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What Does It Mean to Be a Manager Today?
- Brian Kropp,
- Alexia Cambon,
Managers need a new set of skills to succeed in a world of remote work, automation, and shifting employee expectations.
Managers used to be selected and promoted largely based on their ability to manage and evaluate the performance of employees who could carry out a particular set of tasks. But three disruptive, transformative trends are challenging traditional definitions of the manager role: Normalization of remote work, automation, and changing employee expectations. These three trends have culminated in a new era of management where it’s less important to see what employees are doing and more important to understand how they feel. To be successful in this new environment, managers must lead with empathy. This will require organizations and their HR functions to develop their managers’ skills, awaken their mindsets to manage in new ways, and create the capacity across the organization to enable this shift. The authors present a holistic strategy that invests in all three of those strategies.
A year into the pandemic, the implications of how Covid-19 has changed how people will work from now on are becoming clear. Many employees will be working in a hybrid world with more choices about where, when, and how much they work. For midsize companies specifically, Gartner analysis shows that 46% of the workforce is projected to be working hybrid in the near future.
To better understand the impact of Covid-19 on the future of work, we surveyed 3,049 knowledge workers and their managers across onsite, remote, and hybrid work contexts, as well as 75 HR leaders, including 20 leaders from midsize companies. Except where indicated, our findings come from these 2021 surveys.
Managers used to be selected and promoted largely based on their ability to manage and evaluate the performance of employees who could carry out a particular set of tasks. Within the last five years, HR executives started to hire and develop managers who were poised to be great coaches and teachers. But the assumption that coaching should be the primary function of management has been tested since the pandemic began. Three disruptive, transformative trends are challenging traditional definitions of the manager role:
Understanding Midsize Businesses
Normalization of remote work. As both employees and managers have become more distributed, their relationships to one another have also become more asynchronous. Gartner estimates that in more than 70% of manager-employee relationships, either the manager or the employee will be working remotely at least some of the time. This means that employees and their managers will be less likely to be working on the same things at the same time. Managers will have dramatically less visibility into the realities of their employees’ day-to-day and will begin to focus more on their outputs and less on the processes used to produce them.
Acceleration in use of technology to manage employees. More than one in four companies have invested in new technology to monitor their remote employees during the pandemic. Companies have been buying scheduling software, AI-enabled expense-report auditing tools, and even technologies to replace manager feedback using AI. While companies have been focused on how technology can automate employee tasks, it can just as effectively replace the tasks of managers. At the extreme, by 2024, new technologies have the potential to replace as much as 69% of the tasks historically done by managers, such as assigning work and nudging productivity.
Employees’ changing expectations. As companies have expanded the support they offer to their employees in areas like mental health and child care during the pandemic, the relationships between employees and their managers have started to shift to be more emotional and supportive. Knowledge workers now expect their managers to be part of their support system to help them improve their life experience, rather than just their employee experience .
When managerial tasks are replaced by technology, managers aren’t needed to manage workflows. When interactions become primarily virtual, managers can no longer rely on what they see to manage performance, and when relationships become more emotional, they can no longer limit the relationship to the sphere of work. These three trends have culminated in a new era of management where it’s less important to see what employees are doing and more important to understand how they feel.
Radical flexibility requires empathetic managers
To be successful in this new environment, managers must lead with empathy. In a 2021 Gartner survey of 4,787 global employees assessing the evolving role of management, only 47% of managers are prepared for this future role. The most effective managers of the future will be those who build fundamentally different relationships with their employees.
Empathy is nothing new. It’s a common term in the philosophy of good leadership, but it has yet to be a top management priority. The empathic manager is someone who can contextualize performance and behavior — who transcends simply understanding the facts of work and proactively asks questions and seeks information to place themselves in their direct reports’ contexts.
Empathy requires developing high levels of trust and care and a culture of acceptance within teams. This is a lot to ask of any individual: that they ask questions that produce vulnerable answers without compromising trust, diagnose the root cause of an employee’s behavior without making assumptions, and demonstrate the social-emotional intelligence necessary to imagine another’s feelings.
