or cocktails — Kamala Kush and the MAGA-rita — restaurants and retailers are happy to cater to both sides. (After all, for most of them, green is the only color that matters.)The homebodies are also set to make their economic mark on election night. In 2020, one food delivery company showed sales increased 20% on election night compared to the Tuesday prior.One tech giant is also using the election to expand on its media ambitions: Amazon.Veteran anchor Brian Williams is leading an election-night special on Prime Video. The one-off program will include more than a dozen contributors, such as James Carville and Shepard Smith. BI's Lucia Moses spoke to Williams' longtime producer, Jonathan Wald, <a target="_blank" href="https://www.businessinsider.com/amazon-brian-williams-election-night-special-plan-executive-producer-2024-10">about the show</a>.The election isn't a boon for all businesses.This time of year comes with plenty of anxiety. Almost 70% of US adults reported the election being a "significant" source of stress, according to an August survey from the American Psychological Association.That could result in workers <a target="_blank" href="https://www.businessinsider.com/us-election-cutting-into-some-worker-productivity-2024-11">having a tough time focusing today</a> and impacting their productivity, writes BI's Tim Paradis. A survey last month of US managers from <a target="_blank" href="http://ResumeBuilder.com">ResumeBuilder.com</a> found 38% felt the election had already hurt morale and productivity.For many, the concerns aren't just about the election outcome. They're about the reaction to the results. With tensions high, the country is <a target="_blank" href="https://www.businessinsider.com/election-civil-unrest-risk-kamala-harris-donald-trump-2024-11">bracing for civil unrest after the election</a>, writes BI's Katie Balevic.One data analytics and risk management company ranks the US among the five most high-risk countries for civil unrest. (The other four were Brazil, Colombia, Chile, and South Africa.)Further heightening things is the likelihood of a legal fight over the election. The 2024 presidential race is already the most litigated in history, with more than <a target="_blank" href="https://www.businessinsider.com/election-litigation-donald-trump-kamala-harris-democrats-republicans-2024-10">200 pending preelection lawsuits across 40 states</a>, writes BI's Natalie Musumeci.<a target="_blank" rel="noopener" href="https://www.businessinsider.com/what-to-watch-for-election-day-harris-trump-congress-2024-11">Here's what to watch for as the day unfolds</a>.The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, senior editor, in London. Ella Hopkins, associate editor, in London. Amanda Yen, fellow, in New York. Milan Sehmbi, fellow, in London.

How companies are looking to cash in on Election Day

<ul class="summary-list"><li>Steve Schwarzman, Blackstone's cofounder and CEO, is estimated to be worth $57 billion.</li><li>Schwarzman has called Blackstone his family office, but he has another family office, BI has learned.</li></ul>In his book, <a target="_blank" class="" href="https://www.businessinsider.com/blackstone-ceo-stephen-schwarzman-best-career-lessons-2019-9">"What It Takes,"</a> Steve Schwarzman recalls being on the verge of graduating from college in 1969 with little sense of what he might do next.A member of Yale's famed <a target="_blank" class="" href="https://www.businessinsider.com/most-powerful-members-yale-skull-and-bones-2017-3">secret society Skull and Bones</a>, Schwarzman wrote to one of its most prestigious alumni,<a target="_blank" class="" href="https://www.businessinsider.com/the-bushes--a-wall-street-dynasty-2012-11"> Averell Harriman</a>, for advice. The heir of a railroad baron, Harriman had parlayed his family's wealth into the investment bank Brown Brothers Harriman before embarking on a political career that included roles as the governor of New York, the secretary of commerce under President Harry Truman, and America's lead negotiator in the <a target="_blank" class="" href="https://www.businessinsider.com/tet-offensive-us-victory-but-turned-americans-against-vietnam-war-2021-1">Vietnam War</a> peace talks.Over lunch at Harriman's Upper East Side mansion in Manhattan, the two men discussed a career in politics for Schwarzman before Harriman asked his guest whether he was "independently wealthy.""That will make a great difference in your life," Harriman told Schwarzman, the <a target="_blank" class="" href="https://www.businessinsider.com/steve-schwarzmans-life-2015-10">middle-class son of a Philadelphia dry-goods-store owner</a>. "I advise you, if you have an interest in politics whatsoever, to go out and make as much money as you can."Schwarzman, 77, never ended up pursuing a career in politics, but as the CEO and a cofounder of the alternative-asset manager Blackstone, he has built a fortune that <a target="_blank" class="" href="https://www.bloomberg.com/billionaires/">Bloomberg estimates</a> is worth $57 billion — or more than the market value of Ford Motor Co.The 24th richest man in the world, Schwarzman has used his wealth to influence various industries, including politics, real estate, and the arts, as well as culture. A <a target="_blank" class="" href="https://www.businessinsider.com/finance-ceos-supporting-trump-blackstone-steve-schwarzman-citadel-ken-griffin-2024-10">vocal supporter of Donald Trump</a>, Schwarzman is expected to have a <a target="_blank" class="" href="https://www.businessinsider.com/wall-street-advisor-trump-lutnick-schwarzman-warsh-federal-reserve-2024-11">voice in the next White House</a>. His name adorns the New York Public Library and <a target="_blank" class="" href="https://www.businessinsider.com/steve-schwarzman-name-buildings-yale-2015-5">buildings on prominent university campuses</a> such as Yale's and MIT's. He and his wife, Christine Hearst Schwarzman, have been guests and supporters of the Metropolitan Museum's star-studded Met Gala fundraising extravaganza. They have also been the subject of news stories for their own <a target="_blank" class="" href="https://www.businessinsider.com/2008/10/steve-schwarzman-apologizes-for-the">elaborate parties</a> (think camels, <a target="_blank" class="" href="https://www.businessinsider.com/left-management-consulting-become-flying-trapeze-teacher-2022-8">trapeze artists</a>, and Gwen Stefani) and many home purchases.