Compensation Management Quotes

If you pick the right people and give them the opportunity to spread their wings and put compensation as a carrier behind it you almost don't have to manage them.

Managers receiving hundreds of thousands a year—and setting their compensation for themselves—are not being paid wages, they are appropriating surplus value in the guise of wages.

I am encouraged as I look at some of those who have listened to their "different drum": Einstein was hopeless at school math and commented wryly on his inadequacy in human relations. Winston Churchill was an abysmal failure in his early school years. Byron, that revolutionary student, had to compensate for a club foot; Demosthenes for a stutter; and Homer was blind. Socrates couldn't manage his wife, and infuriated his countrymen. And what about Jesus, if we need an ultimate example of failure with one's peers? Or an ultimate example of love?

When management is the only path to higher compensation, the quality of management suffers, and the lives of the people who work for these reluctant managers become miserable.

I believe that, the prevailing system of management is, at its core, dedicated to mediocrity. It forces people to work harder and harder to compensate for failing to tap the spirit and collective intelligence that characterizes working together at their best. Deming saw this clearly,

You don’t want to be in a situation where you can’t justify your compensation.

It was late evening when the final horn blew and the cohorts tromped back to camp. I was hungry and exhausted. I wondered if this was how mortal teachers felt after a full day of classes. If so, I didn't see how they managed. I hoped they were richly compensated with gold, diamond and rare spices.

No amount of organization and time management will compensate for a lack of Christian character, not when it comes to this great calling of glory through good—bringing glory to God by doing good to others.

the increase in very high incomes and very high salaries primarily reflects the advent of “supermanagers,” that is, top executives of large firms who have managed to obtain extremely high, historically unprecedented compensation packages for their labor.

The fee asset managers charge is for the value they provide. If a farmer grows a fruiting tree, you pay him more for the tree than you would pay him for just a seedling. Why? Because of the effort, energy and skill the farmer put into growing that tree plus the added value of the income (fruit) that tree provides are a testament to the farmers value add and he deserves to be compensated for that value add. It’s the same kind of thing with the 2 & 20 you pay the portfolio manager.

thought then that decent, intelligent, and experienced managers would automatically make rational business decisions. But I learned over time that isn’t so. Instead, rationality frequently wilts when the institutional imperative comes into play. For example: (1) As if governed by Newton’s First Law of Motion, an institution will resist any change in its current direction; (2) Just as work expands to fill available time, corporate projects or acquisitions will materialize to soak up available funds; (3) Any business craving of the leader, however foolish, will be quickly supported by detailed rate-of-return and strategic studies prepared by his troops; and (4) The behavior of peer companies, whether they are expanding, acquiring, setting executive compensation or whatever, will be mindlessly imitated.

Bad temper and anger management can be significant problems for Aquarians, especially the individuals who have to face a lot of pressure and stress. These individuals hate being emotionally vulnerable, so if something really grinds their nuts, they can lash out severely. This outburst may compensate for and include a lot of pent-up emotions.

It's better to anger a bit and compensate with destroying something than evolving hate.

One of the ways in which cooperatives rectify the injustices of capitalism is by instituting a relatively equal compensation-scheme for their members. While in the U.S. the average ratio of CEO compensation in the Fortune 500 companies to the ordinary worker’s has recently been reported as 344:1,49 in co-ops the pay-differential between management and the average worker rarely exceeds 4:1. In collectives, everyone is usually paid the same amount. For example, a British study from the 1980s reports that all of the dozens of small co-ops it researched had lower pay-differentials than conventional businesses, and most had little or no differential at all.50 At Arizmendi Bakery everyone currently receives about 20 dollars an hour plus a percentage of the year’s profits. The worker-owners of Mondragon Bookstore and Coffeehouse in Canada earn the same rate of pay. At Equal Exchange, a relatively large co-op, there is a 4:1 pay ratio.

I wondered if this was how mortal teachers felt after a full day of classes. If so, I didn’t see how they managed. I hoped they were richly compensated with gold, diamonds, and rare spices.

In the cultures of some companies, management depends heavily on the innate goodness and professionalism of its employees to constantly compensate for systemic deficiencies, chronic understaffing, and substandard subcontractors.

I did not pay much attention, and since it seemed to prolong itself I began to meditate upon the writer’s life. It is full of tribulation. First he must endure poverty and the world’s indifference; then, having achieved a measure of success, he must submit with a good grace to its hazards. He depends upon a fickle public. He is at the mercy of journalists who want to interview him and photographers who want to take his picture, of editors who harry him for copy and tax gatherers who harry him for income tax, of persons of quality who ask him to lunch and secretaries of institutes who ask him to lecture, of women who want to marry him and women who want to divorce him, of youths who want his autograph, actors who want parts and strangers who want a loan, of gushing ladies who want advice on their matrimonial affairs and earnest young men who want advice on their compositions, of agents, publishers, managers, bores, admirers, critics, and his own conscience. But he has one compensation. Whenever he has anything on his mind, whether it be a harassing reflection, grief at the death of a friend, unrequited love, wounded pride, anger at the treachery of someone to whom he has shown kindness, in short any emotion or any perplexing thought, he has only to put it down in black and white, using it as the theme of a story or the decoration of an essay, to forget all about it. He is the only free man.

When you have a business and people in a business that are feeling fulfilled because they're adding value to other peoples lives and they're making money because of that- you've got a win win win win win win situation - everybody's winning. Customers and clients are winning because their lives are improving with the services or products that the business provides them. Business managers owners and employees are winning because they're receiving compensation and a sense of fulfillment for the value they add. And because these two groups of people are winning, society as a whole is winning.

RED HEAD Tight, inhibited, results-oriented, anxious, aggressive, over-compensating, desperate. BLUE HEAD Loose, expressive, in the moment, calm, clear, accurate, on task. It’s what tennis coach Nick Bollettieri calls the ‘centipede effect’. If a centipede had to think about moving all its legs in the right order, it would freeze, the task too complex and daunting. The same is true of humans. Red is what Suvorov called ‘the Dark’. It is that fixated negative content loop of self-judgement, rigidity, aggression, shut down and panic. Blue is what he called ‘the Light’ – a deep calmness in which you are on task, in the zone, on your game, in control and in flow. It applies to the military; it applies to sport; it applies to business. In the heat of battle, the difference between the inhibitions of the Red and the freedom of Blue is the manner in which we control our attention. It works like this: where we direct our mind is where our thoughts will take us; our thoughts create an emotion; the emotion defines our behaviour; our behaviour defines our performance. So, simply, if we can control our attention, and therefore our thoughts, we can manage our emotions and enhance our performance.

We find that firms with award-winning CEOs subsequently underperform, in terms both of stock and of operating performance. At the same time, CEO compensation increases, CEOs spend more time on activities outside the company such as writing books and sitting on outside boards, and they are more likely to engage in earnings management.

Anything that you want to do, I’ll leave in your hands. For the things out of your grasp, I’ll make up for it. That’s how I want to live together with you. Instead of trying to handle things on our own, if we help each other out, compensate for one another, we’ll be able to manage anything that comes our way. Side by side, as husband and wife.

But as much as Greyson's overly warm body had to be worked around and compensated for in summer, at that moment she was eternally and ridiculously grateful for it. She almost thought she heard her own skin sizzle when it came into contact with his: some of the cramping in her muscles relaxed. Only to tense up again when she saw, through her half-closed eyes, Greyson's second gaurd and Malleus's brother, Maleficarum, advancing on her with a hypodermic needle. Something clear squirted ominously from it's sharp silver tip. "Oh, no," she managed, "You are not giving me a shot." "'Sonly under the skin, m'lady. You'll barely even feel it, honest." Maleficarum's features did no do "innocent" well: he looked like a serial killer trying to hide a severed head behind his back.

Recent research, based on matching declared income on tax returns with corporate compensation records, allows me to state that the vast majority (60 to 70 percent, depending on what definitions one chooses) of the top 0.1 percent of the income hierarchy in 2000–2010 consists of top managers. By comparison, athletes, actors, and artists of all kinds make up less than 5 percent of this group.

Those involved in mental as opposed to physical effort or who carry the responsibilities of management are presumed to require a higher payment for their submission to the purposes of organization than those who render only physical or manual service, however adept or talented that may be. This is because there is profound difference in the nature and extent of the submission that is made. The person on the shop floor or its equivalent gives more or less diligent and deft physical effort for a specified number of hours a day. Beyond that nothing in principle--not thought, certainly not conformity of speech or behavior--is expected. Of the high corporate executive a more complete submission to the purposes of the organization is usually required. He (or she) must speak and also think well of the aims of the enterprise; he may never in public and not wisely in private raise doubt as to the depth and sincerity of his own commitment. Many factors determine his large, often very large, compensation, including the need to pay for the years of preparation, for the considerable intelligence that is requires, for the responsibility that is carried, and for the alleged risks of high position. As a practical matter, his rate of pay is also influenced by the significant and highly convenient role the executive plays in establishing it; much that accrues to the senior corporate executive is in response to his own inspired generosity. But there is also payment for the comprehensive submission of his individual personality to that of the corporation. It is no slight thing to give up one's self and self-expression to the collective personality of one's employer.