Empathy isn’t easy, but it’s worth it. In fact, in that same survey, 85% of HR leaders at midsize companies agreed that it’s more important now for managers to demonstrate empathy than it was before the pandemic. Further Gartner analysis shows that managers who display high levels of empathy have three times the impact on their employees’ performance than those who display low levels of empathy. Employees at organizations with high levels of empathy-based management are more than twice as likely to agree that their work environment is inclusive.
Creating a new workforce of empathic managers is especially difficult for midsize companies. While larger companies can earmark billions of dollars for learning and development for massive workforce transformation, smaller companies are more fiscally constrained and don’t have the same resources. Midsize companies also often don’t have the scale to create a managerial class within their workforce — they need managers to be both managers and doers.
Midsize companies need to find solutions to develop more empathic managers without massive investments and continue to have those managers work rather than just manage. This will require organizations and their HR functions to develop their managers’ skills, awaken their mindsets to manage in new ways, and create the capacity across the organization to enable this shift. Here’s how to adopt a holistic strategy that invests in all three of those strategies.
Develop empathy skills through vulnerable conversation practice
Asking managers to lead with empathy can be intimidating. Many managers understand empathy conceptually but aren’t sure how to use it as a management tool: Are these questions too personal? How do I create a trusting relationship with my direct reports? Is caring acceptable at work? How do I talk about social justice ? It goes against deeply ingrained assumptions that we should keep work and life separate. Managers need opportunities to practice — and, crucially, room to make mistakes — in order to learn to lead with empathy. Unfortunately, only 52% of 31 learning and development leaders polled in May 2020 report that they’re increasing their focus on soft skills.
To build empathy, Zillow creates cohorts of managers across the organization who engage in rotating one-on-one conversations with their peers to troubleshoot current managerial challenges. These conversations offer frequent, psychologically safe opportunities to engage in vulnerable conversations focused on how managers can commit to specific actions to care for themselves, as well as support the well-being of their team. Managers are able to practice their empathy with their peers, asking specific questions to understand their challenges and articulating their own circumstances in response to probes. Importantly, these types of conversations offer managers the opportunity to fail — and in a safe space — which is an opportunity rarely given to figures of authority. They also help managers feel less isolated by practicing empathy with peers, who are less likely to pass judgment.
Empower a new manager mindset by creating a network of support
According to our 2021 survey of 4,787 global employees, 75% of HR leaders from midsize companies agree that managers’ roles have expanded, yet roles and teams are not structured to support well-being.
Goodway Group, a fully remote company since 2007, knows that the best business results and purpose for work happens within teams and that distributed teams face greater challenges with communication and shared visibility. Goodway created a dedicated role, the team success partner, whose responsibilities include fostering trust and psychological safety and supporting team health. Managers work with team success partners to respond to the unique challenges distributed employees are facing; this includes facilitating remote psychologically safe remote conversations and supporting new team member assimilation.
Managers’ motivation to be empathic increases when they have a support system that makes it clear that the burden isn’t theirs alone and when organizations invest in roles designed to support them.
Create manager capacity for empathy by optimizing reporting lines
Managers are already overburdened by the demands of the evolving work environment, and actions that drive empathy are time consuming. While 70% of midsize HR leaders agree managers are overwhelmed by their responsibilities, only 16% of midsize organizations have redefined the manager role to reduce the number of responsibilities on their plate.
Recognizing the pressure on managers to maintain team connectedness in a remote environment, leaders at Urgently, a digital roadside assistance company, rebalanced their managers’ workloads. When managers have a team size they can handle, they’re able to dedicate time to fostering deeper connections and responding with empathy. Moving to a hybrid environment creates complexity; one key part of the solution is to help managers prioritize their workload to focus on fewer, higher-impact relationships with individuals and teams.