<div type="image" title="Steve Schwarzman and his wife Christine Hearst Schwarzman outside of the Met Gala. Steve is wearing white tie attire, and Christine is wearing a gold." height="2656" width="3984" msid="115333170" hostid="261" sizebytes="476358"></div>Little is known, however, about how the private-equity titan manages his money.At a conference last year, Schwarzman suggested that the firm he <a target="_blank" class="" href="https://www.businessinsider.com/blackstone-deal-to-expand-hq-in-latest-sign-of-growth-2024-6">cofounded in 1985</a> was sufficient to handle his financial affairs."I own a lot of stock, and I invest in all of our funds, so the firm is my family office," Schwarzman said at the Bank of America Securities Financial Services gathering, according to an AlphaSense transcript.Business Insider has learned, however, that Schwarzman also has a family office with a name that harkens back to his childhood. Pennypack is run by a former Blackstone tax expert and employs dozens of people, including housekeepers, lawyers, and personal assistants, according to public records and conversations with people with knowledge of Schwarzman's money-management tactics, some of whom requested anonymity to speak about his private matters.It's secretive, with a nondisclosure agreement at the ready for its contractors, and provides support for at least some of Schwarzman's charitable organizations and political dealings. Pennypack also helps care for and manage many of the Schwarzman family's properties.Here's a look at what it takes to manage billionaire Steve Schwarzman's wealth.<h2 id="061bb84c-1342-46df-a7e6-0fa5a6a820d1">Most of Schwarzman's wealth is tied up in Blackstone</h2>Schwarzman cofounded Blackstone in 1985 with his former boss, Pete Peterson, and $400,000 in seed money. Today, it manages <a target="_blank" class="" href="https://www.businessinsider.com/blackstone-third-quarter-earnings-private-credit-insurance-unit-aum-2024-10">more than $1 trillion</a>, making it the largest alternative-asset manager in the world.He is the biggest single shareholder, with a 19% stake, surpassing institutional giants like Vanguard. Based on a recent stock price of $181.17, his stake is worth $41.7 billion, which means that more than two-thirds of Schwarzman's wealth comes directly from his equity in Blackstone.As a shareholder, Schwarzman also benefits from <a target="_blank" class="" href="https://www.businessinsider.com/blackstone-ceo-steve-schwarzman-earnings-in-2017-2018-3">cash dividends</a> the company pays its stock owners. Public records show that in 2023, he took home $777 million in dividends, a 29% decline from the more than $1 billion in dividends he took home in 2022. Before Blackstone went public, Schwarzman received cash dividends as a partner in the firm.Schwarzman is also the largest individual investor in Blackstone's funds, a spokesperson for him said."Mr. Schwarzman is the largest individual investor in both Blackstone's stock and our funds — demonstrating his full alignment with the success of the firm and its clients," the spokesperson wrote.BI could find no evidence that Pennypack invests on behalf of Schwarzman, with no regulatory filings showing that it owns stock.This is unusual but not unheard of, Marc Sharpe, a professor and the chair of the Family Office Association, said. He pointed to Michael Dell, the founder of Dell Computer who invests through MSD Capital but also has a separate office to manage and run his personal affairs."There is no single correct way to define a family office," Sharpe wrote to BI. "Oftentimes, they're described as a buffet menu of financial plus concierge services that wealthy families might utilize."<h2 id="37457fb4-3ead-4cc8-a639-7ed014e15612">The name is linked to his childhood</h2>The Pennypack name appears to be a throwback to Schwarzman's youth. His family lived on Pennypack Road after moving from Philadelphia to its neighboring suburbs when Schwarzman was a teenager. Property records show that his parents bought their home, which abuts Pennypack Creek, a 22-mile creek that empties into the Delaware River, in 1960 and sold it decades later, in 2004.<div type="image" title="A railroad bridge over a river, surrounded by a forest in autumn" height="3765" width="5648" msid="115333168" hostid="261" sizebytes="2645164"></div>Pennypack LLC was incorporated in 2018 in <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-done-with-delaware-other-corporations-unlikely-to-follow-2024-2">Delaware</a>. It's unclear whether the entity existed before in a different form, and representatives for Schwarzman declined to clarify.According to Blackstone's 2023 annual report, it provides Schwarzman's family office with "offices, technology, and support," though Schwarzman is responsible for reimbursing Blackstone for the costs. Until this year, the company was registered to a Blackstone office address, according to corporate filings.