Flexibility Offered for Nonprofits' Deferred Compensation Plans

The Treasury Department has proposed new rules on deferred compensation that unexpectedly provide (or preserve) some flexibility for tax-exempt and government employers.

Deep Dive: 10 hard-hit stocks to buy after the Brexit bomb

Jefferies analysts cite stocks that may have been overly punished last week.

Drones Can Defeat Humans Using Artificial Intelligence

An artificial intelligence system has beaten tactical experts in air combat simulations.

How to Write Emotionally Intelligent Emails

These simple principles for writing emotionally intelligent emails can help you establish trust and build positive working relationships.

The Rideshare Uprising Around The World

The Rideshare Uprising Around The World

Nick Bostrom On The Single Most Important Challenge That Humanity Has Ever Faced

There has been a lot written about the transformational power of artificial intelligence. If you are a regular reader of this column, you have gained the perspectives of eight of the leading thinkers on the topic. (See links to each below.) Nick Bostrom is perhaps the most influential thinker on safety concerns associated with the march toward artificial intelligence. He calls artificial intelligence “the single most important and daunting challenge that humanity has ever faced.”

Exclusive: Apttus plans IPO for first half of 2017

Apttus, a quote-to-cash company with a $1 billion valuation, has hired a new chief financial officer with the goal of going public in the first half of 2017.

Positive but Cautious Global Hiring Forecast for Q3 2016

Employers across the globe plan to increase hiring over the next three months overall, though at a slightly slower pace than in recent quarters, according to the latest Manpower Employment Outlook Survey.

8 ways unconscious bias is killing your business

The world around you is always changing. How you make people-based decisions will need to change with it.

Justice Anthony Kennedy Defends Campus Diversity

So, I've been following the legal action around the Supreme Court's decision for University of Texas, and when the highest court in the land voted 4 to 3 to uphold an affirmative-action ruling last week, I was like, phew!

I confess, I had a bad moment there, and the fact that the vote was so close is cause for alarm. Still, we dodged this particular bullet, and diversity advocates live to fight another day.

Essentially, the Supreme Court was trying to decide whether or not the University of Texas should stop considering an applicant's race as a factor in admissions. Or, when it comes to college admissions, what's more important, economic class or race?

I would argue that both are not only important, they are often related. But the bottom line is, putting the axe to affirmative action would have been an epic blow to campus diversity, and ultimately to workforce diversity.

Fortunately, the big dogs agree. According to a Washington Post piece published yesterday Justice Anthony M. Kennedy, who wrote the majority opinion, essentially said that diversity justifies “some intrusion on the Constitution's guarantee of equal protection, which generally forbids the government from making decisions based on race:

“A university is in large part defined by those 'intangible qualities which are incapable of objective measurement but which make for greatness,'… it remains an enduring challenge to our Nation's education system to reconcile the pursuit of diversity with the constitutional promise of equal treatment and dignity.”

Well said, Justice Kennedy. It's a sad fact, but some diversity problems just aren't going to fix themselves without legal intervention. I wish it wasn't necessary, but I believe in keeping my feet firmly on the ground. That means, let's deal with the reality of the situation, and while change is happening, without a little legal strong arming now and then, that change simply will not happen fast enough to do any good for those of us currently living.

Colleges are the accepted lever people need to advance into the workplace and gain access to better paying jobs, which leads to economic stability. Economic stability leads to progress and advancement on multiple fronts. Colleges need diversity, just as the workplace needs diversity, for all the reasons I discuss each week: to reflect the needs of the global community, to give voice to the arbitrarily and unfairly disenfranchised, the list goes on.

At the end of the day, education is a key tool in the minorities' arsenal. That's why this win is momentous. Still, this victory hasn't lulled this particular diversity advocate into a false sense of security. It would be a mistake to think that now affirmative action is safe. Diversity advocates must remain vigilant because I doubt very seriously whether this particular fight is over.

The vote was narrow, which means defeat was nipping firmly at diversity's heels. So while we can breathe a sigh of relief, it would behoove diversity stakeholders to begin preparations for the next fight – it is coming.

Kellye Whitney is Workforce's associate editorial director. Comment below, or email editors@workforce.com.

