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.