Are these traumatic times in our Leadership?

"Never in the field of human conflict was so much owed by so many to so few."

One of Churchill’s most famous quote 72 years ago straight after the Battle of Britain.

What an era that must of been. We live in a totally new era now. I believe in a very different and potentially more troubling time. The Banking industry in Europe, the UK and the US has done us a lot of damage over recent years. The European debt crisis is also driving the EU into the total unknown.

This brings me back to the Barclays saga. Bob Diamond the ex CEO has called the behaviour of some of the minority of his staff as reprehensible. We know that this minority were making a gain for their own personal need through a poor code of conduct. What we don’t know is how many others are out there like that.  Clearly we understand that everybody needs to make a living and at the same time life is becoming more and more expensive. We must try to get the message across that we can also make a living by maintaining strong business ethics and personal code of conduct.

Mr Diamond has now been offered £22 Million in his lay off package by Barclays. This is going to be a true test of his character to see whether he accepts. Let me try to enlighten a little more wisdom here by adding a little EQ. The banking industry (as well as some other service sectors) in the last decade has caused so much harm to the wider society by so few what with our debt crisis, austerity measures, higher taxes and pension contributions for persons such as Mr and Mrs Jones who have worked very hard most of their lives.

Mr Diamond has already made £105 Million from working for one of the largest banks over this last ‘lost’ decade. Now he has been offered £22 million (€27.6 Million) ! Does he actually need it? Accepting it is surely going to hit big headlines. Is this not making a gain for his own personal need? This could be seen as no different to the reprehensible behaviour of some of his ex-employees.

I am certain other CEO’s from other sectors are aghast at the behaviour of some of their peers in the financial sector and would find these figures reprehensible and will certainly question its principle. The board in my view should never have offered this amount (they may have had no alternative as they must have been contractually obliged.) Mr Diamond has been presiding over large elements of a culture of greed and crookedness that requires change. He did not change it. He finds some of the behaviour of his ex-employees as reprehensible. He and his COO did the right thing to resign and waiving their annual bonus. To maintain your honour I would advise that perhaps waiving their own pay off package and perhaps to go as far as pay some money back to where it came from or forward it to where it is most needed.

It is a serious matter when we talk about re-instilling integrity and moral values. It is our duty as responsible citizens to erase the culture of greed where profit has become for personal gain and individualistic rather than the mentality of serving or contributing for others; this example has to start from the top. This is where people look to. They look at their leaders like they did when Winston Churchill was around. Gosh don't we miss him. An influential CEO must lead by example and also if need be resign by example. We must eliminate double standards. We must stop these mind boggling types of remuneration figures and extortionate pay off packages for discredited leadership even more so whilst the general public is suffering and making genuine sacrifices. There is a real danger of a general backlash. The public are not in the mood. This is how human nature works. We have seen this throughout history.

It seemed ironic the other day as I was asked by a normal good citizen what I did. ‘I help experienced people in training and their career direction with particular attention to the Banking and Financial services industry.’ I replied.

‘Oh yes’ she said. ‘They need help. They are so blind. Some of these persons with a lot of money can be so ignorant.’  She apologised for using such language as she did not really understand the technical aspects of what they did. I felt she totally grasped the issue at hand. Such simple language at times can send such a powerful message.

‘Never in the field of human existence has so much harm been done to so many by so few’

How do I deal with redundancy?

In these troubled times of cost reduction, squeezed profit margins, lack of long term strategy and focus. Not to mention corporate human error, poor judgement and general lack of integrity. Jobs can go. The question is what do you do when you are asked to leave?

After a company has looked at all exhaustive measures then asks someone to leave. This could be a pretty traumatic experience. Let’s think of a common example. You receive an email for an urgent appointment with HR. The Director of HR argues that due to cost cutting measures they would like you to leave with immediate effect. ‘Our people will ensure that you receive a good pay off.’ ‘Thank you for your good work.’ ‘We will ensure you get good references.’ ‘We are sorry, Harry, but the decision came from the top, don’t take it personally.’ These might be common answers. You argue, you reason and battle but to no avail.

