JWI 520, People Management, 7/8/12 - Week1 Summary
Jack Welch Management Institute
There are several great concepts I have learned in this class. My top takeaways are shown below.
I. Ultimate Goal is Happiness - People Decisions are Critical to get there
************************************************************************************
High performing organizations provide employment, generate returns and make society better. A great company full of great people broadens horizons, gives hope for a better future and happiness. People decisions are the highest challenge and biggest opportunity for personal and organizational success. The basic tasks are Finding, Recruiting, Hiring, Promoting, Retaining the very best people for the job.
II. To Master People Management
*****************************************
- Assess existing lineup of strategic talent
- Select, Develop, Promote, Manage the right people
- put right players in right places; get wrong people off the bus
- practice differentiation (Welch, 2005, Chapter3)
- Evaluate, Reward, Promote, Develop, Motivate people
III. Use a disciplined Approach to Hiring (Fernandez-Araoz, 2007; Welch, 2005)
*******************************************************************************************
- Approach this as the most important assignment
- Analyze work challenges at hand
- Identify organizational needs & key competencies needed in the person
- Don't limit yourself to just people looking for a job
- Go beyond your business unit or organization to find the talent you need.
- Identify target companies and individuals with potential (even if they may not be looking for a change)
- Interview them, check in-depth and secure references from people you trust
Never forget the Four Reasons Why Great people decisions are so hard (Fernandez Araoz, 2007, page 82)
- Statistical Odds: exceptional performers are limited in number
- Difficult Assessments: Assessment errors, unique jobs, changing jobs, intangible traits, inaccessible candidates
- Psychological Biases: Procrastination, overrating capability, Snap judgments, Branding, Evaluating people in absolute terms, Seeking confirmatory info, Saving face, sticking with familiar, emotional anchoring, Herding (Fernandez-Araoz, 2007)
- Wrong Incentives: Candidate circumstances, Political pressures
- Test for Jack Welch's metrics IIM 4E P (integrity, intelligence, maturity; energy, energize, edge, execute, passion)
- For Senior positions check additionally for ACSR (Authenticity, foresee around Corners, tendency to want to be Surrounded by smarter people, outsized Resilience)
- Measure them accurately & Predict Performance
- Avoid hiring traps (Welch & Welch, Podcast, JWI 520 Week1):
Too good to be True Trap, Over-Reliance on Branded people, Familiarity Trap, Dead end job, Lacks Emotional Intelligence
- Discuss with colleagues and modify to decide on hiring & promotion
- Agonize over the final decision as it could disrupt people's lives
- If you make a hiring mistake, have the emotional strength to admit it
- Act Decisively to deal with consequences
IV. Bear in mind John Gottman's Predictors for Marriage Success
***************************************************************************
Four Horsemen Emotions: (i) Defensiveness (ii) Stonewalling (iii) Criticism (iv) Contempt - most important factor driving failure
I can feel the powerful transformation in my thinking about people decisions.
Dr DP
Jack Welch Management Institute
There are several great concepts I have learned in this class. My top takeaways are shown below.
I. Ultimate Goal is Happiness - People Decisions are Critical to get there
************************************************************************************
High performing organizations provide employment, generate returns and make society better. A great company full of great people broadens horizons, gives hope for a better future and happiness. People decisions are the highest challenge and biggest opportunity for personal and organizational success. The basic tasks are Finding, Recruiting, Hiring, Promoting, Retaining the very best people for the job.
II. To Master People Management
*****************************************
- Assess existing lineup of strategic talent
- Select, Develop, Promote, Manage the right people
- put right players in right places; get wrong people off the bus
- practice differentiation (Welch, 2005, Chapter3)
- Evaluate, Reward, Promote, Develop, Motivate people
III. Use a disciplined Approach to Hiring (Fernandez-Araoz, 2007; Welch, 2005)
*******************************************************************************************
- Approach this as the most important assignment
- Analyze work challenges at hand
- Identify organizational needs & key competencies needed in the person
- Don't limit yourself to just people looking for a job
- Go beyond your business unit or organization to find the talent you need.
- Identify target companies and individuals with potential (even if they may not be looking for a change)
- Interview them, check in-depth and secure references from people you trust
Never forget the Four Reasons Why Great people decisions are so hard (Fernandez Araoz, 2007, page 82)
- Statistical Odds: exceptional performers are limited in number
- Difficult Assessments: Assessment errors, unique jobs, changing jobs, intangible traits, inaccessible candidates
- Psychological Biases: Procrastination, overrating capability, Snap judgments, Branding, Evaluating people in absolute terms, Seeking confirmatory info, Saving face, sticking with familiar, emotional anchoring, Herding (Fernandez-Araoz, 2007)
- Wrong Incentives: Candidate circumstances, Political pressures
- Test for Jack Welch's metrics IIM 4E P (integrity, intelligence, maturity; energy, energize, edge, execute, passion)
- For Senior positions check additionally for ACSR (Authenticity, foresee around Corners, tendency to want to be Surrounded by smarter people, outsized Resilience)
- Measure them accurately & Predict Performance
- Avoid hiring traps (Welch & Welch, Podcast, JWI 520 Week1):
Too good to be True Trap, Over-Reliance on Branded people, Familiarity Trap, Dead end job, Lacks Emotional Intelligence
- Discuss with colleagues and modify to decide on hiring & promotion
- Agonize over the final decision as it could disrupt people's lives
- If you make a hiring mistake, have the emotional strength to admit it
- Act Decisively to deal with consequences
IV. Bear in mind John Gottman's Predictors for Marriage Success
***************************************************************************
Four Horsemen Emotions: (i) Defensiveness (ii) Stonewalling (iii) Criticism (iv) Contempt - most important factor driving failure
I can feel the powerful transformation in my thinking about people decisions.
Dr DP
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