twenty-first-century organizations - Academy of Management

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twenty-first-century organizations - Academy of Management

® Academy o/ Management Heview

1998, Vol. 23, No. 2, 218-224.

1997 Presidential Address

TWENTY-FIRST-CENTURY ORGANIZATIONS:

BUSINESS FIRMS, BUSINESS SCHOOLS, AND

THE ACADEMY

MICHAEL A. HITT

Texas A&M University

The past is but the beginning of a beginning (H. G.

Wells, in Peter, 1979: 123).

We are on the precipice of an epoch—a distinctive,

exciting, and challenging time for organizations.

My focus is on twenty-first-century

organizations and the characteristics required

for survival and long-term success. To begin,

consider that you are a member of the Board of

Directors of a major corporation in the year

2010—13 years in the future. What do you believe

will be the characteristics of business organizations

in this year? What strategies will

they employ? How will they be structured? How

will they manage their human capital? How

many of the current high-profile company

names will you recognize in the year 2010?

To put it in perspective, look back to 1984—13

years in the past. What were the high-profile

company names during that year? Many of you

would probably mention Apple and IBM. How

many of you would have mentioned Microsoft

and Compaq? How much change has occurred

in U.S. and world economies and in organizations

during the last 13 years? The popularity of

personal computers was only beginning 13

years ago, and Microsoft and Compaq were

young, largely unknown firms. The Internet was

an unknown commodity, and few referred to

electronic networks. Multiply the amount of

change that occurred between 1984 and 1997 by

thirtyfold to fortyfold or more and you will have

the amount of change that will occur between

1997 and 2010.

According to Alan Greenspan, we are in a new

economic age with an organic market economy

(Foust, 1997). This new economic age entails a

new competitive landscape driven largely by

globalization and the technological revolution

(Bettis & Hitt, 1995). In a recent presidential address

to a sister professional organization,

Michael Jensen (1993) discussed the failure of

218

the modern industrial revolution. Although he

noted the metamorphosis of the economic landscape

and the rapid scope and pace of changes

in recent times, much of his discussion of the

failure focused on the past—not the future. Thus,

while his discussions of failures of corporate

governance and control systems were clearly

relevant and irnportant, they may focus on a

time past. We have now begun a third industrial

revolution that is global in nature and will surpass

the significance and combined impact of

the previous ones in a very short time.

We have discussed increasing environmental

turbulence and uncertainty for at least three

decades, dating back to Lawrence and Lorsch

(1969), if not earlier. Accordingly, scholars have

emphasized the need for effecting organizational

change to help organizations adapt to their

environment. However, only recently have we

observed and experienced widespread and revolutionary

changes in organizations. Clearly,

the changes now occurring are geometric in

nature.

There are many attributes of the technological

revolution, but I focus here on three. First is the

increasing importance of innovation and the diffusion

of this innovation into the marketplace

(Brown & Eisenhardt, 1995; Hitt, Keats, & De-

Marie, 1998; Stimpert & Duhaime, 1997). We are

in the age of mass customization, where we can

have even highly complex products manufactured

to our personal specifications in a short

period of time (Kotha, 1995). Speed now is of

critical importance, while dramatic, radical innovations

will frequently occur and be difficult

to predict (Eisenhardt & Tabrizi, 1996). Because

of frequent radical innovations, there is increasing

emphasis on designing new products and

moving them to the marketplace rapidly (Dougherty

& Corse, 1995). For example, in the late 1980s

and early 1990s, U.S. manufacturers required 5 to


1998 Hitt 219

8 years to develop and move a new automobile

design to the marketplace, whereas Japanese

manufacturers undertook similar actions in approximately

3 years. Today, U.S. manufacturers

have shortened their development cycles to between

36 and 45 months. However, the recent

record by Toyota is 15 months.

The second attribute is emphasis on information.

The number of computers in use worldwide

by the year 2010 is expected to be two to three

times larger than the number in use today. Also,

some predict that there will be at least 36 times

the number of wireless communication devices

in use today, which will require an increase

from approximately 34 million to 1.3 billion

(Business Week, 1994). Furthermore, the Internet

is becoming quite popular, with approximately

70 million people worldwide currently using

it—a number that is expected to increase to approximately

700 million people by the year 2000

(Eng, 1997). Additionally, the machines we use

will become much more powerful. Port (1997)

predicts that by the year 2010 the chips used will

be 200 times more powerful than those used in

1997.

