tom peters’ excellence. always. discover network merchant advisory council chicago/02 november...
TRANSCRIPT
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Tom Peters’Tom Peters’
EXCELLENCEXCELLENCEE. . ALWAYSALWAYS..
Discover NetworkDiscover NetworkMerchant Advisory CouncilMerchant Advisory CouncilChicago/02 November 2006Chicago/02 November 2006
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Thank Thank You!You!
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FFLLOOWWEERRPPOOWWEERR
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““Courtesies of a small Courtesies of a small and trivial character are and trivial character are
the ones which strike the ones which strike deepest in the grateful deepest in the grateful
and appreciating heart.”and appreciating heart.”
—Henry Clay
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The … Jim Jim Jeffords Jeffords oversighoversigh
t!t!
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THE PROBLEM IS THE PROBLEM IS RARELY/NEVER THE RARELY/NEVER THE
PROBLEM. THE PROBLEM. THE RESPONSE TO THE RESPONSE TO THE
PROBLEM INVARIABLY PROBLEM INVARIABLY ENDS UP BEING THE ENDS UP BEING THE REAL PROBLEMREAL PROBLEM.* **
*Watergate, M Stewart, BR**And: PERCEPTION IS ALL THERE IS!PERCEPTION IS ALL THERE IS!
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Relationships (of all varieties): THERE THERE ONCE WAS A TIME WHEN ONCE WAS A TIME WHEN A A THREETHREE--MINUTEMINUTE PHONEPHONE
CALLCALL WOULD HAVE WOULD HAVE AVOIDED SETTING OFF AVOIDED SETTING OFF
THE DOWNWARD SPIRAL THE DOWNWARD SPIRAL THAT RESULTED IN A THAT RESULTED IN A COMPLETE RUPTURE.COMPLETE RUPTURE.
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““If God spoke to me by saying, ‘Mark, you’re If God spoke to me by saying, ‘Mark, you’re down to your last three words: What woulddown to your last three words: What would you want to say to your fellow humans that you want to say to your fellow humans that
would make the most positive impact?’ It would would make the most positive impact?’ It would be a close call between be a close call between Love Thy NeighborLove Thy Neighbor
and and Wash Your HandsWash Your Hands
.”.”—Mark Pettus, M.D., —Mark Pettus, M.D., The Savvy PatientThe Savvy Patient
“The most important thing you can do to keep “The most important thing you can do to keep
from getting sick is tofrom getting sick is to wash wash your handsyour hands.”.” ——CDCCDC/National Center /National Center
for Infectious Diseasesfor Infectious Diseases
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Tom Peters’Tom Peters’
EXCELLENCEXCELLENCEE. . ALWAYSALWAYS..
Discover NetworkDiscover NetworkMerchant Advisory CouncilMerchant Advisory CouncilChicago/02 November 2006Chicago/02 November 2006
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Slides* at …
tompeters.comtompeters.com
*also see “LONG”“LONG” version
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5/45/422
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HA. HA. HA. HA. HA. HA. HA. HA. HA. HA. HA. HA. HA. HA. HA. HA. HA. HA. HA. HA. HA. HA. HA. HA. HA. HA. HA. HA.
HA. HA.
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“I am often asked by would-be entrepreneurs seeking escape from life within huge corporate structures, ‘How do I build a small firm for myself?’ The
answer seems obvious: Buy a Buy a very large one very large one and just waitand just wait.”.”
—Paul Ormerod, Why Most Things Fail: Evolution, Extinction and Economics
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“Forbes100” from 1917 to 1987: 39 members of the Class of ’17 were
alive in ’87; 18 in ’87 F100; 18 F100 “survivors” significantly underperformed the market;
just 2 (2%), GE & Kodak,,
outoutpperformederformed the market from 1917 to 1987. the market from 1917 to 1987.
Source: Dick Foster & Sarah Kaplan, Creative Destruction: Why Companies That Are Built to Last Underperform the Market
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“Ford, GM and Chrysler do not just make cars expensively … they make bad
cars expensively.” —
Investec analyst, International Herald, 0805.06
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HA. HA. HA. HA. HA. HA. HA. HA. HA. HA. HA. HA. HA. HA. HA. HA. HA. HA. HA. HA. HA. HA. HA. HA. HA. HA. HA. HA.
HA. HA.
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“It is generally much easier to kill an
organization than change it substantially.”
—Kevin Kelly, Out of Control
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Message/Implication: Message/Implication: go for itgo for it!
C.E.O.C.E.O. to
C.D.O.C.D.O.
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EXCELLENCE. EXCELLENCE.
ALLALL . YOU. . YOU. NEED. TO. NEED. TO.
KNOW.KNOW.
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2255
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““20-20-minute minute
rule”rule” —Craig Johnson/30 yrs
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““The The [Union senior][Union senior] officers rode past officers rode past the Confederates smugly without any the Confederates smugly without any
sign of recognition except by one. sign of recognition except by one.
