Dread
Getting caught sleeping behind the wheel
What is the best movie of all time? The most common answer is The Shawshank Redemption, which IMDb publishes as it's number one. But, I think there are three or four others in the mix. One of my faves is another American movie full of fun, is fast paced and has big characters. Its also based on a true story (which I always love). The Big Short, describes the events leading to the Global Financial Crisis (GFC, 2007-2008) in the USA through the eyes of the few whom saw it coming. It is a rollercoaster ride and a wonderful laymen's insight into how large-scale banking works. The main characters from different parts of the financial industry (all on their respective journey's) interlink to come to the same conclusion: The big wigs of the industry have got it very very wrong!
For many years the banking industry had become greedy, lowered their standards and stopped making cross checks. Even the regulators were in on the act and no one seemed to care because growth and profits were skyrocketing. One key premise allowed this behaviour to get out of control - the housing market. It always was and always will be solid as a rock. This market will go up no matter what with little to no risk. Unfortunately, because of the lack of regulation, an increasing amount of mortgages were being handed out to people that couldn't afford them leading to the repayments lapsing and defaults on a mass scale. It was a financial atomic bomb, as described by one of the characters in the movie For more details: History Extra, 2018.
Other than our heroes in the movie, the rest were left with egg on their face. There were thousands of job losses, and for some banks they ceased to exist, like the case of Lehman Brothers.
Other than greed driving the macro behaviour of the industry, the question has to be asked - what were the directors, chief executives and executives doing in the years leading up to this? We can safely assume they were busy doing 'clever people' stuff. But, seriously, what the hell were they doing?! I can only imagine they were sleeping at the wheel.
In the movie, we see one of our heroes, Mark Baum (Steve Carell) in despair as the whole story unfolds saying "They knew... they knew they would be bailed out. And, they didn't care..." This explains the mentality of the banking industry at the time, but even if these people were acting with sense of immunity, it was still costly for most involved (with rippling impact throughout the world and across industry). There is no hiding of the incompetence that leads to the 'oh shit' moment when you realise the game is out of your hands and you are exposed. The pure dread you are faced with when you realise there is no ground underneath your feet.
It is this act of 'sleeping at the wheel' that undermines so much of our hard work. Last week, I worked with a room of Frontline Leaders. When we dug into their role it was clear their focus was on operational tasks. This makes sense as Frontline Leaders need to work shoulder-to-shoulder with their team. But, the lack of room and focus on planning is the sort of thing that causes so much trouble. PwC reviewed 10,640 projects from 200 different companies in 30 countries and found only 2.5% of companies successfully completed 100% of their projects. Planning and communication were two prominent reasons for this.
I cannot explain how enjoyable it was to be back in the room with those Frontline Leaders last week. And, on the topic of focus and tasks I challenged them on what their job is and where they can place their focus to ensure better outcomes. After workshopping the question these were our answers:
The team's performance - the leader is there to get the best performance out of the team.
To be the utility - be there to support and jump in whenever an unexpected problem arises.
To prepare - plan and foresee upcoming challenges and work on the solutions
It is this last point I am most interested in as I see it as the biggest opportunity for many leaders of teams throughout company hierarchies.
Do you have the next 12 months mapped out?
Industry key dates
Clientele/stakeholder key milestones
Strategic pillars and gateways
Do you have systematic informal and formal performance management mapped out?
Regular check-ins to ensure individuals are on track
Regular check-ins with senior staff to ensure promises are on track
Scheduled formal review meetings with all stakeholders, ensuring expectations are being met and strong agreements are being made for future work
Do you have succession mapped out?
Current needs of the business are being met by the team's personnel
Future needs of the business are planned for
Staff are systematically increasing their capacity and capability
If the answer to any of these is no, then you may be sleeping at the wheel. I know that sounds harsh as I am sure you are working your butt off. This is the juxtaposition of leadership. Working hard doesn't guarantee success. Working on the right things, while your team are taking responsibility for their own tasks tends to be a better way forward. It is the basis of good role clarification. Pose the question - if you are not doing the above points then who is? And, if it is not your job then who's job is it?
In preparation for a heavy weight boxing match in the 90's, Mike Tyson was being asked by the media about his opponent's fighting style, how he moves, and the strategies they might use to unsettle the champ. It is at this moment, Tyson famously said "Everyone has a plan until they get punched in the mouth".
But, do you even have a plan? If not, it's never too late to improve your planning of the points above. By deliberately devoting time and energy to these leadership tasks the dread that comes with sleeping behind the wheel can become a hazard no more. And, when that punch in the face comes, you'll be better prepared to get back up.