<div type="image" title="Blackstone signage outside Blackstone Group headquarters in NYC" height="2268" width="3400" msid="115333173" hostid="261" sizebytes="564594"></div>Like many family offices, Pennypack is secretive. According to a copy of an <a target="_blank" class="" href="https://www.businessinsider.com/how-nondisclosure-agreements-silence-control-workers-silicon-valley-2021-7">NDA </a>for vendors that work with Pennypack, obtained by BI, signees are not allowed to disclose information about the "Schwarzman Group."According to the document, the Schwarzman Group includes "all employees of Pennypack, all employees of all residences of Stephen A. Schwarzman and/or Christine Hearst Schwarzman regardless of the location of such residences; and all business entities that Pennypack manages, operates or is associated with, and the employees and agents of those businesses."<h2 id="ce719a95-bc69-41be-9292-52d9184d267d">Who runs Pennypack?</h2>Pennypack is run by John Magliano, a former Blackstone executive and accountant. Magliano's LinkedIn profile says he has been the president of a family office since 2017.He spent more than 18 years with Blackstone, including as the CFO of its private-equity group, which runs its control investments in businesses, and as a managing director of Blackstone's tax group, which helps prepare its tax returns and studies the tax implications of business decisions. After leaving to run Pennypack, Magliano stayed on as a senior advisor to Blackstone through 2021.Schwarzman thanks Magliano in the acknowledgments section of his autobiography, along with Paul A. White, another Pennypack executive. The pair are listed as officers in LLCs tied to a string of Schwarzman's recent home purchases, including his $32.5 million purchase of a mansion on the tony Easton Street in <a target="_blank" class="" href="https://www.businessinsider.com/nantucket-homes-give-away-free-move-houses-cost-reason-2024-4">Nantucket, Massachusetts,</a> which marked the largest private-home sale in the island's history at the time.<div type="image" title="Postcard of the White Elephant, an iconic Nantucket hotel, with sailboats in front of it." height="2673" width="4212" msid="115333174" hostid="261" sizebytes="1269842"></div>The two men are also named as officers of LLCs linked to the $43 million purchase and renovation of two <a target="_blank" class="" href="https://www.businessinsider.com/gilded-age-mansions-photos-wealth-2024-9">historic Newport, Rhode Island, mansions</a>: Ocean View and Miramar, the latter of which Schwarzman said he would <a target="_blank" class="" href="https://www.townandcountrymag.com/society/money-and-power/a61852950/steve-schwarzman-miramar-private-museum/">turn into a museum</a> when he dies. They are also named as officers of an LLC tied to Schwarzman's $100 million purchase of an estate named Conholt Park, which is about a 30-minute drive from Stonehenge in Wiltshire, England.<h2 id="665829e5-e31a-44d6-b0d6-9cfaacbcba9a">The staff</h2>A person with direct knowledge of Pennypack's operations told BI that Pennypack employed over 100 people in various roles, from executive assistants to the housekeepers who clean and maintain his homes.One employee on LinkedIn described their role at Pennypack as providing administrative support to "Mrs.," an apparent reference to Hearst Schwarzman. Listed duties included managing her personal projects and board and foundation endeavors, drafting emails, preparing her for speaking engagements, and tracking auctions for purchases.Another Pennypack employee described themself on LinkedIn as a housekeeper.A list of contractors obtained by BI shows that Pennypack has hired landscapers, ornamental plasterers, construction workers, and architects. The building conservationist linked to Miramar, the Gilded Age Newport home he bought for $27 million in 2021, is on the list.<div type="image" title="Black and white photo of Miramar, taken between 1917-1927" height="1122" width="1536" msid="115333180" hostid="261" sizebytes="64092"></div>Pennypack also appears to play in role in the Schwarzman's family's security. In June, the family office purchased a radio call sign tied to Ocean View in Newport. The Federal Communications Commission application said that "radios will be used to coordinate private security details."<h2 id="d929c107-fbef-4672-bcc4-3c5d65f98c0b">Schwarzman's charities and politics</h2>Pennypack's officers also play a role in <a target="_blank" class="" href="https://www.businessinsider.com/steve-schwarzman-comments-on-report-cards-2015-11">Schwarzman's charitable works</a>. Public filings show that Magliano is the treasurer and director at the Stephen A. Schwarzman Foundation, Schwarzman's main philanthropic arm. Its recent donations include $350 million to MIT for a building dedicated to the study of artificial intelligence and computing, as well as more than $220 million to create a new Centre for the Humanities at Oxford, which is set to include the study of <a target="_blank" class="" href="https://www.businessinsider.com/blackstone-steve-schwarzman-on-ai-infrastructure-investment-goals-2024-7">ethics in AI</a>.<div type="image" title="A view of the New York Public Library - Stephen A. Schwarzman Building." height="4128" width="6192" msid="115333177" hostid="261" sizebytes="1646392"></div>Magliano is in charge of the foundation's bookkeeping, the filings show.Filings show that Magliano is also a vice president and the treasurer of the Stephen A. Schwarzman Education Foundation, which runs the <a target="_blank" class="" href="https://www.businessinsider.com/schwarzman-scholars-in-china-2013-4">Schwarzman Scholars program</a>, a master's leadership program at Tsinghua University in Beijing. The program was founded in 2016 to help foster US <a target="_blank" class="" href="https://www.businessinsider.com/blackstone-ceo-stephen-schwarzman-us-china-trade-war-2019-9">relations with China</a>.In 2022, Magliano was paid $300,000 for working 18 hours a week with the two foundations, according to nonprofit filings for the firm.Schwarzman has long been in the political spotlight, most notably as the head of then-President Trump's <a target="_blank" class="" href="https://www.businessinsider.com/trump-business-council-strategic-policy-forum-why-ceos-left-2017-8">Strategic and Policy Forum</a> and as a <a target="_blank" class="" href="https://www.businessinsider.com/which-billionaires-support-donald-trump-campaign">prolific Republican donor</a>.