You then walk back to your desk; the company security officer is standing next to you. You take your personal belongings. There is no time to down load anything personal from your computer, contact emails, private letters that you have accumulated over the years. You hand in your company mobile, laptop etc. All company access and computer codes are blocked with immediate effect. You might have a chance to shake hands with a few good colleagues who have become friends over the years. He or she then walks you out of the door. You are out on the street. And that’s it.

What happens next? Well, you may become disorientated, try to reason and rationalise in your mind. Why me? You hardly understand anything. You go to the pub and might have a few. You may panic or become depressed. You may fight it. It hardly sinks in. You don’t know how to tell your friends or persons close to you and your pride and ego may have been severely damaged. It could be a huge relief as you were not happy in any case. I just don’t know. Again this would be a case by case situation. Each case is different as each person is different.

My advice here is that I believe that everything in life happens for a reason. In most cases a few years later, you will look back, and it was the best thing that had ever happened. I say this because over time, you would have got your act together and got over it. Human beings are generally resilient and certainly adaptable. My guess is that you would have sat down and really put some time in yourself to really understand your own ability, talents and added value. Possibly ask ourselves not what I can get out of life but more along the lines on how I can contribute. Something you had failed to do when you were working for your ex-employer.  Life can be full of pleasant surprises.

Nevertheless, if your new situation continues to trouble you in that you still find yourself unsettled; Time MCG can guide you out of it and into your future. Time MCG will give you time to understand your capability whereby rediscovering and tapping into your hidden talents. Think out of the box and re-discover yourself. To re-instil your inner belief and courage whereby offering you the right career counselling on a new path or even change. Out there, there could be many opportunities for you that you were totally unaware of regardless of this tight market. In the end it is not all a ‘dog eat dog’ world or a world full of takers.

‘You have not done enough; you have never done enough so long as it is still possible that you have something of value to contribute’
Dag Hammarskjold.  Nobel Peace Prize winner 1961

Let us wake up this career of yours!!

Which Bank is next?

In 2012 we have had Goldman Sachs with the Greg Smith Affair, RBS and the Steven Hester bonus saga. Now Barclays. I am at a loss of words whilst I am reading about Bob Diamond and the mess that Barclays have got themselves into in rigging market interest rates. The PR of the bank is lacking so much social awareness and totally out of tune with the mood of the general public whose patience is being pushed to the limit. For the CEO to say ‘I will not resign’ and blames a number of staff. Mr Diamond, permit me, you are the CEO. The buck stops where you are.  If he had any honour left of course he has to resign. In my view the entire board needs to resign and let us start the radical shake up in the banking sector that we keep on talking about.

After four years since the financial crisis in 2008 and after all that has happened with the bail out of banks at the tax payers’ expense and the consequential wider public suffering from the on-going current debt crisis; why have we not learnt our lessons? There are so many questions that we should be asking ourselves amongst these large and powerful organisations in the financial services sector. Let me think of some. Are banks there to serve their own needs and that of each of their own individual employees or the needs of their customers? How is their selection process when it comes to their recruitment intake in so far as their employees behave in such a way? Who is accountable when their very own CEO says he is not to blame but a small number of employees?  For a CEO to shift the blame is in itself a reflection of very weak leadership and of a weak organisation.

A re-examination of our very own values and moral conduct when we do business must be looked at and where action needs to be taken. A change in culture and mentality is the only way to re-instil our integrity and honour which are commodities that appear to be now rarer than ever. Of course this is very difficult. I know from my own past experience that where money is involved it is very hard to change. Let us see where we can make a radical shake up and provide some ideas on the practical side. Regulation as we can see does not seem to be working as persons with sub-par conduct in their characters will always find a way to flaunt it not to mention the extra cumbersome costs it fuels. No something more far reaching.

