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Is your CEO right for the job?

A survey of over 1,000 CEOs has revealed how the most successful spend their day, but the highest performers might not have the best skills, ideas and thinking for every organisation.

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1. Make the most of your time in the office

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5 ways to find meaning and purpose in your work

Michael Mills — Mon, 21 Aug 2023 08:57:51 +0000

5 ways to find meaning and purpose in your work

Michael Mills Mon, 21/08/2023 - 08:57

21 August 2023

Work doesn’t have to be boring or stressful. You can find meaning and purpose in your work by following these five insights from Imperial Business School experts

Finding meaning and purpose in your work is not only beneficial for your well-being, but also for your performance, creativity and innovation. Here are some insights from Imperial Business School experts on how to achieve this goal.

Whether hybrid working is new to you or something you’ve been doing for years, it can be a challenge to feel like you’re getting the most out of the home/office split, and not just spending parts of your week in different places. Dr Omar Merlo, Associate Dean (External Relations), explains how time in the office can be used to strengthen your business’s customer focus, while avoiding the pitfalls of remote communication.

2. Learn from Japanese philosophy

But don’t you feel like you should be getting something out of your work too? Customer-centricity is great, but it can’t be your sole source of joy and satisfaction. If you recognise that feeling, you might want to learn about ikigai, a Japanese philosophy that can help you achieve personal and professional fulfilment. Frank Brueck, Leadership Lab Lead at Imperial Business School’s Leonardo Centre on Business for Society, explains how to apply it to your own career and organisation, so you can connect your passion and skills with market needs.

3. Learn from sport

For all that sporting metaphors can be a business cliché, sport can genuinely offer some lessons on how to find meaning and purpose in your work. In this article, Dr Jan-Michael Ross, Associate Professor of Strategy, shows how to use sports data effectively and rigorously to develop and test new management theories. He also highlights the opportunities and challenges of using sport as a research context, and the potential benefits for academics and practitioners alike.

4. Develop general skills

Innovation is a key driver of economic growth, but it also involves significant risks and uncertainties. According to Dr Cláudia Custódio, Associate Professor of Finance, CEOs with more general and transferable skills are likelier to invest in innovation and take advantage of new opportunities, as they have more outside options and are less scared of failure. She has also looked at the implications of this for the labour market for executives and the design of CEO contracts.

5. Recognise when you’re most creative

Creativity is an asset for any organisation, but it can be hard to foster and manage. In this article, Professor Paola Criscuolo and Dr Anne ter Wal explain the phenomenon of bootlegging, or underground innovation, where employees work on their own ideas without official approval or support. They argue that bootlegging can be a source of radical innovation, as it allows employees to pursue novel and risky ideas without fear of criticism or reprisal.

If you want to dive deeper into these topics, or explore other areas of interest, keep up to date with IB Knowledge, the site that features the latest research and thought leadership from Imperial Business School experts. You’ll find a wealth of content on topics such as finance, entrepreneurship, sustainability, health and more. Click here to find out more.

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Executing Sustainability Strategies

This 5 day on-campus Sustainability Strategies programme in London is designed for mid to senior-level managers who are accountable for or aspire to create and implement sustainable business strategies.

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5 facts that will change the way you think about global health

Evie Burrows-Taylor — Mon, 03 Apr 2023 12:47:58 +0000

5 facts that will change the way you think about global health

Evie Burrows-Taylor Mon, 03/04/2023 - 12:47

3 April 2023

How can we make the world a healthier place? Learn how to improve global health with these five findings

Global health is a complex and dynamic field that affects the lives and well-being of billions of people. In this article, we will introduce five key insights that emerged from Imperial Business School’s recent research on and analysis of global health issues.

These insights reveal some of the challenges and opportunities that lie ahead for improving health outcomes and reducing health disparities around the world. They also highlight the importance of interdisciplinary and collaborative approaches to address the social, economic, environmental and behavioural factors that influence health.

1. COVID-19 widened inequalities in healthcare

The COVID-19 pandemic affected hospital care for millions across England, but people living in the nation’s poorest areas and those from Black, Asian and Minority Ethnic backgrounds experienced the most disruption to hospital care from cancelled and delayed hospital appointments.

2. Positive health interventions are sometimes hard to sustain

The school food environment plays an important role in children’s consumption patterns, but, according to one study, only a quarter of potential ways to reduce BMI and increase fruit intake were able to deliver sustained improvements.

3. Health taxes need to change behaviour, not just bring in money

Traditional taxes on tobacco, alcohol and sugary drinks are not enough to address the health and environmental problems caused by consumption; governments should use tax to prompt changes in behaviour, and to offer individuals a visible and powerful incentive to alter what they consume.

