"Such behaviour would only be possible if the management of the bank turned a blind eye to the culture of the trading floor. The standards and culture of Barclays, and banking more widely, are in a poor state.”
- Treasury Select Committee's 300-page report on the Barclays Libor scandal, 20 August 2012
The London Interbank Offered Rate (LIBOR) forms the basis for 550 trillion USD (yes trillions) of mortgages, credit cards, and other financial transactions. Over the summer it became clear that Barclays was systematically “rigging” this rate and paid a fine of 453 million USD.
The interesting thing is that it manages to do all this being a cooperative of members. In other words, anyone who is interested (customers, employees, suppliers) can become an “owner” of REI for 20 dollars. Each March, the active members receive dividends (typically 10% of their purchases at the chain). Obviously, I became a member, and received a pamphlet explaining my rights and duties. Right at the beginning of the pamphlet, there is a headline that says “the Co-op difference” and introduces the following text: “being a co-op means that we can run our business differently. We answer to you, not to shareholders or a quarterly bottom line. So we can take the long view and focus on bringing people to outdoor sports and helping to preserve nature.” The energy that I felt in the store, from employees and customers, was that of a great community, with everyone focused on the same objective.
I also visited Zappos in Las Vegas, an internet shoe selling company, which was purchased by Amazon in November 2009 for 1.2 billion dollars. They have more than 6,000 people and are the 11th largest company in Fortune magazine’s “Best Companies to Work for” in 2012. In spite of the acquisition, the businesses are kept separate, since Amazon knows that the unique culture of Zappos is what makes the difference.
At the company’s site, we found the following phrase: “We’ve been asked by a lot of people how we’ve grown so quickly, and the answer is actually really simple. We’ve aligned the entire organization around one mission: to provide the best customer service possible. Internally, we call this our WOW philosophy.” They define their values as “Key values of the Zappos Family,” and it includes some like “Deliver WOW through service,” “Create fun and a little weirdness” and “Be adventurous, creative and open-minded.”
It is interesting to note how in both cases, in spite of them being companies with very different business models, an engaging purpose, a community environment and a close relationship with the customer are critical and lead to cooperative, constructive and trusting work environments. And a positive and trusting environment reduces anxiety and thus the number of political games at the organization (meaning time and value thieves).
Some companies manage to create a virtuous cycle: a better climate and greater collaboration among the “employees,” which results in fewer political games and brings a greater connection to the customer, reinforcing the pride of belonging of the collaborators, and so on. How can this same effect be achieved at your organization? Maybe the examples of REI and Zappos can bring some inspiration. The organizations that are able to do this will, without a doubt, prosper in a world in which people are becoming more and more influential, and want to have a voice and find meaning...
(a) the anxiety they feel resulting from great accountability and great privilege. Games can be seen by the games-player as a way of reducing anxiety in the short run (only).
(b) They may possess ego’s that veer towards narcissism, hubris, and paranoia when under stress.
As a tragic example of this let’s examine what happened at PfizerRead more...
Last week, I had the opportunity to talk with two senior executives of large Brazilian companies in the food and construction industries. Part of our conversation was on the corporation’s performance management process and to what extent it impacts the culture of the organization.
Simply put, the performance management process is typically the following: someone (most probably your boss) will set your goals and you will work all-yearlong to meet them. He will then assess you and assign you a grade that will grant you specific consequences
A recent scholarly article (Clive Boddy, The Implications of Corporate Psychopaths for Business And Society: An Initial Examination And A Call To Arms) gives an interesting perspective on Games at Work, and the breeding ground that modern corporations can provide. A working definition of psychopaths is “manipulative, arrogant, impatient, impulsive and charming and have no conscience”.Read more...
To play Token Involvement, a manager conducts opinion surveys, focus group, or involvement meetings to communicate that "your opinion matters", but these activities are done only to make people feel involved rather than actually to involve them. The real intention is just to get rid of the complaints and for managers to show their management that they´re doing the "right" thing-involving their people in the decision-making process. The same game is played when leaders involve their direct reports supercially, soliciting their views on department strategy but relying exclusively on their views on department strategy but relying exclusively on thei own view. Cynicism becomes employees´ultimate response to this game, and they lose respect for management. Perhaps evens worse, when management really needs employees to be committed and contribuing to a major project, they have great difficulty securing this involvement.Read more...
A terrific read not only for senior leaders and executives but also for employees seeking growth in complex organizations. Goldstein and Read dissect the interpersonal dynamics that affect a company’s performance, provide a framework to understand the games that are commonly played in businesses around the world, and offer practical tools to correct these behaviors and improve the organization’s effectiveness.
Jacopo Bracco Executive Vice President DIRECTV Latin AmericaRead more...
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