<div type="image" title="President Donald Trump listens to Blackstone CEO Stephen Schwarzman." height="3557" width="5336" msid="115333182" hostid="261" sizebytes="1969124"></div>Federal Election Commission filings show that Pennypack was paid over $12,000 in March for fundraising consulting by a joint PAC connected to Senator-elect<a target="_blank" class="" href="https://www.businessinsider.com/tim-sheehy-montana-wealthy-republican-climate-change-china-investments-2023-11"> Tim Sheehy of Montana</a>.A Schwarzman spokesperson told BI that the payment was a reimbursement for a fundraiser that he held for Sheehy.<h2 id="fab9026e-545d-4685-b7c4-455482025cff">What is a family office, anyway?</h2>The concept of the family office can be traced to the 1838 founding of the House of Morgan to handle J.P. Morgan's fortune. Sharpe, the chair of the Family Office Association, estimated that there were now at least 3,000 family offices serving a single family in North America. Every family office, however, is just as unique as the wealthy family that's spawned it, he said."The term family office," Sharpe said, "is possibly the most misused, overused, and poorly used term in finance today."

Inside the secretive operation helping manage billionaire Steve Schwarzman's vast fortune

<ul class="summary-list"><li>The CFPB settled with student-loan company Navient, resolving claims Navient mishandled borrowers' payments.</li><li>Elizabeth Warren told BI it sends a signal to the student-loan industry that they'll face consequences for bad behavior.</li></ul>For nearly a decade, Massachusetts Sen. Elizabeth Warren has been working to <a target="_blank" class="" href="https://www.businessinsider.com/elizabeth-warren-cancel-student-debt-borrowers-transfer-navient-to-mohela-2024-4">enforce oversight over Navient</a>, a major student-loan company.Warren and some of her Democratic colleagues were concerned that the company was <a target="_blank" class="" href="https://www.businessinsider.com/student-loan-company-navient-rejecting-debt-cancellation-borrowers-defrauded-relief-2024-8">not properly managing</a> student-loan borrowers' payment options, causing them to accumulate unaffordable student debt.The Consumer Financial Protection Bureau caught on: in 2017, it filed a lawsuit against Navient, accusing the company of misleading borrowers about their debt relief and repayment options, causing them to lose out on more affordable payments. On September 12, the litigation finally concluded with CFPB Director Rohit Chopra <a target="_blank" class="" href="https://www.businessinsider.com/navient-settlement-student-loan-borrowers-getting-payments-debt-releif-cfpb-2024-9">announcing a $120 million settlement</a>, $100 million of which was going back to impacted borrowers — along with a <a target="_blank" class="" href="https://www.businessinsider.com/navient-elizabeth-warren-good-riddance-student-loan-company-2021-9">permanent ban on Navient</a> ever reentering the federal student-loan servicing industry."Persistence pays," Warren told Business Insider in an interview. "We've stayed after Navient for years. Director Chopra's efforts at CFPB have finally helped millions of people get the relief they deserve and a guarantee that Navient will never work as a federal student loan servicer. That proves we can hold these guys accountable."Navient said in a statement following that settlement that "while we do not agree with the CFPB's allegations, this resolution is consistent with our go-forward activities and is an important positive milestone in our transformation of the company."Warren concurred that the settlement was positive for the industry — and she said it's a signal of more to come for borrowers. Since <a target="_blank" class="" href="https://www.businessinsider.com/student-loan-repayment-issues-debt-relief-broken-industry-2023-9">federal student-loan payments resumed</a> last October after an over three-year pause, the Education Department has <a target="_blank" class="" href="https://www.businessinsider.com/student-loan-bills-are-wrong-borrowers-servicers-fixing-errors-education-2023-11">reported a range of errors</a> it detected with servicing, including late or inaccurate billing statements and difficulties with customer service. While all four major servicers have <a target="_blank" class="" href="https://www.businessinsider.com/student-loan-companies-education-department-punishment-borrowers-repayment-errors-billing-2024-1">faced financial penalties</a> for mishandling payments, Warren said terminating servicers' contracts for failing their obligations would be an effective next step."If the government is not willing to fire the people who cheat our students, then those people are going to keep right on cheating," Warren said. "Getting rid of the bad servicers makes a huge difference in the whole system."