‘When ‘When GeneralGeneral GrantGrant reached reached the line of ragged, filthy, bloody, the line of ragged, filthy, bloody,
despairing prisoners strung out on despairing prisoners strung out on each side of the bridge, each side of the bridge, he lifted his he lifted his hat and held it over his head until he hat and held it over his head until he
ppassed the last man of that living assed the last man of that living funeral cortefuneral corteggee. He was the only . He was the only officer in that whole train who officer in that whole train who recognized us as being on therecognized us as being on the
face of the earth.’*”face of the earth.’*”
*quote from the diary of a Confederate soldier
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EXCELLENCE. EXCELLENCE.
ALLALL . YOU. . YOU. NEED. TO. NEED. TO.
KNOW.KNOW.
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“A man without A man without a smiling face a smiling face
must not open a must not open a shop.”shop.” —Chinese Proverb
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EXCELLENCE.EXCELLENCE.
ALL. YOU. NEED. ALL. YOU. NEED. TO. KNOW. TO. KNOW. ANYANYWHERE.WHERE.
ANYANY MARKET. MARKET. ANYANY TIME. TIME.
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#1/10#1/1000
“Best Companies to Work for”/2005
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7X.7X. 730A-730A-800P. 800P. F12AF12A..**
*’93-’03/10 yr annual return: CB: 29%; WM: 17%; HD: 16%. Mkt Cap: 48% p.a.
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Jim’s Jim’s GroupGroup
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EXCELLENCE. EXCELLENCE.
SIBERIA.SIBERIA.
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““Why in the Why in the world did world did you go to you go to SSiberiaiberia?”?”
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Raging Success Raging Success == P P-SQUARED-SQUARED. .
CC. . EE-CUBED-CUBED..
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PPeople.eople.PProduct.roduct.
CCustomers.ustomers.EExecution.xecution.
EEnthusiasm.nthusiasm.EExcellence.xcellence.
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Excellence1982: The Bedrock “Eight Basics”
1. A Bias for 1. A Bias for ActionAction2. Close to the 2. Close to the CustomerCustomer3. Autonomy and Entrepreneurship3. Autonomy and Entrepreneurship
4. Productivity Through 4. Productivity Through PeoplePeople5. 5. HandsHands OnOn, Value-Driven, Value-Driven6. Stick to the Knitting6. Stick to the Knitting
7. 7. SimpleSimple Form, Form, LeanLean StaffStaff8. Simultaneous Loose-Tight Properties” 8. Simultaneous Loose-Tight Properties”
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EXCELLENCE. EXCELLENCE.
INNOVATE. INNOVATE. OR. DIE.OR. DIE.
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““It is It is notnot the the strongest of the strongest of the
species that survives, species that survives, nornor the most the most
intelligent, but intelligent, but the the one most responsive one most responsive to changeto change.”.” —Charles Darwin
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EXCELLENCE. EXCELLENCE.
INNOVATE. INNOVATE. ALL. ALL. WRONGWRONG..
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More Than $$$$
#1#1 R&D
spending, last 25 years/USA?
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GM
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“I don’t believe in
economies of scale. You don’t get better by being bigger. You get worse.” —
Dick Kovacevich/Wells Fargo
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Flat as a Pancake (Or Worse)Flat as a Pancake (Or Worse)
Wal*Mart … Dell … Intel
… Home Depot …
Microsoft … GE
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“When asked to name just one big merger that had lived up to
expectations, Leon Cooperman, former cochairman of Goldman Sachs’
Investment Policy Committee,
answered: I’m sure there are success stories
out there, but at this moment I draw a
blank.” —Mark Sirower, The Synergy Trap
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EXCELLENCE. EXCELLENCE.
INNOVATE. INNOVATE. AXIOMATICAXIOMATIC..
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The The MessMess Is Is the the
MessageMessage!! PeriodPeriod!!
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““We are in a We are in a brawl with no brawl with no
rules.”rules.” —Paul Allaire
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S.A.V.S.A.V.
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EXCELLENCE. EXCELLENCE.
INNOVATE. INNOVATE. TACTICS..
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try it. Try it. Try it. try it. Try it. Try it. Try it. Try it. Try it.Try it. Try it. Try it. Try it. Try it. Try it. Try it. Try it.Try it. Try it. Try it. Try itTry it. Try it. . Try it. Try it. Try it. Try it. Try it. Try it. Try it. Try it. try it. Try it. Try it. try it. Try it. Try it. try it. Try it. try it. Try it.Try it. Try it.Try it. Try it. Try it. Try it. Try it.
Try it. Try it.
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“This is so simple it sounds stupid, but it is amazing how few oil people really
understand that you only you only find oil if you find oil if you drill wellsdrill wells.. You may
think you’re finding it when you’re drawing maps and
studying logs, but you have to drill.”
