general management program the strategic importance of … · 2016-06-09 · new products/...

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GENERAL MANAGEMENT PROGRAM

Dr Ian O. Williamson

The Strategic importance of People Management

Session Objectives

Role of People Management in Driving OrganizationalPerformance

Key Steps in Aligning People Management Strategy toOrganizational Strategy

Evaluating the Effectiveness of People Management Decisions

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Only 21% of the 1982 Fortune 500 firmsare still listed on the 2012 Fortune 500 list

Survival is Not a Given

No one is immune…

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Sustainable Performance

What does it take to achieve a sustained performance?

The answer is resources that are:

– Valuable

– Unique

– Difficult to imitate

Sources of Performance

Product/Process Technology

Protected/Regulated Markets

Access To Capital

Economies of Scale

All of these are Valuable and Unique….

but they may be imitated in time.

Employees are depositories of firms’ human capital (their ideas, attitudes, and behaviors) and social capital (i.e., relationships), which may be one of the only things that other firms can’t copy

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“If you leave us our money, our buildingsand our brands, but take away our people, the Company will fail. But if you take away our money, our buildings, and our brands, but leave us our people, we can rebuild the whole thing in a decade.”1

Former CEO, Procter & Gamble, 1947

A Conceptual Map of Organisational Performance

Internal Environment‐ Firm Strategy‐ Firm Culture

External Environment‐‐‐‐‐‐

Competition Cultural NormsDemographicsTechnologyEconomy Government

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External Shocks

What were the major external shocks in your organisation’s external environment over the last 3 years?

How has this impacted your customer base and the types ofservices/products you need to provide now and in the future?

What strategy and/or organisational culture changes has yourorganisation made in response to these changes in the external environment?

What have been some of the barriers in implementing these strategy and/or culture changes?

Re‐Define “Talent”

Who are your customers?

What are the services/products your customers want now andin the future?

What knowledge, skills, and behaviours are needed to deliver these services/products?

The answers to these questions should shape:◦ Recruitment strategy◦ Performance management◦ Compensation strategy◦ Training strategy◦ Organizational Design

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A Conceptual Map ofOrganisational Performance

Internal Environment

SustainedPerformance

People Management•Who should you hire?•What should they know?• How should they be organized?• How should you evaluate them?• How should you motivate them?

External Environment

Benefits of Effective People Management Practices

Study of 136 Mid‐sized Technology Firms

One standard‐deviation increase in commitment‐based people management practices yielded a 16.9 percent increase in sales from new products and services and an 18.8 percent growth in sales.

People management practices impact performance by shaping organizational social climate and employee knowledge exchange

Collins, C. J. and K. G. Smith (2006). “KNOWLEDGE EXCHANGE AND COMBINATION: THE ROLE OF HUMAN RESOURCE PRACTICES IN THE PERFORMANCE OF HIGH-TECHNOLOGY FIRMS.” Academy ofManagement Journal 49(3): 544-560.

Commitment-BasedPeople

Management Practices

Social Climate• Trust• Cooperation• Shared andlanguagecodes

Knowledge Exchange and Combination

OrganisationPerformance

• Sales Growth• Revenue from

new products/services

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Benefits of Effective People Management

Study of people management practices and service delivery in Wales government department

High Commitment

PeopleManagement

Practices

Quality of Service

EmployeeTrust

Employee Commitment

Gould-Williams, J. (2003). “The importance of HR practices and workplace trust in achieving superior performance:A study of public-sector organizations.” The International Journal of Human Resource Management 14(1): 28-54.

Benefits of Human Capital

Meta‐analysis of 66 studies since 1991

Crook, T. R., S. Y. Todd, et al. (2011). “Does Human Capital Matter? A Meta-Analysis of the Relationship Between Human Capital and Firm Performance.” Journal of Applied Psychology 96(3): 443-456.

