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Rupee appreciated 7 paise to 84.22 against the US dollar in morning trade on Tuesday, on a sharp rebound in domestic equities amid improved investor risk appetite. Forex traders said the <keyword id="21663515" type="General" weightage="20" keywordseo="MSCI-equity-index" source="keywords">MSCI equity index</keyword> rebalancing significantly boosted sentiment for Indian equity markets as <keyword id="19932515" type="General" weightage="20" keywordseo="foreign-institutional-investors" source="keywords">foreign institutional investors</keyword> broke a 40-session streak of net selling by purchasing Rs 9,947 crores on Monday, lending robust support to the rupee. Moreover, the win by the incumbent government in Maharashtra, further fueled investor confidence in economic stability, sparking a rally in equity markets. At the interbank foreign exchange, the rupee opened at 84.27 and moved in a tight range and touched an early high of 84.22 against the greenback, registering a gain of 7 paise over its previous close. On Monday, the rupee appreciated 12 paise to close at 84.29 against US dollar. "While Donald Trump's aggressive trade policies loom large, the rupee's outlook remains cautiously optimistic. The <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword>'s projection of a GDP growth rebound to 7.6 per cent in Q3 has infused fresh confidence in India's economic trajectory. Additionally, a surge in capital inflows is likely to provide robust support," CR Forex Advisors MD Amit Pabari said. Pabari further said that the RBI's vigilant stance will be critical in managing volatility, with interventions likely at key levels to maintain stability. "Given the factors, the USDINR pair appears to face resistance around the 84.50 level, with expectations of trading within a range of 83.80 to 84.50, leaning toward a downside bias," he said. On the global front, US Treasury Secretary nominee Scott Bessent's fiscal deficit reduction agenda capped US Treasury yields, Pabari said. The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading higher by 0.28 per cent at 107.11. Brent crude, the global oil benchmark, rose by 0.33 per cent to USD 73.25 per barrel in futures trade. In the domestic equity market, the 30-share equity benchmark Sensex jumped 167.76 points or 0.21 per cent to 80,277.61 points in early trade, while Nifty jumped 55.80 points or 0.23 per cent to 24,277.70 points. Foreign Institutional Investors (FIIs) turned net buyers in the capital markets on Monday, purchasing shares worth Rs 9,947.55 crore, according to exchange data. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/oneplus-open-oxygenos-15-update-now-rolling-out-with-flux-themes-improved-ai-features-and-more/articleshow/115657313.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-open-oxygenos-15-update-now-rolling-out-with-flux-themes-improved-ai-features-and-more/articleshow/115657313.cms" target="_blank">OnePlus Open OxygenOS 15 update now rolling out with Flux Themes, improved AI features and more</a><a href="https://www.businessinsider.in/tech/news/microsofts-ai-powered-recall-feature-is-now-rolling-out-to-copilot-pcs/articleshow/115654136.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/microsofts-ai-powered-recall-feature-is-now-rolling-out-to-copilot-pcs/articleshow/115654136.cms" target="_blank">Microsoft’s AI-powered Recall feature is now rolling out to Copilot+ PCs</a><a href="https://www.businessinsider.in/business/telecom/news/jio-airtel-and-vi-lost-nearly-11-million-subscribers-in-september-2024/articleshow/115565541.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/telecom/news/jio-airtel-and-vi-lost-nearly-11-million-subscribers-in-september-2024/articleshow/115565541.cms" target="_blank">Jio, Airtel and Vi lost nearly 11 million subscribers in September 2024</a>

Rupee rises 7 paise to 84.22 against US dollar in early trade

New Delhi [India], August 12 (ANI): <keyword id="19953789" type="General" weightage="20" keywordseo="IIT-Madras" source="keywords">IIT Madras</keyword> has been ranked the <keyword id="19925221" type="General" weightage="20" keywordseo="best" source="keywords">best</keyword> <keyword id="22759867" type="General" weightage="20" keywordseo="higher-educational-institution" source="keywords">higher educational institution</keyword> in <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> followed by IISc Bengaluru and IIT Bombay in an overall category in the ranking conducted by the National Board of Accreditation (NBA) and National Institutional Ranking Framework (NIRF). The announcement was made on Monday by the Ministry of Education at an event at the Bharat Mandapam in the national capital that was presided by Union Minister Dharmendra Pradhan. Indian Institute of Technology Madras was ranked first in the <keyword id="22759868" type="General" weightage="20" keywordseo="NIRF-rankings" source="keywords">NIRF rankings</keyword> 2024 and it is the 6th time that it has bagged the top spot in NIRF ranking. IIT-Madras has also been ranked as the best engineering college for the past nine years. In the management category, IIM-Ahmedabad and Bangalore and Calcutta are among the top five. Indian Institute of Science (Bengaluru) ranked as the best university in the country followed by Jawaharlal Nehru University Delhi and Jamia Millia Islamia. Delhi University's Hindu College ranked as the best college in the country followed by Miranda House College and St. Stephen's College. The Chennai-based institute retained the No 1 position in categories "overall and engineering" The NIRF rankings lists was released for 13 different categories, including universities, colleges, research institutions, engineering, management, pharmacy, medical, dental, law, architecture and planning, agriculture and allied sectors, and innovation. The National Institutional Ranking Framework (NIRF) has been accepted by the MoE and launched by Honourable Minister for Education on 29th September 2015. This framework outlines a methodology to rank institutions across the country/ The National Institutional Ranking Framework (NIRF) has been accepted by the MoE and launched by Honourable Minister for Education on September 29, 2015. This framework outlines a methodology to rank institutions across the country. This year, as many as higher 10885 education institutions participated in the NIRF.(ANI)