Source: The Hunters, by John Masters, Canadian O & G wildcatter
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““ExperimenExperiment t
fearlessly”fearlessly”Source: BW0821.06, Type A Organization Strategies/
“How to Hit a Moving Target”—Tactic #1
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““We made mistakes, of course. Most of them were We made mistakes, of course. Most of them were omissions we didn’t think of when we initially wrote the omissions we didn’t think of when we initially wrote the
software. software. We fixed them by doing it over and over, We fixed them by doing it over and over, again and again.again and again. We do the same today. While our We do the same today. While our competitors are still sucking their thumbs trying to competitors are still sucking their thumbs trying to
make the design perfect, we’re already on prototype make the design perfect, we’re already on prototype
versionversion ##55.. By the time our rivals areBy the time our rivals are
ready with wires and screws, we are on versionready with wires and screws, we are on version
##1010.. It gets back to It gets back to
planning versus actingplanning versus acting: : We act We act from day onefrom day one; ; others plan how others plan how toto planplan——for monthsfor months.”.” —Bloomberg by —Bloomberg by
BloombergBloomberg
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READY.READY.FIRE!FIRE!AIM.AIM.
Ross Perot (vs “Aim! Aim! Aim!” /EDS vs GM/1985)
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Excellence1982: The Bedrock “Eight Basics”
1.1. A Bias for ActionA Bias for Action2. Close to the Customer2. Close to the Customer3. Autonomy and Entrepreneurship3. Autonomy and Entrepreneurship4. Productivity Through People4. Productivity Through People5. Hands On, Value-Driven5. Hands On, Value-Driven6. Stick to the Knitting6. Stick to the Knitting7. Simple Form, Lean Staff7. Simple Form, Lean Staff8. Simultaneous Loose-Tight8. Simultaneous Loose-Tight Properties” Properties”
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tolerate tolerate [encourage?] [encourage?]
failurefailure
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Sam’s Sam’s Secret Secret
#1!#1!
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““RewardReward excellent failures.
PunishPunish mediocre
successes.”Phil Daniels, Sydney exec
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Bonus: Bonus: “long”“long” version version
Think!Think!vs.vs.
do!do!Tom peters/27 October 2006Tom peters/27 October 2006
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re-imagine re-imagine the “value the “value
added” added” equationequation
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Up,Up, Up,Up, Up, Up,
UpUp
the Value-added Ladder.
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$55$55BB
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The [NEW] “Value-added Ladder”
Gamechanging Solutions/ Gamechanging Solutions/ Implemented Implemented
Customer successCustomer successServices/Transactions
Manufactured Goods/Things Extracted Raw Materials
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Department Head
to …
ManaginManaging g
PartnerPartner, , ISIS [HR, R&D, etc.] IncInc..
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HCare CIO: “Technology Executive” (workin’ in a hospital)
Or/to: Full-scale, Full-scale, AccountableAccountable (life or death)
Member-Partner of XYZ Member-Partner of XYZ HosHosppital’s ital’s Senior Senior HealinHealingg-Services -Services TeamTeam (who happens to be a techie)
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UniCredit Group/UniCredit Group/ UniCredito Italiano* ** UniCredito Italiano* **
—3—3rdrd party measurement party measurement—Customer-initiated—Customer-initiated measurement measurement—Primary $$$$ incentives—Primary $$$$ incentives—“Factories”—“Factories”—Primary Corporate Initiative—Primary Corporate Initiative—Etc—Etc*#13*#13**TP/#1**TP/#1
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“Experiences are as distinct
from services as services are from
goods.” —Joe Pine & Jim Gilmore, The Experience Economy:
Work Is Theatre & Every Business a Stage
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Experience: “Rebel Lifestyle!”
“What we sell is the “What we sell is the ability for a 43-year-old ability for a 43-year-old accountant to dress in accountant to dress in
black leather, ride black leather, ride through small towns and through small towns and
have people be afraidhave people be afraid of him.” of him.”
HarleyHarley exec, quoted in Results-Based Leadership
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The [NEW] “Value-added Ladder”
spellbindingspellbinding ExperiencesExperiences Gamechanging SolutionsGamechanging Solutions
ServicesGoods
Raw Materials
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Furniture vs. Dreams
“We do not sell ‘furniture’ at
Domain. We sell We sell dreamsdreams. This is
accomplished by addressing the half-formed needs in our
customers’ heads. By uncovering these needs, we, in essence, fill in the blanks. We We
convert ‘needs’ into convert ‘needs’ into ‘dreams.’ Sales are the ‘dreams.’ Sales are the
inevitable resultinevitable result.”.” — Judy George,
Domain Home Fashions
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The [NEW] “Value-added Ladder”
dreamsdreams comecome truetruespellbindingspellbinding ExperiencesExperiences GamechangingGamechanging SolutionsSolutions
ServicesGoods
Raw Materials
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Dream Merchant:Dream Merchant:
IBMIBM
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[totally] re-imagine [totally] re-imagine the business around the business around the the twotwo staggering staggering
“new” opportunities“new” opportunities
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womenwomen
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““Forget Forget ChinaChina, , IndiaIndia and the and the
InternetInternet: Economic : Economic Growth Is Driven Growth Is Driven
by by WomenWomen.”.” —Headline,
Economist, April 15, 2006, Leader, page 14
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Women’s Trifecta+Women’s Trifecta+
*Buy/*Buy/allall *Wealth/ *Wealth/allall
*Lead/*Lead/ betterbetter +Eclipse of +Eclipse of males/males/whoopswhoops (Retire-old/Poorly educated-young)
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1.1. Women’s CONSUMER GOODS Women’s CONSUMER GOODS purchasespurchases. . 2.2. Women’s COMMERCIAL GOODS Women’s COMMERCIAL GOODS purchasespurchases..3.3. WOMEN WOMEN AREARE THE MARKET. THE MARKET. NotNot an an “initiative.” “initiative.” 4.4. WomenWomen--ownedowned BUSINESSES BUSINESSES (absolute #s, (absolute #s, acceleration, relative growth). acceleration, relative growth).