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Benefits of Effective People Management

The link between people management practices andorganisational performance has been found across a wide variety of settings:

– New Firms (IPOs) as well as Established Ones

– Low TechnologyManufacturing (Apparel) as well as High Technology Firms (Semi‐conductor)

– Service Firms as well as Manufacturing Firms

– Public Sector and Private Sector– Numerous International Settings

Cost of Mismanaging People

Absenteeism

Employee Turnover

Workplace Theft

Workplace Violence

Other Counterproductive Workplace Behaviors

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People Management Causal Model

Performance Outcome

EmployeeBehaviour

People Management

Seven Effective People Management Practices

1. Employment Security

2. Selective Hiring

3. Self‐Managed Teams &Decentralization of Decision Making

4. Comparatively High PayContingent onPerformance

5. Extensive Training

6. Reduced Status Distinctions & Barriers

7. Extensive Sharing of Financial & Performance Information Across the Organization

Pfeffer J. & Veiga, J.F. (1999) Putting people first for organizational success. Academy of Management Executive, 13, 37-48.

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Employment Security– “one of the most widely accepted propositions…is that innovations in

work practices or other forms of worker‐management cooperation or productivity improvements are not likely to be sustained over time when workers fear that by increasing productivity they will work themselves out of a job.” (Locke, 1995)

Selective Hiring– Large applicant pool

– Identify critical skills and traits

– Make sure that hiring criteria match firm strategy

– Screen applicants on attributes that are hard to change or train

Teams & Decentralized Decision Making

– Substitute peer‐based control for hierarchical control

– Allow for pooling of ideas

– Helps firm be more responsive

High Pay Contingent on Performance (Org. or Indv.)

– Causes employees to think like owners

Extensive Training

– Investment in Human Capital

– Hard to determine ROI


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Reduced Status Distinctions & Barriers

– Reduction of symbolic and economic differences

– Encourages sharing of ideas

Sharing of Information Across the Organisation

– Financial, strategy, and operational information

– Conveys to employees that they are trusted

7 Successful Practices Causal Model

1. Employment Security Job Security risk taking behavior innovation

2. Selective Hiring Large applicant pool / screen applicants based on hard to learn skills human capital fit performance

3. Teams & Decentralized Decision Making

Organize people & tasks around teams / provide autonomy in decision making effort , initiative and information sharing productivity

4. High Compensation Contingent onPerformance

Pay employees above industry averages / Tie employee pay to individual/company success employees behave like owners performance

5. Extensive Training Extensive formal training higher human capital performance

6. Reduced Status Difference Reduce status barriers effort and initiative productivity

7. Sharing Information Share performance, strategy, and operational information with all employees effort and initiative productivity

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The Case of Netflix

The Case of Netflix

Disruptions

– File‐sharing

– Video Streaming

– Competition (Cable, Satellite, Other retail providers)

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The Case of Netflix

Netflix’s Response– Embrace new technology and market trends by developingstreaming business (domestic and international)

– Maintain DVD business but reduce investment into business

– Create content

Implications for Workforce– Need employees who are:

• Ambitions

• High levels of trust

• Comfortable taking risk

• Creative and open to innovation

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The Case of Netflix

People Management Practices

–Unlimited vacation and sick days

–No formal travel or expense policy

–Generous severance packages–Above average compensation

–Equity compensation (based on employeechoice)

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Emmy Award Winning Series

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Netflix Stock Performance over 5 Years

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“Strategy is Giving Up Something Good to Get Something Great”

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So Why Isn’t Everyone Doing It?

Misalignment

Need for Integration and Consistency

Alignment with external environment:

Do practices coincide with environmental constraints?

Alignment with business strategy:

How will practices build, motivate & retain needed skill sets?

Alignment with other managerial practices:

Do practices reinforce or counteract each other?

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Example of

› In Dec, 2000 James McNerney (former GEexecutive) name CEO of 3M– First outsider to lead 3M

– 3M stock jumped 20% in the days after announcement

› “Six Sigma” introduced in 3M

› 4 years later Mr. McNerney resigns– Reduction in company innovation

– Poor Employee Morale

– Damaged Company Culture

The Danger of Poor Alignment

“Invention is by its very nature a disorderly process…You can’t put a Six Sigma process into that area and say, well, I’m getting behind on invention, so I’m goingto schedule myself for three good ideas on Wednesday and two on Friday. That’s not how creativity works.” (current 3M CEO George Buckley)1

1Hindo, B. (2007). At 3M,A struggle between efficiency and creativity. Business Week, June 11th, p. 8-14 IN.

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Research Study

Research Question:◦ How does the decision to localize vs. standardize HRMstrategy influence MNC business unit performance?

◦ How do environmental conditions influence this relationship?