The third attribute is the importance of knowledge.

We have learned in recent years that

unique and valuable knowledge can produce a

competitive advantage for firms. Thus, there is

increasing emphasis on organizational learning

to produce such knowledge (Nonaka, 1991;

Nonaka & Takeuchi, 1995). For example, Mark

Fruin (1997) argues that the primary basis of

Toyota's competitive advantage in manufacturing

is its development and diffusion of knowledge.

Likewise, the success of Chaparral Steel,

which has set world records for productivity, has

been attributed to its organic-learning and

knowledge-building system (Leonard-Barton,

1995).

Concurrent with the technological revolution

has been globalization of business. This globalization

primarily has been the result of economic

necessity and economic opportunity. In

some cases firms desiring growth have had to

move into international markets, whereas others

have done so to take advantage of tremendous

opportunities in international markets (Hitt,

Hoskisson, & Kim, 1997). Much of this opportunity

has been created by world economic development,

most clearly evidenced in Asia. Indeed,

Clifford, Roberts, and Engardio (1997) have referred

to China as the "mother of all emerging

markets." A recent survey of U.S. business executives

found that approximately 95 percent

made globalization an important part of their

firm's strategy (Schuster, 1997). Intensive globalization

has led to a global restructuring of industries.

To accurately understand industries,

we can no longer focus solely on domestic markets

and domestic firms.

Resulting from the technological revolution

and globalization is a new competitive landscape

for business—an environment with discontinuous

change and high uncertainty (Weidenbaum,

1995). Essentially, the new economic

age began in approximately 1995, and the experience

of the period 1995-2010 will be similar to

cramming a 100-year-long industrial revolution

into 15 years (Chia, 1995; Thietart & Forgues,

1995). To paraphrase the often-quoted American

philosopher Will Rogers, even if you are on the

right track, you will be run over if you stand still.

In past years corporate life expectancy for large

organizations was 40 to 50 years. For example.

Color Tile, formerly the nation's largest floorcovering

retailer, recently announced it was

closing all of its 195 stores after being in business

for 44 years (Washington Post, 1997). Although

this may seem surprising for organizations

designed for perpetual life, their life

expectancy will be much shorter in the twentyfirst

century.

BUSINESS FIRMS

To survive in the twenty-first century, business

firms must achieve strategic flexibility

(Hitt, Keats, & DeMarie, 1998; Sanchez, 1995). In

fact, the significant amount of restructuring that

occurred in the early 1990s and continues today

is a part of the maneuvering to achieve appropriate

flexibility, or in some cases market

power, to prepare for operating in this new competitive

landscape. Firms also are using more

contingency employees. Twenty-five to thirty

percent of all employees in U.S. firms currently

are part-time, temporary, or on contract, as opposed

to full-time, permanent employees (Dravo,

1994; Industry Week, 1995). Although this may

create static flexibility, it is probably more important

that firms build their human capital to

acquire the skills and knowledge necessary to

compete in the new competitive landscape (i.e.,

Pfeffer, 1994). Many firms in other parts of the

world invest heavily in human capital—much


220 Academy of Management Review April

more so than U.S. firms. For example, U.S. firms

invest, on average, $1,800 per year per employee

in training and development. However, British

firms invest approximately $5,000 annually per

employee for the same activity, and German

firms invest an average of $7,500 annually per

employee. Furthermore, estimates suggest that

about 8 percent of new employees receive formal

training in their first year of employment in

U.S. firms, whereas 20 percent of new employees

receive such training in European firms, and 74

percent receive training in Japanese firms

(Useem, 1996). Building human capital helps to

create dynamic flexibility (Hitt et al., 1998).

Similarly, firms must continue to develop their

core competences. In other words, they must develop

what we refer to as "dynamic core competences"

(Lei, Hitt, & Bettis, 1996). This means that

firms must be continuously learning and developing

their core competences, and they must be

prepared to change core competences as required

for success in this competitive landscape.

