Harvard Case - Investing in the Future: Corning Inc. and the Alternative School for Math and Science
"Investing in the Future: Corning Inc. and the Alternative School for Math and Science" Harvard business case study is written by Derek C.M. van Bever, Miho Kubagawa. It deals with the challenges in the field of General Management. The case study is 12 page(s) long and it was first published on : Mar 8, 2019
At Fern Fort University, we recommend Corning Inc. proceed with the investment in the Alternative School for Math and Science (ASMS) as a strategic initiative aligned with their corporate social responsibility (CSR) goals and long-term growth strategy. This investment will not only benefit the community but also strengthen Corning's brand image, attract and retain top talent, and foster innovation within the organization.
2. Background
Corning Inc., a global leader in materials science, faces a critical challenge in attracting and retaining skilled talent in a competitive market. The company is actively seeking ways to invest in the future workforce and contribute to the communities where they operate. The ASMS, a public school focused on STEM education, presents an opportunity to address this challenge by supporting a pipeline of future employees and strengthening the company's reputation as a socially responsible organization.
The main protagonists in this case are Wendell Weeks, Corning's CEO, and the ASMS leadership, who are seeking funding for their school's expansion and development.
3. Analysis of the Case Study
This case can be analyzed through the lens of strategic planning, corporate social responsibility, and talent management.
Strategic Planning:
- SWOT Analysis: Corning's strengths include its technological expertise, global reach, and strong financial position. However, the company faces challenges in attracting and retaining talent, particularly in STEM fields. The ASMS investment aligns with Corning's strategic goal of securing a future workforce by addressing the talent shortage in its core business area.
- Porter's Five Forces: The competitive landscape for talent is fierce, with companies vying for skilled professionals. By investing in ASMS, Corning can gain a competitive advantage by building a strong relationship with a future talent pool.
- Balanced Scorecard: The investment can be measured across various perspectives:
- Financial: Increased ROI through a skilled workforce, potential tax benefits, and brand value enhancement.
- Customer: Improved brand image, enhanced community relations, and potential for attracting top talent.
- Internal Processes: Streamlined talent acquisition processes, improved employee engagement, and a more diverse workforce.
- Learning & Growth: Fostering STEM education, supporting community development, and creating a positive impact on the future workforce.
Corporate Social Responsibility:
- Stakeholder Engagement: The investment demonstrates Corning's commitment to community development and education, aligning with stakeholder expectations for responsible corporate behavior.
- Sustainability Practices: By supporting STEM education, Corning contributes to a sustainable future by fostering a workforce equipped to address global challenges.
- Brand Management: The investment strengthens Corning's brand image as a socially responsible company, attracting customers and investors who value ethical practices.
Talent Management:
- Hiring and Recruitment: The ASMS investment creates a pipeline of potential future employees for Corning, providing access to a diverse and highly skilled talent pool.
- Employee Incentives: The investment can be used to incentivize current employees to engage in community initiatives and support STEM education, fostering a sense of purpose and pride in their work.
- Talent Development: By supporting the ASMS, Corning can contribute to the development of a future workforce with the skills and knowledge needed for success in the evolving technological landscape.
4. Recommendations
Corning should proceed with the investment in the ASMS, focusing on the following:
- Strategic Partnership: Establish a formal partnership with ASMS, outlining clear goals, responsibilities, and metrics for success.
- Financial Commitment: Provide a significant financial contribution to support ASMS's expansion, curriculum development, and infrastructure improvements.
- Mentorship and Internship Programs: Develop programs that allow Corning employees to mentor ASMS students and offer internships to provide practical experience and career guidance.
- Community Engagement: Organize events and workshops that connect Corning employees with ASMS students and the broader community, fostering a sense of shared purpose and responsibility.
- Data-Driven Evaluation: Track the impact of the investment through data collection and analysis, measuring key performance indicators (KPIs) related to student performance, employee engagement, and brand perception.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: The investment aligns with Corning's core competencies in materials science and its mission to create innovative solutions that improve lives.
- External Customers and Internal Clients: The investment strengthens Corning's brand image, attracts talent, and improves community relations, benefiting both external customers and internal employees.
- Competitors: By investing in STEM education, Corning gains a competitive advantage in attracting and retaining top talent, particularly in a field where skilled professionals are highly sought after.
- Attractiveness: The investment is attractive from a financial perspective, considering the potential for increased ROI through a skilled workforce, tax benefits, and brand value enhancement.
6. Conclusion
Investing in the ASMS is a strategic decision that aligns with Corning's corporate social responsibility goals, talent management needs, and long-term growth strategy. This investment will not only benefit the community but also strengthen Corning's brand image, attract and retain top talent, and foster innovation within the organization.
7. Discussion
Alternative options include:
- Direct investment in STEM education programs: Corning could invest directly in other STEM education programs within the community.
- Focus on internal talent development: Corning could prioritize internal talent development initiatives instead of external investments.
However, these options lack the strategic alignment and long-term impact of the ASMS investment.
Risks:
- Lack of measurable impact: The investment may not yield the desired results in terms of talent acquisition or brand image enhancement.
- Financial sustainability of ASMS: The ASMS may face financial challenges despite Corning's investment.
Key Assumptions:
- ASMS is a viable and effective educational institution.
- Corning's investment will have a positive impact on student outcomes and talent acquisition.
8. Next Steps
To implement the recommendations, Corning should take the following steps:
- Establish a formal partnership with ASMS within the next 6 months.
- Develop a detailed investment plan and secure funding within the next 9 months.
- Launch mentorship and internship programs within the next 12 months.
- Implement community engagement initiatives within the next 18 months.
- Establish data collection and analysis protocols to measure the impact of the investment within the next 24 months.
By taking these steps, Corning can ensure a successful and impactful investment in the ASMS, contributing to the development of a future workforce and strengthening its position as a socially responsible and innovative company.
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