Setting:◦ 92 business units in a German MNC spread across 27countries

◦ Examined business unit:(1) Net profit margin(2) Customer satisfaction scores

Cogin, J. and Williamson, I.O. (2014). Standardize or Customize: The Interactive Effects of HRM and Environment Uncertainty on MNC Subsidiary Performance. Human Resource Management.

Study Variables

Localized vs. Standardized HRM Strategy◦ Extent to which business units customized their HRMpractices compared to parent company standards

◦ Recruitment/Selection, Training, Performance Appraisal andRemuneration

Environmental Conditions◦ Commercial Uncertainly: Regulation, Economic; Resourcesand Services; Products, Market Demand; Competition andTechnology

Controls◦ Division, Unionization, Managerial Experience, Domestic GDP,Profit of Region

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Interaction between Customized HRM Practices and Environmental Uncertainty on Net Profit Margin

Interaction between Customized HRM Practices and Environmental Uncertainty on Customer Satisfaction

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Implications

Customization of HRM practices can positively impactorganisational performance

Environmental conditions must be considered when selectingHRM strategy

Customization of HRM practices may help create a culture thatreinforces adaptation.

HRM – Environment “Fit” is Key to

Maximizing Performance

Contingency Perspective

The optimal policy is contingent upon internal and external constraints

– Organisation Strategy

• Cost Strategy

• Innovation Strategy

– External Attributes

• Competition

• Environmental Uncertainty

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What are some examples of mis‐alignment between your HRMpractices and: (a) other HRM practices, (b) organizational strategyor (c) your external environment?

What are the barriers to addressing this misalignment?


Misalignment

Measurement Challenges/Determining ROI

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Are People an Expense or an Asset?

“Today’s annual reports are filled with informationabout how companies use capital but offer little about the number of employees, the mix of employees, or thedifferent types of employees (beyond a simple expenseitem on compensation and benefits). Yet it is thinking‐intensive talent, not capital, that now drives the creation of wealth and thus deserves to be measured more precisely by strategically minded executives.” (Bryan, 2007)

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“In lay terms, if a firm incurs acost the firm should recognizethat cost as an asset only ifthere is a clear, objective linkbetween the cost and futureeconomic benefits, in contrast, the firm should recognize thecost as an expense if there is noclear, objective link between thecost and future economicbenefits.” (Frederickson,Webster &Williamson, 2010, p. 268).


Can firms measure the level of human and social capital people posses?

Can firms measure the future economic benefit of employees’human and social capital?

How long will it take for employee’s human and social capital tocreate future benefits?

Does a firm “own” the human and social capital or does the employee?

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The sale price is a lot lower than the $12.5billion that Google agreed to pay for Motorola in late 2011, in its largest acquisition ever.

"Google got what they wanted and needed from Motorola — they got patents, engineering talent and mobile marketinsight," said Jack Gold, principalanalyst at J. GoldAssociates.


Barr, A. (2013). Google agrees to sell Motorola to Lenovo for $2.9 billion, http://www.usatoday.com/story/tech/2014/01/29/google-selling-motorola-lenovo/5035673/, Downloaded Jan 30 2014.

Hurnan resources valuationThe d iehotOrn)' in acC(>Ulll ing between hurn:m and non-hu man c piwl is rundamemal. The lauer is recognized as an asset and is, therefore . recordedin the blioks and rqJNted in t he nn,mcial stmemems. w h re;1s the fom1er is ignored b)' accoimwms. The definition of wealth as a source ofincomeinevitably leads to the recognition or human capital as one of the sen•rnl forms of wealth such as money, ,;ecurities and ph)'$iC;1I capital.

\Ve have used the le \•& Schwart z model to comp111e t he value orhu man resources ·1he ewtluat ion is based on the present value or fut1m: lwn ingsof c111plO)'Ccs and on the following a;;s11m pt ions: a) employee COllllJellS<ttion includes all direct and indire<:t benefit·S earned both in India midabroad, b) the incremental earnings bnsed on group I age h:wc been consider<"d. and r) the fmurc earnings haw lxen discou nted :tt the cost ofmpiwl of 13.32% (JJrcvious rear - 14 .97%).

