A well-thought-out, clearly written exposé marred only by some repetition of the main points.
A former CEO of two corporations shatters the myths and explains the stupidity regarding astronomical salaries at the top of the business world.
Clifford, who served as CEO of King Broadcasting Company and National Mobile Television, expresses outrage that boards of directors have fallen into the trap of compensating CEOs with tens of millions of dollars annually without evidence-based reasoning. The author demonstrates that corporations could pay much less and that no CEO deserves an outlandish compensation package. After tracing the evolution of compensation for CEOs and delineating the factors that lead boards of directors to approve them, Clifford offers detailed critiques of four corporations that pay their CEOs as much as $200 million annually despite mediocre results: Stephen Hemsley at insurer UnitedHealth Group, John Hammergren at pharmaceutical distributor McKesson, Charif Souki at liquid natural gas supplier Cheniere Energy, and David Zaslav at cable TV programmer Discovery Communications, who made $224 million in one year. Clifford explains the similarities (and minor differences) among the “pay machine” at each corporation, a machine that operates to the detriment of stockholders and harms morale of employees, many of whom make as much as 500 times less than the CEO. The author is especially puzzled by the myth that CEOs, most of whom are already highly motivated, require stupendously large bonus compensation to become even more motivated. Occasionally, Clifford expands his focus to tell readers how the ills of the pay machine extend beyond any given corporation to harm all of society—e.g., the escalation of income inequality between the 1 percent and the remainder of the population. The author also provides a helpful glossary to define such terms as “amortization,” “golden parachutes,” “realized compensation,” and “stock appreciation rights.”
A well-thought-out, clearly written exposé marred only by some repetition of the main points.Pub Date: May 16, 2017
ISBN: 978-0-7352-1239-8
Page Count: 288
Publisher: Blue Rider Press
Review Posted Online: March 14, 2017
Kirkus Reviews Issue: April 1, 2017
Striking research showing the immense complexity of ordinary thought and revealing the identities of the gatekeepers in our...
A psychologist and Nobel Prize winner summarizes and synthesizes the recent decades of research on intuition and systematic thinking.
The author of several scholarly texts, Kahneman (Emeritus Psychology and Public Affairs/Princeton Univ.) now offers general readers not just the findings of psychological research but also a better understanding of how research questions arise and how scholars systematically frame and answer them. He begins with the distinction between System 1 and System 2 mental operations, the former referring to quick, automatic thought, the latter to more effortful, overt thinking. We rely heavily, writes, on System 1, resorting to the higher-energy System 2 only when we need or want to. Kahneman continually refers to System 2 as “lazy”: We don’t want to think rigorously about something. The author then explores the nuances of our two-system minds, showing how they perform in various situations. Psychological experiments have repeatedly revealed that our intuitions are generally wrong, that our assessments are based on biases and that our System 1 hates doubt and despises ambiguity. Kahneman largely avoids jargon; when he does use some (“heuristics,” for example), he argues that such terms really ought to join our everyday vocabulary. He reviews many fundamental concepts in psychology and statistics (regression to the mean, the narrative fallacy, the optimistic bias), showing how they relate to his overall concerns about how we think and why we make the decisions that we do. Some of the later chapters (dealing with risk-taking and statistics and probabilities) are denser than others (some readers may resent such demands on System 2!), but the passages that deal with the economic and political implications of the research are gripping.
Striking research showing the immense complexity of ordinary thought and revealing the identities of the gatekeepers in our minds.Pub Date: Nov. 1, 2011
ISBN: 978-0-374-27563-1
Page Count: 512
Publisher: Farrar, Straus and Giroux
Review Posted Online: Sept. 3, 2011
Kirkus Reviews Issue: Sept. 15, 2011
BOOK REVIEW
IN THE NEWS
These are not hard and fast rules, but Meyer delivers important reading for those engaged in international business.
A helpful guide to working effectively with people from other cultures.
“The sad truth is that the vast majority of managers who conduct business internationally have little understanding about how culture is impacting their work,” writes Meyer, a professor at INSEAD, an international business school. Yet they face a wider array of work styles than ever before in dealing with clients, suppliers and colleagues from around the world. When is it best to speak or stay quiet? What is the role of the leader in the room? When working with foreign business people, failing to take cultural differences into account can lead to frustration, misunderstanding or worse. Based on research and her experiences teaching cross-cultural behaviors to executive students, the author examines a handful of key areas. Among others, they include communicating (Anglo-Saxons are explicit; Asians communicate implicitly, requiring listeners to read between the lines), developing a sense of trust (Brazilians do it over long lunches), and decision-making (Germans rely on consensus, Americans on one decider). In each area, the author provides a “culture map scale” that positions behaviors in more than 20 countries along a continuum, allowing readers to anticipate the preferences of individuals from a particular country: Do they like direct or indirect negative feedback? Are they rigid or flexible regarding deadlines? Do they favor verbal or written commitments? And so on. Meyer discusses managers who have faced perplexing situations, such as knowledgeable team members who fail to speak up in meetings or Indians who offer a puzzling half-shake, half-nod of the head. Cultural differences—not personality quirks—are the motivating factors behind many behavioral styles. Depending on our cultures, we understand the world in a particular way, find certain arguments persuasive or lacking merit, and consider some ways of making decisions or measuring time natural and others quite strange.
These are not hard and fast rules, but Meyer delivers important reading for those engaged in international business.Pub Date: May 27, 2014
ISBN: 978-1-61039-250-1
Page Count: 288
Publisher: PublicAffairs
Review Posted Online: April 15, 2014
Kirkus Reviews Issue: May 1, 2014
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