Tags: affirmative action, diversity, education, supreme court, University of Texas

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HERE WE GO AGAIN: THE GLOBAL NATIONALISM WAVE GAINS FORCE WITH BREXIT

In early April, I posted a blog sharing some thoughts about the wave of Nationalism now gaining momentum throughout the world.  Since then, a hard-line extreme right party has won seats in the Cyprus parliament; Austria's Freedom Party presidential candidate, although narrowly defeated, gained 49.7% of the vote; France's National Front is newly energized and is promoting a principle of “national priority;” Italy's anti-establishment Five Star movement candidate, Virginia Raggi, has become Rome's mayor with 2/3 of the vote in a run-off contest; and just this past weekend, the UK has voted to exit the European Union (EU), thus roiling global financial markets and causing everyone to wonder what's next for the economy and will other European nations follow suit.

Saudi Arabia Is Changing Its Tone In The Oil Market

Saudi Arabia is talking the oil market up lately. That's a big change from a few months when it was talking the market down.  In fact, Saudi Arabia has been doing much more than talking the oil market up -- it has been hiking oil prices. It was back in February when

The One Piece of Advice that Could Make Obama a Rockstar Venture Capitalist

President Obama recently suggested he would enjoy a career in Silicon Valley as a venture capitalist once he is done with public service. We present three reasons why Obama should invest in network businesses.

Cognitive Technology: What It Is And Why Marketers Should Care

At IBM?s recent Amplify conference, there was a heavy focus around cognitive technologies, an emerging area that use data mining, pattern recognition and natural language processing to mimic the way the human brain works. To better understand what it is and why CMOs should care, I consulted with Harriet Green, General Manager, Watson Internet of Things, Commerce and Education, IBM.

The New York Post: This company wants to replace the Bloomberg terminal at a fraction of the price

Sentieo is the latest upstart to seek a slice of the lucrative financial information provider market.

Middle Market M&A: What Brexit Might Mean For US Buyers Of UK Companies

Pundits have commented about how Brexit might affect the universe. However, Brexit might present a generational opportunity to acquire UK-based businesses on very favorable terms.

Walking On Hot Coals? Here Are 5 Tests Of Courage Tony Robbins Should Introduce Instead

After the media makes much of people getting hurt by walking over hot coals, it's time for new thinking.

Variable Pay: Ready to Make the Leap?

Answering some key questions can help to determine if a variable pay plan is right for your organization. If so, clearly communicate with workers about the intended goals of the plan, the size of potential bonus and what they must achieve to earn it.

Young Talent Feeding Silicon Dragon Startups Takes The Stage And Wows

Judging from the 19 entrepreneurs who pitched at the Silicon Dragon contest in NYC June 23, the world is in for some major shakeups in how traditional business is done. It's an impressive group of next-gen pros who are powering startups today and for tomorrow in the world's leading venture and tech markets - the US and China.

Why Golden State Warriors' Coach Steve Kerr Spoke Out About America's Most Emotive Issue

Sports coaches shouldn't get involved in social and political issues. Or should they?

Why Data-Centricity Is Vital for Marketing Organizations

The marketing industry relies heavily on data returned from analytical reports following both direct and indirect approaches to marketing. Using data-centricity develops a customer-centric marketing strategy that can boost company revenues, increase brand reputation and increase industry dominance. It also creates a pathway for chief marketing officers (CMOs) to redirect their marketing strategies for the best interest of the brand's goals and broadened improvements to positive consumer reactions.

On This Date In Cyber Doom History: An Example of Getting It So Wrong For So Long

I recently returned from presenting at this year's International Conference on Cyber Conflict in Tallinn, Estonia. In his presentation to a “Lessons Learned” panel at that conference, Jason Healey of Columbia University argued, “For twenty five years of the seventy five since Pearl Harbour, we have been talking about a digital Pearl Harbour. It still hasn't happened, so we are probably missing the point.”

A Brexit Re-Vote? It Just Might Happen

Many who voted for Brexit now want a re-vote. They may get one.

Teledentistry, the Latest Health Care Trend

It may be the latest trend in health care delivery services, but telemedicine inherently makes sense. Teledental is less intuitive. While hard to conceptualize, teledentistry is a real program, and it's coming to a state near you.

“At its core, teledentistry is a way to provide affordable preventive care to the public, particularly low-income individuals,” said Dr. Terry O'Toole, vice chair of the American Dental Association Council on Dental Practice. “It costs so much less to prevent a problem in the long run than it does to pay for major procedures such as root canals.”

