CEOs turn to podcasts to control their message
Plus, retail footfall improves for first time in over a year, Labour commits to green clusters and the new watchdog for workers will need "real teeth"
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Business Thinker
Deep dives on business and leadership
💼 Why it pays to be a company lifer
As Nike grapples with disappointing quarterly results, newly appointed CEO Elliott Hill’s long tenure at the company sparks a debate about the value of loyalty in today’s fast-paced job market. With the average lifespan of S&P 500 companies dwindling and career coaches advocating for frequent job changes, columnist at The Times Harry Wallop explores the balance between stability and ambition. Is Hill’s journey an inspiring model of perseverance, or does it highlight an outdated notion of career success?
A Harvard study suggests that traits, not ambition, make for better bosses—those with higher economic IQs outshine self-promoters in team performance. The Peter Principle, where people are promoted to their level of incompetence, remains alive and well. Yet research hints that random promotion might outperform current selection methods, challenging traditional managerial practices.
🎤 CEOs turn to podcasts to control their message
Nicolai Tangen, the head of Norway’s $1.6trn oil fund, has taken a unique approach to connecting with the public through his podcast, In Good Company. As the podcasting trend among executives rises, it offers a platform for more relaxed and open discussions, contrasting with traditional media scrutiny. The Financial Times delves into the implications of this new format for corporate communication, examining how it allows leaders to share their narratives while raising questions about accountability and authenticity in the process.
Business Agenda
A summary of the most important business news
By Sarah Vizard
1. Labour is committing to spend almost £22bn over 25 years to fund carbon capture and storage projects. Chancellor Rachel Reeves says it is one of a “drumbeat” of measures to kickstart economic growth. One major cluster will be funded in Teesside, North East England, and the other in North West England and North Wales. She has declared a “new era” of clean energy jobs. You can read more here.
2. Pre-tax profits at the pub group JD Wetherspoon jumped 73.5 per cent year on year to £72.9m for the year to July 28. Revenues were up by 5.7 per cent to £2.04bn, while like-for-like sales grew 4.9 per cent. Its chairman, Tim Martin, used the results to rail against the possibility of pubs selling beer in two-thirds of a pint measures, describing it as “slightly daft”. You can read more here.
3. Business groups are warning the government that plans to improve workers’ rights will fail unless a new enforcement body has the power and resources to enforce the rules. The government is planning sweeping reforms to employment law, but some are concerned it could drive people to jobs in less regulated areas of the economy. “If you’re going to pass a law you have to enforce it – or companies who play by the rules lose out,” says Neil Carberry, chief executive of the trade body the Recruitment & Employment Confederation. “It really matters to get enforcement right. You can’t have it as an afterthought.” You can read the full piece here.
4. Retail footfall increased for the first time in over a year in September as better weather got people out onto the high street. Total footfall was up 0.9 per cent year on year, according to data from the British Retail Consortium, with high streets up 0.9 per cent, shopping centres up 2.3 per cent and retail parks up 7.3 per cent. You can read more here.
5. Google is rolling out ads that will display within and alongside the AI-generated summaries that appear at the top of some search results. The rollout starts in the US on its mobile app but will be extended. In an example, ads for Tide and OxiClean were shown next to the AI-generated instructions in a search for “how to get grass stains out of jeans”. You can read more here.
Business Question
What percentage of construction sector jobs will require new skills to support the UK’s transition to net zero?
A. 41 per cent
B. 34 per cent
C. 29 per cent
D. 22 per cent
The answer can be found at the bottom of the page.
Business Quote
Inspiration from leaders
“A leader is a dealer in hope.”
– Napoleon Bonaparte
Business Leader
The best of our content
The role of technology in reviving the UK economy
In an era when technology holds the key to economic revitalisation, the UK’s potential for growth is immense. Business Leader Expert and the chief executive of Enterprise Nation, Emma Jones, has written for us on the role of technology in reviving the UK economy.
“According to the International Monetary Fund,” she says, “if there were a broader adoption of artificial intelligence, for example, we could see an expansion to the UK’s economic growth of up to 1.5 percentage points per year during a decade. This is at a time when the World Economic Forum puts the UK behind many developed nations in the world for tech and ICT adoption – at 31st.
“As the government prepares to place economic growth front and centre by introducing a modern industrial strategy, it needs to tackle a key issue.”
As the UK prepares to embrace technology’s transformative potential, we must ensure that digital guidance and support are readily available. The solutions exist; all that’s needed is a commitment to harnessing them. Together, let’s unlock the true power of technology for economic growth and innovation.
You can read the article here.
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And finally…
We love studying corporate history here at Business Leader, not just for what you can learn about success and failure, but for the incredible stories you find. A new museum has just opened in Japan that offers a mix of corporate history, cultural nostalgia and games.
Nintendo, the video games maker, has converted an old factory in Kyoto, Japan, into a museum and it looks brilliant. You can read The Guardian’s coverage here and see a video here. You can find tickets here, but demand is so high that the earliest you can get in is January and even then it is only by a ballot.
The answer to today’s Business Question is C. 29 per cent.