4. People are willing to travel for sugary drinks

When Philadelphia implemented a tax on sweetened beverages sold within city limits, sales of those drinks fell by 46 per cent – but stores less than six miles outside the city saw a noticeable increase in the sale of sweetened sodas.

5. Changing how we make everyday foods could improve the health of entire populations

Reformulating processed foods by changing their nutrient content to make them healthier can lead to a decline in population salt intakes of 0.57g per day and decreases in trans-fatty acids of 40–80 per cent. Targeting everyday foods would stop people switching to less healthy alternatives.

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Study MSc Global Health Management at Imperial Business School in London, UK. This one-year, full-time Master's degree provides the essential skills needed to springboard you into a career in the global healthcare management sector.

Post-Brexit medicine approvals: what we know

Has the UK fulfilled its ambition to break free from Brussels and give patients faster access to new drugs as they emerge? Or has Brexit only increased red tape and made the UK a less attractive market for innovation?

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2022 in business: 10 of the top IB Knowledge articles of the year

Evie Burrows-Taylor — Thu, 22 Dec 2022 09:33:12 +0000

2022 in business: 10 of the top IB Knowledge articles of the year

Evie Burrows-Taylor Thu, 22/12/2022 - 09:33

22 December 2022

We take a look at some of this year's most-read IB Knowledge articles

Over the past year, Imperial Business School academics have written about subjects as varied as climate change, AI and digital transformation, healthcare, and the challenges of scaling up a business. From practical tips for entrepreneurs and business owners to cutting-edge research, they've covered a lot of ground.

Here's a selection of some of our most popular articles of 2022.

1. What African tech startups can teach us about digital innovation

During the last decade, the African continent has pushed the frontiers of digital innovation. As the African tech startup landscape undergoes radical change, we take a look at what is helping certain businesses thrive in this new environment.

2. 9 digital transformation mistakes all organisations make – and how to avoid them

When it comes to digital transformation, we tend to focus on the success stories but 87 per cent of digital transformations fail to meet expectations. In this article, three experts reveal how you can avoid some of the most common digital transformation mistakes.

3. Could engaging in corporate social impact work damage your career?

These days many people are looking for more from their professional roles than the duties listed in their job description, and corporations are increasingly offering employees the chance to engage in social impact work. But is doing social good also good for your career?

4. Ukraine: what armed conflict means for climate change

The question of the impact of climate change on geopolitical risk has been circulating in research circles for a while. But, until now, few have turned the question around and asked: “How do armed conflicts affect the fight against climate change?”

5. 3 AI trends to look out for in 2022

Artificial intelligence looks set to transform every sector of the global economy. Here, we look at some of the most interesting AI trends for business, including creative AI, the metaverse and cybersecurity.

6. What is climate risk?

The financial implications of climate risk are increasingly discussed. In this article, an Imperial Business School researcher explains how he is helping investors, lenders and regulators address the financial implications of climate change.

7. 6 ways to reduce the environmental impact of your business

It is now widely accepted that climate change exists – and that there are ways we can help to stop the worst of its effects. Here, an Imperial Business School researcher reveals six ways you and your business can help in the fight against climate change.

8. The pandemic divide: how COVID-19 has increased health inequalities

The pandemic has exacerbated pre-existing inequalities, hitting people on lower incomes and those from ethnic minority backgrounds hardest. But why did these groups experience the most disruption to hospital care from cancelled and delayed hospital appointments?

9. Phasing out coal would save the world $78 trillion

The most common concern voiced with phasing out coal is that it would be too costly. But Imperial Business School researchers have found the move would save 1.2 per cent of current world GDP every year until the end of the century.

10. How to scale up in an emerging market

Launching a business is certainly a challenge, but sustaining it and scaling up is something else entirely. Luckily, a new form of entrepreneurial support is here to help.

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"UK lags behind EU in authorising new medicines after Brexit": Financial Times features research co-authored by Professor James Barlow

Evie Burrows-Taylor — Mon, 18 Jul 2022 12:57:41 +0000

"UK lags behind EU in authorising new medicines after Brexit": Financial Times features research co-authored by Professor James Barlow Evie Burrows-Taylor Mon, 18/07/2022 - 12:57

14 July 2022

Healthcare management and policy

Economic policy in a time of plague and war

David Miles — Fri, 27 May 2022 09:01:15 +0000

Economic policy in a time of plague and war

David Miles Fri, 27/05/2022 - 09:01

30 May 2022

Professor David Miles looks at debt, taxes and spending in the UK during an era of seismic fiscal shocks

At the end of last year, I was asked to take the lead on economic research at the Office for Budget Responsibility (OBR). That is the independent organisation that makes assessments of the economic and fiscal outlook, which the UK government uses to inform its tax, spending and borrowing policies. I have taken up this role at a time when the UK’s fiscal situation has become unusually challenging: government debt has risen to nearly 95 per cent of GDP – the highest level since 1962.