Organizations that equip managers to be empathic by holistically addressing the three common barriers — skill, mindset, and capacity — will achieve outsized returns on performance in the post-Covid-19 world.
- Brian Kropp is chief of research for the Gartner HR practice, which delivers insights and solutions that address new and emerging executive challenges and enable HR leaders to take decisive actions. Brian’s expertise spans all aspects of HR, including talent acquisition and management, employee experience, change management, and leadership.
- AC Alexia Cambon is a research director in the Gartner HR practice. She works with clients to solve challenges around hybrid work design, employee experience, improving organizational culture, and creating a compelling employment value proposition.
- SC Sara Clark is a senior research principal in the Gartner HR practice. She works with chief human resource officers, heads of learning and development, and talent management leaders to identify and share emerging best practices in hybrid work design, learning design and delivery, and skills-based talent planning.
Partner Center
2021 Annual Report
- From The Dean
- PDF Downloads
The Year in Review
The 2020–21 fiscal year was one of innovation and adaptation. While the pandemic disrupted lives and activities around the world, Harvard Business School sought to not just continue but also adapt and extend its core activities of teaching, research, and disseminating ideas. Faculty and students alike embraced the custom technology that enabled teaching and learning both in the classroom and remotely. They were supported by hundreds of frontline staff who came to campus every day to transform old processes and build and manage new systems. Throughout, the HBS community worked together to overcome the complexities inherent in this hybrid approach.
Students Arrive
More than 9,300 applicants sought a place in the MBA Program and nearly 800 applicants in the Doctoral Programs; the acceptance rate for both was highly competitive, at 13 % and 4 %, respectively.
Fellowships were awarded to 838 MBA students, with an average fellowship of $42,225 for the Class of 2021.
MBA CLASS OF 2022
- Students 732
- Applications 9,304
- Acceptance Rate 13%
INCOMING DOCTORAL STUDENTS
- Students 26
- Applications 797
- Acceptance Rate 4%
New Faculty Join
Thirty faculty members, including new tenure-track professors, visitors, and practitioners, participated in START, a deep-dive orientation to the School that took place virtually over three days in July 2020 with one day on campus in August. The program provides an overview of Harvard Business School and a window into research and research support at the School, the case method, and the classroom experience. Teaching faculty join study groups and practice preparing and opening a case, and then receive feedback and advice from experienced colleagues. Professor Ryan Buell designs and leads the program with the support of the Division of Research and Faculty Development.
Associate Professor
Entrepreneurial Management
Assistant Professors
Negotiation, Organizations & Markets
Organizational Behavior
Business, Government & the International Economy
Faculty Promoted
Full professors.
Technology & Operations Management
Associate Professors
Staff Shine Through
The faculty and leadership have noted over the years that the staff members are the fuel that propels the School. Never was this more evident than FY21, when staff elevated their performance to new heights, overcoming every obstacle that the pandemic presented, to ensure the continuity of the School's work. Every team leaned in--from food service workers to security to technology and administrative support--whether on campus or remote. Their dedication, commitment to excellence and ability to adapt, allowed HBS to thrive at a time when many other schools were hunkering down.
Racial Equity Plan ANNOUNCED
In September 2020, HBS unveiled its action plan for racial equity, with ambitious goals for advancing racial equity within and beyond the School. The plan was drafted by the Dean's Anti-Racism Task Force, a group of 25 students, alumni, faculty, and staff who engaged an even broader swath of the community in devising its recommendations. The plan seeks to advance anti-racism education and research, support the Black community at HBS and beyond, engage the broader business community, and change the School's culture and organization. Milestones in the following months include announcing the appointment of Terrill Drake as the School's first Chief Diversity and Inclusion Officer, increasing the number of Black case protagonists in active cases by 3 percent, increasing access to the MBA Program by revising the need-based formula for financial aid and waiving application fees, and becoming the first academic partner to the OneTen Initiative , which aims to create 1 million jobs for Black Americans without a college degree in the next 10 years.