5.5. Women’s “brand” of Women’s “brand” of LEADERSHIP LEADERSHIP SKILLS.SKILLS.6.6. women’s strengths women’s strengths matchmatch needs of the needs of the newnew “value-added ladder.” “value-added ladder.”7.7. Women’s DRAMATICALLY INCREASING- Women’s DRAMATICALLY INCREASING-commandingcommanding WEALTHWEALTH—absolute, relative. —absolute, relative. (Jobs. Longevity.(Jobs. Longevity. Education. Entrepreneurial. Decline of BOYS. Retirement of Education. Entrepreneurial. Decline of BOYS. Retirement of MEN/Senior MEN.) MEN/Senior MEN.)
8.8. DEMOGRAPHICDEMOGRAPHIC TSUNAMITSUNAMI. WOMEN. Women . WOMEN. Women as as solo HEADs-OF-HOUSEHOLD. THE WOMaN- solo HEADs-OF-HOUSEHOLD. THE WOMaN- BOOMER-GEEZER. LOoooNG-TERM BOOMER-GEEZER. LOoooNG-TERM PHENOMENON. PHENOMENON. Global phenomenon. Global phenomenon.9.9. SPEEDSPEED of “change.” mother of all of “change.” mother of all ““megatrendsmegatrends.”.”
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1. 1. ParticipationParticipation rate/2 of 3 new jobs, lastrate/2 of 3 new jobs, last 30 years. 30 years.2. Male workforce2. Male workforce departuresdepartures/SENIOR male/SENIOR male workforce departures. workforce departures.3. 3. ShrinkingShrinking pay gap/same jobs.pay gap/same jobs.4. More senior positions. Greater decision-4. More senior positions. Greater decision- making/expenditure/org design making/expenditure/org design authorityauthority.. More line jobs. More line jobs.5. Female 5. Female solosolo head-of-household growing. head-of-household growing.6. 6. LongevityLongevity..7. 7. EducationEducation..8. More effective 8. More effective moneymoney managementmanagement..
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“Women are thethe
majority market”
—Fara Warner/The Power of the Purse
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““IdioIdiott”” is too is too
kind a kind a word.word.
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“That’s a very diverse* team.”
—Patrick Cescau, CEO, Unilever**
*1 of 14 Board of Directors members is a woman (not an exec); 2 of 7 Exec Team members are … Indians. (Source: FT/24-25 June.)
**Approximately 8585%% of
Unilever’s products are purchased by … women.
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“That’s a
VERYVERY diverse team.”
—Patrick Cescau, CEO, Unilever* **
*1 of 14 Board of Directors members is a woman (not an exec); 2 of 7 Exec Team members are … Indians. (Source: FT/24-25 June.)
**Approximately 85% of Unilever’s products are purchased by … women.
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“That’s a
VERYVERY sick
man.”
—Tom Peters
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Good Thinking, Guys!
“Kodak Sharpens Digital Focus “Kodak Sharpens Digital Focus
On Its Best Customers:On Its Best Customers:
WomenWomen””
—Page 1 Headline/WSJ/0705
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EXCELLENCE. EXCELLENCE.
FOUND.FOUND.DUH.DUH.
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“To be a leader in To be a leader in consumer products, consumer products, it’s critical to have it’s critical to have
leaders who leaders who represent the represent the population we population we
serveserve.”.” —Steve Reinemund/PepsiCo
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“Women are thethe
majority market”
—Fara Warner/The Power of the Purse
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The Perfect Answer
Jill and Jack buy slacks in black…
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“Women don’t buy
brands. They They join themjoin them.”.”
EVEolution
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Selling to men: The The TRANSACTIONTRANSACTION Model Model
Selling to Women: The The RELATIONALRELATIONAL Model Model
Source: Selling to Men, Selling to Women, Jeffery Tobias Halter
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1. Men and women are different.1. Men and women are different.2. Very different.2. Very different.3. 3. VERY, VERY DIFFERENTVERY, VERY DIFFERENT..4. Women & Men have a-b-s-o-l-u-t-e-l-y4. Women & Men have a-b-s-o-l-u-t-e-l-y nothing in common. nothing in common.5. Women buy lotsa stuff.5. Women buy lotsa stuff.
6. 6. WOMEN BUY A-L-L THE WOMEN BUY A-L-L THE STUFFSTUFF..7. Women’s Market = Opportunity No. 1.7. Women’s Market = Opportunity No. 1.8. Men are (STILL) in charge.8. Men are (STILL) in charge.9. 9. MEN ARE … TOTALLY, HOPELESSLYMEN ARE … TOTALLY, HOPELESSLY CLUELESS ABOUT WOMEN. CLUELESS ABOUT WOMEN.