According to a study conducted by the Robert Wood Johnson Foundation, dental out-of-pocket expenses constituted 27 percent of overall health care out-of-pocket costs. The average for dental out-of-pocket costs was $873. Dental out-of-pocket costs exceeded the average amount of prescription out-of-pocket costs, which were $700.

Unlike telemedicine where there is no face-to-face patient interaction, teledentistry allows hygienists and dental assistants to perform procedures while supervised by a “virtual dentist,” O'Toole said. The hygienists and dental assistants work from temporary clinics that are set up in schools, community centers or nursing homes and perform routine procedures such as cleanings or fillings.

O'Toole said teledentistry can take a variety of forms, including live video feeds, sharing images and patient information over a secure electronic communications system, and remote patient monitoring.

The technique was developed in the 1990s by the U.S. military to treat troops who did not have direct access to a licensed dentist, according to the U.S. Army Center of Military History. High-resolution digital images taken in the field could be sent to a specialist for review. They would then make a diagnosis and a necessary procedure would be performed by a general doctor at the nearest base.

California became the first state to launch a teledentistry program in 2014 when Gov. Jerry Brown signed a bill into law that would require Medi-Cal, the state's insurance program for the poor, to pay for dental services delivered electronically, according to a news release from the governor's office. The legislation took effect on Jan. 1, 2015.

The legislation was the byproduct of efforts by Dr. Paul Glassman, a dentist at the University of the Pacific in San Francisco. He started the Virtual Dental Home demonstration project to prove that teledentistry could increase access to care and end up saving the state money. His efforts were successful, and in 2015, he testified before Congress that telemedicine services should be covered by dental benefits plans at the same level as if the services were being delivered in person.

“As long as the dentist is licensed in the state the patient resides in, it should be covered. If we treat the root of the problem and prevent decay, we're going to be saving people money in the long run,” Glassman said.

Sarah Sipek is a Workforce associate editor. Comment below, or email editors@workforce.com. Follow Workforce on Twitter at @workforcenews.

Tags: teledentistry, telemedicine

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This Entrepreneur Saved His Local Boys & Girls Club$1.8 Million Dollars With A Green Energy Solution

Going green can mean saving green. See how Ted Torre-Bueno, President of Empowered Energy Solutions, saved his local boys & girls club almost $2 million and helped the environment at the same time.

Bill Gates Recommends These 9 Books to Make You a Better Entrepreneur and a Better Person

One of the giants of the last century opens up on what to read to get ahead.

The Untapped Potential Of Substitute Teachers

From Key and Peele to Jack Black, substitute teaching persists as the butt of a big societal running joke. But there are two big reasons we can no longer afford to treat substitute teaching as a punchline and resist innovation in this area.  The first reason is the sheer scale of the issue: at any moment in time, as many as 10% of the teachers standing in front of US classrooms are subs. The second reason is the impact it has on students.  If we consistently send people into classrooms who are unprepared and unsupported – or worse, if we can't even find people willing to take these jobs – we send a very clear message to our students that we don't value them. Ninety percent of school districts offer four hours of training or less to these educators.

How Start-Ups Really Get Funded

Extended seed stages for funding are forcing founders to prove that the 'dogs will eat the dog food'

Workplace Deaths Spike Despite Safety Upgrades

Workplace deaths and injuries are on the rise, having reached their highest levels since 2008, despite dramatic improvements in worker-safety practices over the past few decades.

According to a recent study by the National Safety Council, a nonprofit organization that promotes health and safety, 4,132 workers died of unintentional injuries in the workplace in 2014, up 6 percent from the previous year, reflecting the largest spike in 20 years, according to safety expert John Dony.

“Forty years ago, we had lots of people dying from doing very dangerous work, but we realized that we need to put people in harnesses when they're working on tall buildings, and we need to develop a system for reporting accidents,” said Dony, director of the Campbell Institute, the research arm of the National Safety Council. “We still have a good story to tell around workplace safety in the United States, but the fact that we've had a long history of maturity and improvement and yet we are seeing an increase in deaths and injuries is troubling.”

According to the council's report, which is based on federal data, certain industries have seen a sharper rise in unintentional injuries such as falls, motor vehicle accidents, machinery accidents and exposure to harmful substances.

