Key Point: I was listening to an executive from one of the global, big-name consulting companies the other day. He is in most boardrooms with all the world’s largest banks and other financial service companies. His observation: For the first time, financial service companies have almost the same strategy; to provide profitable financial services from a scalable platform to a customer of ONE. Mass personalization is the nirvana outcome for both businesses and retail customers (think Netflix and Amazon individual customization). However, on a global stage, the competition is crazy intense and increasing. An efficiency ratio of 40 percent may have been the benchmark, and then you find out some competitor is way more productive with 20 percent efficiency, while providing equal or better service. Yikes! And, in spite of recent trends towards national protectionism or thinking that regulation is going to protect inefficiency in markets; well these constraints in the historical sense, are just blips. So what?
If you’re in charge of any group or organization, high performance, execution and getting results is taking on advanced meaning and requiring more elevated leadership. Execution is NOT blindly or simplistically about annual performance reviews, exhorting or inspiring people to greatness, or just getting rid of poor performers and leaders. Nor is it sufficient to only have great technology or processes. It is no longer reasonable to expect sustainable success by relying on any ONE part of an organization system. More than ever, it is necessary to be exceptional in every aspect!
The purpose and value of the company’s business model must be compelling. The organization’s processes are ideally the HEROES in giving customers a memorable experience and commercial entities an attractive financial margin. Of course, employees need to be there to make hero processes really “wow” customers. They need the courage and self-accountability to finally demand that processes must make them look competent in the eyes of the customers. For too long, organizations have been asking employees to cover up and excuse continuous crappy processes. Every year, the same lousy practices persist and too often the explanation from “leaders” is that people just aren’t working hard enough or don’t have the right “DNA.” On the flip side, employees break a process or compensate for inadequate ones and then get rewarded for being the heroes for putting “out the fire” they created. No more.
Personal Leadership Moves:
1. As a leader, demand that the processes you deliver to others make you and teammates look competent, and THEN use people attributes to “wow” and create memorable differentiation. Do not allow yourself to continuously make up for poorly designed/flawed processes. It is not sustainable, and will not lead to high performance and execution.
2. Have the expectation that every part of the organization achieves greatness: People, data, technology, processes, purpose, and valued business models. Any weakness makes you and the company vulnerable. To have a truly great culture, EVERY part hums and creates a lasting symphony.
Heroes in Personal Leadership,
One Millennial View: It feels lousy to just skate by! You know it, I know it, and everyone feels worse off for doing it. As Millennials, we have an opportunity to train ourselves early in our careers to do our best to make sure the processes we follow are actually keeping ourselves challenged, learning and growing. As well, we have the right and accountability to be proud of processes we are part of. This blog likes to reiterate, it’s “that easy, and that hard.” But it’s also that much more rewarding.
Edited and published by Garrett Rubis