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10. 10. Women’s Women’s Market = Market =
Opportunity Opportunity No. 1.No. 1.
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““Goldman Sachs in Tokyo has Goldman Sachs in Tokyo has
developed andeveloped an index of 115 index of 115 companies poised to benefit companies poised to benefit
from women’s increased from women’s increased purchasing powerpurchasing power ;; over the past over the past
decade the value of shares in decade the value of shares in
Goldman’s basket hasGoldman’s basket has risen by risen by
9696%%,, against the Tokyo against the Tokyo stockmarket’s rise of stockmarket’s rise of
1313%%.”.”
—Economist, 15 April 2006
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P-l-e-a-s-e Read …
Fara WarnerFara Warner:: The Power of The Power of
the Pursethe Purse
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Cases! Cases! Cases!Cases! Cases! Cases!McDonald’sMcDonald’s (“mom-centered” to “majority consumer”;
not via kids)
Home DepotHome Depot (“Do it [everything!] Herself”)
P&GP&G (more than “house cleaner”)
DeBeersDeBeers (“right-hand rings”/$4B)
AXA FinancialAXA FinancialKodakKodak (women = “emotional centers of the household”)
NikeNike (> jock endorsements; new def sports; majority consumer)
AvonAvonBratzBratz (young girls want “friends,” not a blond stereotype)
Source: Fara Warner/Fara Warner/The Power of the PurseThe Power of the Purse
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“Mostly Moms”
““Women were either ignored Women were either ignored in favor of focusing on men—in favor of focusing on men—
generally considered the generally considered the industry’s most frequent industry’s most frequent
users and therefore its most users and therefore its most important consumers—or they important consumers—or they were cast in the role of moms were cast in the role of moms who were simply conduits to who were simply conduits to
their children.”their children.” —Fara Warner, The Power of the Purse, “From Minority to Majority: McDonald’s Discovers
the Woman Inside the Mom”
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“We simply had
stopped being
relevant to women.”
—Kay Napier, SVP Marketing (Fara Warner, The Power of the Purse, “From Minority to Majority: McDonald’s Discovers the
Woman Inside the Mom”)
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““McDonald’s shifted its strategy McDonald’s shifted its strategy toward women from one of toward women from one of
‘minority’ consumers who served ‘minority’ consumers who served as a conduit to the important as a conduit to the important
children’s market to one in which children’s market to one in which women are the company’s women are the company’s
majority consumers and the main majority consumers and the main driver behind menu and driver behind menu and
promotion innovationpromotion innovation.”.” —Fara Warner, The Power of the Purse, “From Minority to Majority: McDonald’s Discovers the Woman Inside the Mom”
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New! New! New! New! New!New! New! New! New! New!
Women’s Women’s magazinesmagazines [“a medium
that McDonald’s had rarely used”]
Source: Fara Warner, The Power of the Purse, “From Minority to Majority: McDonald’s Discovers
the Woman Inside the Mom”
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““Forget Forget ChinaChina, , IndiaIndia andand the the
InternetInternet: Economic : Economic Growth Is Driven Growth Is Driven
by by WomenWomen..””
—Headline, Economist, April 15, 2006, Leader, page 14
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10.610.6
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““The growth and The growth and success of women-success of women-
owned businesses is owned businesses is one of the most one of the most
profound changes profound changes takingtaking place in the place in the
business worldbusiness world today.”today.” —Margaret Heffernan, How She Does It
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U.S. firms owned or controlled by Women:U.S. firms owned or controlled by Women: 10.6 million (48% of all firms)10.6 million (48% of all firms)
Growth rate of Women-owned firms vs all Growth rate of Women-owned firms vs all firms:firms: 3X 3X
Rate of jobs created by Women-owned firms Rate of jobs created by Women-owned firms vs all firms:vs all firms: 2X 2X
Ratio of total payroll of Women-owned firms Ratio of total payroll of Women-owned firms vs total for Fortune500 firms:vs total for Fortune500 firms: >1.0 >1.0
Ratio of likelihood of Women-owned firms Ratio of likelihood of Women-owned firms staying in business vs all firms:staying in business vs all firms: >1.0 >1.0
Growth rate of Women-owned companies Growth rate of Women-owned companies with revenues of >$1,000,000 and >100 with revenues of >$1,000,000 and >100 employees vs all firms:employees vs all firms: 2X 2X
Source: Margaret Heffernan, How She Does It
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9494%% of loans to of loans to
……
womenwomen****MMicrolending; “Banker to the poor”; Grameen Bank; icrolending; “Banker to the poor”; Grameen Bank;
Muhammad Yunus; 2006 Nobel Peace Prize winnerMuhammad Yunus; 2006 Nobel Peace Prize winner
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““Economic Growth Economic Growth Is Driven by … Is Driven by …
WomenWomen..””