Some equestrians were involved in the potentially lucrative business of provincial taxation, thanks to another law of Gaius Gracchus. For it was he who first arranged that tax collecting in the new province of Asia should, like many other state responsibilities, be contracted out to private companies, often owned by equestrians. These contractors were known as publicani – ‘public service providers’ or ‘publicans’, as tax collectors are called in old translations of the New Testament, confusingly to modern readers. The system was simple, demanded little manpower on the part of the Roman state and provided a model for the tax arrangements in other provinces over the following decades (and was common in other early tax raising regimes). Periodic auctions of specific taxation rights in individual provinces took place at Rome. The company that bid the highest then collected the taxes, and anything it managed to rake in beyond the bid was its profit. To put it another way, the more the publicani could screw out of the provincials, the bigger their own take – and they were not liable to prosecution under Gaius’ compensation law. Romans had always made money out of their conquests and their empire, but increasingly there were explicitly, and even organised, commercial interests at stake.

God calls you to productivity, but he calls you to the right kind of productivity. He calls you to be productive for his sake, not your own. While this book will emphasize tools and systems and other important elements of productivity, nothing is more important than your own holiness and your own godliness. No amount of organization and time management will compensate for a lack of Christian character, not when it comes to this great calling of glory through good—bringing glory to God by doing good to others.

Evolutionarily, the function of attachment has been to protect the organism from danger. The attachment figure, an older, kinder, stronger, wiser other (Bowlby, 1982), functions as a safe base (Ainsworth et al., 1978), and is a presence that obviates fear and engenders a feeling of safety for the younger organism. The greater the feeling of safety, the wider the range of exploration and the more exuberant the exploratory drive (i.e., the higher the threshold before novelty turns into anxiety and fear). Thus, the fundamental tenet of attachment theory: security of attachment leads to an expanded range of exploration. Whereas fear constricts, safety expands the range of exploration. In the absence of dyadically constructed safety, the child has to contend with fear-potentiating aloneness. The child will devote energy to conservative, safety enhancing measures, that is, defense mechanisms, to compensate for what's missing. The focus on maintaining safety and managing fear drains energy from learning and exploration, stunts growth, and distorts personality development.

The damage caused by overconfident CEOs is compounded when the business press anoints them as celebrities; the evidence indicates that prestigious press awards to the CEO are costly to stockholders. The authors write, “We find that firms with award-winning CEOs subsequently underperform, in terms both of stock and of operating performance. At the same time, CEO compensation increases, CEOs spend more time on activities outside the company such as writing books and sitting on outside boards, and they are more likely to engage in earnings management.

I had tracked down a little cafe in the next village, with a television set that was going to show the World Cup Final on the Saturday. I arrived there mid-morning when it was still deserted, had a couple of beers, ordered a sensational conejo au Franco, and then sat, drinking coffee, and watching the room fill up. With Germans. I was expecting plenty of locals and a sprinkling of tourists, even in an obscure little outpost like this, but not half the population of Dortmund. In fact, I came to the slow realisation as they poured in and sat around me . . . that I was the only Englishman there. They were very friendly, but there were many of them, and all my exits were cut off. What strategy could I employ? It was too late to pretend that I was German. I’d greeted the early arrivals with ‘Guten Tag! Ich liebe Deutschland’, but within a few seconds found myself conversing in English, in which they were all fluent. Perhaps, I hoped, they would think that I was an English-speaker but not actually English. A Rhodesian, possibly, or a Canadian, there just out of curiosity, to try to pick up the rules of this so-called ‘Beautiful Game’. But I knew that I lacked the self-control to fake an attitude of benevolent detachment while watching what was arguably the most important event since the Crucifixion, so I plumped for the role of the ultra-sporting, frightfully decent Upper-Class Twit, and consequently found myself shouting ‘Oh, well played, Germany!’ when Helmut Haller opened the scoring in the twelfth minute, and managing to restrain myself, when Geoff Hurst equalised, to ‘Good show! Bit lucky though!’ My fixed grin and easy manner did not betray the writhing contortions of my hands and legs beneath the table, however, and when Martin Peters put us ahead twelve minutes from the end, I clapped a little too violently; I tried to compensate with ‘Come on Germany! Give us a game!’ but that seemed to strike the wrong note. The most testing moment, though, came in the last minute of normal time when Uwe Seeler fouled Jackie Charlton, and the pig-dog dolt of a Swiss referee, finally revealing his Nazi credentials, had the gall to penalise England, and then ignored Schnellinger’s blatant handball, allowing a Prussian swine named Weber to draw the game. I sat there applauding warmly, as a horde of fat, arrogant, sausage-eating Krauts capered around me, spilling beer and celebrating their racial superiority.

I began to meditate upon the writer’s life. It is full of tribulation. First he must endure poverty and the world’s indifference; then, having achieved a measure of success, he must submit with a good grace to its hazards. He depends upon a fickle public. He is at the mercy of journalists who want to interview him and photographers who want to take his picture, of editors who harry him for copy and tax gatherers who harry him for income tax, of persons of quality who ask him to lunch and secretaries of institutes who ask him to lecture, of women who want to marry him and women who want to divorce him, of youths who want his autograph, actors who want parts and strangers who want a loan, of gushing ladies who want advice on their matrimonial affairs and earnest young men who want advice on their compositions, of agents, publishers, managers, bores, admirers, critics, and his own conscience. But he has one compensation. Whenever he has anything on his mind, whether it be a harassing reflection, grief at the death of a friend, unrequited love, wounded pride, anger at the treachery of someone to whom he has shown kindness, in short any emotion or any perplexing thought, he has only to put it down in black and white, using it as the theme of a story or the decoration of an essay, to forget all about it. He is the only free man.

In fact, the average programming manager would prefer that a project be estimated at twelve months and take twelve than that the same project be estimated at six months and take nine. This is an area where some psychological study could be rewarding, but there are indications from other situations that it is not the mean length of estimated time that annoys people but, rather, the standard deviation in the actual time taken. Thus, most people would prefer to wait a fixed ten minutes for the bus each morning than to wait one minute on four days and twenty-six minutes once a week-. Even though the average wait is six minutes in the second case, the derangement caused by one long and unexpected delay more than compensates for this disadvantage. If

Okay,” Max said. “Now I’m terrified that I, um, said it too late?” His uncertainty turned his words into a question. “Am I too late?” he asked again, as if he actually thought . . . As much as Gina enjoyed watching him squirm, she forced her lungs and vocal cords to start working again. “Are you . . .” She had to clear her throat, but then it really didn’t matter what she said, because the tears in her eyes surely told him everything he wanted to hear. She saw his relief, and yes, he was still scared, she saw that, too, but mixed in with that was hope. And something that looked a heck of a lot like happiness. Happiness—in Max’s eyes. “Are you really asking me for a second chance?” she managed to get it all out in a breathless exhale. He kissed her then, as if he couldn’t bear to stand so close and not kiss her. “Please,” he breathed, as he kissed her again, as he licked his way into her mouth and . . . God . . . She could’ve stood there, kissing Max forever, but the man on the megaphone just shouldn’t shut up. Besides, she wanted to be sure that this was about more than just sex. “Do you want me in your life?” Gina asked him. “I mean, need is nice, but . . .” It implied a certain lack of free will. Want on the other hand . . . “Want,” he said. “Yes. I want you. Very much. In my life. Gina, I was lost without you.” He caught himself. “More lost, or . . .” He shook his head. “Fuck it, I’m a mess, but if for some reason you still love me anyway . . . If you really meant what you said, about . . .” There it was gain, in his eyes. Hope. “Loving me anyway . . .” “I don’t love you anyway,” she told him, her heart in her throat. “I love you because.” She touched his face, his smoothly shaven cheeks. “Although now that you mention it, you are something of a mess, and I’m probably entitled to . . . compensation in certain areas. I mean, in any relationship, you need to negotiate a certain amount of compromise, right?” He actually thought she was serious. “Well, yeah.” “So if, say, I were to point out how incredibly hot you’d look wearing that thong—” Max laughed his relief. “Shit, I thought you were serious.” “Shit,” Gina teased. “I am.” He cupped her face between both of his hands, and the heat in his eyes made her knees weak. “I’ll wear one if you wear one . . .

I've found that, in most cases, managers greatly underestimate the impact that a comment or quick gesture of approval has on employees. They'll spend weeks trying to tweak an annual bonus program or some other compensation system, believing that their employees are coin-operated, but they'll neglect to stop someone during a meeting and say, “Hey, that's a fantastic example of hunger. We should all try to be more like that.” I'm not saying that compensation doesn't matter. But if we want to create a culture of humility, hunger, and smarts, the best way to do it is to constantly be catching people exhibiting those virtues and publicly holding them up as examples. No balloons, pastries, or plastic tchotchkes are necessary, just genuine, in-the-moment appreciation.

What I listen for is someone who really wanted something that could be obtained only through taking the risk, whether that risk was big or small. It's not even important that she managed the risk skillfully; it's only important that she knew it was there, respected it, but took it anyway. Most people wander through life, carelessly taking whatever risk crosses their path without compensation, but never consciously accepting extra risk to pick up the money and other good things lying all around them. Other people reflexively avoid every risk or grab every loose dollar without caution. I don't mean to belittle these strategies; I'm sure they make sense to the people who pursue them. I just don't understand them myself. I do know that none of these people will be successful traders.