<h2 id="2f455b74-a446-4adc-aaa0-1d00c5a0dcfb">'Their days are numbered'</h2>Following the CFPB's settlement with Navient, Chopra told BI in an interview that there's still more to be done in the student-loan industry: "There are still so many people who are struggling with student loan servicers. And so we're going to have to keep pushing and keep cleaning up this market."One way a group of Democratic lawmakers wants to continue cleaning up the market is by <a target="_blank" class="" href="https://www.businessinsider.com/student-loan-borrowers-payments-mismanaged-fire-mohela-elizabeth-warren-biden-2024-9">setting their sights on MOHELA</a>, another major federal student-loan company servicing around 8 million borrowers. Earlier in September, Warren and Rep. Jim Clyburn led over 50 of their Democratic colleagues in sending a letter to Education Sec. Miguel Cardona and expressed concern that MOHELA was not delivering on its contract to help borrowers."We request that ED immediately conduct an evaluation of MOHELA's fulfillment of its contractual obligations as a servicer, share key data with our offices and federal and state regulators, and act quickly to apply corrective measures—including the potential termination of MOHELA's federal contract if such action is justified," the lawmakers said.The Education Department did not respond to a request for comment from BI on whether it would consider terminating servicers' contracts for failing their contractual obligations. However, it released <a target="_blank" class="" href="https://www.businessinsider.com/student-loan-borrowers-bad-customer-service-education-department-oversight-repayment-2023-11">an accountability framework</a> in December that outlined enforcement actions it would take should servicers harm borrowers, including fining servicers and transferring borrowers to better-performing servicers.For example, MOHELA was the first servicer to be <a target="_blank" class="" href="https://www.businessinsider.com/student-loan-company-mohela-late-statements-borrowers-biden-withholding-pay-2023-10">hit with a $7 million fine</a> last October for failing to send on-time billing statements to over 2 million borrowers. Still, the push to fire servicers is gaining momentum: in May, advocates joined Democratic lawmakers in <a target="_blank" class="" href="https://www.businessinsider.com/fire-student-loan-company-mohela-remove-borrowers-from-roster-biden-2024-5">calling for MOHELA to be fired</a>, with Rep. Ayanna Pressley saying at the time that "enough is enough. Terminate MOHELA's contract and put loan services on notice: we will not tolerate your negligence and exploitation; we will not let you profiteer off vulnerable student borrowers."Responding to the May calls to end its contract, MOHELA told BI that "borrowers are not better off when outside groups spread false and misleading information about our work as a federal contractor for FSA. We remain committed to continuing to provide the highest quality of customer service to the borrowers that we serve."But Warren said servicers should take the Navient settlement as a sign that they must ensure they're fulfilling their contractual obligations or suffer the consequences.'We've organized, we've held hearings, we've done everything possible to hold these student loan servicers accountable for their misconduct," Warren said. "And it's beginning to bite. And for some of them to bite big time, that's a whole shift in the system. It means that those who've cheated and haven't yet come clean know that their days are numbered."

Student-loan companies that don't do their jobs should be fired, Elizabeth Warren says. Her next target is one that manages 8 million borrowers.

There have been ample reports on how <keyword id="19919711" type="General" weightage="100" keywordseo="gen-z" source="keywords">Gen Z</keyword> employees are doing things differently at workplaces and setting new trends. Be it opting for <keyword id="19901232" type="General" weightage="20" keywordseo="work-life-balance" source="keywords">work-life balance</keyword> over a higher salary, taking leaves without guilt, saying no to micromanagement among other things, this generation appears to be creating a whole new culture. And what happens to those who try to oppose this new culture? They get schooled on the internet, of course. In a recent incident, a manager took to X (earlier called Twitter) and shared how one of his Gen Z employees took a one-week vacation to the mountains after going through a breakup. However, contrary to his expectation, various X users started accusing him of trivialising mental health issues by such statements. Read on to know what exactly happened. <h2>"He had a breakup" </h2> The man's tweet read, "One of my Gen z team members suddenly declared 1 week leave. It was a critical time of the project so I tried to reason. He did not budge. The leave was because he had a breakup and he wanted to go to the mountains to forget the breakup." When a user commented that it is better to give people leaves than deadlines, the manager replied, "Believe me it was one way communication. I had to deal with the repercussions on project." Several other tweets followed that sided with the Gen Z employee. "So according to you, mental health is nothing," a user wrote while another commented, "That’s a perfect reason to declare leave. Business is business, will go on as will other things." <div type="image" title="google (27)" msid="115042080" hostid="261" sizebytes="295800"></div> <h2>"Gen Z does things differently" </h2> The man also clarified in one of the tweets that he didn't fire the Gen Z employee and even promoted him for his good work. He wrote, "Mate. No need to assume the worst. The guy is still in my team and has even been promoted for his good work. I was just stating how gen z’s are doing things differently." While most users schooled the manager, there were some who supported him as well. A user wrote, "I'm a younger Millennial &amp; I’m appalled by the lack of respect so many of my peers have for professors (I finished school late; many were ten years younger). It’s not much for older generations who GIVE these opportunities to expect a little bit of gratitude &amp; deference." In a similar incident, another company's manager's tweet went viral in which he shared a screenshot of how his Gen Z employee notified him that he will be on leave for a week. The short and crisp leave application email read, "I will be on leave till November 8, 2024. Bye."