—Headline, EconomistEconomist, April 15, 2006, Leader, page 14
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““Since Since 19701970, , women have women have
held held twotwo out of out of every every three three new new jobs created.”jobs created.” —FT,
10.03.2006
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“One thing is certain: Women’s rise to power, which is linked to the increase in wealth per capita, is happening in all domains and at all
levels of society. Women are no longer content to provide efficient labor or to be consumers with rising budgets and more autonomy to spend. … This is just the beginning. The
phenomenon will only grow as girls prove to be more successful than boys in the school
system. For a number of observers, For a number of observers, we have already entered the age we have already entered the age of ‘womenomics,’ the economy as of ‘womenomics,’ the economy as
thought out and practiced by a thought out and practiced by a woman.”woman.” —Aude Zieseniss de Thuin, Financial Times, 10.03.2006
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Impact! Add It Up!
Primary markets/EverythingPrimary markets/Everything (“Men
buy things that other men will buy for women. I buy things that women want.”—successful jeweler/F. “Women are the majority market” —Fara Warner/The Power of the Purse. Women as Purchasing Officers, CIOs, etc.)
Greater global workforce Greater global workforce participation rateparticipation rate (“bigger contributor to GDP
growth than technology, China, India”—Economist)
Higher wagesHigher wages (more seniority, promotions—even if not
to CEO; greater pay equity—even if not equal)
Business “decision makers”Business “decision makers” (more
seniority, promotions—even if not to CEO)
Women-owned businessesWomen-owned businesses (answer to
the Glass Ceiling—10.6M in USA; recipients of “micro-lending”—developing world)
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““AS AS LEADERS, LEADERS, WOMEN WOMEN
RULERULE:: New Studies find that
female managers outshine their male counterparts in almost every measure”
Title, Special Report/BusinessWeek
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Women’s NeWomen’s Neggotiatinotiatingg Stren Strenggthsths
*Ability to put themselves in their *Ability to put themselves in their counterparties’ shoes counterparties’ shoes*Comprehensive, attentive and detailed*Comprehensive, attentive and detailed communication style communication style*Empathy that facilitates trust-building*Empathy that facilitates trust-building*Curious and attentive listening*Curious and attentive listening*Less competitive attitude*Less competitive attitude*Strong sense of fairness and ability to *Strong sense of fairness and ability to persuadepersuade*Proactive risk manager*Proactive risk manager*Collaborative decision-making*Collaborative decision-making
Source: Horacio Falcao, Cover story/May 2006, World Business, “Say It Like a Woman: Why the 21st-century negotiator will need the female touch”
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10 UNASSAILABLE REASONS WOMEN RULE10 UNASSAILABLE REASONS WOMEN RULE
WomenWomen make [all] the financial decisions. make [all] the financial decisions.WomenWomen control [all] the wealth. control [all] the wealth.WomenWomen [substantially] outlive men. [substantially] outlive men.WomenWomen start most of the new businesses. start most of the new businesses.Women’sWomen’s work force participation rates have work force participation rates have soared worldwide.soared worldwide.WomenWomen are closing in on “same pay for same job.” are closing in on “same pay for same job.”WomenWomen are penetrating senior ranks rapidly [even if the are penetrating senior ranks rapidly [even if the pace is slow for the corner office per se].pace is slow for the corner office per se].Women’s Women’s leadership strengths are exceptionally wellleadership strengths are exceptionally well aligned with new organizational effectiveness &aligned with new organizational effectiveness & value-added imperatives.value-added imperatives.WomenWomen are better salespersons than men. are better salespersons than men.WomenWomen buy [almost] everything—commercial buy [almost] everything—commercial as well as consumer goods.as well as consumer goods.
SoSo whatwhat exactlyexactly isis … … thethe pointpoint ofof menmen??
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boomersboomers-geezers-geezers
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Subject: Marketers & StupiditySubject: Marketers & Stupidity
““It’s 18-It’s 18-44, 44,
stupid!”stupid!”
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Subject: Marketers & StupiditySubject: Marketers & Stupidity
Or is it: “18-44 is
stupid, stupid!”
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“One particularly puzzling category of youth-obsession is the highly coveted target of men 18-34, and it’s always referred to as ‘highly
coveted category.’ Marketers have been distracted by men age 18-34 because they are
getting harder to reach. So what? Who Who wants to reach them?wants to reach them? … The theory is
that if you ‘get them while they’re young,
they’re yours for life.’ What What nonsensenonsense!”!”
—Marti Barletta, PrimeTime Women
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2000-2010 Stats2000-2010 Stats
18-44: -1%
55+: +21%(55-64: +47%)
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BoomerBucks!BoomerBucks!Boomer turns 50: every 7 seconds. Boomer turns 50: every 7 seconds. 2009: majority of 2009: majority of U.S. households headed by someone over 50.U.S. households headed by someone over 50. 2006- 2006-2016: U.S. population up 22.9 million; 22.1 million in 2016: U.S. population up 22.9 million; 22.1 million in over-50 group. over-50 group. 2006: 1 in 5 adults is F, over 50.2006: 1 in 5 adults is F, over 50.