A good list of questions to ask your advisor will include the following: Where will my money be held? Right answer: Somewhere else! Are you a broker? Right answer: No! Are you a dually registered advisor? Right answer: No! Do you or any affiliate have proprietary investments of any kind? Right answer: No! How are you compensated? Right answer: Total disclosure in writing and never make commissions on any investment product. What are the credentials of you and/or your team? Right answer: If planning is involved, a CFP is ideal to have on the team. What is your planning and investment management approach? Right answer: The firm should follow a coherent philosophy rather than a bunch of different strategies (unprincipled) and should follow an approach that does not involve market timing or active trading.

REQUIREMENTS TO BE GREAT AT RUNNING HR What kind of person should you look for to comprehensively and continuously understand the quality of your management team? Here are some key requirements:   World-class process design skills Much like the head of quality assurance, the head of HR must be a masterful process designer. One key to accurately measuring critical management processes is excellent process design and control.   A true diplomat Nobody likes a tattletale and there is no way for an HR organization to be effective if the management team doesn’t implicitly trust it. Managers must believe that HR is there to help them improve rather than police them. Great HR leaders genuinely want to help the managers and couldn’t care less about getting credit for identifying problems. They will work directly with the managers to get quality up and only escalate to the CEO when necessary. If an HR leader hoards knowledge, makes power plays, or plays politics, he will be useless.   Industry knowledge Compensation, benefits, best recruiting practices, etc. are all fast-moving targets. The head of HR must be deeply networked in the industry and stay abreast of all the latest developments.   Intellectual heft to be the CEO’s trusted adviser None of the other skills matter if the CEO does not fully back the head of HR in holding the managers to a high quality standard. In order for this to happen, the CEO must trust the HR leader’s thinking and judgment.   Understanding things unspoken When management quality starts to break down in a company, nobody says anything about it, but super-perceptive people can tell that the company is slipping. You need one of those.

He brushed past us, and did not interrupt what he was saying to her, but gave us, out of the corner of his blue eye, a little sign, which began and ended, so to speak, inside his eyelids, and as it did not involve the least movement of his facial muscles, managed to pass quite unperceived by the lady; but, striving to compensate by the intensity of his feelings for the somewhat restricted field in which they had to find expression, he made that blue chink, which was set apart for us, sparkle with all the animation of cordiality, which went far beyond mere playfulness, and almost touched the border-line of roguery; he subtilised the refinements of good-fellowship into a wink of connivance, a hint, a hidden meaning, a secret understanding, all the mysteries of complicity in a plot, and finally exalted his assurances of friendship to the level of protestations of affection, even of a declaration of love, lighting up for us, and for us alone, with a secret and languid flame invisible by the great lady upon his other side, an enamoured pupil in a countenance of ice.

Every problem has a solution”. I have never come across a problem which couldn’t be solved. However, in order to solve a problem, we need two things – a. Define what the problem is? For example, “I am not happy with my job” is a generalized statement. Detect the root cause; is your reporting manager’s behavior is a problem? Is your inability to cope with the demands of your job a problem? Are the processes and the systems you need to follow to complete your job a problem? Is your compensation a problem? Are you not motivated enough to do your job? Is work-life balance a problem? Often, we combine multiple problems into one and then look for one solution to solve them all. It doesn’t work that way. b. Take ownership to find a solution to your problem and stay committed until you find a solution. There is a saying, “Problem is not a problem. It is our approach towards the problem that’s the primary cause of the problem”. And, most importantly, it is YOU who need to solve problems of your life...problems that are bothering you. So, take the ownership. If you are not able to define your problem in less than TEN words and if you don’t take the ownership of resolving it and you still cry about problems in your life...that process is called ranting, playing blame games, spreading negativity, etc.

Here are four more strategies to help you stack the deck in your favor when seeking a raise or a promotion: ✓ DO YOUR RESEARCH: Understand your market value and, more important, your value to the company. Be prepared to explain, candidly and concretely, what you feel you’re doing that you’re not being compensated for. Have confidence in your own worth. ✓ ASK TO BE PAID FOR THE JOB YOU’RE ACTUALLY DOING: If your responsibilities have increased but you haven’t been recognized since, say, you’ve taken over for the manager who left several months earlier, approach your new boss and say, “I’ve been effectively doing this person’s job since she departed and I’d like to formally assume her position.” Have a conversation. Express that you feel confident you can grow in this role and create value for the organization. ✓ PROVE YOUR WORTH: To earn an increase in salary, you need to be increasing your responsibilities and performing at a higher level than when you were hired. ✓ DON’T NEGOTIATE IF YOUR BOSS SAYS NO: Typically no means no when it comes to this type of discussion. If your boss says no, you have two choices: you either accept the rationale, think about it, and grow based on the feedback, or you leave. This is a good time to be reflective. Ask why you haven’t earned the increase. You may not walk away with a new title or more money, but hopefully you’ll learn something that will help you correct your course moving forward.

Where to stash your organizational risk? Lately, I’m increasingly hearing folks reference the idea of organizational debt. This is the organizational sibling of technical debt, and it represents things like biased interview processes and inequitable compensation mechanisms. These are systemic problems that are preventing your organization from reaching its potential. Like technical debt, these risks linger because they are never the most pressing problem. Until that one fateful moment when they are. Within organizational debt, there is a volatile subset most likely to come abruptly due, and I call that subset organizational risk. Some good examples might be a toxic team culture, a toilsome fire drill, or a struggling leader. These problems bubble up from your peers, skip-level one-on-ones,16 and organizational health surveys. If you care and are listening, these are hard to miss. But they are slow to fix. And, oh, do they accumulate! The larger and older your organization is, the more you’ll find perched on your capable shoulders. How you respond to this is, in my opinion, the core challenge of leading a large organization. How do you continue to remain emotionally engaged with the challenges faced by individuals you’re responsible to help, when their problem is low in your problems queue? In that moment, do you shrug off the responsibility, either by changing roles or picking powerlessness? Hide in indifference? Become so hard on yourself that you collapse inward? I’ve tried all of these! They weren’t very satisfying. What I’ve found most successful is to identify a few areas to improve, ensure you’re making progress on those, and give yourself permission to do the rest poorly. Work with your manager to write this up as an explicit plan and agree on what reasonable progress looks like. These issues are still stored with your other bags of risk and responsibility, but you’ve agreed on expectations. Now you have a set of organizational risks that you’re pretty confident will get fixed, and then you have all the others: known problems, likely to go sideways, that you don’t believe you’re able to address quickly. What do you do about those? I like to keep them close. Typically, my organizational philosophy is to stabilize team-by-team and organization-by-organization. Ensuring any given area is well on the path to health before moving my focus. I try not to push risks onto teams that are functioning well. You do need to delegate some risks, but generally I think it’s best to only delegate solvable risk. If something simply isn’t likely to go well, I think it’s best to hold the bag yourself. You may be the best suited to manage the risk, but you’re almost certainly the best positioned to take responsibility. As an organizational leader, you’ll always have a portfolio of risk, and you’ll always be doing very badly at some things that are important to you. That’s not only okay, it’s unavoidable.

Why do we despise, ostracize and punish the drug addict when as a social collective we share the same blindness and engage in the same rationalizations? To pose that question is to answer it. We despise, ostracize and punish the addict because we don’t wish to see how much we resemble him. In his dark mirror our own features are unmistakable. We shudder at the recognition. This mirror is not for us, we say to the addict. You are different, and you don’t belong with us. Like the hardcore addict’s pursuit of drugs, much of our economic and cultural life caters to people’s craving to escape mental and emotional distress. In an apt phrase, Lewis Lapham, long-time publisher of Harper’s Magazine, derides “consumer markets selling promises of instant relief from the pain of thought, loneliness, doubt, experience, envy, and old age.” According to a Statistics Canada study, 31 per cent of working adults aged nineteen to sixty-four consider themselves workaholics, who attach excessive importance to their work and are “overdedicated and perhaps overwhelmed by their jobs.” “They have trouble sleeping, are more likely to be stressed out and unhealthy, and feel they don’t spend enough time with their families,” reports the Globe and Mail. Work doesn’t necessarily give them greater satisfaction, suggested Vishwanath Baba, a professor of Human Resources and Management at McMaster University. “These people turn to work to occupy their time and energy” — as compensation for what is lacking in their lives, much as the drug addict employs substances. At the core of every addiction is an emptiness based in abject fear. The addict dreads and abhors the present moment; she bends feverishly only towards the next time, the moment when her brain, infused with her drug of choice, will briefly experience itself as liberated from the burden of the past and the fear of the future — the two elements that make the present intolerable. Many of us resemble the drug addict in our ineffectual efforts to fill in the spiritual black hole, the void at the centre, where we have lost touch with our souls, our spirit, with those sources of meaning and value that are not contingent or fleeting. Our consumerist, acquisition-, action- and image-mad culture only serves to deepen the hole, leaving us emptier than before. The constant, intrusive and meaningless mind-whirl that characterizes the way so many of us experience our silent moments is, itself, a form of addiction— and it serves the same purpose. “One of the main tasks of the mind is to fight or remove the emotional pain, which is one of the reasons for its incessant activity, but all it can ever achieve is to cover it up temporarily. In fact, the harder the mind struggles to get rid of the pain, the greater the pain.” So writes Eckhart Tolle. Even our 24/7 self-exposure to noise, emails, cell phones, TV, Internet chats, media outlets, music downloads, videogames and non-stop internal and external chatter cannot succeed in drowning out the fearful voices within.