COVID-19 PANDEMIC RESPONSE
A moving target with clear principles.
HBS regularly revised its policies over the course of the year as Harvard, Boston, Cambridge, and Massachusetts modified COVID protocols to reflect the trajectory of the pandemic. The School never wavered on its guiding principles, prioritizing health and safety in planning and decision-making while supporting the residential campus.
Teaching & Learning Modifications
In Summer 2020 work began to design an innovative learning environment—leveraging technology and enhancements to the physical space—that could accommodate both in person and remote students. Following extensive experimentation, HBS launched the academic year with new hybrid classrooms that could seat up to 25 students in person and the rest remote, optimizing the experience for both groups through the addition of monitors and a custom Zoom interface. A smaller enrollment of 1609 MBA students—reflecting a generous deferral and leave policy—enrolled. Doctoral classes were held entirely online.
Health & Well-Being on Campus
Throughout the year, students, faculty, and staff participated in regular COVID testing protocols, wore masks at all times, and followed rigorous physical distancing policies. Dining facilities were de-densified to accommodate just one or two diners per table, with only grab-and-go food service available. Outdoor areas were designated where students could gather safely for cocurricular and social activities, provided they had a reservation and a guest list. Perhaps the most obvious changes on campus were the more than 6,000 signs added to remind people about room capacities, daily health attestations, and modified traffic flow patterns. Less visible but equally important were the upgrades to air filtration systems in all buildings, meeting or exceeding Centers for Disease Control (CDC), Commonwealth of Massachusetts, and American Society of Heating, Refrigerating, and Air-Conditioning Engineers (ASHRAE) standards.
Innovation in Executive Education
Executive Education was able to deliver all of its programs in virtual formats—including shorter, topic-focused and custom programs, as well as longer offerings such as the General Management Program. Faculty leveraged Zoom, asynchronous learning modules, and the HBS Live Online Classroom to create an engaged learning experience. The faculty and program staff experimented with reducing the size of discussion groups for better engagement, finding new ways for participants to network and socialize virtually, and increasing virtual access to case protagonists. Post-program surveys revealed very strong satisfaction scores.
Seven new programs were introduced, including Competing in the Age of AI, Competing in the Age of Digital Platforms, and Accelerating Board Diversity.
Creating Community in the Virtual Realm
The pandemic did not impede efforts to deepen community engagement as students, staff, faculty and alumni alike sought out new opportunities to connect. MBA student clubs hosted 24 virtual conferences with attendance in some cases far surpassing previous records. HBS Initiatives collectively hosted over 100 virtual events, leveraging the ability to more easily engage practitioners from around the world. Monthly all-staff meetings brought together over 500 staff to each session. And, throughout the year, the External Relations group curated lifelong learning programming and rich content to alumni around the world through 13 virtual events led by HBS faculty, reaching 37,000 participants.
Bringing Alumni Together Virtually
Virtual alumni reunion events in Fall 2020 and Spring 2021—featuring traditional sessions such as the Dean's Address and faculty presentations—drew more than 3,800 alumni. The experience also included more than 100 HBS-enabled, alumni-led virtual programs in the months beforehand.
Courses & Programs
Harvard business publishing leadership change.
Building RENAMED for James I. Cash
Doctoral Students Receive Awards
Four students were honored with the Wyss Award for Excellence in Doctoral Research and the Martin Award for Excellence in Business Economics.
Wyss Award for Excellence in Research
(named in honor of Hansjörg Wyss, MBA 1965) Ximena Garcia-Rada, Marketing Sourobh Ghosh, Technology & Operations Management Alexa Scherf, Accounting & Management
Martin Award for Excellence in Business Economics
(established by Roger Martin, MBA 1981) Francesca Bastianello, Business Economics
Leadership change at Knowledge & Library Services
Library acquires New Collection
The new John Hawkins Research Interviews about Henri Termeer collection contains transcripts of research interviews conducted by Hawkins during the writing of his biography of Termeer, the former chairman, chief executive officer, and president of Genzyme Corp. The collection features 120 interviews with leaders in biotech, science, academia, and government, such as former Massachusetts Governor Deval Patrick, Massachusetts Institute of Technology President Dr. L. Rafael Reif, Harvard Medical School Dean Dr. George Daley, and Biogen Co-founder Dr. Phillip Sharp.
