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Winning by Jack Welch
Transcript of Winning by Jack Welch
Lack of candor basically blocks smart ideas, fast action, and good people contributing all the stuff they’ve got. It’s a killer.
During his tenure at GE, the Company's value rose 4000%.
This book discusses main ideas about management that Jack Welch has implemented and encountered throughout his time at General Electric as CEO.
Between 1981 and 2001, Jack Welch grew General Electric into the world's most valuable company, with sales of over $130 billion
According to Jack Welch, “Six Sigma is a quality program that, when all said and done” such as:
Improve your customer’s experience and satisfaction.
Lowers your cost.
Builds better leaders.
Six Sigma is an ongoing program throughout many businesses today to become more efficient and to continuously improve processes in all parts of the business.
Six Sigma also teaches how to create better leaders to help lead the business in the direction it wants to go.
The Biggest Dirty Little Secret In Business
Why people don’t use candor
Gets more people in the conversation which richer further the ideas
Generates speed in business by debating rapidly on the ideas
Cut costs by eliminating meaningless meetings & reports
Easier not to speak your mind.
Create anger, pain & confusion.
Curry favor with other people.
Make people feel better.
Freak people out at first
To get candor
Reward it, praise it & talk about it.
Introduce it in a positive manner.
Candor leads to winning - The Candor Effect
How to apply candor:
During appraisal performance
Leading by Example
Introduce open annual forum
“What Winners Are Made Of”
What is the one thing you should ask in an interview to help you decide?
Hiring good people is hard, hiring great people is brutally hard
Getting the right people on board is a key to success
Clever strategies and advanced technology are all nothing without great people
Hiring right is so important and so challenging! There are various methods to successfully recruiting leaders that need to be considered.
“Mountains Do Move”
Change is an absolutely critical part of a business, at times you do need to change before you have to.
Implementing change can be incredibly difficult and resisted, however
Managing Change can be incredibly exciting and rewarding.
Be a change agent find ways to use a constant state of change to advantage.
Manage your relationship with your subordinates intelligently
Manage your relationships with your subordinates with the same carefulness that you manage the one with your boss and make the people you work with look good. There is no need to dim someone else's candle to make your burn brighter, so be smart in this area. Make lots and lots of friends and supporters as you try to move up.
Getting on the radar screen
Get on the radar screen by being an early champion of your company's major projects or initiatives. You can raise your visibility by putting your hand when the call comes.
Huge problem - absolutely damaging
Lack of candor permeates every aspects of business
Lack of candor is missing from performance appraisals
We are socialized from childhood to soften bad news or make nice about awkward subjects.
Using candor is hard because you are fighting human nature and entrenched organizational behaviors as in years and years.
The 3 acid tests
- telling the truth and keeping their word
- having enough curiosity and breadth of knowledge to lead other smart people
- able to handle stress and setbacks, respect other's emotions, be confident without being arrogant and have a sense of humor.
“Don’t beat yourself up if get hiring the wrong some of the time. Just remember, the mistake is yours to fix”
4-E and 1-P framework
- Positive Energy
- thriving on action, relishing change, making friends easily, loving work, play and life
- Ability to Energize
- it takes a deep knowledge of your business and strong persuasion skills
- Has Edge
- the ability to make tough decisions, even when all the information is not in.
- Can Execute
- to take the decision and make it happen, overcoming all obstacles to complete the task
- excited about their work, learning and growing; and helping those around them win.
Hiring for the Top
- bold and decisive, yet real and likeable - not phony, not playing a part that's not them.
- The ability to see around corners
- a visionary who can see the future and anticipate what most do not expect.
- A strong penchant to surround themselves with people better, smarter than they are.
- Heavy-duty resilience
- someone who's been knocked down and beat up badly, but bounced back to run even harder.
What is the one thing you should ask in an interview to help you decide whom to hire?
- ...why the candidate left his previous job and the one before that.
Different reasons for implementing change:
First, Attach every change initiative to clear purpose or goal. Change for change's sake is stupid and enervating. There should always be a clear reason for change
Second, Hire and promote only true believers and get-on-with-it types. Make sure you hire and promote individuals who accept change and want to work
Third, Ferret out and get rid of resisters, even if their performance is satisfactory. Let go individuals who dislike and try to stop the change, even if their performance is satisfactory
Lastly, Look at the car wrecks. Seek for other opportunities that may arise from other business failures.
With all the noise out there about change, it's easy to get overwhelmed and confused.
History of Six Sigma
The concept of Six Sigma was started at Motorola during the 1980’s as a response to lost market share which made the company realize that and increase in quality was necessary. An engineer at Motorola called Bill Smith introduces a new quality control system named Six Sigma.
Their version of Six Sigma is focused on six key principles and summarized below:
Critical to Quality:
The customer is the start and what is important for the customer needs to be identified.
Anything that does not deliver exactly what the customer wants.
The processes need to be able to deliver what the customer wants.
As it is experienced by the customer.
The goal is to secure reliable, robust processes that improve the customer’s experience.
Design for Six Sigma:
The design must meet all the customer requirements and the capability of the process.
Motorola’s and General Electric’s work have had a large impact on six sigma and their methods have in some cases then been further developed to include all the features that characterize the different use of Six Sigma today.
Purpose of Six Sigma
The focus of six sigma is to enhance customer satisfaction and reduce cost by using facts and statistical analysis to minimize the non-desirable variation in the critical parameters in the processes.
Critical parameters are those that affect features which are important for the end user/ customer.
It uses statistics as tools for the use and interpretation of the data; however the ultimate goal for Six Sigma is to change the entire mindset and culture of the organization to create systems and processes that are as close to perfect as achievable thus ensuring that they are functioning at the best possible performance levels.
Never give up
Deliver sensational performance, well beyond your manager's expectations. Take the initiative to expand your job description to include some bold activities that will generate a positive surprise for your boss.
Make your boss use political capital in order to champion you. If exceeding expectations is most reliable way to get ahead, the most reliable way to sabotage yourself is to force your boss to use his political capital in order to defend you.
First, you can have the greatest results in the world, but you cannot exceed your company’s values and behaviors.
All careers, no matter how scripted they appear, are shaped by some element of pure luck. “it can zigzag for reason beyond your control, like an acquisition, or you might miss it because of politics or nepotism”.
Four other DOs
Search out and relish the input of lots of mentors, realizing that mentors don't always look like mentors. People always looking for that one right mentor to help them get ahead. “but there is no one right mentor. There are many right mentors”. Take advantage of the real-world advice these people will provide you.
Don’t be a downer
Have a positive attitude and spread it around. No one likes to work under or near a dark cloud. Even if the “cloud” is very smart. Bring your sense of humor to work with you and be fun to hang out with. Don't take yourself too seriously or fall into the trap of acting pompously.
Don't let setbacks break your stride
But see them as challenges to show what you are really made of. If you get passed over for a promotion, get back to work generating results that can't be ignored. You will be amazed at how many times even better positions will open up in the future if you can prove that you are a go-getter who is prepared to hang in there.
To get ahead, you have to want to get ahead. When it comes to careers, you mainly make your own luck. Exceed expectations, broaden your job's horizons, and never give your boss a reason to spend political capital for you. There are no real shortcuts. Along the journey, you won't get every promotion. But if you take the long way, you will reach your destination.