For employers, this can mean higher workers' compensation costs and more indirect consequences like lost productivity, higher training costs to replace injured workers, lower employee morale and greater absenteeism. According to a 2016 study by the Liberty Mutual Research Institute for Safety, U.S. businesses spend about $1 billion a week in workers' compensation costs for the worst occupational injuries. These include overexertion because of lifting, pulling or throwing, falling, being struck by an object and roadway accidents.

Older workers are being killed or injured in greater numbers.

According to the U.S. Bureau of Labor Statistics, there were 1,691 fatalities among workers 55 and older - a 4 percent increase over 2013. A recent report by Washington state's department of labor found that more than half of workplace deaths in 2015 involved people over 50.

An aging workforce is likely one factor contributing to the increase in workplace deaths and injuries, Dony said, adding that it's not clear if physical limitations associated with aging are to blame.

Whatever the reasons, employers need to do a better job of making their workplaces safer, he said.

Rita Pyrillis is a writer based in the Chicago area. Comment below or email editors@workforce.com. Follow Workforce on Twitter at @workforcenews.

Tags: Safety

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IBM's Watson will now help spot breast cancer and other diseases

IBM's Watson will use big-data technologies to improve personalized care and treat disease.

DIY Blockchain? NXT Announces Customizable Ardor Platform

The core development team behind advanced blockchain platform Nxt that builds on and extends the basic functionality of the first wave of pioneering crypto-currencies has announced “broadening access” to the blockchain space with a new 'child-chain' platform, Ardor. It will enable users to create their own blockchain technology with Ardor child chains based on technologies built on the Nxt 1.0 crypto currency and the blockchain.

The Incorporation Transparency and Law Enforcement Assistance Act Takes On Anonymous U.S. Entities

The world's largest offshore jurisdiction, a/k/a the United States of America, has been under intense criticism for some years regarding the anonymity of business entities that are formed in some states, largely (but not exclusively) those formed in Delaware, Wyoming, and my adoptive home state of Nevada.

What You Can Learn From One of the Biggest Startup Flops of All Time

More than two years after Fab.com collapsed, its founder Jason Goldberg looks back and reveals where he and the company--despite $300 million in funding--went wrong.

The Unexpected Journeys Of R&D: A Parable

This is a story about Randy and Dave (R&D).

Do You Need To Be A Geek To Be A Tech Startup Founder?

Do you need to be a geek to be a tech startup founder? No, absolutely not. Let me put it out there, I don't code, I don't hack, but I do have vision and know what I want, and I do know how to hire the right people to make it happen. It's valuable to have a technical background, but it is not a requirement. And here is why.

The Wall Street Journal: Cybersecurity firms note drop in Chinese hacking incidents

Chinese hacking of corporate and government networks in the U.S. and other countries appears to be declining, according to computer-security experts at companies hired to investigate these breaches.

What's Next for Wearables in the Workplace?

How are wearables going to make their way into our organizations to impact the ways we work?

SHRM Day 2: What I Didn't Expect So Far

 

 

We all have expectations when we go to a conference like SHRM's annual confab in Washington, D.C., but some things you just don't expect.

I didn't expect the elevator system in my hotel to be so bizarre. The first time I rode it, I ran on before the doors closed and manically searched for the button to push to get to my floor. A man in the elevator explained to me that you have to push the button before you get on the elevator. Makes perfect sense … if you're worried about someone pushing the button for every floor as a sophomoric prank.

I didn't expect to watch Chile pound Mexico 7-0 in the Copa America tournament. I admittedly know very little about international soccer - football? - and domestic soccer for that matter, so I didn't expect to strike up a conversation with a man at the hotel bar from California who told me and my boss, Rick Bell, that Mexico's coach didn't play the team's best defender in the game. That's an outrage if it's true! What kind of management skills are those? Yeah, I didn't expect to play Monday-morning goalkeeper on Sunday evening. The man also told us he handles workers' comp claims for a large California-based farming company and that he was in town for SHRM conference. It's a small world after all.

I didn't expect to see the Cleveland Cavaliers win the NBA championship. I thought the Golden State Warriors had it in the bag, but I should have known a team known for shooting threes would have a hard time shooting for two. Championships, that is.

I didn't expect to see some not-so-shy rats running around the The District at night - and, no, that's not a political joke. Geez, give me a little credit.