Finally, firms are beginning to manage

their assets in bundles so that they can easily

reconfigure these assets at any given time. We

can observe this approach in the number of

spin-offs occurring, in the increasing number of

subsidiaries, and in such breakups as the trivestiture

recently implemented at AT&T. A successful

firm is one that creates flexible architectures

facilitating continual redesign (Nadler & Tushman,

1997).

In addition to strategic flexibility, many firms

are engaging in cooperative strategies, particularly

as a means of moving into international

markets (Osborn & Hagedoorn, 1997). These cooperative

strategies provide access to knowledge,

whether it be new technology or knowledge

of local markets (Hitt, Ireland, & Hoskisson,

1997; Singh, 1995). Cooperative strategies also

allow firms the opportunity to share capital and

risk. However, a critical factor in the success of

cooperative strategies is selection of an appropriate

and compatible partner (Dacin, Hitt, &

Levitas, 1997). As many firms have found, cooperative

strategies are more difficult and complicated

in international markets, partly because

of the incompatibility of partners' strategic orientations.

In fact, 50 to 60 percent of strategic

alliances fail, resulting in divorce of the partners

(Dacin et al., 1997).

Finally, successful business firms need effective

strategic leadership (Finkelstein & Hambrick,

1996), which means firms must have leaders

with vision who can create a new

managerial mindset (Hitt & Keats, 1992). Firms in

the future will create multiethnic and multicultural

management teams, much like what Asea

Brown Boveri has done successfully in its global

operations. Strategic leaders should emphasize

the development of superior management skills

requiring nonlinear learning and thinking (Hitt

et al., 1998; Kerr & Jackofsky, 1989). The new

competitive landscape requires managers with

the foresight and courage to disrupt equilibrium

in firms, even when the firm currently is performing

well. George Fisher, CEO of Eastman

Kodak Company, is trying to reconfigure, readapt,

reposition, and grow his company. He

suggests that only those who embrace the

adrenaline rush of continuous change are going

to flourish (Grant, 1997).

BUSINESS SCHOOLS

The new technology I briefly described earlier

affects the content of what we teach, but even

more so the process of how we teach. Following

are a few projections of expected new technological

developments. In the future we can expect

machines that learn, diagnose, adapt, reconfigure,

and recreate themselves (Gross,

Flynn, & Port, 1997). Machine interfaces will

change from being largely driven by Windows

and Netscape Navigator to the sound and touch

of humans. In other words, they will be more

user friendly and accessible. There will be

highly friendly software, referred to as "intelligent

agents," that will help us locate needed

information and accomplish our tasks (e.g.,

searching for and identifying specific materials

on the Internet). The boundary between training

and doing largely will disappear (Gross et al.,

1997). For example, we will be using virtual

cases in the classroom. Perhaps most interestingly,

we will expect people to be continuously

online while traveling or moving around within

cities (Flynn, 1997). Given these characteristics

of the new technology likely to be available by

the year 2010, the process of how we teach students

most likely will be dramatically different

from that in 1997. Not only will we have virtual

cases and have easier access to much more information,

but machines may replace a lot of

what we do in the classroom.


1998 Hitt 221

We should also expect changes to occur in the

type of research, and particularly in the process

of how we conduct research. For example, by

2010 there will likely be a much stronger emphasis

on multidisciplinary thinking. Currently,

multidisciplinary thinking is used in research at

the Santa Fe Institute. To date, most multidisciplinary

thinking has been applied in more technical

areas, but we are beginning to do the same

in our thinking about the evolution and operation

of organizations, as evidenced by the application

of complexity/chaos theory to understanding

dramatic changes and adaptation in

organizations. We should expect global collaboration

in our research projects. Clearly, technology

facilitates such collaboration today. For

example, I am currently collaborating on research

projects with colleagues from Hong

Kong, Korea, Singapore, Egypt, Columbia,

France, Russia, and Romania. Finally, solving

the complex problems we are likely to encounter

in the twenty-first century will require nonlinear

thinking and more complicated (and sophisticated)

research designs.

Dramatic changes may occur in business

schools because their external landscapes

likely will be significantly different in 2010.