JU Rs. l ltlft'. unft'.i .shth«J l">fl:.·n..tcl·

SupponTotalTmal incomeTowl emplorce costValue-nrlderlNet profits excluding exceptional iccmsRatinsValue of hurnm1re.sources per emplo)'eeTornl income I human resources value (rnLio)Employee eosl I human resources vah\e (%)Value-added I humnn resources value (n1tio)Rew m on human resources value (%)

6 1903,860

98.821 57 45216,6928,878

H,8204,659

l3,8937,112

11,8793 ,861

1.080.17

9.00.15

4.7

0.800.2412.40.2 1

6 .7

2008 2007l:m ploy c<. (Nl>.)Softw,1r<' professionals 85,013 68,156Suppon 6,174 ",085Total\'.du,·nlh11ni.111 rcooun.:c;

91 187 72.241

Software JJrofcssionals 92,331 53,592

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ComputerWeekly.com

Data analytics adds science to the valuation of footballers

As well as using historical game data to assess a player's value, some clubs are also starting to incorporate dara taken from wearable technology devices to gain a more accurate insight, says Boden Westover,marketing, manager at Australia-based wearable tech company Catapult Sports.

"1' any or our learns put.lk vices on players in pre-season lo Lesl lhern ouLand evaluate their worth," saysWes tover. "Some. teams will even send a device to a player they are. keeping an eye. on in another country andhave their uata sym.:hed wiLh their learn's c.Jala LOSee where Lhey rank."

Specialist London-base.d consultancy Orb Pinance.has devised a set of be.spoke. analytical tools andpropriet.ary software to help professional foothal l cluhs mke such factors into account when producing a

valuation.

b"or insLance, iLeslirnaled Lhat l{eal l\1a<.lri<.Iwuul<.Igenerale tolal profit of more than £4 Im over a six-yearperiod from shirt sales related to the £85m signing of Gareth Bale from Spurs - an amount that would coveralmost haJf his transfc.r fee.. Orb also predicted chat if Bale.becomes as influential to Real I\1adrid as he wasfor Spurs in his final season at the club - recording, an II .6<oi team contribution score - then a transfer fee ofas much as £94m would be justified.

1. Lionel Messi (Barcelona,Argentina)— $US272-317 million2.Cristiano Ronaldo (Real Madrid, Portugal) — $US144-167 million3. Luis Suarez (Liverpool, Uruguay) —$US134-156 million4. Eden Hazard (Chelsea, Belgium) —$US103-120 million5. Neymar (Barcelona, Brazil) —$US86-99 million6. Paul Pogba (Juventus, France) —$US83-96 million7. Gareth Bale (Real Madrid, Wales) —$US80-92 million8. Mesut Ozil (Arsenal, Germany) —$US67-78 million9. Edinson Cavani (PSG, Uruguay) —$US65-76 million10.Mario Gotze (Bayern Munich, Germany) — $US64-74 million

The ‘market value’takes into account:•player’s age and position•contract situation•international experience•‘sporting’strength of the club•a range of specific performance criteria

http://www.businessinsider.com.au/top-25-soccer-players-2014-6

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Differences between Economic and Talent Pipeline Lifecycle

Economic Lifecycle

Talent Pipeline Lifecycle

Financial Benefits of Downsizing?

Cascio and Young (2003)

Examined impact of changes in physical asset and employment size on firm performance in S&P 500 companies from 1982 –2000.

No evidence that employment downsizing led to improvedfinancial performance as measured by three‐year ROA andindustry adjusted ROA

Downsizing firms (either employees or physical assets) did nobetter than stable firms (firms that did not reduce workforce by±5%

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Leader Orientation

Expense/Execution Orientation– Focus is on minimizing risk and cost– What is the minimum number of employees that we need torun this organisation?

– Primed to outsource or downsize

Asset Orientation– Focus is on resource utilization

– How can we change the way we do things to better utilizethe human and social capital possessed by the people wecurrently have?


Firms Lack a Causal Model or Value Driver Map

– No clear logical link between people management initiatives and strategy

– Less the 30% of companies develop a causal model1

1 Ittner & Larcker, (2003)

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No Formal Measurement Process

– 40 percent of companies surveyed in Accenture’s 2006 High‐Performance Workforce study said they have no formal measures of HR impact on workforce performance (Balaguer et al., 2006)

– Only 15 percent of respondents said they use margin/profitability and just 14 percent said they use revenue/sales pipeline as their most important measure of HR’s effectiveness (Balaguer et al., 2006)


Never validate links in causal model

– Are school grades a good predictor ofperformance?