One winter day in 1993, Bob, Giselle, and Dan proposed taking me out to dinner with the stated purpose of “giving Ray feedback about how he affects people and company morale.” They sent me a memo first, the gist of which was that my way of operating was having a negative effect on everyone in the company. Here’s how they put it: What does Ray do well? He is very bright and innovative. He understands markets and money management. He is intense and energetic. He has very high standards and passes these to others around him. He has good intentions about teamwork, building group ownership, providing flexible work conditions to employees, and compensating people well. What Ray doesn’t do as well: Ray sometimes says or does things to employees which makes them feel incompetent, unnecessary, humiliated, overwhelmed, belittled, oppressed, or otherwise bad. The odds of this happening rise when Ray is under stress. At these times, his words and actions toward others create animosity toward him and leave a lasting impression. The impact of this is that people are demotivated rather than motivated. This reduces productivity and the quality of the environment. The effect reaches far beyond the single employee. The smallness of the company and the openness of communication means that everyone is affected when one person is demotivated, treated badly, not given due respect. The future success of the company is highly dependent on Ray’s ability to manage people as well as money. If he doesn’t manage people well, growth will be stunted and we will all be affected.

5. Move toward resistance and pain A. Bill Bradley (b. 1943) fell in love with the sport of basketball somewhere around the age of ten. He had one advantage over his peers—he was tall for his age. But beyond that, he had no real natural gift for the game. He was slow and gawky, and could not jump very high. None of the aspects of the game came easily to him. He would have to compensate for all of his inadequacies through sheer practice. And so he proceeded to devise one of the most rigorous and efficient training routines in the history of sports. Managing to get his hands on the keys to the high school gym, he created for himself a schedule—three and a half hours of practice after school and on Sundays, eight hours every Saturday, and three hours a day during the summer. Over the years, he would keep rigidly to this schedule. In the gym, he would put ten-pound weights in his shoes to strengthen his legs and give him more spring to his jump. His greatest weaknesses, he decided, were his dribbling and his overall slowness. He would have to work on these and also transform himself into a superior passer to make up for his lack of speed. For this purpose, he devised various exercises. He wore eyeglass frames with pieces of cardboard taped to the bottom, so he could not see the basketball while he practiced dribbling. This would train him to always look around him rather than at the ball—a key skill in passing. He set up chairs on the court to act as opponents. He would dribble around them, back and forth, for hours, until he could glide past them, quickly changing direction. He spent hours at both of these exercises, well past any feelings of boredom or pain. Walking down the main street of his hometown in Missouri, he would keep his eyes focused straight ahead and try to notice the goods in the store windows, on either side, without turning his head. He worked on this endlessly, developing his peripheral vision so he could see more of the court. In his room at home, he practiced pivot moves and fakes well into the night—such skills that would also help him compensate for his lack of speed. Bradley put all of his creative energy into coming up with novel and effective ways of practicing. One time his family traveled to Europe via transatlantic ship. Finally, they thought, he would give his training regimen a break—there was really no place to practice on board. But below deck and running the length of the ship were two corridors, 900 feet long and quite narrow—just enough room for two passengers. This was the perfect location to practice dribbling at top speed while maintaining perfect ball control. To make it even harder, he decided to wear special eyeglasses that narrowed his vision. For hours every day he dribbled up one side and down the other, until the voyage was done. Working this way over the years, Bradley slowly transformed himself into one of the biggest stars in basketball—first as an All-American at Princeton University and then as a professional with the New York Knicks. Fans were in awe of his ability to make the most astounding passes, as if he had eyes on the back and sides of his head—not to mention his dribbling prowess, his incredible arsenal of fakes and pivots, and his complete gracefulness on the court. Little did they know that such apparent ease was the result of so many hours of intense practice over so many years.

History favors the bold. Compensation favors the meek. As a Fortune 500 company CEO, you’re better off taking the path often traveled and staying the course. Big companies may have more assets to innovate with, but they rarely take big risks or innovate at the cost of cannibalizing a current business. Neither would they chance alienating suppliers or investors. They play not to lose, and shareholders reward them for it—until those shareholders walk and buy Amazon stock. Most boards ask management: “How can we build the greatest advantage for the least amount of capital/investment?” Amazon reverses the question: “What can we do that gives us an advantage that’s hugely expensive, and that no one else can afford?” Why? Because Amazon has access to capital with lower return expectations than peers. Reducing shipping times from two days to one day? That will require billions. Amazon will have to build smart warehouses near cities, where real estate and labor are expensive. By any conventional measure, it would be a huge investment for a marginal return. But for Amazon, it’s all kinds of perfect. Why? Because Macy’s, Sears, and Walmart can’t afford to spend billions getting the delivery times of their relatively small online businesses down from two days to one. Consumers love it, and competitors stand flaccid on the sidelines. In 2015, Amazon spent $7 billion on shipping fees, a net shipping loss of $5 billion, and overall profits of $2.4 billion. Crazy, no? No. Amazon is going underwater with the world’s largest oxygen tank, forcing other retailers to follow it, match its prices, and deal with changed customer delivery expectations. The difference is other retailers have just the air in their lungs and are drowning. Amazon will surface and have the ocean of retail largely to itself.

Leo was at her side in an instant, crouching on the floor as he sorted through the hissing tangle of limbs and skirts. “Are you hurt? I feel certain there’s a woman in here somewhere. … Ah, there you are. Easy, now. Let me—” “Don’t touch me,” she snapped, batting at him with her fists. “I’m not touching you. That is, I’m only touching you with the—ow, damn it—with the intention of helping.” Her hat, a little scrap of wool felt with cheap corded trim, had fallen over her face. Leo managed to push it back to the top of her head, narrowly missing a sharp blow to his jaw. “Christ. Would you stop flailing for a moment?” Struggling to a sitting position, she glared at him. Leo crawled to retrieve the spectacles and returned to hand them to her. She snatched them from him without a word of thanks. She was a lean, anxious-looking woman. A young woman with narrowed eyes, from which bad temper flashed out. Her light brown hair was pulled back with a gallows-rope tightness that made Leo wince just to see it. One would have hoped for some compensating feature—a soft pair of lips, perhaps, or a pretty bosom. But no, there was only a stern mouth, a flat chest, and gaunt cheeks. If Leo were compelled to spend any time with her—which, thankfully, he wasn’t—he would have started by feeding her. “If you want to help,” she said coldly, hooking the spectacles around her ears, “retrieve that blasted ferret for me. Perhaps I’ve tired him enough that you may be able to run him to ground.” Still crouching on the floor, Leo glanced at the ferret, which had paused ten yards away and was watching them both with bright, beady eyes. “What is his name?” “Dodger.” Leo gave a low whistle and a few clicks of his tongue. “Come here, Dodger. You’ve caused enough trouble for the morning. Though I can’t fault your taste in … ladies’ garters? Is that what you’re holding?” The woman watched, stupefied, as the ferret’s long, slender body wriggled toward Leo. Chattering busily, Dodger crawled onto Leo’s thigh. “Good fellow,” Leo said, stroking the sleek fur. “How did you do that?” the woman asked in annoyance. “I have a way with animals. They tend to acknowledge me as one of their own.” Leo gently pried a frilly bit of lace and ribbon from the long front teeth. It was definitely a garter, deliciously feminine and impractical. He gave the woman a mocking smile as he handed it to her. “No doubt this is yours.

HR can and should serve as advisors to organizational leadership to develop strategic workforce plans that link to the organization’s strategic plan to ensure that the right people are on board so that the firm can meet its objectives and fulfill its mission. HR partners with line management to provide development opportunities to maximize the potential of each and every employee. HR advises management on total rewards programs (compensation and benefits) and rewards and recognition programs designed to minimize costly employee turnover and to maximize employee engagement and retention.

It’s Time to Split HR 500 words HBR article by Ram Charan, July–August Many CEOs are disappointed with their HR departments. Charan proposes a radical solution: Eliminate the position of chief human resources officer and split HR into two functions: HR-A (administration), which would manage compensation and benefits and report to the CFO, and HR-LO (leadership and organization), which would focus on improving people capabilities and report to the CEO. Here’s what our readers had to say:

The typical mentality among the leadership of “less work for more money” is far too prevalent. Outstanding efforts by individual employees are frowned upon, because they give “management” a reason to expect better results without an increase in compensation.

consciousness. Elizabeth Gaskell’s Mary Barton (1848) and North and South (1855), Charlotte Brontë’s Shirley (1849), George Eliot’s Silas Marner (1861) and many other such literary portrayals appeared in these years to testify to this growing attention. A novel might have been written about the travails of Davitt’s life too. As a child he was employed in the cotton industry, working in the local mills that resounded to the din of vast and deafening spinning machines that regularly nipped off workers’ limbs and scalps; in 1857, Davitt himself lost an arm to one of these machines and was dismissed from the works without compensation. In his teens, he managed to acquire an education

HR professionals often see their largest job challenges as sourcing talent, improving performance management, defining compensation, and providing training programs and other HR systems.