Why so high? Over the last 15 years, the UK economy has been hit by three exceptional shocks beyond our control: the 2008 global financial crisis and the deep recession it created, and recently the pandemic, followed swiftly by war in Europe. These are seismic events coming in quick succession. Each one might have been thought of as a once-in-50-year event, but we have seen them coming at a rate of one every five years. As a result, UK government debt is now far higher than anyone expected.

To date, remarkably cheap borrowing has enabled the government to fund the debt and run large deficits to help households deal with massive economic disruption. This was very effective during coronavirus (COVID-19): GDP fell by an astonishing 10 per cent in 2020, yet is now back at its pre-crisis level, and unemployment is actually lower. Nonetheless, the situation is fragile, with debt much higher and recent data suggesting growth is slowing, in part because incomes are being hit by higher energy prices. Given all this, what are our economic prospects?

The long-term view

Here it can be comforting to take the longer view. Historically, we have at times been far deeper in debt and seen debt levels diminish with no defaults. Back in the 1700s, the government first began borrowing to finance wars – conflicts have seen the fastest growth of debt. The Napoleonic Wars brought public debt to around 200 per cent of GDP and, in the 20th century, the world wars brought huge increases in UK government debt, which rose to a peak of around 270 per cent of GDP by the late 1940s.

But debt fell sharply in the wake of these wars to around 50 per cent of GDP, thanks to dramatic cuts in military spending, stronger tax revenues as the economy recovered, and bursts of inflation which eroded the burden of debt.

Lower population growth – and the possibility of an absolute decline – bring some benefits

Today, those factors are less likely to bring government debt down fast. Much of the UK’s debt and government spending is index-linked (automatically linked to price rises) and won’t be eaten away by inflation. Much of our debt is linked to short-term interest rates, and these look set to rise. Also, we can’t expect the boost to the private sector that benefitted post-war Britain, because this was largely a result of a sudden peacetime drop in defence spending. So, how do we get out of this?

Part of the answer is that taxes are set to rise. And the OBR's recent central estimate is that the fiscal deficit and debt relative to GDP are likely to fall back. But risks are substantial in the longer term – though thankfully the uncertainty is not all negative.

The risks

Interest rates are at exceptionally low levels and, at least in the near term, seem more likely to rise than fall, increasing the cost of government debt. If the conflict in Ukraine presses on, the UK may feel the need to spend more on defence. An ageing population, coupled with declining fertility rates, and the likelihood of lower levels of immigration, means the UK population may plateau, or even fall, and health costs will rise. But lower population growth – and the possibility of an absolute decline – bring some benefits: house prices may stop rising so fast and environmental problems would be eased with a smaller population.

But there is another potential problem emerging: one of unrealistic expectations. Public spending during the pandemic increased enormously and helped shelter households from the worst economic impacts of COVID-19. This came at a massive fiscal cost and may have led to heightened expectations about the ability of government to spare us from the effects of bad economic shocks. During the pandemic, the vast amount of money spent paying salaries and supporting companies worked very well; remarkably unemployment did not rise much and is now even lower than at the start of 2020.

Over the last 15 years, the UK economy has been hit by three exceptional shocks beyond our control

This type of response, which saw public borrowing reach levels of 17 per cent of GDP during 2020–2021, is possible as a one-off, but not as an ongoing policy. To expect government to be able to cushion the financial blows of large economic shocks that come in quick succession just isn’t realistic.

The OBR, as the UK’s fiscal watchdog, has a responsibility to sound the warning and make an objective assessment of the possible without being party political. The fiscal position in the UK – and indeed in nearly all high income economies – is far worse than could have been imagined just over a decade ago. This means governments face tougher constraints, and realism is essential if good decisions are to be made.

This article draws on "Economic policy in a time of plague and war – debt, taxes and spending in the UK", a presentation by Professor David Miles organised by Imperial Business School's Brevan Howard Centre for Financial Analysis.