– Does employee turnover hurt sales performance?

–Will pay raises increase employee retention?

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Poor Measurement of Nonfinancial Outcomes

– Low Validity of measures

– Low Reliability of measures

– Collect the wrong data

– Do not create a situation to actual test causalmodel

Doing it Right

Develop a “causal model”

– Start with strategic goal and workbackwards

StrategicGoal

Employee Behaviours

PeopleManagement

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Doing it Right

Measurement

–Measure the “Right Things”

–Use the “Right Tools”

–At the “Right Time”

Kirkpatrick’s Model of Evaluation

Level 1: Reactions“I Found This Training Program To Be Enjoyable.”

“This Training Was Job Relevant.”

Level 2: Learning OutcomesLearned Knowledge‐‐Assessment of Knowledge At Later Time‐ ex. Multiple Choice, Open‐Ended, List Questions, Role Play

Level 3: Behavioral OutcomesExtent to which behavior has changed‐ ex. 360‐Degree Appraisal, Balanced Score Card

Level 4: ResultsExtent to which training influenced bottom line‐ Business Results: (productivity, quality, costs, sales, turnover, etc…)‐ Return on Investment: (ROI, Cost/Benefit Ratio)

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Take from: Ittner, C.D. & Larcker, D.F. 2003. Coming up short on nonfinancial performance measurement. Harvard Business Review, November, 88-95

Rate new hires attributes (as measured by biotdata, interview performance, tests, etc..) based on job analysis and competency model

Measure using reliable and valid employee surveys (Level 1 “Reactions”)

Measure employee perceptions using reliable and valid employee surveys (Level 1 “Reactions”) and measure employee knowledge using tests (on-line, paper and pencil) and behavioral exercises (Level 2 “Learning Outcomes”).

Measure perceived employee behaviors (supervisor ratings, peer ratings), customer reactions (e.g., surveys), and actual employee behaviors (e.g., mystery shoppers) (Level 3 “Behavioral Outcomes”)

Measure using customer surveys and objective buying data (Level 4 “Business Results”)

Calculate Return on Investment (ROI) or Cost to Benefit Ratio (CBR) (Level 4 “Return on Investment)

timeO1

timeO1 O2

Pre-Intervention Post-Intervention

Post-Test Only

Pre-Test/Post-Test

timeO1

O1 (control group)

Post-Test Only with

Control Group

timeO1O1 (control group)

O2O2 (control group)

Pre-Test/Post-Test with

Control Group

timeO1 O2Time Series


O3

timeO1O1 (control group)

Time Series with Comparison Group and Reversal


= intervention

Types of Evaluation Designs to Determine Causality

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Business Results of Training Example

Effect of Tuition-Reimbursement Program on Turnover

Logic Tests

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Laszio BockSenior Vice-President for People Operations at Google

Mergers and Employee Networks

Research Question:How does the acquisition of a firm impact employee network formation and productivity?

Theoretical Prediction:An increase in inter‐firm network density will enhance performance

Sample:Acquisition of 2 law firms by an organisation

Networks of 212 partners across the three merged firms

Briscoe, F. and W. Tsai (2011). "Overcoming Relational Inertia: How Organizational Members Respond to Acquisition Events in a Law Firm." Administrative Science Quarterly 56(3): 408-440.

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Each newinter-unitnetwork tiewas associatedwith anincrease in755 billablehours

66% higherreturn thanincreasingintra-unitnetwork ties

Value of Brokers: Law Firm Example

Research Question:– How does employee mobility between competitors and cooperators

influence firm performance?

Theoretical Prediction:– Mobility may create brokers that carry inter‐organizational social capital

between cooperators that stimulates economic activity

Setting:– Movement of lawyers between law firms and Fortune 500 firms over a 5

year period

Somaya, D., Williamson, I.O., & Lorinkova, N. (2008). Gone but not lost: The different performance impacts of employee mobility between cooperators versus competitors. Academy of Management Journal.