‘He had a breakup and took a one-week leave’: Manager shares about his Gen-Z employee, internet reacts

<ul class="summary-list"><li>Michelle Busch became chief of staff at TJM &amp; Co. Media Boutique in June 2023.</li><li>Busch transitioned from running her own PR firm to middle management after the pandemic.</li></ul>This as-told-to essay is based on a conversation with Michelle Busch, a 46-year-old public relations middle manager in Washington, DC. The following has been edited for length and clarity.After working in hospitality management and at a small criminal justice government agency, social media took off, and I began to delve into communications.A former member of my church had a PR firm and brought me on board in 2016. They taught me the ins and outs of the business, like what makes a good story and how to pitch an idea.In 2019, I decided to start my own PR firm. I worked with musicians, nonprofits, and sports teams and had a great experience, but after the pandemic, I decided to take a break. Many businesses cut costs, and contracts were often the first things they looked to cut to reduce their overhead. Since June 2023, I've been chief of staff for <a target="_blank" href="https://app.qwoted.com/companies/tjm-co-media-boutique">TJM &amp; Co. Media Boutique</a> in Brooklyn, New York. I love being a <a target="_blank" class="" href="https://www.businessinsider.com/middle-managers-obsolete-corporate-america-boss-millennials-gen-z-promotion-2024-5">middle manager</a>.<h2 id="b59035bb-d193-4ea9-9c98-54a668174518">I landed my current role in PR middle management through a Facebook mentoring group</h2>The CEO, Tiffany Joy Murchison, led a session I joined and asked the class what we wanted to discuss. That call lasted four hours. After a few more sessions, she contacted me and asked what I was working on. I said I was seeking employment because I needed to put my business on hold.I felt confident going into a role for another small-business owner. I always knew I wanted to collaborate with more PR professionals.In middle management, there's an adjustment phase where you adapt to established procedures. For example, when I managed my business, I would email clients as needed throughout the day, often responding shortly after they contacted me.I had to learn that balancing proactive and reactive behavior is crucial when working within a team. You have to anticipate client needs and respond to immediate concerns while efficiently managing the team and multiple clients.<h2 id="1211799a-e4cf-44f5-93de-5694a1a2cc18">I have two direct reports, and I report directly to the CEO</h2>My direct reports are our PR strategist, digital PR coordinator, and interns. I oversee the client accounts in general, review our progress with each client, manage upcoming tasks, support client meetings, and handle scheduling and billing management.Managing down starts with being a good listener, providing support, and communicating clearly and consistently to set expectations and provide guidance.<a target="_blank" class="" href="https://www.businessinsider.com/gen-z-workers-managing-up-control-work-lives-tiktok-2023-8">Managing up</a> involves understanding the company's vision, thinking strategically, and communicating clearly. Balancing both requires setting priorities and being adaptable.<h2 id="8eb5d758-4101-4f72-b7eb-bedc5b31dbbd">My day-to-day is never the same</h2>We work virtually, but sometimes I'm in New York, and sometimes the CEO is in DC with me. Most mornings, I get the team together, and we speak through issues arising for our clients and the work we must do for the day. In PR, things can come up suddenly.If a client has a crisis, we often have to stop what we're doing and re-prioritize our plans for the day depending on how much attention it requires.We'll get together as a team and identify the crisis by reviewing all communication from the client or sources and then listening to the client's request. This approach helps us maintain control over the narrative, which is very important.<h2 id="3a25c43d-42a1-4073-b74c-e1d1eae37178">The idea that middle management roles are expendable is crazy</h2><a target="_blank" class="" href="https://www.businessinsider.com/remote-jobs-middle-managers-return-to-office-burnout-pressure-2024-9">Middle managers have a critically important role</a>, and the notion that our roles are expendable in a particular climate overlooks the strategic importance of what we do.I think many middle managers feel undervalued because it's not a lane many want to be in. Sometimes, you're working on tasks that aren't supposed to be your responsibility anymore but are still under your oversight, or you should be focusing on leadership-level tasks but can't. Balance is critical in this role.Without middle managers, you lose operational management. <a target="_blank" class="" href="https://www.businessinsider.com/amazon-fewer-managers-leaked-document-2024-9">Amazon's recent announcement</a> that they're cutting down on middle managers saddens me. It puts more work on team members who are already carrying heavy loads. Middle managers are crucial in bridging communication between executives and staff, ensuring operations run smoothly.<h2 id="7153fc65-084a-445c-a6b7-1dff8843be19">The most important skill you need as a middle manager is listening</h2>The phrase that pays is you have to listen to understand. In the communications industry, we're always speaking, but many of us need to learn that listening is sometimes more important.One day, I imagine I'll return to running my own agency, but I want to do it when I'm ready. I'm enjoying learning more about the operational side of things for now.Want to share your story? Email Lauryn Haas at lhaas@businessinsider.com

I love being a middle manager. Amazon's decision to cut middle managers saddens me — this role is misunderstood.

