Magazine article American Banker

The Reinvention of the Corporation Is Needed, Says Author John Naisbitt

Magazine article American Banker

The Reinvention of the Corporation Is Needed, Says Author John Naisbitt

Article excerpt

DENVER -- It's time to reinvent the corporation, and nowhere is the need more urgent than among banks, warns John Naisbitt, author of "Megatrends."

"Banks will be out of business if they don't reinvent themselves," he said in a brief interview following a speech at the Bank administration Institute's annual conference here last week.

"What you can create [inside a bank] is shared goals and shared values. Everything else can be decentralized," he commented, adding that the more flexible, less authoritarian management style which he advocates is applicable to banks.

Mr. Naisbitt, who is currently writing a book which will deal with the subject of reinventing the corporation, claims that 14 basic considerations will govern the successful corporation in the future.

He said that all of these considerations are presently only "partially baked ideas." And he added: "I'm still baking them."

Mr. Naisbitt outlined the following considerations:

* In the information society now developing, human resources and a respect for the individual will be of key importance.

* This new emphasis upon individuals occurs at a time when America is entering a period of full employment. Mr. Naisbitt predicted that there will be dramatic labor shortages throughout the rest of the century.

* A period is beginning in which there will be "a tremendous whittling away of middle management," Mr. Naisbitt said.

* There will be a shift from managers as order gives to managers as facilitators. …

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