Consider James D. Sinegal, co-founder and CEO of Costco, a warehouse retailer. His salary in 2003 was $350,000, which is just about ten times what is earned by his top hourly employees and roughly double that of a typical Costco store manager. Costco also pays 92.5% of employee health-care costs. Sinegal could take a lot more goodies for himself, but has refused a bonus in profitable years because “we didn’t meet the standards that we had set for ourselves,” and he has sold only a modest percentage of his stock over the years. Even Costco’s compensation committee acknowledges that he is underpaid. Sinegal believes that by taking care of his people and staying close to them, they will provide better customer service, Costco will be more profitable, and everyone (including shareholders like himself) will win. Sinegal takes other steps to reduce the “power distance” between himself and other employees. He visits hundreds of Costco stores a year, constantly mixing with the employees as they work and asking questions about how he can make things better for them and Costco customers. Despite continuing skepticism from analysts about wasting money on labor costs, Costco’s earnings, profits, and stock price continue to rise. Treating employees fairly also helps the bottom line in other ways, as Costco’s “shrinkage rate” (theft by employees and customers) is only two-tenths of 1%; other retail chains suffer ten to fifteen times the amount. Sinegal just sees all this as good business because, when you are a CEO, “everybody is watching you every minute anyway. If they think the message you’re sending is phony, they are going to say, ‘Who does he think he is?

The advice process: From the start, make sure that all members of the organization can make any decision, as long as they consult with the people affected and the people who have expertise on the matter. If a new hire comes to you to approve a decision, refuse to give him the assent he is looking for. Make it clear that nobody, not even the founder, “approves” a decision in a self-managing organization. That said, if you are meaningfully affected by the decision or if you have expertise on the matter, you can of course share your advice. A conflict resolution mechanism: When there is disagreement between two colleagues, they are likely to send it up to you if you are the founder or CEO. Resist the temptation to settle the matter for them. Instead, it’s time to formulate a conflict resolution mechanism that will help them work their way through the conflict. (You might be involved later on if they can’t sort the issue out one-on-one and if they choose you as a mediator or panel member.) Peer-based evaluation and salary processes: Who will decide on the compensation of a new hire, and based on what process? Unless you consciously think about it, you might do it the traditional way: as a founder, you negotiate and settle with the new recruit on a certain package (and then probably keep it confidential). Why not innovate from the start? Give the potential hire information about other people’s salaries and let them peg their own number, to which the group of colleagues can then react with advice to increase or lower the number. Similarly, it makes sense right from the beginning to choose a peer-based mechanism for the appraisal process if you choose to formalize such a process. Otherwise, people will naturally look to you, the founder, to tell them how they are doing, creating a de facto sense of hierarchy within the team.

Are we expanding our sales force appropriately to match needed sales growth and market penetration?   2. Are our reps properly trained, and what is the lag time between training and an effective rep?   3. Is our compensation package and awards program sufficient to attract and retain high performers?   4. Is our field sales forecasting system functioning properly to anticipate negative trends?   5. Can we continue to leverage the sales expense line without damaging sales?   6. Is our expense budget tracking system effective?   7. Are we accurately monitoring sales force morale?   8. Is our pay schedule competitive?

The deliverer of feedback experiences anxiety, which often is compensated for by insensitivity masquerading as directness. The receiver experiences hurt feelings, wounded pride, and defensiveness. More often than not, both parties try to hide their true emotions, and that in itself becomes a variable in the conversation that if not managed can get in the way of clarity and effectiveness. This may be contrary to human nature, but the most effective means of preventing this is to be open about how the conversation is making you feel rather than trying to hide the emotional truth beneath a veneer of managerial bluster.

1 = Very important. Do this at once. 2 = Worth doing but takes more time. Start planning it. 3 = Yes and no. Depends on how it’s done. 4 = Not very important. May even be a waste of effort. 5 = No! Don’t do this. Fill in those numbers before you read further, and take your time. This is not a simple situation, and solving it is a complicated undertaking. Possible Actions to Take ____ Explain the changes again in a carefully written memo. ____ Figure out exactly how individuals’ behavior and attitudes will have to change to make teams work. ____ Analyze who stands to lose something under the new system. ____ Redo the compensation system to reward compliance with the changes. ____ “Sell” the problem that is the reason for the change. ____ Bring in a motivational speaker to give employees a powerful talk about teamwork. ____ Design temporary systems to contain the confusion during the cutover from the old way to the new. ____ Use the interim between the old system and the new to improve the way in which services are delivered by the unit—and, where appropriate, create new services. ____ Change the spatial arrangements so that the cubicles are separated only by glass or low partitions. ____ Put team members in contact with disgruntled clients, either by phone or in person. Let them see the problem firsthand. ____ Appoint a “change manager” to be responsible for seeing that the changes go smoothly. ____ Give everyone a badge with a new “teamwork” logo on it. ____ Break the change into smaller stages. Combine the firsts and seconds, then add the thirds later. Change the managers into coordinators last. ____ Talk to individuals. Ask what kinds of problems they have with “teaming.” ____ Change the spatial arrangements from individual cubicles to group spaces. ____ Pull the best people in the unit together as a model team to show everyone else how to do it. ____ Give everyone a training seminar on how to work as a team. ____ Reorganize the general manager’s staff as a team and reconceive the GM’s job as that of a coordinator. ____ Send team representatives to visit other organizations where service teams operate successfully. ____ Turn the whole thing over to the individual contributors as a group and ask them to come up with a plan to change over to teams. ____ Scrap the plan and find one that is less disruptive. If that one doesn’t work, try another. Even if it takes a dozen plans, don’t give up. ____ Tell them to stop dragging their feet or they’ll face disciplinary action. ____ Give bonuses to the first team to process 100 client calls in the new way. ____ Give everyone a copy of the new organization chart. ____ Start holding regular team meetings. ____ Change the annual individual targets to team targets, and adjust bonuses to reward team performance. ____ Talk about transition and what it does to people. Give coordinators a seminar on how to manage people in transition. There are no correct answers in this list, but over time I’ve

WHAT IS IT? The one-firm firm approach is not simply a loose term to describe a "culture." It refers to a set of concrete management practices consciously chosen to maximize the trust and loyalty that members of the firm feel both to the institution and to each other. In 1985, the elements of the one-firm firm approach were given as: •Highly selective recruitment •A "grow your own" people strategy as opposed to heavy use of laterals, growing only as fast as people could be devel-1 oped and assimilated •Intensive use of training as a socialization process •Rejection of a "star system" and related individualistic behavior •Avoidance of mergers, in order to sustain the collaborative culture A set of concrete management practices consciously chosen to maximize the trust and loyalty that members of the firm feel both to the institution and to each other. • Selective choice of services and markets, so as to win through significant investments in focused areas rather than many small initiatives •Active outplacement and alumni management, so that those who leave remain loyal to the firm •Compensation based mostly on group performance, not individual performance •High investments in research and development •Extensive intra-firm communication, with broad use of consensus-building approaches The one-firm firm approach is similar in many ways to the U. S. Marine Corps (in which Jack Walker served). Both are designed to achieve the highest levels of internal collaboration and encourage mutual commitment to pursuing ambitious goals.

If they are looking for a rewarding long term business with a plumber to perform tasks There are many companies who are working to decide what kind of vocational schools, replacement or installation of higher education institutions. For your education initiative must be the only option that is able to provide intensive plumber work relevant by the classic Nationwide Plumbing Code. After completing the program, each providing accreditation to another relevant effort and hard work as a plumber. The program includes training in the relevant programs to install and configure resources. It also includes mechanical design, troubleshooting, piping plans and key ingredients. Bacteriology and sanitation is also part of an important program for plumbers exercise. Although few plumbing works carried out in the classroom, the most important part of the class exercise is comfortable on the stage. The most important bands in principle were supposed to be a plumber in the direction of the company to do the exercises. It is organized in such a way that the student really easy, because you need a plumber's apprentice as an assistant purchasing palms running plumbing parts training. The student gets serious compensated despite the hour discovery replacement rate. He always takes four-year students to get the name of the certificate. In this position, the plumber will be held against the craftsman marketing consultant. When the full study plumbing, plumber charges may choose the next action plan for the office or a plumber, or may be may decide to acquire its own plumber in person in the office. System officeholder has more tasks and also includes all However, more flexibility. He came to power to decide employment opportunities for leadership simply do not want to take, and it can also maintain services in other management plumbers enough to have a lot less work if you need a cute hat.

Amelia, if we have children … will you mind that they’re part Roma?” “Not if you don’t mind that they’re part Hathaway.” He made a sound of amusement and finished undressing. “And I thought life on the road would be a challenge. You know, it would terrify a lesser man, trying to manage your family.” “You’re right. I can’t imagine why you’re willing to take us on.” He gave her naked body a frankly lascivious glance as he joined her beneath the covers. “Believe me, the compensations are well worth it.” “What about your freedom?” Amelia asked, snuggling close as he lay beside her. “Are you sorry to have lost it?” “No, love.” Cam reached to turn down the lamp, enfolding them in velvet darkness. “I’ve finally found it. Right here, with you.

beaten and humiliated and experience indescribable suffering and anguish. Will become sin offering and die on job. To qualify: Must be male, minimum age 30. Father must be God, mother must be of house and lineage of David, must have been virgin when he was born. Adopted father must also be of house of David. Must have sinless blood and spotless record. Must have been born in Bethlehem and raised in Nazareth. Must be self-motivated, with aggressive personality and burning desire to help people. Must have tremendous knowledge of Old Testament and firm reliance on biblical principles. Must incorporate the foresight of Noah, the faith of Abraham, the patience of Job, the faithfulness of Joseph, the meekness of Moses, the courage of Joshua, the heart of David, the wisdom of Solomon, the boldness of Elijah, the power of Elisha, the eloquence of Isaiah, the commitment of Jeremiah, the vision of Ezekiel and the love of God. Wages: Holy spirit (without measure) to start. Additional payoff in intimacy with God and receiving revelation as necessary to complete job. Constant on-job training, supervision and guidance by top-level management. Benefits: Position will lead to highly exalted position in future if job carried out successfully. Workman’s compensation: Injuries sustained on job, including death, well compensated by promotion including new body. Management will highly promote name upon successful completion of job, and entire publicity department will be devoted to getting name before multitudes. Will assume presidency of expanding international venture (The Ministry of Reconciliation), as Head of Body of well-equipped members ready to move dynamic new product on world market. All in all, tremendous eternal potential for growth and rewards in return on initial investment of giving life. If qualified, management will contact you. No need to apply.