1. A radical review of bankers remuneration policy which ought to reflect more the current economic times and also more aligned to other sectors. This has to start at the top.
2. Ending the type of bonus culture that links employee conduct to short term gain. Moreover looking at eliminating profit sharing or fee earning amongst employee, senior and or partner pay.
3. A radical look at financial products which are linked to positions that encourage such conduct and behaviour.
4. A radical look at positions that allow persons to conduct themselves in such a way.
5. True character assessments in Banking recruitment intake. Annual re-assessments of employee work force to the very top. No room for sub-par behaviour privately and professionally as this is a reflection of the true nature of the person.
6. Or to sincerely follow up on the suggestion of the breakup of the banks and a return to a traditional service provider for the long term needs of their customers. After all the banks are service providers in simply safeguarding the assets of their customers. I am going to go so far as to question the principle of lending and whether banks should be encouraged to lend. Lending is simply fuels debt which puts individuals, organisations and countries at their mercy and into a spiral not to mention the increased duress it causes (as what we are witnessing with the Euro crisis)
7. Criminal prosecution to those who break the rules and are seen in manipulating the market for their own needs.

Why am I writing this? The answer is very simple. A radical shake up means that many jobs are going to go in the short term but that is better than the whole system collapsing in its current form. The system requires filtering. The apples which are rotten in the core need to go. In the long term jobs and growth will benefit. Short termism, and this obsession for profits for personal gain, speculative greed, selling of misguided products in the financial service sector is evil and it has to stop. The ‘quick buck’ mentality is simply foolish and is a reflection of human fear and finally making a gain from someone else’s misfortune is neither contributing nor adding value to anything at all. This entire culture has to stop. It is greed, it is intoxicating, and it is simply wrong. This has been proven over the last lost decade. The public know it and they have had enough. The change has to start from the top. An example has to be set from the top.

All this can bring in negative publicity as with this current Barclays debacle. The consequences and damage can be enormous. All hell can break lose. Confidence, synergy and trust evaporate. Many more jobs will disappear. Many good people will suffer. Many good bankers will suffer and endure a bad name because of the sheer foolishness and lack of integrity of others. Good people who worked very hard with their entire life can suffer simply because we have not changed or bothered to make that change in our culture. Most bright and intelligent people with honest aspirations to do well who feel they are really contributing and providing a service will feel totally let down. 

It really is time for real change before I am sure more banks will follow in jumping on the negative publicity band wagon and entering into an intractable mess.

Letter to The Times 19/03/2012

Dear Sir,
"In our view, we will only be successful if our clients are successful. This fundamental truth lies at the heart of how we conduct ourselves."

This is the statement put out by Goldman Sachs regarding Greg Smith resignation. I feel sorry for Goldman’s; they could be falling over their own sword. They certainly have a problem with their own PR and in my view lack a little social awareness. They appear to underestimate the mood of the general public who do not take themselves as fools. Let me try to illuminate more thinking to some distortion here and try to solve their problem which is clearly endemic and as I understand pretty toxic. Let’s start by taking some of the dressing off this opening statement.

As they are an investment bank, we can use the word money.  ‘We only depend on rich clients; that’s how we make our money.’ Let me go further and throw the word success into it with a bit of emotion. ‘We only depend on very rich clients, this is how we make a lot of money this is what we need, we are good at it and we want more. This is the fundamental truth at the heart of how we conduct ourselves.’ I think you see what I am getting at. Greed we have already learnt in a culture is intoxicating and I have heard it is getting worse. It is linked to my theory in business where we stop asking ourselves the ‘why’s’ and the ‘how’s’ but just do. The only ‘how’ we are familiar with; is how can we make more? Some of us are getting cleverer at it than ever before. I have seen this culture before amongst my former colleagues certainly in myself as a former Managing Partner of a leading Executive Search Firm which too mind you was ‘fee earning.’

The crisis of 2008 has now been four years, of which the lessons should be learned in our mentality, personal behaviour and conduct. Humility seems to be a rare commodity. By now I was hoping for a bit of common sense that we would see statements along these lines; ‘This crisis has taught us that we have learnt our lessons and we are deeply sorry of the past debts we have contributed to our governments and the effect it is still having on our wider society. After some soul searching we have had a fundamental shift in our own values, we now understand that with an organisation that is client focused we have had to change and attain a deeper sense of our own selves in each and all of our fee earning employees & partners. We have learnt finally to understand and serve better the needs of our clients which are the key to our future strength.’ This is the fundamental truth which lies at the heart of how we now conduct ourselves.

