Making Profitability a Habit
Charles Duhigg, investigative reporter for the New York Times and author of the recent book “The Power of Habit,” joined us on September 13th as the closing keynote speaker for our Publishing Business Virtual Conference, to share his insights into how corporate habits are developed, identified and altered.
Habit formation has been carefully studied, and Duhigg begins by explaining how a habit is formed, and how it works, through a system whereby a particular cue sets off a routine, which leads to a reward. As long as the reward is there, the habit persists, and after time, it happens automatically, without thought. But change the routine or the reward, and you can change the habit.
Duhigg applies his understanding of habit formation to companies, and spoke about our conference about Paul O’Neill’s focus on safety habits while he was CEO of Alcoa. By changing this corporate “keystone” habit, O’Neill wound up increasing the company’s profitability, much to shareholders’ surprise.
How do you find your company’s keystone habit? Listen to Duhigg’s talk and find out!
You can still access this fascinating keynote session in the PBV on-demand environment. If you attended the conference, use the same log-in info; if you did not attend, you can still register and access all the presentations. They’ll be available on-demand until Dec. 17.