CREATING A Sustainable Campus
FY21 marked a decade of intense focus on sustainability at HBS. During that time, HBS has been on the leading edge of sustainability efforts at Harvard University, with a School-wide sustainability plan drafted in 2012 and updated in 2016—ahead of the Harvard Sustainability Plan . At the core of the effort is a focus on careful stewardship of resources, which includes reducing emissions, waste, and energy and water use; implementing green operation standards in building and campus maintenance; and promoting healthy, smart, and sustainable dining options. The campus is a living laboratory for devising best practices and solutions to sustainable living, learning, and working on campus. Conservation measures yielded $29 million in estimated savings in the last decade, and also brought in $2 million in incentives and $130,000 from solar renewable energy credits.
A Dean Transition
In December 2020, Nitin Nohria stepped down after more than 10 years at the helm of HBS. Accomplishments during his tenure include Harvard Business School Online, the Harvard Innovation Labs, the Field Method, new MS/MBA program offerings, building the faculty, and advancing racial equity, all under the umbrella of his 5 Is: Innovation in the School's educational programs; Intellectual ambition for widespread impact; Internationalization to build global knowledge, Inclusion to enhance culture and community, and Integration with Harvard University.
Srikant Datar became Dean on January 1, 2021 and, based on extensive conversations with faculty, staff, students, and alumni, articulated a series of aspirations and engines for the School, including reimagining the educational programs, business and society, research in action, digital transformation, partnering across Harvard, and diversity, equity, and inclusion.
Interest in online learning surged
Learning tracks launched.
HBS Online saw a surge of interest in online learning as a result of the pandemic. In May 2021, the group launched Learning Tracks to enable professionals to specialize in a particular subject area and develop deeper insights and expertise to advance their careers. Tracks include Leadership and Management and Strategy. Upon completion of three courses, learners are awarded a Certificate of Specialization.
Connecting at HBS Online Connext
HBS Online held its annual conference on May 7, 2021. Over 3,000 learners from across the globe gathered virtually for a day of networking, learning, and inspiration surrounding the theme “Navigating the Digital Frontier.”
PRIMO CONTINUES VIRTUALLY
Summer 2020 marked the first virtual version of the Program for Research in Markets and Organizations (PRIMO), a three-month program that introduces undergraduates to research and an academic career in management by partnering them with a faculty member to work on articles, cases, and other research projects. As part of the School's efforts to increase diversity in doctoral programs, in 2020 the program was open to any undergraduate student in good standing at an American college or university. This year's group of 17 Fellows included students from Wellesley College, Princeton University, Carleton College, and Georgia Institute of Technology.
New Venture Competition hosts 24th contest
Led by the Arthur Rock Center for Entrepreneurship and the Social Enterprise Initiative, the New Venture Competition finale in March 2021 featured 22 student and alumni teams vying for $325,000 in cash and in-kind prizes. Since the competition's inception in 1997, there have been more than 6,500 participants, with more than $3 million awarded to the winning teams . Teams draw on an array of resources and support from across the School, including Entrepreneurs-in-Residence; the library; early stage feedback; and webinars with alumni, social entrepreneurs, and investors.
Winning teams:
Concord Materials , Hive Health , Shelly Xu Design (pictured), Vocal Justice , Bone Health Technologies , Kudos & Karivez Bio
Harvard Celebrates 111th Class Day & Graduation Ceremonies
The academic year culminated on May 27, 2021, as the School recognized and honored the Class of 2021, livestreaming Class Day celebrations and graduation ceremonies for the 787 students receiving MBA degrees as well as two students earning DBAs and 15 students earning PhD degrees. In addition to Dean Srikant Datar's address to the graduates, Walmart CEO Doug McMillon and Sara “Figes” McLoughlin Figel (MBA 2021) served as Class Day speakers.