Teledyne return, which by averaging cash flow and net income for each business unit, emphasized cash generation and became the basis for bonus compensation for all business unit general managers.

By identifying the money sources inside and outside of your business, and then applying these methods, you are better able to control the Flow in your business. But what are these sources? They include how you: Plan a project Buy materials Compensate your people Plan people’s time Estimate a job Sell a job Manage a job Collect receivables

Buying a bond only for its yield is like getting married only for the sex. If the thing that attracted you in the first place dries up, you’ll find yourself asking, “What else is there?” When the answer is “Nothing,” spouses and bondholders alike end up with broken hearts. On May 9, 2001, WorldCom, Inc. sold the biggest offering of bonds in U.S. corporate history—$11.9 billion worth. Among the eager beavers attracted by the yields of up to 8.3% were the California Public Employees’ Retirement System, one of the world’s largest pension funds; Retirement Systems of Alabama, whose managers later explained that “the higher yields” were “very attractive to us at the time they were purchased”; and the Strong Corporate Bond Fund, whose comanager was so fond of WorldCom’s fat yield that he boasted, “we’re getting paid more than enough extra income for the risk.” 1 But even a 30-second glance at WorldCom’s bond prospectus would have shown that these bonds had nothing to offer but their yield—and everything to lose. In two of the previous five years WorldCom’s pretax income (the company’s profits before it paid its dues to the IRS) fell short of covering its fixed charges (the costs of paying interest to its bondholders) by a stupendous $4.1 billion. WorldCom could cover those bond payments only by borrowing more money from banks. And now, with this mountainous new helping of bonds, WorldCom was fattening its interest costs by another $900 million per year!2 Like Mr. Creosote in Monty Python’s The Meaning of Life, WorldCom was gorging itself to the bursting point. No yield could ever be high enough to compensate an investor for risking that kind of explosion. The WorldCom bonds did produce fat yields of up to 8% for a few months. Then, as Graham would have predicted, the yield suddenly offered no shelter: WorldCom filed bankruptcy in July 2002. WorldCom admitted in August 2002 that it had overstated its earnings by more than $7 billion.3 WorldCom’s bonds defaulted when the company could no longer cover their interest charges; the bonds lost more than 80% of their original value.

Management is doing things right; leadership is doing the right things.” Management is efficiency in climbing the ladder of success; leadership determines whether the ladder is leaning against the right wall. You can quickly grasp the important difference between the two if you envision a group of producers cutting their way through the jungle with machetes. They’re the producers, the problem solvers. They’re cutting through the undergrowth, clearing it out. The managers are behind them, sharpening their machetes, writing policy and procedure manuals, holding muscle development programs, bringing in improved technologies and setting up working schedules and compensation programs for machete wielders. The leader is the one who climbs the tallest tree, surveys the entire situation, and yells, “Wrong jungle!

It takes a bit of work to identify the key performance drivers, but doing so brings profound benefits. If you’re able to identify three or four effective categories, you will simultaneously help your managers zero in with a bit more thought on areas that need work, and provide employees with a clearer sense of why they have or haven’t received the compensation or promotion they deserved.

The Group Product Manager Role There's a role in larger product organizations that I find especially effective. The role is titled group product manager, usually referred to as GPM. The GPM is a hybrid role. Part individual contributor and part first‐level people manager. The idea is that the GPM is already a proven product manager (usually coming from a senior product manager title), and now the person is ready for more responsibility. There are generally two career paths for product managers. One is to stay as an individual contributor, which, if you're strong enough, can go all the way up to a principal product manager—a person who's an individual contributor but a rock‐star performer and willing and able to tackle the toughest product work. This is a very highly regarded role and generally compensated like a director or even VP. The other path is to move into functional management of the product managers (the most common title is director

The Group Product Manager Role There's a role in larger product organizations that I find especially effective. The role is titled group product manager, usually referred to as GPM. The GPM is a hybrid role. Part individual contributor and part first‐level people manager. The idea is that the GPM is already a proven product manager (usually coming from a senior product manager title), and now the person is ready for more responsibility. There are generally two career paths for product managers. One is to stay as an individual contributor, which, if you're strong enough, can go all the way up to a principal product manager—a person who's an individual contributor but a rock‐star performer and willing and able to tackle the toughest product work. This is a very highly regarded role and generally compensated like a director or even VP. The other path is to move into functional management of the product managers (the most common title is director of product management) where some number of product managers (usually somewhere between 3 and 10) report directly to you. The director of product management is really responsible for two things. The first is ensuring his or her product managers are all strong and capable. The second is product vision and strategy and connecting the dots between the product work of the many teams. This is also referred to as holistic view of product. But lots of strong senior product managers are not sure about their preferred career path at this stage, and the GPM role is a great way to get a taste of both worlds. The GPM is the actual product manager for one product team, but in addition, she is responsible for the development and coaching of a small number of additional product managers (typically, one to three others). While the director of product management may have product managers who work across many different areas, the GPM model is designed to facilitate tightly coupled product teams.

Superstars create an alternate universe in which they are special, and your success and happiness is contingent upon indulging their every whim. If you work for them, their power over you may be sufficient to turn their alternate universe into the one you have to live in. To make things more confusing, these managerial vampires often create systems that they themselves don’t understand, because they don’t design them. Everything is jury-rigged by employees to compensate for deficiencies in the manager’s personality. There is only one rule in such systems: Humor the boss. Superstar vampires like to spout off about teamwork, empowerment, and flattening the organization, blissfully unaware that when they’re around all real work stops because job number one is entertaining the boss.

These are not marginal or idiosyncratic categories of income (although the need to translate from tax categories to moral ones inevitably introduces judgment and imprecision into any accounting). Founder’s shares, carried interest, and executive stock compensation give nominally capital gains a substantial component of labor income, especially among the very rich. To begin with, roughly half of the twenty-five largest American fortunes, according to Forbes, arise from founder’s stock still held by the founders who built the firms. Moreover, the share of total capital gains income reported to the Treasury that is attributable to carried interest alone—to the labor of hedge fund managers—has grown by a factor of perhaps ten in the past two decades and now comprises a material share of all the capital gains reported by one-percenters. And over the past twenty years, roughly half of all CEO compensation across the S&P 1500 has taken the form of stock or stock options. Pensions and housing also contribute substantially to top incomes today, roughly doubling the shares that they contributed in the 1960s. Once again, the data cannot sustain precise measurements, but these forms of labor income, taken together, plausibly comprise roughly another third of top incomes, sitting atop the roughly half of top incomes attributable to labor on even the most conservative accounting. The data therefore confirm—top-down—the narrative of labor income that bubbles up from a survey of elite jobs. Both the top 1 percent and even the top 0.1 percent today receive between two-thirds and three-quarters of their income in exchange not for land, machines, or financing but rather for deploying their own effort and skill. The richest person out of every hundred in the United States today, and indeed the richest person out of every thousand, now literally works for a living.

Labor also dominates stories of elite income at the next rung down. Although only three hedge fund managers took home over $1 billion in 2017, more than twenty-five took home $100 million or more, and $10 million incomes are so common that they do not make the papers. Even only modestly elite finance workers now receive huge paydays. According to one survey, a portfolio manager at a midsized hedge fund makes on average $2.4 million, and average Wall Street bonuses exploded from roughly $14,000 in 1985 to more than $180,000 in 2017, a year in which the average total salary for New York City’s 175,000 securities industry workers reached over $420,000. These sums reflect the fact that a typical investment bank disburses roughly half of its revenues after interest paid to its professional workers (making it a better three decades to be an elite banker than to be an owner of bank stocks). Elite managers in the real economy also do well. CEO incomes—the wages paid to top managerial labor—regularly reach seven figures; indeed, the average 2017 income of the CEO of an S&P 500 company was nearly $14 million. In a typical recent year the total compensation paid to the five highest-paid employees of each S&P 1500 firm (7,500 workers overall) might amount to 10 percent of S&P 1500 firms’ collective profits. These workers do not own the assets—the portfolios or the companies—that they manage. Their incomes constitute wages paid for managerial labor rather than a return on invested capital. The enormous paydays reflect what prominent business analysts recently called a war between talent and capital—a war that talent is winning.

The aggregate of the compensation paid to mutual-fund managers virtually guarantees that investors fail to achieve market-beating results.

and follow these stupid rules. Worst of all, I have to spend a horrendous amount of time in useless meetings.” The creative magic begins to wane as some of the most innovative people leave, disgusted by the burgeoning bureaucracy and hierarchy. The exciting start-up transforms into just another company, with nothing special to recommend it. The cancer of mediocrity begins to grow in earnest. George Rathmann avoided this entrepreneurial death spiral. He understood that the purpose of bureaucracy is to compensate for incompetence and lack of discipline—a problem that largely goes away if you have the right people in the first place. Most companies build their bureaucratic rules to manage the small percentage of wrong people on the bus, which in turn drives away the right people on the bus, which then increases the percentage of wrong people on the bus, which increases the need for more bureaucracy to compensate for incompetence and lack of discipline, which then further drives the right people away, and so forth. Rathmann also understood an alternative exists: Avoid bureaucracy and hierarchy and instead create a culture of discipline. When you put these two complementary forces together—a culture of discipline with an ethic of entrepreneurship—you get a magical alchemy of superior performance and sustained results.

