President Obama, Financial Fatcats and Feedback

So far, the president has figured out what the financial institutions' leaders have not. Feedback, whether solicited or unsolicited must be heeded. President has done a fairly good job of using his feedback (called in the political world, mandates, approval ratings and poll responses) and converting it into action that is supported by a vast majority of the country.

The financial fatcats, on the other hand, cry for aid, then hand out bonuses and buy jets. The feedback, or in this case, backlash, from the American people did not dissuade them much from business as usual. In fact, some even suggested that cancelling elaborate recognition events "punished" the hard-working people of their organizations.

What?

I am all for reward and recognition, but only in the context of what is appropriate for the work results and the economic environment--or for any unsubsidized company that is celebrating success and profit.

But back to feedback. The president and these financial leaders' current state is a glaring contrast of how feedback can, and should be, used and the result of what happens when it is ignored.

What can the leaders of your organizations take-away from this current situation?

Hopefully, they will recognize that it's always better to ask for feedback, then wait until it catches up with you. By that time, it may be much more negative than positive and hard to swallow.

Next, when it's given--acknowledge it! Nothing can back-fire more than candid feedback that a leader tries to "defend" or "explain away". Accept it, you don't have to agree with it, but it is extremely important to understand the source and why that feedback was given.

Then, make a plan. Identify the most compelling or most reoccurring feedback that has been given and figure out how to change the behaviors associated with it.

Lastly, communicate and ask others to hold you accountable. This is an important step in the proces because it keeps you honest, and it helps the people who gave you the feedback have "some skin in the game".

Let's hope for our country and its economy that the financial leaders start to "get" this and the president continues his example.

I'm good! (yeah, right) Getting Feedback to New Leaders

Yes, there still are some companies who are bringing on new leaders. Whether they are filling open positions, promoting or transitioning people within a company, new leaders are still in need of help. This help should be in the form of a formal onboarding process.

By now, most organizations "get" that new leaders need access to critical information and also need help identifying with whom they need to forge relationships. BUT--do these new leaders really know how they are being perceived and experienced in the first few weeks and months on the job?

Probably not.

Most HR professionals agree that they need feedback, but they do not gather and provide it during the onboarding period. Of course, most HR partners ask the typical questions like, "How are things going?" or "Do you have everything you need?" or "Do you have any questions that I can answer?" The new leaders typically respond with "Great!", "Yes, everything is coming together." and "I will let you know if I have any questions. Thanks."

This type of surface exchange does not give the HR partner the information that he/she needs to understand how the new leader is really doing. Nor does it give the new leader a real opportunity to ask for specific help.

Often, the new leader does not receive structured feedback until a 360 process is offered--usually around the 12-month mark. This is TOO late and does not provide the leader with feedback about how he/she is fitting into the culture of the organization or managing his/her onboarding process.

We have identified a set of key indicators that predict a new leader's onboarding success. If you gather feedback from the new leader's key stakeholders: the boss, direct reports, peers, the HR partner and him/herself around these key indicators, the new leader has a "snap-shot" of how his/her network views those ever-critical early behaviors in a new role.

How early? We recommend gathering this feedback at about 45 to 60 days, then again at 90 to 120 days. This feedback is invaluable and allows the new leader to understand what he/she should--
--stop doing
--start doing
--change
to successfully onboard and integrate into the role and organization.

The easiest way to gather and analyze this data is by using web-based tool that provides anonimity for the stakeholders and gives qualitative and quantitative feedback. The Return on Investment for this type of exercise is almost immediate and highly impactful.

Leaders can actually do something about their behaviors before it's too late.