Wednesday, September 10, 2003
Here are some thoughts from a word file that I have kept on my laptop at work. A little boring and dry because its all about work stuff, but it is one side of things that go on in my head:
Besides monetary compensation, management acknowledgement and appreciation, personal satisfaction, there is a fourth factor, soft factor of “goodwill” that needs to be accounted for. And the goodwill has to be balanced, because if it shifts too much one way, creates animosity. Goodwill especially important in a small organization, where things are more “transparent”. When in a small organization, can’t try and operate as a large organization (ie partner meetings). Good to focus on long term goals and not set “precedents”, but sometimes its all about short term solutions to get us to long term goal…to get us through the short term. Over-promising and under delivering pays off more it seems like in an environment where there are too many things to keep track of, and MDs sometimes only see the 50,000 foot level. When everyone is not at the same level yet trying to gang tackle, creates inefficiencies. The power of perception and lack of transparency. Power of having slightly more knowledge than someone else…The cycle of i-banking: 1-2 yr (liab), 3-5 years (asset), VP-Director (liab), MD (asset). Adding VPs will help create the distance, the smoke, the environment that the MDs need…”creature of habit” maybe. “Relativity: not so bad compared to what’s around you. “Power of the Carrot” (ie early promotion, 1-2pts, compensation at year end, % of transaction fee). This is all stuff i've realized in working in investment spanking. that's why i'm leaving it...
passing from “traditional authority” to “rational authority” (ie traditional customs, culture of underdeveloped countries to modernized countries parallel to investment banking culture needs to adapt to become more efficient). Due to overlaps of ovals between senior analysts to associates, middle management or associates need to be turned vertically, be staffed on multiple assignments, so less overlap.
In an industry where there is speculative pitching and deals where attention to detail is needed, either over hire and have 100% products for pitches and deals, or need effective communication and smart allocation of limited resources so to apply 75% for pitches, and 100% for deals. If the MD is consistently traveling in and out (ie Pete), then need effective communication of what needs to be sent out the door and what does not, otherwise MD comes in one day, gets curious and wants to send something out, but only 75%. People finger point to either: Cover up something (ie not working, no real deals, etc.). Lack confidence (“it’s because of this typo, we didn’t get the deal done). Ultra competitive and it benefits them to put others down. Truth – so they don’t get blamed for someone else’s mistake. To point to others that hey, they’re human too and make mistakes.
Interesting article I read about how this whole concept of teamwork is not as important as filling individual desires. If a person does what he likes doing, then he’s likely to add the most value in that area. Unfortunately, businesses need to function like a manufacturing plant to be most efficient, in terms of having the right equipment to perform certain specific tasks. Everyone works hard in their own way and at different times. Due to the natural ebb and flow, people need to not get all worked up when everything fires up for them and need to realize that the other guy had a rough week last week. Everyone is at the end, out for number one. Unless being considerate for others somehow benefits them (ie their reputation, how they want to be remembered, or strengthening their friendship, etc.) Only very few people that I’ve known that are truly selfless (ie: Em)…but then again, maybe selflessness is created when you feel that passion for someone (could see myself being selfless for g-ann).
Maybe by defining what you don’t want to be, it will help a person figure out what they do want to be! For me, don’t want to rush through my life too quick like Pete (grabbing drinks by himself at old age), don’t want to be in the industry so long that I’m stuck like L.C. (locked into just this industry and cant even get out of it if he wanted to), don’t want to be just normal though (ie Dave, had fun in college in Hawaii, but now no option but to work back at home), Do want to be independent and somewhat carefree. When am I carefree, when I’m dee-jaying, right now, when music is involved! When I’m snowboarding, outdoors and exercising! When I’m learning, I’m free! When I can control my schedule, I’m free! When I’m having real conversations, I’m free! When I’ve accomplished something, I’m free! When I’m surrounded by good company and good friends, I’m free! Lets look at the good side now for a change: good experience relative to others, good pay at the age of 24, hopefully good connection into b-school, comfortable living standards, time to hopefully pursue some passions here (ie playing guitar, dee-jaying, boxing maybe?). Have gotten to live in multiple cities almost (philly, NY, DC, balti). Gotta make the most out of each day man!
Did you know what judgement is spelled without the “e”? it’s judgment. I did not know that. Am I a fob or something?