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What are the new business melodies orchestrating reward management?
No full textIn 1996, Professor Xavier Baeten founded the Centre for Excellence in Strategic Rewards as an inspiring network that helps reward and HR professionals explore the broad spectrum of reward management and helps them futureproof their reward policy. During a celebration for the 25th anniversary of the Centre, over 100 HR and Comp & Ben leaders gathered to take a deep dive into the transforming business context and its implications for reward management. The main takeaways were summarised in a white paper. Reward management – get out of your comfort zone. Ivan De Witte, CEO of our Chair Partner Hudson, brought in interesting insights on how to reward football players from his role as Chairman of KAA Gent. Companies are losing their best people, moving away and earning up to 20% more somewhere else. Our traditional systems of remuneration are too old-fashioned to deal with this challenge. According to Ivan De Witte, football teaches us that short-term bonuses are more motivating, whilst long-term bonuses are more based on retention and only work for C-level. He also talked about the paradox of fairness: the more unequal you pay talent, the more you can drive the organisation towards equality. 3 challenges in reward management. Over the last 10 years, companies have invested to design a (formal) reward strategy, and it became a strategic topic in the boardroom. The biggest struggle, yet at the same time the most important achievement, is that CEOs and executive committees are now convinced that reward policies are an important lever to realise their mission. This requires a broader skill set from reward professionals than merely technical expertise. Xavier Baeten (Professor of Reward and Sustainability at Vlerick Business School) and Bert De Greve (Director Talent Management at Hudson) see 3 challenges: Invite all stakeholders to the table. Convince your CEO to pay more to fewer people. Move towards purposeful rewards 3 dichotomies in reward management
During a panel discussion, Professor Xavier Baeten debated with experts from the field at argenx, Orange Belgium and Claeys & Engels on 3 dichotomies: Personal approach versus standardisation. Collective recognition versus individual differentiation. Rewarding now versus rewarding in the future. Refreshing practices on non-financial rewards in a fast-growing organisation. Finally, Nele Van Damme and Sofie Liekens from Upgrade Estate talked about how they engage, value and reward their diverse workforce of some 110 employees. People work for money, ... but show loyalty when they feel trusted, connected and recognised Lifelong learning in the Upgrade Academy is an all-you-can-eat buffet of learning content that makes the investment tangible. Stimulate bottom-up innovation and let people shine and take leadership.Hudso
How workplace support for the COVID‐19 pandemic and personality traits affect changes in employees' affective commitment to the organization and job‐related well‐being
No full textHow do organizational responses to environmental disruptions affect employees' job-related well-being? As the COVID-19 pandemic has led to new ways of working, increased health concerns, and added responsibilities, employees are facing important challenges in doing their work that can affect their job-related well-being. This study aims to understand how different types of work support (i.e., perceived organizational support and supervisor accessibility) in response to environmental disruption interact with personality traits (i.e., core self-evaluations and future focus) to influence changes in employees' affective commitment to their organization and in their job-related well-being. We develop a moderated mediation model and test it on data collected from 295 individuals working in the United Kingdom. We find that work support for the COVID-19 pandemic, both perceived organizational support and supervisor accessibility, is associated with more positive changes in employees' job-related well-being and that this effect is mediated by changes in employees' affective commitment to their organization. Furthermore, we find that personality traits moderate the relationships between these two types of support and changes in affective commitment to the organization, with those relationships being more positive for employees with low core self-evaluations and for those with a high future focus
Value and Marketability - Determinants of the discount for lack of marketability
No full textThe valuation of private companies is a matter of interest for many stakeholders, including valuation professionals, auditors, courts, and tax authorities. The matter is deceptively complex, notably because there is no consensus on the nature, size, and determinants of the so-called discount for lack of marketability (DLOM). The DLOM can be defined as an amount or percentage deducted from the value of an ownership interest to reflect the relative absence of marketability. Indeed, most valuation methods lead to value indications for a marketable interest, and it is generally accepted that investors attach a lower price to assets that are not readily marketable. The DLOM is oftentimes oversimplified as the difference in value between an illiquid (unlisted) stock and an all-else-equal liquid (listed) security. This value gap is important but ill understood. Leading scholars have noted time and time again that fair market value calculations often boil down to taking a marketable value estimate and reducing that amount by a contrived percentage. In practice, DLOMs of 20% to 40% are routinely used for valuing private businesses. The extant literature has proposed various DLOM estimation methods that fall into two broad categories: theoretical and empirical models. All of these models have been challenged, either because they require the input of information that cannot be objectively determined for private companies (theoretical models), or because estimates based on the comparisons between liquid and illiquid valuation subjects are by nature always imperfect and thus prone to discussion (empirical models). Nevertheless, and in the absence of better information, the empirical models, especially, have received lots of attention and the averages presented in these studies are often used in practice without much formal reasoning or economic justification. In order to shed more light on the determinants of the DLOM we have turned to an alternative source of information that can bring additional insights. Specifically, we have turned to court decisions that decide on private company valuations, including the DLOM to be applied. The court typically justifies its decision by referring to how the specific company is situated, and the rights and obligations attached to the valuation subject. This contextual information provides more background than the pure financial information that can be found in traditional data sources. This method which combines elements of qualitative and quantitative analysis has allowed us to demonstrate that the company’s ownership structure, its operations, the transfer restrictions on shares, the exit possibilities for shareholders, and the level of control attached to the valuation subject have a significant impact on the DLOM