Dean's Awards Bestowed
Seven graduating students were honored with the Dean's Award, including Bukie Adebo, Abby Burcham, Ryan Flamerich, Alexis Jackson, Elina Rodriguez, and Ronnie Wimberley (all MBA 2021), and Lumumba Seegars (PhD in Organizational Behavior, 2021). The Dean's Award celebrates the achievements of graduates who have had an extraordinary impact on the School, University, or broader community.
Bukie Adebo
Abby Burcham
Ryan Flamerich
Alexis Jackson
Elina Rodriguez
Lumumba Seegars
PhD 2021 Organizational Behavior
Ronnie Wimberley
Faculty Recognized for Teaching & Academic Support
Five faculty members were recognized by graduating MBA students for their exceptional contributions to the HBS experience: members Malcolm Baker , Anthony Mayo , and Sophus Reinert for outstanding teaching in the Required Curriculum, and Kristin Mugford and Tom Nicholas for outstanding teaching in the Elective Curriculum.
Two HBS faculty members, Lakshmi Ramarajan and Robert Huckman , were recognized for their exceptional mentorship, collaboration, and support of students with the Wyss Award for Excellence in Doctoral Research. Adi Sunderam and Elizabeth Keenan were selected as runners-up. The student-led award recognizes faculty members for their commitment to developing future scholars.
Leadership Fellows CHOSEN
The Leadership Fellows Program strives to develop a network of HBS graduates—255 since the program's inception in 2001—with cross-sector experience who are committed to addressing societal issues throughout their careers.
- Mae Abdelrahman, The Juilliard School
- Landon Acriche, MBTA
- Silvia Adam Reig, Lincoln Center for the Performing Arts
- Prerna Arya, Harlem Children's Zone
- Rebecca Braun, Boston Planning and Development Agency
- Soltan Bryce, Boston Medical Center Health System
- Sara Jetty, Whitney Museum of American Art
- Justin Kim, Social Finance
- Yogi Kurniawan, City of San Jose Mayor's Office
- Jake Mayo, City of Boston Mayor's Office
- Shani McKinney, Los Angeles Unified School District
- Steven Povich, MBTA
- Kelsey Roberts, City of Detroit
- Anuja Samuel, Equal Justice Initiative
Alumni Achievement Recognized
Each year Harvard Business School recognizes a small number of outstanding alumni by conferring on them its highest honor, the Alumni Achievement Award. Throughout their careers, these distinguished graduates have contributed significantly to their companies and communities while upholding the highest standards and values in everything they do. Exemplary role models, they inspire all those who aspire to have an impact on both business and society.
MBA 1973 Founder, Co-CIO & Chairman, Bridgewater Associates
H. Naylor Fitzhugh
MBA 1933 (posthumous award)
Mezuo Nwuneli
MBA 2003 Cofounder & Managing Partner, Sahel Capital Agribusiness Managers
Ndidi Okonkwo Nwuneli
MBA 1999 Cofounder & Managing Partner, Sahel Consulting Agriculture & Nutrition
Terry Virts
GMP 11, 2011 Astronaut & NASA veteran of two spaceflights
Deborah Winshel
MBA 1985 Managing Director & Global Head of Social Impact, BlackRock, Inc.