Women between 50-70 who are single: 35%. Women between 50-70 who are single: 35%. Age 45-Age 45-54: highest average income, $59, 021 (national 54: highest average income, $59, 021 (national
average is $42,209).average is $42,209). FASTEST GROWING INCOME FASTEST GROWING INCOME CATEGORY: WOMEN, 55-64CATEGORY: WOMEN, 55-64 (4X men in same category). (4X men in same category). Women, age 60-64: 50% still in workforce.Women, age 60-64: 50% still in workforce. Highest Highest net worth: families, 55-64 ($182,000). net worth: families, 55-64 ($182,000). People over People over
50: 70% to 79% of all financial assets; 80% of all 50: 70% to 79% of all financial assets; 80% of all savings accounts; 62% of all large Wall Street asset savings accounts; 62% of all large Wall Street asset accounts; 66% of $$ invested in the stock market.accounts; 66% of $$ invested in the stock market. Age 50+: 29% of population, 40% of total consumer Age 50+: 29% of population, 40% of total consumer spending, 50% of discretionary spending. spending, 50% of discretionary spending. Next 2 Next 2
decades: decades: BOOMERS WILL INHERIT $14 TRILLION-$25 BOOMERS WILL INHERIT $14 TRILLION-$25 TRILLIONTRILLION (“largest intergenerational transfer of (“largest intergenerational transfer of
wealth in history”). wealth in history”).
—Marti Barletta, —Marti Barletta, PrimeTime WomenPrimeTime Women
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Average # of cars purchased per
household, “lifetime”: 1313Average # of cars bought per household
after the “head of household” reaches age
50: 77Source: Marti Barletta, PrimeTime Women
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!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!““People turning 50 People turning 50 today have today have more more thanthan halfhalf of their of their
adult life ahead of adult life ahead of them.”them.” —Bill Novelli, 50+: Igniting a
Revolution to Reinvent America
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“Fifty-four years of age has been the highest cutoff point for any marketing initiative I’ve ever been involved in. Which is pretty weird when Which is pretty weird when you consider age 50 is right you consider age 50 is right
about when people who have about when people who have worked all their lives start to worked all their lives start to have some money to spendhave some money to spend.”.”
—Marti Barletta, PrimeTime Women
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Median Household Net WorthMedian Household Net Worth
<35: $7K35-44: $44K45-54: $83K
55-64: $112K55-64: $112K65-69: $114K65-69: $114K70-74: $120K70-74: $120K
>74: $100KSource: U.S. Census
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44-65: “New “New Customer Customer Majority”Majority” *
*45% larger than 18-43; 60% larger by 2010Source: Ageless Marketing, David Wolfe & Robert Snyder
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““The New Customer The New Customer Majority is the only adult Majority is the only adult
market with realistic market with realistic prospects for significant prospects for significant sales growth in dozens of sales growth in dozens of
product lines for product lines for thousands of thousands of companies.”companies.”
—David Wolfe & Robert Snyder, Ageless Marketing
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Boomers’-Geezers’-Women’s Trifecta+Boomers’-Geezers’-Women’s Trifecta+
*Buy/*Buy/allall *Wealth/ *Wealth/allall
*time left/ *time left/ lotslots *Eclipse of males/*Eclipse of males/retireretire--diedie
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The Copenhagen (Self) Pact re “This The Copenhagen (Self) Pact re “This Topic”:Topic”:
*Early!*Early!*Loud!*Loud!*Repetitive!*Repetitive!*Aggressive!*Aggressive!**UnUnfriendly!/rude!/friendly!/rude!/ insulting! insulting!
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““Forget Forget ChinaChina, , IndiaIndia and the and the
InternetInternet: Economic : Economic Growth Is Driven Growth Is Driven
by by WomenWomen.”.” —Headline,
Economist, April 15, 2006, Leader, page 14
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!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!““People turning 50 People turning 50 today have today have more more thanthan halfhalf of their of their
adult life ahead of adult life ahead of them.”them.” —Bill Novelli, 50+: Igniting a
Revolution to Reinvent America
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We We becomebecome who we who we
spend time spend time with!with!
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Measure “Strangeness”/Portfolio Quality
StaffStaffConsultantsConsultants
VendorsVendorsOut-sourcing Partners Out-sourcing Partners (#, Quality)(#, Quality)
Innovation Alliance PartnersInnovation Alliance PartnersCustomersCustomers
Competitors Competitors (who we “benchmark” against)(who we “benchmark” against)
Strategic Initiatives Strategic Initiatives Product Portfolio Product Portfolio (LineEx v. Leap)(LineEx v. Leap)
IS/IT ProjectsIS/IT ProjectsHQ LocationHQ LocationLunch MatesLunch Mates
LanguageLanguageBoardBoard
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“The The Bottleneck Bottleneck
Is at the Top Is at the Top of the of the
Bottle”Bottle”“Where are you likely to find people with the least diversity of
experience, the largest investment in the past, and the greatest reverence for industry dogma:
AtAt thethe totop!”p!”
— Gary Hamel/Harvard Business Review
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EXCELLENCE.EXCELLENCE.1966. 2006.1966. 2006.