I didn't expect to hear Mike Rowe, formerly of the Discovery Channel show “Dirty Jobs” describe the not-so-glorious origins of his television success story by telling an anecdote in his keynote address about his exploits in a San Francisco sewer. Note: There was also a frisky, attention-hogging rat in the tale - presumably with a tail - as well as thousands of cockroaches and bodily functions up the wazoo. Out the wazoo? As Rowe put it, “Anybody ever been in a sewer before? … The brain can only process so much horror.”

I didn't expect Alan Mulally, the former Boeing and Ford executive, to have an aw-shucks demeanor that was both charming and heartening in that he seemed to really put people first as part of his philosophy. I also didn't expect Mulally to say, “I think human resources professionals rock.” Oh, who am I kidding? What's he going to say to a room of HR people, “The C-suite rules; HR drools”?

I didn't expect the room Rowe and Mulally spoke in to resemble an airplane hangar. If you see a 747 double-parked outside the conference, now you know why.

I didn't expect to hear SHRM executives refer to my manager, Rick Bell, as Mike. Repeatedly. Mistakes happen. Right, Mike - er, Rick?

I didn't expect SHRM CEO Hank Jackson to take questions after his speech at a news conference about the success of SHRM's certification program. He didn't.

I didn't expect to walk to the gates of the White House lawn on a Sunday morning and have a half-dozen tourists bump into me trying to clear space to take pictures. I know you've probably come from a lot farther distance than I to see the White House, but arguably the most famous building in our country isn't going anywhere. Ever. You'll get your picture now or five minutes from now.

I didn't expect to get my picture taken in the Oval Office. I didn't, but the souvenir photos I got from a store near the White House appear to prove otherwise.

I didn't expect to learn that unpaid interns that have accidents in the workplace are OSHA and out, meaning unpaid interns have little recourse if they get hurt at work. Another reason to pay your interns.

I didn't expect to go to the same restaurant twice in one night: for dinner and later to watch the basketball game.

Finally, I didn't expect to stay up till 12:30 a.m. ET writing this blog, but I also didn't expect a phone call at 6:30 in the morning either. It was a wake-up call, but not my wake-up call. I picked up the phone and hung up only to realize after I got out of bed that it was way too early for my wake-up call. If I'm meeting with you today and I seem a bit groggy, now you know why.

James Tehrani is Workforce's managing editor. Follow Tehrani on Twitter at @WorkforceJames and like his blog on Facebook at “Whatever Works” blog.

 

Tags: expectations, SHRM 2016, Whatever Works

The post SHRM Day 2: What I Didn't Expect So Far appeared first on Workforce Magazine.

The Wall Street Journal: Facebook still hopes to gain entry to China

Facebook Inc. executives Monday reiterated interest in entering China, where the world's largest social network is banned, as they answered questions at the company's annual shareholder meeting.

Are You There, HR? It's Me, Business

No surprise – Human Resources is at a distinct crossroads. Despite the critical role that human capital plays in business outcomes, the function has struggled to gain and retain its seat at the executive table. Some industry pundits have even gone so far as to predict HR's demise altogether.

The Wall Street Journal: Fintech software startup Plaid raises $44 million

Plaid Technologies Inc., whose software allows a variety of financial-technology startups to access their customers' bank account information, has raised $44 million in a new round led by a fund at Goldman Sachs Group Inc.

How Will Iran Pay Boeing, In Dollars Or Euros?

 
Iran is getting ready to place an order with Boeing for 100 planes, as Iran opens up its markets to US aircrafts for first time in decades.
If approved by the US government, the deal will be a big deal for Boeing, as it tries to catch up with European rival Airbus, which has already landed similar deals with Iran.
Wall Street cheered the prospect, sending Boeing's shares higher, when the news broke last Tuesday.

Cybersecurity: We Need New Systems To Save The Banks

Online banking platforms are built on top of an infrastructure that is still heavily reliant on paper and human interaction, leaving it prone to loss, error and social engineering techniques.

What You Can Learn from How Apple Out-Markets Samsung

These two tech giants have very different market strategies. Which one are you emulating?

Slide Show: 8 best American trips for solo travelers

Where to go and what to see if you're traveling alone.

My Father's Day Gift to You: Hello from SHRM!

 

Do you recall where you were on Father's Day 2006? If you're a dad I'd venture to guess you were floating in a pool, barbecuing or watching the final day of the U.S Open golf championship.