We will continue to focus on hiring and retaining versatile and talented employees, and continue to weight their compensation to stock options rather than cash. We know our success will be largely affected by our ability to attract and retain a motivated employee base, each of whom must think like, and therefore must actually be, an owner.”21

all bastions of bureaucracy. They all conform to the same bureaucratic blueprint: There is a formal hierarchy Power is vested in positions Authority trickles down Big leaders appoint little leaders Strategies and budgets are set at the top Central staff groups make policy and ensure compliance Job roles are tightly defined Control is achieved through oversight, rules, and sanctions Managers assign tasks and assess performance Everyone competes for promotion Compensation correlates with rank These organizational features may seem innocuous, but as we’ll see, it’s here, in the unremarkable landscape of bureaucracy, that we find the roots of institutional incompetence.

Nipsy Jhamb - Responsible for managing HR Operations, HRIS, Benefits, and Recruiting for a global organization specifically designing, aligning and executing a global HR business strategy into the operating fabric of the Firm. Consult with senior business leader across a full spectrum of HR areas, especially in talent programs, total rewards, executive compensation, global integration, etc.

On May 17, 1913, Domingo Rosillo and Agustín Parlá attempted the first international flights to Latin America, by trying to fly their airplanes from Key West to Havana. At 5:10 a.m., Rosillo departed from Key West and flew for 2 hours, 30 minutes and 40 seconds before running out of gas. He had planned to land at the airfield at Camp Columbia in Havana, but instead managed to squeak in at the camp’s shooting range, thereby still satisfactorily completing the flight. Parlá left Key West at 5:57 in the morning. Just four minutes later, at 6:01 a.m., he had to carefully turn back to the airstrip he had just left, since the aircraft didn’t properly respond to his controls. Parlá said, “It would not let me compensate for the wind that blew.” When he returned to Key West, he discovered that two of the tension wires to the aircraft’s elevators were broken. Two days later, Parlá tried again and left Key West, carrying the Cuban Flag his father had received from José Martí. This time he fell short and had to land at sea off the Cuban coast near Mariel. Sailors from the Cuban Navy rescued him from his seaplane. Being adventuresome, while attending the Curtiss School of Aviation in 1916, Parlá flew over Niagara Falls. In his honor, the Cuban flag was hoisted and the Cuban national anthem was played. The famous Cuban composer, pianist, and bandleader, Antonio M. Romeu, composed a song in his honor named “Parlá over the Niagara” and Agustín Parlá became known as the “Father of Cuban Aviation.

Agustín Parlá Orduña was among the early Cuban aviation aces. He was born in Key West, Florida, on October 10, 1887, and received his early education there. After Cuba was liberated from Spain, the family returned to Havana, where he continued his education. On April 20, 1912, he received his pilot’s license at the Curtiss School of Aviation in Miami. On July 5, 1913, when the Cuban Army Air Corps was formed, Agustín Parlá was commissioned as a captain in the Cuban Armed Forces. On May 17, 1913, Domingo Rosillo and Agustín Parlá attempted the first international flights to Latin America, by trying to fly their airplanes from Key West to Havana. At 5:10 a.m., Rosillo departed from Key West and flew for 2 hours, 30 minutes and 40 seconds before running out of gas. He had planned to land at the airfield at Camp Columbia in Havana, but instead managed to squeak in at the shooting range, thereby still satisfactorily completing the flight. Parlá left Key West at 5:57 in the morning. Just four minutes later, at 6:01 a.m., he had to carefully turn back to the airstrip he had just left, since the aircraft didn’t properly respond to his controls. Parlá said, “It would not let me compensate for the wind that blew.” When he returned to Key West, he discovered that two of the tension wires to the elevator were broken. On May 19, 1913, Parlá tried again and left Key West, carrying the Cuban Flag his father had received from José Martí. This time he fell short and had to land at sea off the Cuban coast near Mariel, where sailors rescued him from his seaplane.

No management success can compensate for failure in leadership.

The 8 Basic Headers Work Family & Kids Spouse Health & Fitness Home Money Recreation & Hobbies Prospects for the Future Work The Boss Time Management Compensation Level of interest Co-workers Chances of promotion My Job Description Subordinates Family Relationship with spouse Relationship with children Relationship with extended family Home, chores and responsibilities Recreation & hobbies Money, expenses and allowances Lifestyle and standard of living Future planes and arrangements Spouse Communication type and intensity Level of independence Sharing each other's passions Division of roles and responsibilities Our time together Our planes for our future Decision making Love & Passion Health & Fitness General health Level of fitness Healthy lifestyle Stress factors Self awareness Self improvement Level of expense on health & fitness Planning and preparing for the rest of my life Home Comfort Suitability for needs Location Community and municipal services Proximity and quality of support/activity centers (i.e. school. Medical aid etc) Rent/Mortgage Repair / renovation Emotional atmosphere Money Income from work Passive income Savings and pension funds Monthly expenses Special expenses Ability to take advantage of opportunities / fulfill dreams Financial security / resilience Financial IQ / Understanding / Independent decision making Social, Recreation & Hobbies Free time Friends and social activity Level & quality of social ties Level of spending on S, R&H Culture events (i.e. theater, fairs etc) Space & accessories required Development over time Number of interests Prospect for the future Type of occupation Ratio of work to free time Promotion & Business development (for entrepreneurs) Health & Fitness Relationships Family and Home Financial security Fulfillment of vision / dreams  Creating Lenses with Excel If you wish to use Excel radar diagrams to simulate lenses, follow these steps: Open a new Excel spreadsheet.

Compensation Level of interest Co-workers Chances of promotion My Job Description Subordinates

Moreover, even if they are eventually weeded out, one-sided managerial compensation packages impose huge costs on the rest of the economy while they last. The workers have to be constantly squeezed through downward pressure on wages, casualization of employment and permanent downsizing, so that the managers can generate enough extra profits to distribute to the shareholders and keep them from raising issues with high executive pay (for more on this, see Thing 2).

I see why they call you Lady Alys,” he said with a mocking humor. “Managing an estate, several businesses, and children as well. You are an extraordinary woman.” “Most women are extraordinary. It compensates for the fact that most men aren’t”.

Cooperation in all its forms is undeniably a rational and just mode of future production. But for it to achieve its objective—liberation of all the workers and their full compensation and satisfaction—all forms of land and capital must become collective property. Until that occurs, cooperation in the majority of cases will be crushed by the almighty competition of big capital and big landholding. In the rare cases when some producers’ association, invariably more or less isolated, does succeed in withstanding and surviving this struggle, the result of its success will merely be the rise of a new privileged class of fortunate collectivists within the destitute mass of the proletariat. Thus, under the existing conditions of social economy, cooperation cannot liberate the worker masses. Nevertheless, it does offer the benefit, even now, of accustoming the workers to unite, organize, and independently manage their own affairs.

Manage Your Career Take responsibility for your own career, and manage it. People will tell you to “follow your passion.” This, again, is bullshit. I would like to be quarterback for the New York Jets. I’m tall, have a good arm, decent leadership skills, and would enjoy owning car dealerships after my knees go. However, I have marginal athletic ability—learned this fast at UCLA. People who tell you to follow your passion are already rich. Don’t follow your passion, follow your talent. Determine what you are good at (early), and commit to becoming great at it. You don’t have to love it, just don’t hate it. If practice takes you from good to great, the recognition and compensation you will command will make you start to love it. And, ultimately, you will be able to shape your career and your specialty to focus on the aspects you enjoy the most. And if not—make good money and then go follow your passion. No kid dreams of being a tax accountant. However, the best tax accountants on the planet fly first class and marry people better looking than themselves—both things they are likely to be passionate about.

It’s a hard policy to sell to most managements. Even to my own management! For years I used to take all new employees to lunch. Among other admonitions, I told them that if they ever got a better offer, they should take it. As soon as they could, my field supervisors ended those lunches. Another frank idea was vetoed by my top people: I wanted to publish their salaries and bonuses, and mine, every year when we issued our annual compensation bulletins.

The first, or predictive, approach could also be called the qualitative approach, since it emphasizes prospects, management, and other nonmeasurable, albeit highly important, factors that go under the heading of quality. The second, or protective, approach may be called the quantitative or statistical approach, since it emphasizes the measurable relationships between selling price and earnings, assets, dividends, and so forth. Incidentally, the quantitative method is really an extension—into the field of common stocks—of the viewpoint that security analysis has found to be sound in the selection of bonds and preferred stocks for investment. In our own attitude and professional work we were always committed to the quantitative approach. From the first we wanted to make sure that we were getting ample value for our money in concrete, demonstrable terms. We were not willing to accept the prospects and promises of the future as compensation

real life the role of randomness is far less obvious than it was in Langer’s experiments, and we are much more invested in the outcomes and our ability to influence them. And so in real life it is even more difficult to resist the illusion of control. One manifestation of that illusion occurs when an organization experiences a period of improvement or failure and then readily attributes it not to the myriad of circumstances constituting the state of the organization as a whole and to luck but to the person at the top. That’s especially obvious in sports, where, as I mentioned in the Prologue, if the players have a bad year or two, it is the coach who gets fired. In major corporations, in which operations are large and complex and to a great extent affected by unpredictable market forces, the causal connection between brilliance at the top and company performance is even less direct and the efficacy of reactionary firings is no greater than it is in sports. Researchers at Columbia University and Harvard, for example, recently studied a large number of corporations whose bylaws made them vulnerable to shareholders’ demands that they respond to rough periods by changing management.44 They found that in the three years after the firing there was no improvement, on average, in operating performance (a measure of earnings). No matter what the differences in ability among the CEOs, they were swamped by the effect of the uncontrollable elements of the system, just as the differences among musicians might become unapparent in a radio broadcast with sufficient noise and static. Yet in determining compensation, corporate boards of directors often behave as if the CEO is the only one who matters.