There may be fewer business schools in the

United States but many more globally. Also, the

power and prestige of individual business

schools may shift over time, not only within domestic

boundaries but across country boundaries

as well. These shifts will occur because of

changes in economic power and opportunities

(i.e., changes in funding for individual business

schools) and because of a diffusion of faculty

talent (Cannella & Paetzold, 1994), with top

scholars associated with formerly lesser-known

schools. Additionally, there will be growth in the

number, size, and quality of schools outside of

North America, particularly in Asian and Hispanic

countries (Arnst & Browder, 1997). Essentially,

management education and research will

be globalized.

In addition to the changes noted above, we

can expect increasing competition. For example.

North America will not necessarily be the center

of business education in future years, as noted

by the growth and development of business

schools throughout the world. And, as Rick Mowday

acknowledged in last year's presidential

address, there are already over 1,400 corporate

universities in the United States alone. This

number is likely to increase in future years, particularly

given the importance of organizational

learning and the criticality of valuable and

unique knowledge for competitive advantage.

Both of the trends noted above are evidenced in

the changes occurring within the AACSB (or

what was named the American Assembly of

Collegiate Schools of Business). In 1997 the

AACSB was renamed the International Association

for Management Education (AACSB, 1997).

There have been many changes in the external

environment of business schools, requiring

that they be more attentive to their external constituencies

(Pfeffer, 1993). There also has been

decreasing funding in the United States, particularly

in public universities, as funding for

higher education has been reduced to allow increased

funding for other priorities (Porter, 1997).

Because of new technology and the global emphasis

on education, there will be an increasing

emphasis placed on distance education—with

the delivery being global. In fact, there are a few

major U.S. business schools now acting entrepreneurially

(Hamilton, 1997) that are planning

to dominate business education globally.

There will continue to be an erosion of tenure

and greater differentiation among business

schools, as argued by Porter (1997). This may

lead to a system whereby faculty members become

free agents. Thus, the schools with the

resources—wherever they exist in the world—

will be able to attract the top scholars (teachers

and researchers). Because of all of these

changes, business schools will require extraordinary

strategic leadership: leaders of vision

and a willingness to transform and change their

organizations as needed to adapt to this extraordinary

environment. Business schools must become

entrepreneurial to survive in the twentyfirst

century (Hamilton, 1997), which means their

leaders must be willing to think in creative

ways and to act entrepreneurially.

THE ACADEMY

Because of all of the changes described for

business firms and business schools, the Academy

of Management is now facing "a brave new

world." Therefore, to continue to prosper, the

Academy must take at least four general actions

in the coming years.

First, the Academy must become a part of the

worid, which means that we must eliminate our


222 Academy of Management Review April

"U.S.-phobic" approach to management education

and research and to the operation of the

Academy of Management. Undoubtedly, this is

not a unique call, for there have been a number

of others preceding me who have called for similar

actions. And we have taken steps in this

direction, as evidenced by the development of

the International Management Division; the formation

and implementation of the International

Programs Committee, which has been quite active;

our membership in the International Federation

of Scholarly Associations of Management;

and, more recently, our appointment of an editor

for the Academy of Management Journal who

resides and works in Asia. However, the Academy

now needs biggei and boider steps. This

has been recognized in the long-range planning

process undertaken by the Board of Governors

and is one of the reasons the Board responded

positively to initiatives to organize global regional

affiliates much like our domestic regional

affiliate organizations in the United

States. The Academy of Management held caucuses

at this 1997 meeting for two of these: one to

develop in Asia and another to develop for Ibero

American management scholars (e.g., in Spain

and Latin America). Our goal is to facilitate the

development of these organizations and become

their partner. Please notice that I do not suggest

"control," "govern," or "oversee," but, rather, we

should work with our colleagues as partners. By

helping them develop these organizations, we

all will benefit. Frankly, if we do not take actions

like these, such organizations are likely to

develop independently, leaving the Academy

the opportunity at some point in the future of

becoming much less relevant or, possibly, even

an irrelevant organization. The Academy needs

bold actions in the global arena now.

Second, the Academy must continue to be a

leader in promoting top-quality, cutting-edge research

on management. We should make no

apologies for and accept no compromises on the

quality of management research, regardless of

the criticisms we receive from within or outside

the Academy. I had the honor and opportunity to

serve as the Editor of the Academy of Management

Journal during the period 1991-1993.1 read

approximately 2,000 manuscripts during this

time. Although we can continue to improve our

research, my work as the Editor of AMJ convinced

me that we do good research in management.

