Eric Schmidt, Everyone needs a coach, Managers in Sync? Single Grain & Patrick Lencioni event
7th March 2021 Evolution Partners Newsletter
“Hire people that can get the job done. The industry overvalues experience, and undervalues strategic and intellectual flexibility” Eric Schmidt
Hope you’re Thriving!
It’s been a productive week for me with quarterly planning workshops and continued work on my book about onboarding new hires. I’ve been collaborating with a few people on the book to help understand what is resonating and what needs further work, and that’s been really useful. I’m excited about where this project is heading!
One thing that’s been on my mind lately has been the potential for interest rate rises. The federal governments around the world have been stimulating the economy, as they should, and this is beginning to produce some significant results. This week I came across three interesting charts that beginning to solidify my thoughts around interest rates and how they might impact all of us in the medium term.
First, we have Australian house building activity which as you can see is at its highest level in new private sector housing since 2007 when this chart commenced.
Next, we have demand for building materials and supplies and you can see that in Australia it’s gone from quite a low base to a 2 1/2 year high and is on quite a growth curve which is going to likely increase based on the previous new home starts which require building materials.
Then finally we can see US CPI versus ISM prices which is the material input prices for manufacturers in the United States. What we can see is that the ISM prices typically lag or at the very least correlate with the CPI and at this point, with the recent significant CPI jump we’re likely to see the ISM prices increased as well and that will likely mean that manufacturers will be looking to increase their prices on the back of their input prices.
Again, all of these things are important to understand because this will probably have an impact on inflation and then it’s worth asking how will increased interest rates affect your business and your debt profile.
Eric Schmidt on Structuring Teams and Scaling Google
This week I thoroughly enjoyed listening to an interview between Reed Hoffman and Eric Schmidt of Google and in the interview (which lasts about 1 hour 22 minutes) Eric talks about exactly how he was hired at Google, the challenges that they faced as they grew and then goes on to talk about many of the problems they’ve had to overcome in order to build Google to where it’s at today. It’s definitely not a short listen but the content was outstanding. Eric talks about the way they run meetings, the way they hire people, the way they manage cash and a whole range of different aspects that any entrepreneur or coach would gain great value from.
I hope you enjoy Eric Schmidt on Structuring Teams and Scaling Google.
Why everyone needs a coach and the 5 things to look for in a coach
In 2010 Eric Schmidt in an interview with Fortune magazine outlined one of the most important things that senior executives in Google were doing, which was using a coach. They used Bill Campbell at the time and in this short 40-second interview, Eric outlines why everyone needs a coach.
From the video
“You need to have a coach. Our board member in 2002 John Doerr said you need a coach, and I said “well I don’t know I’m an established CEO why would I need a coach is something wrong?” “no no you need a coach everybody needs a coach” so Bill Campbell became my coach and served Google very well. Every famous athlete, every famous performer has somebody who’s a coach somebody who can watch with their doing and say is that what you really meant? Did you really do that? They can give them perspective — the one thing people are never good at is seeing themselves as others see them. A coach really, really helps.”
Also, this week I came across a really interesting Forbes article called 5 things to look for in an executive coach and it’s a really simple way for clients to look at how coaches can help them.
The five things to look for that are outlined in the article are
- You are the only client (when you’re with them).
- They challenge you.
- They work from the inside out.
- They’re a learner.
- You have good chemistry.
It’s a good article and using those five criteria can help to evaluate your potential coach and will ensure that you get off on a solid start and provide the foundation for a productive and collaborative experience.
Are Your Managers in Sync with Your Change Strategy?
One of the things that coaches will work with you on is business change across many areas, and in particular helping to change the business to create a better strategy, to become more profitable and overall to make the people and the organisation more effective. I came across an HBR article this week which was really interesting talking about how to get managers in sync with your change strategy.
In the article, they talk about four manager mindsets that emerged from a study they had undertaken and how those manager mindsets correlate with the way that you’re trying to make changes in the business.
The four manager mindsets are
- Business operators
- People champions
- Change resistors
- The disaffected
Then they talk about the challenges in making changes during the pandemic and how to address each of these four manager mindsets. I hope you enjoy the article Are Your Managers in Sync with Your Change Strategy?
Single Grain employee video
This week I found an awesome employee introduction video from an LA-based marketing agency called Single Grain. In the video CEO founder, Eric Siu talks about what culture means at Single Grain, what each of the values means and is a great example of the ambassador role as I outlined in my book Made to Thrive. One of the things that I love about the video is it’s simply Eric sitting at a desk in the office and it feels very authentic and it also feels both rapid and punchy — which must give a good indication of their culture. Also, check out the Single Grain careers page for an example of best practices on how to create a careers page for your website as I think there’d be some great ideas that you could gain from that as well.
Watch the 5 minute Single Grain culture video here.
mRNA vaccines having positive consequences
Finally this week some interesting news I came across about how the mRNA vaccine developed to fight COVID-19 is now being used in different ways, firstly to develop a vaccine for malaria and secondly vaccines for HIV influenza and certain types of heart disease and cancer. It’s great to see how having so many people working to solve one problem might be able to ultimately solve many other problems.
This week on The Growth Whisperers podcast
Are you willing to make any decision necessary to make your company great?
This week Kevin and Brad talk about the decisions that you must be willing to make in order to build a truly great company.
This isn’t about being ruthless, it’s about being prepared to confront the brutal fact that every leader is confronted with deeply challenging decisions that require action.
They provide 6 different strategies that might help you to think about and work through your tough decisions.
Listen to The Growth Whisperers
Patrick Lencioni event
In partnership with The Growth Faculty, Evolution Partners is delighted to offer you $100 discount to see Patrick Lencioni in a live virtual event this April: Patrick Lencioni: 4 Pillars of High-Performance Cultures.
New York Times best-selling author of The 5 Dysfunctions of a Team (plus 11 others), Patrick Lencioni is the global pioneer of the organisational health movement.
McKinsey research shows a healthy organisation delivers roughly 3x the returns to stakeholders than less healthy companies. And, companies that institute initiatives to improve health see tangible performance increases in as little as six months.
Named “one of the most in demand speakers in America” by the Wall Street Journal, Patrick Lencioni will deliver a fast-paced, highly practical event teaching business leaders and their teams how to create a healthy organisation and high-performing culture that takes advantage of the talent within their teams.
YOU WILL LEARN:
Practical and highly entertaining, over 2.5 hours you’ll learn:
• The 4 Disciplines Model of organisational health
• The 5 Essential Behaviours required to build a cohesive and high performing team
• The Ideal Team Player framework for identifying, hiring and developing ideal team players
• The 6 Types of Geniuses – Identify your areas of working genius that allow you to thrive at and enjoy work
• PLUS, interactive Q&A with Patrick
You will leave with immediately actionable frameworks and tools that have transformed thousands of businesses globally.
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