1. Relationship: A relationship, which is bereft of respect, blows hot and cold, raises continual contentious queries, and where action does not match with words, is a dead one. 2. Honesty: Repose not trust in testing another's degree of honesty at the risk of one's loss in matters big, unless collateralized. 3. Character: The litmus test of illustrious character is recognized in the impeccable integrity and transparency in financial transactions. 4 Friendship: Being truthful, honoring one's word, a pleasant disposition, mostly positive in response, being in company purely for companionship's sake, all promote solid and fine friendships. 5. Gratitude: Gratitude is evidently short-lived in this world of ever-changing human emotions. 6. Apology: For wrong done regret, backed by adequate compensation. 7. Punctuality: Punctuality at any appointment spells organized time management.

The aspiring leader has been set up to fail. He just doesn’t recognize it yet. The first few months go well, but reality soon sets in. It is not easy for one person to create change in a large corporation. After one year, the leader feels as though he is trying to make innovation happen inside an organization that is, in every way, determined to fight his every move. The general manager of the company’s largest product line is anxious about the possibility that the innovation will cannibalize him. Marketing is uncooperative, worried about possible damage to the company’s brand if the new product fails. Manufacturing is upset that it has to schedule small, inefficient runs for the new product. Salespeople are reluctant to push a product without a track record. Human resources is unwilling to waive compensation rules to hire a few experts that the project badly needs. Finance is concerned about margin dilution. Information technology claims that the project is too small to warrant exceptions to standard systems and processes.

It turns out that there was good reason to be skeptical. Thanks in large part to increased transparency, the financial services world is now unhealthily tied to an annual compensation cycle. The desire to be paid the most each and every year has created perverse incentives directly impacting almost every facet of the banking and investment world. As the focus on and opportunity for outsized compensation in the financial industry has shifted from investment banking to the investing world, the short-term compensation arms race has moved to the realms of private equity, hedge funds, and managers of public market securities. Given investment managers’ desire to boost their annual—and, in some cases, quarterly—compensation, they’re motivated to pursue strategies that maximize returns on an annual basis, rather than allowing for longer hold periods. As such, these annual compensation structures often lead to shorter-than-ideal investment horizons and lower relative returns, all at the expense of investors—and, arguably, at the expense of the long-term compensation of the investment managers themselves. This was not always the way things were done. Of course it happened, but much less when the investment strategy wasn’t so laser-focused on an annual bonus cycle.

What are your strengths? How do you know that? What do you need to work on? How do you know that? How are you working on this area? Is your company helping? When was your last promotion? How was the promotion communicated to you? What is the one thing you believe you did to earn this promotion? When was your last compensation increase? (Compensation = base salary + bonus and/or stock.) Do you feel fairly compensated? If not, what would you consider fair compensation? What facts do you base that opinion on? Have you told this to your manager? When was the last time you received useful feedback from your manager? What compliment do you wish you could receive about your work? Are you learning from your manager? What was the last significant thing you learned from them? What was the last thing you built at work that you enjoyed? What was your last major failure at work? What’d you learn? Are you clear about the root causes of that failure? What was the last piece of feedback you received (from anyone) that substantially changed your working style? Who is your mentor?1 When was the last time you met with them? When was your last 360 review?2 What was your biggest lesson? When did you last change jobs? Why? When did you last change companies? Why? What aspect of your current job would you bring with you to a future gig? What is your dream job? (Role, company, etc.) What is a company you admire? What attributes do you admire? Who is a leader that you admire? What are the qualities of that leader that you admire?

Hire the right people. “We will continue to focus on hiring and retaining versatile and talented employees,” he wrote in an early shareholder letter. Compensation, especially early on, was heavily weighted to stock options rather than cash. “We know our success will be largely affected by our ability to attract and retain a motivated employee base, each of whom must think like, and therefore must actually be, an owner.” There are three criteria he instructs managers to consider when they are hiring: Will you admire this person? Will this person raise the average level of effectiveness of the group he or she is entering? Along what dimension might this person be a superstar? It’s never been easy to work at Amazon. When Bezos interviews people, he warns them, “You can work long, hard, or smart, but at Amazon.com you can’t choose two out of three.” Bezos makes no apologies. “We are working to build something important, something that matters to our customers, something that we can all tell our grandchildren about,” he says. “Such things aren’t meant to be easy. We are incredibly fortunate to have this group of dedicated employees whose sacrifices and passion build Amazon.com.” These lessons remind me of the way Steve Jobs operated. Sometimes such a style can be crushing, and to some people it may feel tough or even cruel. But it also can lead to the creation of grand, new innovations and companies that change the way we live. Bezos has done all of this. But he still has many chapters to write in his story. He has always been public spirited, but I suspect in the coming years he will do more with philanthropy. Just as Bill Gates’s parents led him into such endeavors, Jackie and Mike Bezos have been models for Bezos as he focuses on missions such as providing great early-childhood education to all kids. I am also confident that he has at least one more major leap to make. I suspect that he will be—and is, indeed, eager to be—one of the first private citizens to blast himself into space. As he told his high school graduating class back in 1982, “Space, the final frontier, meet me there!

But we will never allow Berkshire to become some monolith that is overrun with committees, budget presentations and multiple layers of management. Instead, we plan to operate as a collection of separately-managed medium-sized and large businesses, most of whose decision-making occurs at the operating level. Charlie and I will limit ourselves to allocating capital, controlling enterprise risk, choosing managers and setting their compensation.

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War taught me many things, among them that, like anyone, I could be a coward one minute and brave the next, depending entirely on circumstance. They say that war brings out the best and the worst in people, and I certainly saw both sides. When I think of the dozens of people who risked their lives for us, it almost helps compensate for all the sad and bitter memories of those who were so cruel. War also made me accept the inevitable and savor the important gains, like my two wonderful sons and the granddaughter I might so easily have never lived to see. Through the memories of those we’ve lost and our shared sense of unity and pride in what we’ve gained, I’ve somehow managed to keep hope alive, against what often seemed impossible odds.

The hierarchy at Morgan Stanley was: managing director, principal, vice president, associate, analyst, secretary. There was no senior/junior distinction among vice presidents or associates. I was an associate as were most employees less than four years out of graduate school. Compensation roughly matched job title. On average, managing directors made several million dollars, principals made close to one million, vice presidents made a half million, and associates made several hundred thousand, with wide ranges within each job title.

The number of years we manage to eke out doesn’t matter, only what those years are composed of. Seneca put it best when he said, “Life is long if you know how to use it.” Sadly, most people don’t—they waste the life they’ve been given. Only when it is too late do they try to compensate for that waste by vainly hoping to put more time on the clock. Use today. Use every day. Make yourself satisfied with what you have been given.

On one side of the equation, there are the elements of work that, if not done right, will cause us to be dissatisfied. These are called hygiene factors. Hygiene factors are things like status, compensation, job security, work conditions, company policies, and supervisory practices. It matters, for example, that you don’t have a manager who manipulates you for his own purposes—or who doesn’t hold you accountable for things over which you don’t have responsibility. Bad hygiene causes dissatisfaction. You have to address and fix bad hygiene to ensure that you are not dissatisfied in your work.

There was now an accounting convention in the United States that, provided employees were first given options, required that when easily marketable stock was issued to employees at a below-market price, the bargain element for the employees, although roughly equivalent to cash, could not count as compensation expense in determining a company's reported profits. This amazingly peculiar accounting convention had been selected by the accounting profession, over the objection of some of its wisest and most ethical members, because corporate managers, by and large, preferred that their gains from exercising options covering their employers' stock not be counted as expense in determining their employers' earnings. The accounting profession, in making its amazingly peculiar decision, had simply followed the injunction so often followed by persons quite different from prosperous, entrenched accountants. The injunction was that normally followed by insecure and powerless people: "Whose bread I eat, his song I sing.

Human lifetimes are time documented by time, employment is compensated by documented time for work; and the value of life is expensive. No one is wealthy enough to buy time for infinity...so why let them waste yours! #Studypeople who do not value the #expense of life & time...gain old, but common #wisdom. #Studypeople who value the expense of life & time...gain new but uncommon wisdom. Last year will never repeat in your #lifetime, neither will the New Year. Consider how you manage the #destiny #distraction of #timewasters... I reset my #NewYear clock with an alarm to signal the entry of expensive time wasters, so I can kindly show them back to the exit point. People who consciously care to connect their active purpose with others who value share them, are more likely to make most of time's expense, rather than waste time, as if forever could be spared.

We adjust, hide, and compensate in order to manage our differentness in relation to the spaces we