For me, there was no pool, no steaks on a grill and seeing Geoff Ogilvy win his first and only major tournament wasn't on the radar. No, I spent my Father's Day 2006 in a makeshift newsroom at the Embassy Suites in Washington, D.C., with a dozen or so people I barely knew.

We were in the nation's capital to cover and publish a show daily around the annual Society for Human Resource Management conference. And guess what: Fast forward to 2016 and here I am again – Father's Day, Washington D.C. and the annual SHRM conference. I sense a pattern developing here.

There's no show daily with SHRM this year (we actually stopped doing it in 2007), there's just three of us here covering it and the makeshift newsroom this time is SHRM's formal press room. But I got a little nostalgic as I randomly passed by the Embassy Suites on my way to the Walter E. Washington Convention Center the day before the conference started.

I hadn't been to Washington since my eighth grade field trip, so 2006 was something of a treat for me. My former boss John Hollon had just brought me on staff, so the whole wide world of HR was new to me, as were my colleagues, who were spread across the country in various Crain Communications bureaus.

Jessica Marquez and Jeremy Smerd were in New York; Ed Frauenheim was in San Francisco; Gina Ruiz was in Los Angeles; Mark Schoeff Jr. was in Washington (he served as host, tour guide and occasional chauffeur). John, along with our other editors Carroll Lachnit, Bob Scally and Toby Hill, were based in Irvine. So this was one of the rare occasions that the entire staff came together.

I discovered quickly just how crazy good these people were as writers, reporters and editors. Filling 16 pages of a show daily for four straight days is a huge, draining undertaking. You can plan for some stories but there are still a lot of column inches to fill. Your spot news chops are put to a serious test.

And boy did they cover it – sessions, speakers, the parties, the race for swag (I think a bag on wheels was the biggest prize) and the box lunch scandal, where people got sick after eating the midday meal at the conference center. Yep, we were all over it.

The biggest news story in my fuzzy recollection was the weather. It was a daily and nightly downpour, and being from Southern California at the time, I never saw storms like that.

But to me, the bigger story was how people who were largely strangers bonded so quickly and produced such a stellar publication. Being together four straight days can do that – or it could go completely sideways and everyone just wants to get the hell away from each other.

From seven of us – or was it eight? – cramming into Schoeff's little compact car to go to dinner as a monsoon drenched us once we arrived at the restaurant to the writers playing quarters as the editors wrapped up the final edition, it was a connection unlike any other I've encountered my entire career.

This year's Father's Day/SHRM mash-up will offer its own distinct memories. As I stepped outside the convention center to take a Father's Day call from my daughter a woman with about 10 tins of popcorn and assorted goodies was standing next to me and also wished me happy Father's Day. So thanks for that, Kimberly Klytta, the corporate sales director for Garrett Popcorn Shops, who, as it turns out, also is from Chicago.

My #SHRM16 conference is off to a good and fortunately much drier start.

Tags: SHRM 2016

The post My Father's Day Gift to You: Hello from SHRM! appeared first on Workforce Magazine.

Should The New Tech Triangle of China-Israel-US Include India Too?

The Tech Triangle of China-Israel-US that I wrote about last week didn't include India, and I heard about it.

How Is Data-Centricity Impacting The Marketing Organization? Part 1

Big data. Predictive analytics. Left-brained CMOs. With the sophisticated statistical techniques that now exist, enabling CMOs to generate superior insight out of data, expectations have ratcheted up. It started in the late 1990's and early 2000's with an expectation that CMOs would be more accountable for performance; today, the best marketing leaders view business management from a data-centric perspective. To better understand how a data-centric approach to business leadership is impacting the marketing organization, I turned to Jennifer Zeszut, the CEO of Beckon, an enterprise-class marketing intelligence platform. The following is part 1 of a two-part series.

7 Facebook-friendly Words That Make You Sound So Unprofessional

It might seem OK on Facebook, that doesn't mean it's OK in business.

Cybersecurity: We Need New Systems To Save The Banks - And The People Who Rely On Them

Online banking platforms are built on top of an infrastructure that is still heavily reliant on paper and human interaction, leaving it prone to loss, error and social engineering techniques.

Why Apple doesn't have a venture-capital arm

Unlike many top technology companies, Apple doesn't have a venture capital arm. The reason comes down to Apple's culture of secrecy, but it could cost the tech giant if the $1 billion bet on Didi Chuxing pays off.