Do you see the shift?  It could take a while; change in mentality requires a change of heart which is a challenge particularly when money is involved. It would perhaps require change in the way they conduct business. One idea is dismantling the concept of ‘fee earning’ and introducing normal salaries at partner level. In general I believe the mood of the public is looking for a change and moreover demands it. Pride & stubbornness in persons who have the combination of wealth and intelligence are not easy to deal with. They don’t like to be told what to do. Particularly in a time when they were once used to it as per in our last growth period, they will do anything to maintain it. I have recognised this in myself and took me a while to understand. The pursuit of profit can be a good camouflage to our own weakness. The danger is we can view wealth as an innate right or as something delusional that somehow we are masters of ourselves when invariably we are the very masters of disguise. 

‘We must become the change we seek in the world’ Gandhi.

Yours sincerely,

A muppet

How do I get the perfect job?

It is a challenge to know ones unique talents and discover our hidden ones too. Everyone is born with them. As we develop ourselves in our careers and our private lives we begin to understand more fully what they are. We are then confronted with choices and decisions. Some of us lose sight of our talents if we make the wrong choices and decisions that we may (or may not) later regret. Others may be sleep walking into the abyss perhaps falling by the wayside. Some of us grow wiser as we make the effort to redeem ourselves, change then learn to rediscover them, as we realise it is all part of life’s experience. Some of us may even begin to understand who we are and why we are here. And others… are still searching.

In my last article I had put some important questions across on how to kick start looking for a new position and ideas on how to get an interview. For example ‘With my talent what contribution can I make where there is a need (and get paid for it?)’  But how does one get the perfect job? The reason for this question is that so often nowadays so many people, bright people; gifted people are in the wrong job or apply for any job, simply because a job is a job. Or how often have we heard ‘This is the job I want because the money is good’ or this is exactly the job for me because it matches my skill set.’ Take note skills are not talents. Talents are your natural gifts and strengths. Skills are the knowledge, expertise and know how you have acquired and developed throughout your career. It is often the case that the two are confused with each other. Yet it takes great skill to develop your talents. Without discovering them or tapping into them we run the real risk of being unhappy and dissatisfied in our job.

I spoke to a senior investment banker recently from the lending side. He was highly educated, intelligent and experienced of around 40 years of age.  Due to the on-going crisis and the continual banking problems, he described how the banks have been forced to take on so much extra costs such as: new regulation & controls, more audit and compliance. This has fuelled so much unnecessary bureaucracy. Deals are getting smaller, and therefore very cumbersome. He felt his talents were more and more compressed until they were simply quashed.

I noticed at the same time he felt trapped, financially too, and was unable to unleash himself. This soft voice crying out from within perhaps seeking a higher purpose yet feeling imprisoned whereby having no peace of mind. The older bankers from the baby boom generation seemed indifferent or aloof as they move closer to their retirement. With more than one secretary these persons were quite content, looking forward to their pension and playing more golf, seemingly undeterred by the banking mess they and their generation have left behind.

 

He described that he was not the only who felt this way and that it is a common phenomenon amongst the culture of bankers nowadays. It seems such a waste of talent in our world that great people with MBA’s from Erasmus, Solvay or London Business School, with so much experience and so much more to offer to get caught up this way, to have their aspirations crushed.

Aristotle said ‘Where talents and the needs of the world cross, therein lies your vocation’

 

This takes some courage to figure out. I emphasise again this importance of tapping into our talents and to link it to societies needs as it will provide us with a sense of direction, fuel our passion, unleash a drive and provide us with a sense of purpose. Take your time to re-think, listen to that ‘voice’ which is softly speaking through you and the answers will come.  If we can succeed in this challenge by then you will create a certain ease and a peace of mind and you will find a voice. You are ready to make that change and the step forward. You are ready then to conduct the ideal interview and for the perfect job. Your chances of success are high.

I remember there were times albeit rare in my career when I was introducing potentially talented individuals to employers seeking talent. In the interviews they came across as bright, totally at ease, at the same time humble and still able to sell themselves. They knew themselves well, had a focus and a sense of purpose. (A little humour is also good in interviews) Employers would give their feedback to me. ‘We want this person!’ they would say. ‘What do we need to do to get him or her on board?’ It seems ironic he or she had very little to do with the job description at hand. The employer felt the need to alter the job description considerable to fit this person’s needs and talents. Or they simply created a totally new position out of nothing. They knew that he/she would make that difference to them. They knew that he or she would add value to their company. It turned out that together they created the perfect job.