IN MEMORIAM
- Doris Bogues, External Relations
- Lisa Gentile, Division of Research & Faculty Development
- Robert R. Glauber, Professor of Business Administration
- David F. Hawkins, Lovett-Learned Professor of Business Administration, Emeritus
- Kenneth A. Kerr, Knowledge & Library Services
- Keith Larson, External Relations
- Jane McCormick, MBA Program
- Barry O'Sullivan, Dean's House
- News & Celebrity News
- Cars & Motorcycles
- Food & Cooking
- House & Interior & Garden
- Hobbies & Craft
- Economics & Finance
- Style & Lifestyle
- Travel & Country
- TV & Movies
Harvard Business Manager – Juli 2021
- Language: German
- Category: Business
- Date: 12 July 2021
- Format: PDF
- Size: 9.8 Mb
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- Performance Management
The University's approach to performance management is based on the understanding that regular, meaningful conversations between managers and employees lead to better results and higher engagement for everyone. All administrative/professional and support staff at Harvard are encouraged to meet with their managers as frequently as they choose to discuss their work priorities, performance, and developmental needs and aspirations. Managers are expected to proactively schedule and structure these meetings throughout the year to minimize the stress associated with one-time, high stakes, end-of-year performance appraisals.
Annual Planning Cycle
Although it varies across schools and departments, in general the annual performance management process coincides with the fiscal/academic year and looks like this:
The University uses a qualitative ratings system that allows managers to assess employees' impact for purposes of making annual compensation decisions that can include merit increases and bonuses. At the end of each performance period, managers are asked to rate their employees' impact, using the following levels and definitions.
Compensation decisions for employees represented by a union follow the corresponding contractual agreement in effect.
Help and Resources
If you have any questions, your local Human Resources office can provide more information, support, and access to training.
Please click below to explore additional resources produced by the Center for Workplace Development, Faculty of Arts and Sciences HR and other training providers that will help you have more effective and satisfying performance conversations.
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Harvard's Endowment
Harvard’s endowment, the University’s largest financial asset, is a perpetual source of support for the University and its mission of teaching and research. The endowment is made up of more than 14,000 funds; the two largest categories of funds support faculty and students, including professorships and financial aid for undergraduates, graduate fellowships, and student life and activities.
What is Harvard's endowment?
Harvard’s endowment is a dedicated and permanent source of funding that maintains the teaching and research mission of the University. Made up of more than 14,000 individual funds invested as a single entity, the endowment’s returns have enabled leading financial aid programs, groundbreaking discoveries in scientific research, and hundreds of professorships across a wide range of academic fields.
Each year, a portion of the endowment is paid out as an annual distribution to support the University’s budget, while any appreciation in excess of this annual distribution is retained in the endowment so it can grow and support future generations. As a result, the endowment can provide the financial foundation for the University for generations to come.
Distributions from Harvard’s endowment provide a critical source of funding for the University. The endowment distributed $2.1 billion in the fiscal year ending June 30, 2022 contributing over a third of Harvard’s total operating revenue in that year. The overwhelming majority of the funds that make up Harvard’s endowment are donor directed to specific programs, departments, or purposes (dedicated scholarships, named professorships, etc.), and must be spent in accordance with terms set forth by the donor. Payout from these funds can only be spent in support of the fund’s designated purpose. Unrestricted funds, which account for less than 20 percent of Harvard’s endowment, are more flexible in nature and are critical in supporting structural operating expenses and transformative, strategic initiatives.
Each of Harvard’s twelve Schools “owns” its share of the endowment. Over 80 percent of the funds that make up the endowment are dedicated by the donor to a specific School. School revenue profiles vary widely, and each draws a different proportion of its budget from its endowment.
What does Harvard's endowment support?
The endowment remains the largest source of revenue supporting the University budget. In fiscal year 2022, endowment distributions for operations represented 36 percent of the University’s revenue—ranging from 81 percent of Radcliffe Institute for Advanced Study revenue down to 20 percent for Harvard Business School and Harvard T.H. Chan School of Public Health.
Endowment funds support nearly every aspect of University operations. The two largest categories of funds cover faculty salaries, including professorships, and financial aid for undergrads, graduate fellowships, and student life and activities. Harvard also has endowments that support academic programs, libraries, art museums, facilities, and a wide variety of other activities.