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Employee Mobility and Client Development

Loss of Attorney to Rival Law Firms

Loss of Attorney to Potential Clients

Reduction in Business from Existing Clients

Increase in Business from Potential Clients

Hiring of Attorney from Potential Clients

Increase in Business from Potential Clients

Hiring of Attorney from Rival Law Firm

Increase in Business from Rivals’Clients

The movement of an patent attorney from a focal law firm to a potential client increases the odds of that law firm getting new business from the company by

40.5%

Example of Firm Patent Output

The bundling of patent law expertise with R&D may enhance patent production

+ =

R&DPatent Law

Expertise PatentProduction

Somaya, D., Williamson, I.O., & Zhang,A. (2007). Combining patent law expertise with R&D for patentingperformance. Organization Science, 18, 922-937.

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Interactive Effect of R&D and Patent Law Expertise on Firm Patenting Performance

3.5

4

4.5

5

Low R&D High R&D

R&D

Effect of patent law expertise was 13% greater when R&D was low compared to high

Pat

enti

ng

Per

form

ance

Low Patent Law Expertise

High Patent Law Expertise

Role of In‐house Patent Attorney

“The more patent lawyers you had working in a particular area, the closer they became to their clients [R&D], the more they understood the research of their clients, and the more likely they were to come up with those things that could be patented.”

“We would walk around the [R&D] buildings and visit the different laboratories and I would stop and just ask them a lot of questions about what they were doing … . Just ask questions … which is the advantage of not having an outside patent attorney, someone with a law firm, doing the patent work for the company, because first of all it would be very expensive for that person to bedoing that, and they just didn’t have that relationship.”

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Role of In‐house Patent Attorney

“The capture process in itself is not particularly simple. It requires effort, processes, evangelizing and systems … And that allrequires [attorney] staff. So, you will probably find more in‐house people in technology companies doing the invention capturing aswell as implementing the processes to get the inventions turnedinto patent applications. Because without that, you’d have nothing … if the inventor never tells you about his invention, you will never file it, and you will never get it turned into a patent, so that early stage capture process is very important. And theselection of the inventions that are the most important for the business strategies of the company is an important process.”

• Research Question: What is the impact of selection and training on restaurant franchise performance

• Setting: 238 U.S.A. fast-food restaurant chains

• Results:• If a restaurant ensured that all employees meet a minimum personality

and cognitive ability score this would result in a $1.04 increase in sales per labour hour

• This represents an 18% improvement in productivity

Impact of Selection and Training on Financial Performance

Applicant Personality & Cognitive

Ability Scores

% Employees that Complete Advanced Training

Customer Satisfaction Ratings

Productivity&

Profitability

Ployhart. R.E., Van Iddekinge, C.H. & MacKenzie Jr, W.I. 2011. Acquiring and Developing Human Capital in Service Contexts: TheInterconnectedness of Human Capital Resources. Academy of Management Journal, 54, 353-368.

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Doing it Right

Data: accessible and high‐quality

Enterprise: strategic perspective.

Leadership: advocates for analytics

Targeting: the right analytics opportunities

Analysts: deep analytical skills

Harris, J.G., Craig, E. & Light, D.A. (2011). “Talent and analytics: new approaches”, higher ROI. Journal ofBusiness Strategy, 32, 4-13.

Doing it Right

Tie actions to findings

– Findings should set priorities

• Hiring decisions

• Financial decisions

• Product decisions

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Evaluation Process Model

DevelopProgramObjective

Develop Evaluation

Plan

Collect Data

Before and

During Program

Collect Data After

Implementation

Isolate Effects

of Program

Convert Data to

Monetary Values

Calculate ROI

Capture Program

Costs

Identify Intangible Measures

Feed Results

back into Strategic Plan and Priorities

Adapted from Phillips, Stone & Phillips, 2001

Assignment

• Given the external shocks faced by your organisation, identify one people management practice change (anew practice, enhance an existing practice, stop apractice) you would recommend being implemented inyour area of the organisation in order to support thebehaviours needed for your current strategic priorities.

• How would you evaluate the effectiveness of this change?

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A Conceptual Map of Organisational Performance

Internal Environment- Firm Strategy- Firm Culture

External Environment- Competition- Cultural Norms- Demographics- Technology- Economy- Government

Sustained Performance

People Management• Who should you hire?• What should they know?• How should they be organized?• How should you evaluate them?• How should you motivate them?

1. What key external conditions does your organisation face?

3. What People Management practices should your organisation use to align the internal environment with the external environment?

4. How could you evaluate the effectiveness of a key People ManagementPractice?2. What is the strategy

and culture of your organisation?

general management program the strategic importance of … · 2016-06-09 · new products/...

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