IIT Madras ranked best higher educational institution in India

<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?

India’s <keyword id="20312255" type="General" weightage="20" keywordseo="Business-Process-Management" source="keywords">Business Process Management</keyword> (<keyword id="700088" type="General" weightage="20" keywordseo="bpm" source="Orion">BPM</keyword>) industry is defying predictions that generative artificial intelligence (Gen-<keyword id="6355999" type="General" weightage="20" keywordseo="ai" source="Orion">AI</keyword>) could pose challenges for them. Instead, the sector is making a bold bet on AI and skilled talent to fuel its resurgence. With significant investments underway, industry leaders are confident that these efforts will show results within the next 3-5 years. “All of us are investing. And, the ROI will start coming in the next 3-5 years,” Harita Gupta, Head of Global Experience, SVP Global Business Operations Solutions and Support at Sutherland and the chairperson of <keyword id="19955786" type="General" weightage="20" keywordseo="Nasscom" source="keywords" meta.keywordsubtype="org" meta.entityname="Nasscom" meta.hostid="261" meta.entityid="Nasscom">Nasscom</keyword> BPM Council. She shared these insights during a panel discussion on “Data, Technology, Skill and Customers – The New Value Levers for BPM in India,” hosted by Business Insider India. Leaders in the <keyword id="21482461" type="General" weightage="20" keywordseo="BPM-industry" source="keywords">BPM industry</keyword> are confident about <keyword id="19985355" type="General" weightage="20" keywordseo="Gen-AI" source="keywords">Gen-AI</keyword>’s potential to create markets that have never existed before, help them do what they have already been doing for a decade more efficiently, and transform their companies into AI-driven enterprises. The Indian BPM industry generated $48.9 billion revenue as of FY24. <div type="Youtube" id="utbJS9i9RgA" title="Unlocking New Value Levers For BPM In India: The Role Of Data, Tech, Skill And Customers" thumbUrl="https://i.ytimg.com/vi/utbJS9i9RgA/mqdefault.jpg"><url><![CDATA[https://www.youtube.com/watch?v=utbJS9i9RgA]]></url></div> <h2>Tapping into emerging <keyword id="21859797" type="General" weightage="20" keywordseo="talent-hubs" source="keywords">talent hubs</keyword></h2> Traditionally, it is present in India’s metro cities, like Delhi, Bombay, Bombay and Pune. In its second innings, the BPM industry has shifted its focus to Tier-II and Tier-III cities, which offer a wealth of talent, lower operational costs and more accommodative regulations. “The industry has started to take jobs to where the talent is rather than the other way around,” remarked Sapna Bhambani, the Senior VP of Operations and Geo Leader at TaskUs. She highlighted that over half of TaskUs’ business is now based out of Tier-II cities with Indore and Mohali leading the way. “The states where the government is extending a helping hand are the most successful emerging hubs,” Bhambani added. Nasscom too is keen on Tier-II and Tier-III cities for the expansion of the BPM industry, identifying Lucknow, Kanpur, Coimbatore, Trichy, Indore, Bhopal, Vizag and Vijayawada as notable emerging hubs. Gupta emphasised that the industry body will be working hand-in-hand with the universities and institutions in the area to build talent pipelines and garner support. And hiring from Tier-II cities is not just about tapping into new talent pools; it’s also improving employee retention, which has been a pain point for the industry in recent years. Tech Mahindra has tried to counter this by hiring for non-frontline roles from within the company, rather than hiring new talent. However, as Venkatesh Korla, the CEO of Americas at Hinduja Global Solutions (HGS) pointed out, a cultural shift is still needed to rebrand BPM jobs. “It’s changing. It’s not 100 percent there yet… They’ve realised there’s a lot more stickiness and a lot more opportunity in the BPM space, and we see talent also want to take on these jobs,” Korla explained. <h2>Creating new markets</h2>Most AI processes are trained using large language models (LLMs). Many, GPT-Neo and BERT, are open-source, which means they’re free for anyone to use. However, enterprises are looking to build their own LLMs in-house to train their AI products primarily to maintain control over proprietary data – a move that opens up new opportunities for BPM firms. “Large SAS companies want to integrate their own LLM in their products and they require the same BPM services to actually train their models. That’s a huge opportunity,” Birendra Sen, the President of Business Process Services at Tech Mahindra, told Business Insider. <h2>The need for experimentation</h2>While the use of Gen-AI in the BPM industry is widespread, many initiatives are still in the Proof of Concept (POC) stage. This implies that while there is investment, both in terms of money and manpower, directed at creating more Gen-AI led solutions, they may not necessarily succeed. “If something fails, we just fail fast and move,” Gupta told Business Insider. Moreover, leaders like Venkatesh Korla view AI as a transformative tool that complements human expertise rather than replacing it. “AI is going to help in coaching, compliance, and in quality control. I call this the Iron Man's suit or the J.A.R.V.I.S. for Iron Man because it never replaces the human inside the suit. So, that's really how we need to look at it,” Korla remarked. India’s BPM sector has demonstrated resilience and adaptability in the face of previous challenges, such as the rise of automation and the shift towards digital services. It is now poised to reinvent itself, this time by integrating AI with human expertise and expanding into new talent hubs. With a strong focus on innovation and upskilling, industry leaders are optimistic about the future, anticipating that these strategic moves will secure India’s position as a global leader in the BPM landscape over the next few years. This article is part of a four-part webinar series in partnership with Nasscom. These monthly webinars aim to delve deep and offer insights into the evolving BPM landscape. You can watch the full video of the first session <a href="https://www.youtube.com/watch?v=utbJS9i9RgA">here</a>. Disclaimer: This article is generated and published by the Insider Studios team. You can get in touch with them on insiderstudios@businessinsider.in