Even with endowment support, Harvard must fund nearly two-thirds of its operating expenses ($5.4 billion in fiscal year 2022) from other sources, such as federal and non-federal research grants, student tuition and fees, and gifts from alumni, parents, and friends.
Who manages Harvard's endowment?
Harvard Management Company (HMC)—a nonprofit, wholly owned subsidiary of Harvard University—has managed the University’s endowment portfolio since 1974. HMC has a singular mission of producing strong investment results to support the educational and research goals of the University. Governed by a board of directors appointed by the President and Fellows of Harvard College, HMC works to manage the endowment in a sustainable way so that it can provide capital to support the long-term goals of the University.
How does Harvard determine its endowment payout?
The University’s spending practice has to balance two competing goals: the need to fund the operating budget with a stable and predictable distribution, and the obligation to maintain the long-term value of endowment assets after accounting for inflation.
The University determines the annual endowment distribution after considering a variety of factors, including guidance from a payout formula that provides a steady stream of income to support current needs while preserving the endowment’s future purchasing power. This process is similar to those of many other colleges and universities.
As a general rule, Harvard targets an annual endowment payout rate of 5.0 to 5.5% of market value. The actual payout rate varies each year based on endowment returns. For example, following extraordinary endowment returns in FY21 of 33.6% that served to boost the endowment’s market value, the payout rate (i.e., the annual distribution as a percent of market value) fell, despite the fact that the annual distribution increased. Each year the Harvard Corporation approves the final distribution amount.
Why can't Harvard use more of its endowment in order to cover additional expenses or reduce tuition costs?
Returns from the endowment foster leading financial aid programs, scientific research discoveries, and hundreds of professorships.
However, there is a common misconception that endowments, including Harvard’s, can be accessed like bank accounts, used for anything at any time as long as funds are available. In reality, Harvard’s flexibility in spending from the endowment is limited by the fact that it must be maintained in perpetuity and that it is largely restricted.
Endowment gifts are intended by their donors to benefit both current and future generations of students and scholars. As a result, Harvard is obligated to preserve the purchasing power of these gifts by spending only a small fraction of their value each year. Spending significantly more than that over time, for whatever reason, would privilege the present over the future in a manner inconsistent with an endowment’s fundamental purpose of maintaining intergenerational equity.
In addition, many donors also designate a specific purpose for which their fund can be spent. For Harvard, over 80 percent of endowed funds are subject to these restrictions. Contributions may be given in support of a specific School, program, or activity, and can only be used for those purposes.
Each Annual Financial Report includes a press release about the endowment’s performance for that fiscal year.
Annual Financial Reports
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It's Time to Free the Middle Manager. by. Brian Elliott. May 21, 2021. D-BASE/Getty Images. Summary. As organizations shift toward more distributed, asynchronous workforces, the traditional role ...
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In February 2021, Harvard Business Publishing announced the retirement of CEO David Wan (MBA 1981). Wan joined HBP in 2002 and helped transform the organization into a global leader in improving the practice of management and its impact in a changing world, growing revenues from approximately $90 million to $270 million.
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Step. What Happens. 1. Goal/Priorities. Typically toward the beginning of the fiscal year, managers and staff sit down to discuss goals and priorities for the upcoming performance period and then document their conversations in the performance management section of PeopleSoft. Ideally, before these conversations occur, departments and teams ...
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Inside Harvard Business School's MBA and Executive Education Programs: Perspectives on a Year of Challenges and Innovation—and Planning for the Future Speakers: Das Narayandas, Karim Lakhani, and Luis Viceira June 2, 2021 Watch the recording How Writing and Teaching a Difficult, Emotionally Charged Case Made Me a Better Educator
Harvard's endowment, the University's largest financial asset, is a perpetual source of support for the University and its mission of teaching and research. The endowment is made up of more than 14,000 funds; the two largest categories of funds support faculty and students, including professorships and financial aid for undergraduates, graduate fellowships, and student life and activities.
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