How can I get an Interview?

Essentially it is important to sit down, spend time to think and to try to attain a deeper sense of yourself. Start by asking yourselves several questions such as: how am I able to contribute something useful into our society? With my talents and interests how can I be of value to an employer? Where can I add or improve where something else is missing or needs improving in the marketplace?  How can I make a difference? What projects or initiatives does my conscience tell me to inspire me to take action?  Once we have come up with some answers, by this we can obtain a sense of direction, a focus and possibly acquire a passion, a vision and a purpose.  After which, well, we can begin to take some action.

Our next step is to concentrate on our CV.  This is important. I have seen hundreds of CV’s of which and believe me the most part are very poorly written. There are many different ways of writing CV’s. You can see this link to my website for a generic form. Some additional comments; Have two ready, one in your own language and the other in English.  Have your CV checked by someone in the ‘know’, an expert, career counsellor or coach for example.  Your CV in most cases is the first thing your target group will see. It is you on paper and it has to be easily readable for those who read it. Keep it down to two pages maximum. Tailor it slightly when necessary according to your different target group and eliminate any form of personal pronouns. ‘I’ ‘me’ us’ ‘we’ myself, themselves etc. Finally have it ready in PDF format but beware who you send it to! A resume at the same time is a confidential piece of information and must be treated as such.

Now we come to your target companies. This is where we need to be internet savvy. Look at their websites and check their job vacancy page. Search too by typing the position you are seeking and to see who is hiring. This way you will come across interesting SME’s and start ups most you have never heard of. Take note, senior positions although fewer and far between, are rarely advertised and are often contracted outside via third parties or searched through their own network. Mid management positions are often advertised typically on job sites such as Linkedin and efinancialcareers.com. There are many other job sites. It is a question of really getting the hang of searching online. Get to know them. Contact a handful of mid management recruitment companies and ensure they have you in their database. There are many. For senior positions; contact headhunters familiar with your market. (there are many therefore keep to the leading ones and ensure you get a good consultant!)  Check out positions in popular national newspapers and well known business magazines. Open applications are always worth a shot; and finally, never forget your own network!

Do not be afraid to make phone calls. Try and get to the person directly and always be polite but to the point on the phone. You have a ‘voice’ and you never know, the person on the other end may like the sound of it. Covering letters if required must remain reasonably brief and again to the point. Hand written letters (which may reflect a more dedicated effort) are sadly increasingly outdated and not handled well the other end as most applications are done online.

 

Searching for a job can be very disconcerting and can really affect ones self-esteem. In my view, this is one of the biggest challenges a human being can face, particularly in these harder times. It can really take time. Do not despair as most people have been there in some form or another at a different stage in their career. Normally people at the other end will understand. It is only by fighting this you will reach your goal. Remain concentrated on what you have and not what you don’t have. Remain focused. Treat it as a part time job. I would advise you to hire outside expertise, a career coach or counsellor. This is to give you the extra added value, a stronger sense of direction and better self-awareness and to help you answer those questions I put across earlier on.  It can also help you instil inner belief; add extra discipline, and tips on how to market yourself, almost like building a roadmap to success. Do not be afraid to knock on doors, calling people and yes, your network. Use it!

‘Ask and it will be given to you; seek and you will find; knock and the door will be opened’

Next blog post; How do I get the perfect job?

The basics on how to write a CV.

• Personal details, including name, address, phone number, email address and possibly any professional social media presence. You no longer need to include your date of birth, owing to age discrimination rules
• Qualifications and training from previous jobs, with the most recent first with dates of graduation
• A personal profile which sells yourself and your qualities, tailored towards the job you are applying for (generic is ok)
• Career history, starting with your most recent job first. Include dates and temporary or voluntary jobs. The company must be described if unknown and business unit if it is a large organisation. Your position must be clearly stated followed by your responsibilities.
• Achievements from previous jobs that are relevant
• Interests, if they are relevant and especially if the skills or teamwork concerned are relevant for the job
• Any extra information, such as reasons for a career change or reasons for gaps in career history, such as caring duties
• References, ideally two or more and including a recent employer