The future of BPM in India: AI, talent hubs and a new growth strategy

New Delhi: The central government has approved the appointment of a new Chairman and <keyword id="19899229" type="General" weightage="20" keywordseo="Managing-Director" source="keywords">Managing Director</keyword> of the <keyword id="19934368" type="General" weightage="100" keywordseo="State-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="State Bank of India" meta.hostid="261" meta.entityid="State Bank of India">State Bank of India</keyword> (<keyword id="19898108" type="General" weightage="20" keywordseo="sbi" source="keywords">SBI</keyword>) as the current Chairman, <keyword id="20944427" type="General" weightage="20" keywordseo="Dinesh-Kumar-Khara" source="keywords">Dinesh Kumar Khara</keyword>, is set to retire on August 28. According to a notification by the Department of Personnel &amp; Training, the Appointments Committee of the Cabinet (ACC) on August 6 approved the proposal of the Department of Financial Services for the appointment of <keyword id="22230591" type="General" weightage="20" keywordseo="Challa-Sreenivasulu-Setty" source="keywords">Challa Sreenivasulu Setty</keyword> as chairman of SBI. The ACC has approved the appointment of Setty, 59, the current Managing Director (MD) of SBI as the new Chairman of the country's biggest lender, for a period of three years, effective from the date he assumes office, on or after August 28, 2024. The government order states, "The Appointments Committee of the Cabinet (ACC) has approved the proposal of the Department of Financial Services for the appointment of Shri Challa Sreenivasulu Setty (DOB: 26.09.1965), Managing Director (MD), State Bank of India (SBI) as Chairman, SBI for a period of three (03) years w.e.f. the date of assumption of charge of the office, on or after 28.08.2024." Additionally, Rana Ashutosh Kumar Singh, the current Deputy Managing Director (DMD) of SBI, has been appointed as the new Managing Director. His appointment will take effect from the date he assumes office. The government order read, "The Appointments Committee of the Cabinet (ACC) has approved the proposal of the Department of Financial Services for appointment of Shri Rana Ashutosh Kumar Singh, Deputy Managing Director (DMD), State Bank of India (SBI) as Managing Director (MD) in SBI with effect from the date of assumption of office." According to SBI, Challa Sreenivasulu Setty joined the Board of SBI as Managing Director in January 2020 and currently oversees International Banking, Global Markets, and Technology wings of the Bank. He has previously headed the Retail &amp; Digital Banking vertical and various task forces/committees formed by the Government of India. Setty holds a Bachelor of Science in Agriculture and is a Certified Associate of the Indian Institute of Bankers. He began his career with SBI in 1988 as a Probationary Officer. Over his three-decade-long career, he has gained rich experience in corporate credit, retail, digital, and international banking, as well as banking in developed markets. Setty has also held key positions within SBI, including Deputy Managing Director - Stressed Assets Resolution Group, Chief General Manager, and General Manager in the Corporate Accounts Group, Deputy General Manager in the Mid-Corporate Group, and Vice President &amp; Head (Syndications) at SBI's New York Branch. (ANI)

Centre approves appointments of new Chairman, Managing Director of State Bank of India

<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."

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