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The pandemic divide: how COVID-19 has increased health inequalities

Carol Propper — Mon, 28 Feb 2022 13:52:41 +0000

The pandemic divide: how COVID-19 has increased health inequalities

Carol Propper Mon, 28/02/2022 - 13:52

28 February 2022

Rather than being a greater leveller, the pandemic has exacerbated pre-existing inequalities, hitting people on lower incomes and those from ethnic minority backgrounds hardest

The coronavirus (COVID-19) pandemic has affected hospital care for millions of people across England. This has led to rising waiting lists for routine care and increasing concerns about the consequences of missed treatment. However, the full picture is far more complicated – and far from equitable. Our recent research shows people living in the nation’s poorest areas and those from Black, Asian and Minority Ethnic (BAME) backgrounds have experienced the most disruption to hospital care from cancelled and delayed hospital appointments. Why is this?

It is essential we understand how the pandemic has compounded existing health inequalities – and, importantly, what we as a society must do to counter these issues.

Even before the pandemic hit, the UK was already falling behind comparable countries on life expectancy. In addition, Health Equity in England: The Marmot Review 10 Years On highlighted large and growing gaps in health between different communities. Before COVID-19, there was a gap of nearly 10 years between life expectancy in the most and least deprived communities. In 2017, then-Prime Minister Theresa May launched a grand challenge to increase healthy life expectancy (while closing the gap between the richest and the poorest). Yet, healthy life expectancy has continued to fall and the health inequalities gap continues to grow.

The COVID-19 pandemic has had profound effects on healthcare systems around the world, including the UK’s National Health Service (NHS). As a result of a reorganisation of services and changes in the care needs and care-seeking behaviour of patients, the use of hospitals in England changed drastically during the height of the pandemic.

The unequal impact of hospital disruption

Our research found elective (planned) hospital admissions fell by a third (nearly three million) between March and December 2020, while outpatient appointments and non-COVID-19 emergency inpatient admissions dropped by a fifth (over 17 million and one million respectively).

But these declines in admissions were not shared equally. People living in areas with the largest share of people from BAME backgrounds experienced a 37 per cent larger reduction in non-COVID-19 emergency admissions than those with the smallest proportion of people from BAME backgrounds. In addition, people living in the most deprived areas of the UK (of any ethnicity) experienced a larger fall in elective admissions.

Unfortunately, we can’t yet distinguish the factors driving these changes in demand for healthcare. One potential explanation is that areas with higher shares of ethnic minorities had higher rates of COVID-19 infections or hospitalisation rates. As a result, potential patients in these areas stayed away (or were told to stay away) from hospitals. However, our findings did not substantially change when controlling for different measures of local COVID-19 rates, suggesting differences in infections and hospitalisation were not the driving factor behind differences in care loss.

People living in the most deprived areas of the UK (of any ethnicity) experienced a larger fall in elective admissions

Nevertheless, our results do suggest these differences were not just driven by changes made by hospitals, such as cancelling appointments or raising admission thresholds. Large reductions in the use of emergency care in BAME communities, but not elective admissions, suggests these differences were, at least in part, driven by changes in patient behaviour. We know decisions made by hospitals would be more likely to have affected planned admissions, since they are often less urgent, and consequently easier and safer for hospitals to postpone.

This is consistent with survey evidence that ethnic minorities have been more likely to avoid seeking care during the pandemic. Understanding what drove these changes remains an important area of future research.

Ultimately, however, our findings underscore the need to increase available resources to address care backlogs and to direct resources to the people, local areas and groups that have been most affected. This is perhaps one of the greatest public policy challenges facing the country.

Where should we go from here?

There is no quick fix to tackling health inequalities, but making progress is vital for post-pandemic recovery and for the government to deliver on its commitment to levelling up the poorest parts of the country.

While the government has committed to increasing funding for healthcare, our research suggests there also need to be changes in how this money is allocated across communities. One way to do this is to change the funding formulae used by the government and to allocate more resources for healthcare in areas with higher proportions of low income and ethnic minority patients. Existing formulae do adjust for need, but these formulae have not changed since the pandemic.

However, the NHS cannot reduce inequalities on its own. The last 10 years have seen major cuts to local authority funding, which provides services that are both important to tackling health inequality and in the fight against inequality. A wider focus is needed to address the root causes of ill health and inequality. This means strengthening education and employment opportunities, ensuring the social security system allows individuals on a low income to have access to decent housing and to buy healthy foods, as well as improving the environment of many deprived communities.

Ethnic minorities have been more likely to avoid seeking care during the pandemic

In response to the pandemic, the government stated it wanted to operate in a much more collaborative way to improve outcomes. We need to build on this approach by developing a cross-government health inequalities strategy.

Even before the pandemic, we knew too many people from the poorest areas and BAME backgrounds were falling through the gaps. We have an opportunity to focus on these groups who we know struggled before and during the pandemic, and work with them to build much more effective and inclusive systems. The government’s plan to “build back better" must mean "build back better for all".