Equity Crowdfunders’ Human Capital and Signal Set Formation: Evidence From Eye Tracking
No full textSignaling theory typically assumes that attention is always given to observable signals. We study signal receivers’ formation of signal sets—the signals to which receivers attend and that they can use for subsequent interpretations. Drawing on a cognitive perspective, we argue that signal receivers’ human capital influences the volume and type of signals they attend to and the time they take to form signal sets. Using eye tracking, we show that equity crowdfunders do not attend to many signals that are easily observable on a campaign page, and that differences in crowdfunders’ human capital uniquely affect their signal set formation
Wie Erfolgsziele Teamkreativität beflügeln
No full textIn Kreativunternehmen, etwa im Bereich Werbung, Software- und Spieleentwicklung oder Architektur, müssen künstlerische Kreativität, Kundenorientierung und wirtschaftlicher Erfolg vereinbart werden. Eine Studie zeigt, wann Kunden- und Finanzziele die Teamkreativität beeinträchtigen und wann sie diese fördern
How social identity affects entrepreneurs’ desire for control
No full textIn order to obtain a better understanding why some entrepreneurs retain more control over their venture than others, this article analyzes the relationship between the social identity of the entrepreneur and her/his desire for control. In fact, entrepreneurs face an important tradeoff between attracting resources required to build company value and retaining decision-making control. Yet, we currently lack insight into whether and how entrepreneurs’ social motivations shape this trade-off. This study draws on social identity theory and a unique sample of 148 buyout entrepreneurs, as this setting confronts aspiring entrepreneurs directly with the value–control tradeoff. In our logistic regression, we find that entrepreneurs with a strong missionary identity, where venture creation revolves around advancing a cause, hold a higher desire for control. We do not observe a significant relationship between entrepreneurs having a Darwinian (driven by economic self-interest) or communitarian (driven by the concern for the community) identity and the desire to control their venture. When adding the moderating role of the portion of personal wealth the entrepreneur is willing to invest in her/his venture, the relationships between having a Darwinian or missionary social identity and the desire for control become significantly positive when the entrepreneur is looking to invest a larger portion of her/his wealth
Behavioural finance and cryptocurrencies
No full textPurpose The present study sets out to examine the empirical literature on the behavioural aspects of cryptocurrencies, showing the findings of related studies and discussing the various results. A systematic literature review of cryptocurrencies in behavioural finance seems to be timely and particularly important in terms of providing a guide for future research. Key topics include an extent review on the issue of herding behaviour amongst cryptocurrencies, momentum effects and overreaction, contagion effect, sentiment and uncertainty, along with studies related to investment decision-making, optimism bias, disposition, lottery and size effects. Design/methodology/approach Systematic literature review. Findings A systematic literature review of cryptocurrencies in behavioural finance seems to be timely and particularly important in terms of providing a guide for future research. Key topics include an extent review on the issue of herding behaviour amongst cryptocurrencies, momentum effects and overreaction, contagion effect, sentiment (investor's, market's) and uncertainty, along with studies related to investment decision-making, optimism bias, disposition, lottery and size effect. Originality/value The authors' survey paper complements recent papers in the area by offering a systematic account on the influence of behavioural factors on cryptocurrencies. Further, this study's purpose is not just to index the relevant literature, but rather to showcase and pinpoint several research areas that have emerged in the field of behavioural cryptocurrency research. For all these reasons, a systematic literature review of cryptocurrencies in behavioural finance seems to be timely and particularly important
Optimal distinctiveness across revenue models: Performance effects of differentiation of paid and free products in a mobile app market
No full textAbstract Research Summary The optimal distinctiveness literature highlights a fundamental trade‐off in product positioning within market categories: Products should be distinct to minimize competition, but similar to build legitimacy. Most recently, this research has focused on understanding sources of variance in the distinctiveness–performance relationship. We extend this literature with an examination of digital products and argue that the relationship depends on products' revenue models: We theorize the relationship is inverted U‐shaped for paid products but U‐shaped for free products, owing to heightened privacy concerns of free product customers. We further argue that this latter relationship becomes flatter for free products that provide greater monetization transparency by publishing a privacy statement or adopting a freemium revenue approach. Hypotheses are tested using a sample of 250,000‐plus Apple App Store apps. Managerial Summary How should firms in the digital space position their products for optimal performance? We study this question in the Apple App Store, and suggest that the optimal positioning of digital products depends on their revenue model. Paid products should be moderately differentiated from competing products. By contrast, free products benefit most from very low or very high levels of differentiation. We attribute the different performance effects of differentiation to customers' privacy concerns over free products. Firms can partially ameliorate those privacy concerns by providing greater monetization transparency by publishing a privacy statement or by adopting a freemium revenue approach, making moderate levels of differentiation more viable. Our findings help managers align choices of positioning and revenue model, two critical aspects of the firm's business model
