The cry for a more inclusive form of capitalism is growing. But the irony is we are using the same tools that caused the excesses of shareholder capitalism—incentives and regulations—to drive responsible behaviour.
READ MOREEighteenth-century economist Adam Smith propagated profit maximization as the incentive for businesses to create goods and services that society needs. He argued that free-market competition would ensure consumers get the best quality product at the cheapest price.
200 years later, Milton Friedman agreed in his seminal 1970 New York Times op-ed that the sole responsibility of business is to maximize profits ‘so long as it stays within the rules of the game’. Incentives coupled with some regulations were to henceforth safeguard societal interests.
Instead, incentives created bad behaviour. Regulations were routinely bypassed with intelligent loopholes. Despite this―to encourage sustainability today―we are again using incentives and regulations. That’s predominantly what the ESG framework focuses on. And what do we see? Rampant greenwashing and box-ticking.
To address today’s existential challenges, we need innovation of the highest order. Innovation can neither be legislated nor driven by extrinsic incentives alone. We need a values-driven revolution. We need steward leadership―the ability to create a win-win-win future for stakeholders, society, and the environment. ESG must upgrade to ESL, where the ‘L’ stands for Steward Leadership. In ESL, ‘G’ is a subset of ‘L’.
Sustainable Sustainability lays out a practical, step-by-step playbook for any commercial entity that wants to succeed at marrying profit and purpose.“Sustainable Sustainability is a must-read for anyone interested in turning a vision into meaningful action. Rajeev provides a compelling argument for the need for genuine stewardship and offers practical steps for businesses to take. The recommendations are backed by extensive research and inspiring real-world examples—making it all real.”
“The greatest danger to our planet is the belief that someone else will save it. In this book, Rajeev describes a higher form of leadership, one in which leaders see themselves as stewards of the environment and humanity. It is a must-read for anyone who cares.”
“The need for courageous and bold leadership is essential if businesses are truly to become a force for good. This book shows how these leaders must be willing to take risks, challenge the status quo, and engage in long-term actions on the way to the sustainable, inclusive prosperity we so badly need.”
“This is not a crisis of climate change, inequality, or food security. Many will argue that this is a crisis of greed, apathy, and selfishness. Sustainable Sustainability shines light, with some practical examples, on what it takes to be a leader in today’s world.”
“There is often a gap between word and deed. The purpose of this excellent book is to close that gap on sustainability.”
From taxi rides, hotel stays, car driving, to communicating and paying, everything we knew as normal has changed beyond recognition. To lead effectively in today’s brave new world, you have to question EVERYTHING.
READ MORE“This is such a Foolish book, such a beautiful example of flipping conventional wisdom with fresh thinking. When leaders relentlessly drive values and team members are liberated to perform (without cheap short-term incentives), it’s a wonder to behold. Enjoy it.”
“In open source leadership, Rajeev Peshawaria makes the sound assertion that “leadership today needs to be characterized by the firm resolve to create a better future. Leadership is not a positional title, it is making the choice to continue to struggle and never give up”. He then lays out a compelling view of how the new era is disrupting traditional leadership thinking. Those in leadership roles should take time to contemplate his message.”
“Rajeev is both clairvoyant and pragmatic. He elegantly lays out a technology enabled changing future, then offers provocative and insightful ways for leaders and organizations to respond. The book offers a roadmap into unchartered management territory.”
“Rajeev Peshawaria’s counterintuitive new book details an “open source” management system geared to today’s unique pressures and opportunities. Unlike so many leadership books, which traffic in platitudes and obvious insights, Peshawaria provokes readers into seeing a big picture most might have missed. Open Source Leadership will help anyone in any organization trying to surf the tumultuous waves of the 21st century business.”
“Explore new ideas, embrace the future, and get ready for today’s transformed organizational leadership landscape with Rajeev Peshawaria’s cutting-edge book Open Source Leadership!”
In his book, Too Many Bosses, Too Few Leaders (Free Press), Rajeev Peshawaria, CEO of ICLIF, former chief learning officer at Morgan Stanley and a veteran of dozens of blue chip companies, shares more than two decades of experience in what it really takes to become an exceptional leader — one who not only runs the company but creates a cadre of supporters who understand the company’s goals and missions and work to embody them every day. Part playbook and part an experienced guide through the world of leadership, this book has the potential to unlock the leadership potential inside those who not only lead companies, but run divisions, head up teams and work in roles across their companies every day.
“Leadership,” writes Peshawaria, “can neither be learned in a classroom, nor automatically acquired by accepting a big title or position of authority. Leadership needs to be discovered, and there is no shortcut to the discovery process.”
The book outlines the discovery process itself, offering steps for creating a leader who can tap into unlimited emotional energy, align the energy of a powerful few and galvanize the energy of the masses to create sustainable success.
Rajeev Peshawaria was one of the founding members of the renowned Goldman Sachs leadership development program, The Pinestreet Group, and was the global head of the Leadership Advisory Services practice. At Morgan Stanley, he held the position of Chief Learning Officer and created and led Morgan Stanley university — a globally integrated learning and consulting hub within the firm. At The Coca-Cola Company, also as the Chief Learning Officer, he created and headed Coca-Cola University, and he was the Global Director of Leadership Development programs at American Express. Peshawaria was just appointed Chief Executive Officer of The Iclif Leadership and Governance Centre in Kuala Lumpur, Malaysia.
There are many misconceptions regarding leadership. Contrary to what many think, it is not at all based on one’s position of power. It deals more about how and what one creates while getting others to go beyond themselves and excel at things they never thought possible. Leadership comes after much self-discovery and cannot be taught. It is not something one is born with but is something that must be aspired for.