I read this article in the Financial News and came away with a feeling as if we should be concerned.
Yes CEO's take on big responsibilities but in any of the examples quoted their pay in 2018 has not gone below the £1 million mark and previous years have been even significantly better. Not to mention the potential bonuses being paid in the next years.
The article almost makes you think you should feel sorry but I bet that many others working in the industry have faced equal total remuneration drops and they do not start at the level of CEO remuneration.
Asset managers slash CEO pay after tough 12 months
Industry had one of its worst years in 2018, with Man Group, Jupiter, SLA and Schroders reporting big share price falls
Over the last decade, the All Blacks rugby team have epitomised high performance, their win rate is around 95%, they are without a doubt the iconic market leader.
Much has been written about the All Blacks culture and how it might be applied to business. Sport teams only have to perform for short match periods, they have time to train and rehearse before they execute. In the commercial world, you are always on the pitch and there is not a bench of substitutes. So, what can we in business learn from the high performing culture that the All Blacks have built? Below are some key tenets of the All Blacks culture.
High Performance is the combination of Capability and Behaviours. You need to focus on creating and maintaining, under pressure, the right culture to allow winning behaviours. People can have the right skills but need to apply them in the right way.
People will rise to the challenge if they own the challenge. Everyone needs to take ownership. Pass the ball, as a leader pass responsibility on. Ask the right inclusive questions of your team and they will feel empowered to respond more positively.
No egos. No one is bigger than the organisation. Select, promote and retain people for their values not just experience. Disruptive influencers need to change or be changed.
Better people make better All Blacks. Yet again select carefully, you can develop specialist skills to meet your business needs, you can develop and train your people but you can’t fundamentally change a person’s character. Your values need to be more than words, you must bring them to life with genuine behaviours.
Leave the All Blacks jersey in a better place. Talking about leaving a legacy in your business is much easier if you are a shareholder, so it is crucial to effectively engage your employees with your brand through: a clear purpose, authentic values, a shared vision and a transparent strategy.
There are many more great examples of high performance, team and leadership behaviours to be learnt from the All Blacks. If you want to find out more about how we can help you create a high performing culture please contact us at People Risk Solutions.
This article was contributed via People Risk Solutions by Richard Watts, a leadership and strategy consultant. He has spent over a decade helping global businesses build high performing cultures with a focus on operational effectiveness. He honed his leadership skills as a senior operational leader in the Royal Marines, a high performing organisation which was based on liveable enduring values.