The recording is from the non-fiction book, Switch, written by Dan and Chip Heath. It's approximately 5 minutes in length and meets ACX standards.
Note: Transcripts are generated using speech recognition software and may contain errors.
if you worry about the potential for inaction on your team or if you worry that silent resistance may slow or sabotage your change initiative, BMW goals may be the solution. But to be clear, you won't always need a goal that's so unyielding. Crystal jones is called to become a third grader. Was not a BMW goal. Let's face it. If kids got third grade level scores on math and science, but not in vocabulary, we'd all let them graduate Laura Esserman vision for the breast care center wasn't BMW and it didn't need to be. What is essential though, is to marry your long term goal with short term critical moves? S sermons, vision was compelling. But it would have been empty talk without lots of behavior level execution, you have to back up your destination postcard with a good behavioral script. That's a recipe for success. What you don't need to do is anticipate every turn in the road between today and the destination. It's not that plotting the whole journey is undesirable. It's that it's impossible to think that you can plot a turn by turn. Map to the end. Like a leader's version of map quest is almost certainly hubris when you're at the beginning, don't obsess about the middle because the middle is going to look different. Once you get there, just look for a strong beginning and a strong ending to get moving. The average investor might make stock picking decisions by listening to Jim Cramer or reading news reports or compulsively watching CNBC, but big institutional investors such as philanthropic foundations or teachers, retirement funds get special attention from Wall Street. Historically, investment banks sponsored research departments as a free service institutional investors. The exchange was clear the bank hoped that if it made good recommendations, then the investors would use the bank's traders to buy and sell stocks, bringing in revenue for the bank. Because research is in essence a lure for big investment dollars. It has taken very seriously on Wall Street every year, institutional investor magazine asks big investors to assess the research they've received based on those responses. The magazine ranks the research analysis in each industry and also provides an overall ranking for the research department on Wall Street. These institutional investor rankings are treated like holy writ. They drive huge bonuses to individual analysts and they attract customers to the banks with the best research departments. In 1986 Shearson, Lehman Research Department ranked a humiliating 15th. Top executives at Shearson wanted a new leader. So they recruited Jack Rifkin who had built Painewebber's research department into a powerhouse. The exact expectations for Rifkin were clear. Get us into the top five. Rifkin's first impressions of the department were not promising. When I got to Lehman, the research department was a mess. I got no respect. One of Shearson is top analysts. Elaine. Garzarelli said the department wasn't disciplined, people did whatever they wanted to do, they didn't have to talk at regular meetings. They didn't have to submit reports at certain times. Absolutely no mention was ever made of the institutional investor all american team. Rifkin made many formal changes to the department. He hired a # two Fred Frankel. He successfully petitioned Shearson for a much larger staff and budget. He fired Deadwood on the team. He changed the compensation system for the team. These changes were vital, but ultimately Rifkin had to influence the day to day behavior of the analysts on the team. As an analogy, consider a general manager. GM. Running a baseball team. If you have more money at your disposal, you can sign more talented players, you can trade underperformers, you can offer your team a bonus for making the playoffs. These changes are important, but they don't directly influence the way players play to do that. You need a coach. Rifkin was both GM and coach. As a coach. He knew he needed members of his team to improve their work dramatically and that meant he needed to script some of their early moves. He started by announcing that he expected analysts to initiate at least 125 client conversations per month.
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