Incentives the best way to fix what’s ailing Greece

Karl Moore (Desautels Faculty of Management, McGill University) – How would you go about fixing the Greek administration?

Michael Jacobides (Associate Professor of Strategy and Entrepreneurship, London Business School) – You have to do that bottom up.

The problem is that the European Union has sent a bit of technical assistance, which basically consists of bureaucratic employees that may know some Greek – not quite the change managers either with the mandate or the skills to transform the administration.

The other issue is that even the people who are in there and might be able to drive change are actually powerless, and they do not have a mechanism to be heard. That is an initiative that we are now starting, and that we will hopefully be formally announcing soon, working with the redesign minister and the finance minister and the support of the government, which is to create a set of awards that is going to be tailored to specific needs of the Greek administration, combining the principles of crowdsourcing, combining the objectives of change that we have seen in the XPrizes [innovation incentives], and helping bring up the potential latent abilities that exist within the administration.

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