<ul class="summary-list"><li>Meta celebrated its 20th birthday earlier this year.</li><li>Mark Zuckerberg has been running it since <a target="_blank" href="https://www.businessinsider.com/facebook-history-dorm-room-photos-mark-zuckerberg">cofounding Facebook from his Harvard dorm room in 2004</a>.</li></ul><a target="_blank" href="https://www.businessinsider.com/mark-zuckerberg-daily-routine-schedule-meta-ceo">Mark Zuckerberg</a> has been at the helm of Facebook, now Meta, since he created it in his Harvard dorm room 20 years ago.And though he's perhaps best known for his <a target="_blank" href="https://www.businessinsider.com/silicon-valley-move-fast-and-break-things-sam-altman-openai-2023-12">"Move fast and break things" mantra</a>, he's since evolved the phrase and shared plenty of other leadership and management tidbits in the two decades he's been running one of the world's largest companies.Here's some of his most notable <a target="_blank" href="https://www.businessinsider.com/satya-nadella-microsoft-management-leadership-advice-how-to-run-business-2024-6">advice for managing teams and running a business</a>:<h2 id="c2ecc591-d738-416b-a171-6d25e3e4ac70">Be lean</h2><a target="_blank" href="https://www.businessinsider.com/mark-zuckerberg-meta-facebook-new-era-efficiency-2023-2">Zuckerberg famously proclaimed 2023 a "year of efficiency" for Meta</a>, saying he wanted the firm to "flatten" its organizational structure by way of "removing some layers of middle management.""I don't think you want a management structure that's just <a target="_blank" href="https://www.businessinsider.com/mark-zuckerberg-might-cut-metas-middle-management-report-2023-1">managers managing managers</a>, managing managers, managing managers, managing the people who are doing the work," Zuckerberg said in an internal Q&amp;A last year.<a target="_blank" href="https://www.businessinsider.com/meta-layoffs-employees-facebook-mark-zuckerberg-metaverse-bet-2022-11">Meta cut 11,000 jobs in November 2022</a> and slashed <a target="_blank" href="https://www.businessinsider.com/mark-zuckerberg-meta-layoffs-second-round-job-cuts-2023-3">another 10,000 in March 2023</a>.<h2 id="97417036-2bf3-4a02-9722-d4b32510399a">Founders, don't delegate</h2>Zuckerberg said one of his "most controversial" leadership tips for <a target="_blank" href="https://www.businessinsider.com/mark-zuckerberg-says-leaders-should-not-delegate-2024-2">business leaders is to avoid delegating responsibility</a>."I kind of think the way a founder should work is you should basically make as many decisions and get involved in as many things as you can," he said earlier this year."That's something that I guess I've just gotten more confident in over time, is just sort of feeling like hey, yeah I can go deep on all this stuff and push it in a direction that I think, and yeah not everything is going to go well in the near term but you just learn, rinse, and repeat," he added. "Do good work over a long period of time."<h2 id="8a1e4e59-9259-4bc4-bc6d-628011460594">Allot time to read up before meetings</h2>Zuckerberg, like Amazon's <a target="_blank" href="https://www.businessinsider.com/jeff-bezos-amazon-management-leadership-advice-how-to-run-business">Jeff Bezos, is particular about his meetings</a>."I actually like trying to have a rule… for every hour of meeting that I have, the team sends out the pre-reads in advance," he <a target="_blank" href="https://www.forbes.com/sites/kerryadolan/2023/09/28/eight-hours-of-sleep-and-no-back-to-back-meetings-how-mark-zuckerberg-organizes-his-days/">told</a> Forbes last year. "I want to have at least an hour to read the materials and think about it. And then I want to have at least an hour to follow up with different people after the meeting."<h2 id="71a4d2a0-74e5-48ed-91a8-41e38626aeb0">Execute, execute, execute</h2>You're probably worrying about the competition too much, Zuckerberg says.Instead, <a target="_blank" href="https://www.businessinsider.com/mark-zuckerberg-facebook-reputation-2018-9">focus on executing</a>."I think most companies probably focus too much on competitors, and maybe even focus too much on ideas," he said in the Forbes interview. "And I think at the end of the day, a lot of what makes great companies great is the ability to just relentlessly execute, and efficiently execute and do that rigorously and just get better and better at it all the time."<h2 id="7889bd84-5204-4e41-a84b-828a54f24f3a">Move fast</h2><a target="_blank" href="https://www.businessinsider.com/meta-mark-zuckerberg-new-values-move-fast-and-break-things-2022-2">Meta announced new company values in 2022</a>, one of which was "Move fast."It's an abbreviated version of what is perhaps Zuckerberg's best-known saying, <a target="_blank" href="https://www.businessinsider.com/mark-zuckerberg-2010-10">"Move fast and break things,"</a> a mantra from Facebook's early days.Over the years, the directive morphed into <a target="_blank" href="https://www.businessinsider.com/mark-zuckerberg-on-facebooks-new-motto-2014-5">"move fast with stable infrastructure" in 2014</a> before becoming simply "move fast" in 2022.That year, the company came to define moving fast as "acting with urgency and not waiting until next week to do something you could do today" and "continuously working to increase the velocity of our highest priority initiatives by methodically removing barriers that get in the way."