This article draws on findings from “Socioeconomic Deprivation and Ethnicity Inequalities in Disruption to NHS Hospital Admissions During the COVID-19 Pandemic: A National Observational Study” by Max Warner, Samantha Burn, George Stoye, Paul A. Aylin, Alex Bottle and Carol Propper (Imperial London).

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The Times quotes Professor Ramana Nanda on COVID-19 vaccines and innovation

Evie Burrows-Taylor — Fri, 03 Sep 2021 13:35:36 +0000

The Times quotes Professor Ramana Nanda on COVID-19 vaccines and innovation Evie Burrows-Taylor Fri, 03/09/2021 - 13:35

17 August 2021

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How to build your network after the pandemic

Michelle Rogan — Fri, 30 Apr 2021 09:35:38 +0000

How to build your network after the pandemic

Michelle Rogan Fri, 30/04/2021 - 09:35

17 May 2021

A well-maintained network can help broaden your skill set and bring diverse views and ideas that accelerate your work. But in the last few years our relationships have been tested as never before. Giving your network a little TLC now will pay dividends in the years ahead

At the height of the coronavirus (COVID-19) pandemic, we were forced into new digital interactions with friends, colleagues and acquaintances. Despite the inevitable awkwardness of our first video meetings, we learned there are many ways to touch base with others that don’t require great investment of time and effort.

Digital interactions allow us to keep our networks in shape by simple actions such as regularly checking in with people to see how they are faring. It could be by email, an exchange on social media, setting up regular virtual coffees, or allowing a little more breathing space in virtual meetings to encourage more natural and spontaneous exchanges.

The question to ask ourselves now is which of these network adaptations we should keep (a French invention, the “Skypero”, an online aperitif with friends, comes to mind) and what should we leave behind. Could we now audit our new networking patterns, and cherry-pick the best bits?

The answer to this question depends on what type of network future you would like for yourself. To paraphrase Nobel prize winner Dennis Gabor’s famous quote, the best way to predict your future network is to create it.

Continued below video

There are three things to keep in mind as you build your post-pandemic network.

1. Seek spontaneous interactions

Take advantage of post-pandemic opportunities for spontaneous interaction. It’s these spontaneous exchanges with colleagues, or the random connections we might make day to day – what are called “tier-two-ties” – that fuel creativity and innovation. They can lead us to ideas we were not looking for, and they can help us spot new solutions to problems we might face. They help us see things differently – and they must be encouraged.

2. Build diversity

Take stock of who your go-to contacts are. Whom do you most often go to for advice, for support, for resources, for ideas? To what degree are they similar to you or similar to each other? Diversity is a critical element to healthy networks. Unfortunately, our natural tendencies are to connect with people who are like us, i.e. from the same culture, from the same educational background, or of same gender. But too much similarity in your network can limit your job effectiveness, in particular at innovation tasks.

How to add diversity to your network? One effective way to do that is to join members-only networks that are “diverse-closed”: communities that unite people with varied interests and backgrounds and foster strong bonds among them combine the advantages of high diversity, and high cohesion and trust.

At Imperial Business School, our ��ý embody this kind of diversity within a close-knit group. They benefit from tight, deep connections, while their differences – background, education, religion, ethnicity, politics – become a real asset.

Digital interactions can help us reach more people – and more different people – further afield. There’s no need for us to stop this when normal life resumes. We can still reap the benefits with less disruption to the working day. If we can complement our day-to-day spontaneity with intentional digital networking, we have the best of both worlds.

3. Be individual

Ironically, even though many of us were working from home, being in crisis mode at work during the pandemic meant we had to prioritise building and maintaining network ties for our companies. These are the relationships we had to maintain to meet our immediate goals, like revenues for the quarter.

Our individual networks (the professional relationships we have to others inside and outside our companies that exist not because of the current demands of our roles, but because of the unique value we bring to others) are likely to have withered. Now is the time to rebuild your individual ties: the ones that exist because of the value you bring to them, the ones that will stay with you if you change jobs. These individual ties are related to your ability to identify new opportunities and new knowledge, both key parts of innovation.

As the limitations imposed by the pandemic recede, our hunger for face-to-face social interaction is already leading to an explosion in lunches, drinks and gatherings. We might easily fall into a trap of “over networking” – committing to everything and then under delivering. But social butterflies aren’t always the best networkers – it takes time to build genuine relationships and follow through on promises. Our message is to be consistent, deliver on your promises, and continue to perform for others – this is key to building and maintaining your social capital and becoming a “network asset”.

Learn more about joining a diverse student body on Imperial Business School's Full-Time MBA

This article was updated on 6 September 2022 to reflect the increasing time since the height of the COVID-19 pandemic.

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