But, because of the external criticism of

our research, I am concerned that we may become

too critical of and overly applied in our

research.

Please understand that I believe we need both

basic and applied research. I present here an

analogy used in answering some critics when I

have been questioned about our research and

its relevance. When you go to a physician to

have a medical problem diagnosed and a treatment

or medicine prescribed for solution of the

problem, do you care whether that treatment

and/or medicine is based on a significant

amount of research for its development and testing

of its effectiveness? Most of us would like to

know that research on this medicine or treatment

has been published in the New England

Journal of Medicine, one of the top journals in

the medical field (Hitt, 1995). Likewise, I believe

that new management ideas and techniques

should have theoretical research on them published

in the Academy of Management Review

and empirical research on them published in

the Academy of Management Journal (and these

results translated for executives in the Academy

of Management Executive). If so, we would have

fewer management fads and fewer management

failures. We need management research

because the problems will continue to grow in

complexity. The following statement well describes

why we need more, not less, quality

management research. It is a paraphrase of an

often-used quote from Albert Einstein: We cannot

use the same level of thinking at the time the

problems were created to solve them in the

present.

Furthermore, basic research and development

of knowledge are socially complex activities

that are less imitable than teaching or service.

In fact, companies are imitating the teaching

(rtiany claiming that they do a much better job

than we do) with corporate universities. However,

it is the rare manager or firm that creates

knowledge about management, and it is even

rarer for a consultant to create knowledge (although

some most assuredly do). Thus, our potential

value-added contribution over time may

well be the creation of knowledge. As a result,

effective basic and applied research may be our

long-term competitive advantage.

Research is to see what everybody else has seen and to

think what nobody else has thought (Albert Szent-

Gyorgyi, in Peter, 1979: 123).


1998 Hitt 223

Third, the Academy needs to continuously

evaluate the mix of services offered to members,

with particular emphasis on fulfilling members'

needs. Our annual meeting should continue to

showcase current top research but also should

provide much more. We must help our members

adapt to the changing environment by providing

opportunities for them to continuously learn and

develop new skills—for example, the use of new

technology in the process of teaching. The Academy

now includes such activities in the evolving

preconference, but my call may mean a new

design for the Academy of Management meetings

in future years. Currently, our program primarily

showcases the research. Such emphasis

is important and should not cease, but, as noted,

we must do much more. In fact, the Academy

may need to provide more services to members.

If so, it will not be possible without enhanced

revenues. That is why I appointed a task force of

Academy members to make recommendations

to the Board of Governors regarding new revenue

sources (not including dues and fee increases)

the Academy might seek. The identification

and design of new services, if needed,

may come from the Blue Ribbon Panel on Leadership

in Management Education for the Twenty-First

Century, chaired by Rick Mowday. This

panel may be one of the most important activities

the Academy has undertaken in some time.

Fourth and last, we in the Academy must think

and act strategically; we must continually evaluate

our current and potential competition. We

must reach out to and build bridges with our

constituencies to include business school deans

and executives. We must translate research for

managers and executives, making the basic research

that we do more easily accessible for and

usable by them (i.e., we must place more emphasis

on the Academy of Management Executive).

We must also continue the process created several

years ago of ensuring that this research

reaches executives through the popular business

press. They need our help, and we need

their support. Thus, we should pursue cooperative

strategies; alliances with executives/

managers and deans can and should be mutually

beneficial.

I believe that we can do all of these things and

more. But it will require that business firms,

business schools, and the Academy of Management

become twenty-first-century organizations.

Based on some of my comments here and on the

descriptions of many others, a twenty-firstcentury

organization can be described as a

global, flexible, horizontal, focused, externally

networked, and nonlinear labyrinth regularly

undergoing configural transmutations with the

goal of achieving dynamic equilibrium.

I would like to end with a quote that I think is

particularly apropos:

Epochs flow into one another, like the seasons. There

may be short-sleeve days in February and snowstorms

in April, but there comes a day when the sun crosses the

equator... [and] that day has come (Stewart, 1995).

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