5 tips from Mark Zuckerberg on how to run a company and manage your team

<ul class="summary-list"><li><a target="_blank" href="https://www.businessinsider.com/tim-cook">Apple CEO Tim Cook </a> has been at the helm since 2011.</li><li>Cook's tenure has produced valuable lessons that managers and execs can use to improve.</li></ul>Tim Cook has been Apple's CEO since 2011, and he's led the tech giant to major milestones and through tough times.An Alabama native, Cook is known for his mild manners and relatively private life outside work, but he's maintained his leadership position at Apple for 13 years and become an iconic name.It hasn't been easy. Apple has faced increasing competition in recent years and, mostly recently, European Union fines and an ongoing <a target="_blank" href="https://www.businessinsider.com/how-apple-iphone-apps-could-change-doj-antitrust-altstore-2024-4">antitrust lawsuit from the Department of Justice</a>.Still, Cook has seen the company through major releases such as the <a target="_blank" href="https://www.businessinsider.com/apple-is-stepping-up-vision-pro-pitch-to-hollywood-2024-6">Vision Pro headset</a> and the launch of Apple Intelligence this year alone.Here are five things managers and CEOs can do to run their companies like the 63-year-old Apple chief.<h2 id="26e2012a-4e45-44e7-be75-a7cd5cd54612">Lead with your values</h2>When Cook addressed the <a target="_blank" href="https://www.businessinsider.com/best-career-advice-from-business-execs-ceos-2022-graduation-speeches-2022-5#apple-ceo-tim-cook-talked-about-personal-fulfillment-while-addressing-students-at-gallaudet-university-a-private-university-in-washington-dc-for-deaf-deafblind-and-hard-of-hearing-students-1">graduating class of Gallaudet University in 2022</a>, he gave them a key piece of career advice."I have one important piece of advice I want to share, so important that it's the only piece of advice I'm going to share today. And that is this: Whatever you do, lead with your values," he told students during his commencement speech.Cook continued, "By leading with your values, what I mean is that you should make decisions big and small, each and every day, based on a deep understanding of who you are and what you believe."<h2 id="23287947-278f-46b2-91af-c3d68e3c1658">Know the difference between prepared and ready</h2>In another commencement speech — this time to students at Stanford University — Cook spoke about taking over at Apple after its cofounder <a target="_blank" href="https://www.businessinsider.com/tim-cook-advice-on-difference-between-preparation-readiness-steve-jobs-2019-6">Steve Jobs took medical leave</a> and later died in 2011.He said he "learned the real, visceral difference between preparation and readiness" when Jobs was "truly gone" and added that it was a lonely time for him."Your mentors may leave you prepared, but they can't leave you ready."<h2 id="02cddd7c-53ce-4e5f-8cf9-762ec97745f4">Ask questions</h2>Cook is known for <a target="_blank" href="https://www.businessinsider.com/apple-ceo-tim-cook-management-style-2019-4">putting his employees</a> in the hot seat.In the book "<a target="_blank" rel="nofollow sponsored noindex" href="https://affiliate.insider.com?amazonTrackingID=bi-auto-70487-20&amp;h=642f20d5cade640402aadd37a11c9b3e3d6adead7a84ef666ad84b51dad06abb&amp;postID=666b3db9e7e1e0003ff6c296&amp;postSlug=apple-ceo-tim-cook-five-management-tips-2024-6&amp;site=bi&amp;u=https%3A%2F%2Fwww.amazon.com%2FTim-Cook-Genius-Apple-Level%2Fdp%2F0525537600">Tim Cook: The Genius Who Took Apple to the Next Level</a>" by Leander Kahney, it's said that asking employees questions is a management tactic Cook uses often.Kahney wrote that Cook could "wear people down through an endless barrage of questions." According to the book, the Apple CEO did this to ensure workers had a deep understanding of whatever they were tasked with doing."He's a very quiet leader," Greg Joswiak, Apple's senior vice president of worldwide marketing, told Kahney, according to the book. "Not a screamer, not a yeller," he said, adding: "He's just very calm, steady, but will slice you up with questions. You better know your stuff."<h2 id="7fea9e64-414d-4bc7-bfe4-f85fb1066cfc">Don't worry about a "legacy"</h2>Although Cook hasn't offered this as advice, his opinion on legacies seems to differ from that of other high-powered CEOs.In a 2024 interview with the tech YouTuber Marques Brownlee, Cook said he hadn't thought much about his legacy because it's "something that is defined by other people."He's also made peace with the inevitable end of his tenure as the head of Apple and the beginning of another <a target="_blank" href="https://www.businessinsider.com/tim-cook-comments-legacy-apple-ceo-2024-6">CEO's legacy</a>."At some point, there will be another CEO," Cook said. "And my whole focus in life will be on making them successful."<h2 id="104c1362-57c2-4d1b-bcd3-8ca33eb51245">Keep your finger on the pulse</h2>Cook has said he spends each morning reading hundreds of <a target="_blank" href="https://www.businessinsider.com/tim-cook-daily-routine-schedule-apple-ceo#once-hes-up-he-spends-about-an-hour-reading-through-his-emails-2">employee and customer feedback emails</a> to learn more about how Apple can improve.For him, it's a way to "stay grounded in terms of what the community is feeling," he told the singer Dua Lipa in November. In past interviews, Cook has said he receives about 800 emails daily and reads most of them."I read emails from a lot of customers and employees, and the customers are telling me things that they love about us or things that they want changed about us," he said. "Employees are giving me ideas."

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