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4/404/40
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De-centralizationDe-centralizationexecutionexecution
accountabilityaccountability6:15a.m.6:15a.m.
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De-centralizationDe-centralizationexecutionexecution
accountabilityaccountability6:15a.m.6:15a.m.
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““If if feels If if feels painfulpainful and and
scaryscary—that’s —that’s realreal delegation”delegation”
—Caspian Woods, small biz owner
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De-centralizationDe-centralizationexecutionexecution
accountabilityaccountability6:15a.m.6:15a.m.
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““ExecutionExecution is is the the jobjob of the of the
businessbusiness leaderleader.”.” —Larry Bossidy—Larry Bossidy & Ram
Charan/ Execution: The Discipline of Getting Things Done
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De-centralizationDe-centralizationexecutionexecution
accountabilityaccountability6:15a.m.6:15a.m.
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““GE has set a GE has set a standard of candor. standard of candor.
… There is no … There is no puffery. … puffery. … There There isn’t an ounce of isn’t an ounce of
denial in the placedenial in the place.”.” —
Kevin Sharer, CEO Amgen, on the “GE mystique” (Fortune)
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De-centralizationDe-centralizationexecutionexecution
accountabilityaccountability6:15a.m.6:15a.m.
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De-centralizationDe-centralizationexecutionexecution
accountabilityaccountability6:15a.m.6:15a.m.
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EXCELLENCE. EXCELLENCE.
BEDROCK.BEDROCK.TALENT.TALENT.
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Hire Hire veryvery good good
people!people!
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“We believe companies can increase their market cap 50 percent in 3 years. Steve Macadam at Georgia-
Pacific … changed 2020 of his
4040 box plant managers to put more talented,
higher paid managers in charge. He increased profitability from
$$2525 million to $$8080 million in 22 years.”
—Ed Michaels, War for Talent
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INVITE THEM INVITE THEM TO JOIN US IN TO JOIN US IN A JOURNEY TO A JOURNEY TO EXCELLENCE!EXCELLENCE!
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“In the end, management doesn’t
change culture. Management
invitesinvites the workforce itself to change the culture.”
—Lou Gerstner
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“The role of the Director is to create a space where
the actor or actress can become more than become more than they’ve ever been they’ve ever been before, more than before, more than
they’ve dreamed of they’ve dreamed of beingbeing.”.” —Robert Altman, Oscar acceptance
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PUT PUT HRHR AT AT THE THE HEADHEAD OF OF
THETHE HEADHEAD TABLETABLE. .
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DDDD$21M$21M
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A review of Jack and Suzy Welch’s Winning claims there are but two key differentiators that set GE “culture” apart from the herd:
First: Separating financial forecasting and performance measurement. Performance measurement based, as it usually is, on budgeting leads to an epidemic of gaming the system. GE’s performance measurement is divorced from budgeting—and instead reflects how you do relative to your past performance and relative to competitors’ performance; i.e., it’s about how you actually do in the context of what happened in the real world, not as compared to a gamed-abstract plan developed last year.
Second: Putting Putting HRHR on a par with on a par with finance and finance and marketing.marketing.
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LIVE FOR LIVE FOR TALENT!TALENT!
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Our Mission
To develop and manage To develop and manage talent;talent;
to apply that talent,to apply that talent,throughout the world, throughout the world,
for the benefit of clients;for the benefit of clients;to do so in partnership; to do so in partnership;
to do so with profit.to do so with profit.
WPP
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Brand Brand = =
Talent.Talent.
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EXCELLENCE. EXCELLENCE.
BEDROCK.BEDROCK.LEADERSHIP.LEADERSHIP.
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““People want to be part People want to be part of something larger than of something larger than themselvesthemselves.. They want to They want to
be part of something they’re be part of something they’re really really proudproud of, that they’ll of, that they’ll
fight fight forfor,, sacrifice sacrifice forfor , , trusttrust.”.” —Howard Schultz, Starbucks (IBD/09.05)
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““I never, ever thought I never, ever thought of myself as a of myself as a
businessman. businessman. I was I was interested in interested in
creating things I creating things I would be proud would be proud
ofof.”.” —Richard Branson
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““Nothing is so Nothing is so contagious as contagious as enthusiasm.”enthusiasm.”
—Samuel Taylor Coleridge
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““Most important,Most important,
he he uppedupped the the energyenergy levellevel at at
Motorola.”Motorola.” —Fortune on Ed Zander/08.05
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““You must You must bebe the change you the change you
wish to see in the wish to see in the world.”world.”
Gandhi
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“The The FirstFirst stepstep in a in a ‘dramatic’ ‘dramatic’
‘organizational change ‘organizational change program’ is obvious—program’ is obvious—
dramaticdramatic personal personal changechange!”!” —RG
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RelentlessRelentless:: “One of “One of
my superstitions had always been my superstitions had always been when I started to go anywhere or when I started to go anywhere or
to do anything,to do anything, notnot to to turnturn backback ,, or stop, or stop,
until the thing intended was until the thing intended was accomplished.”accomplished.” —Grant
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““Success seems to Success seems to be largely a be largely a
mattermatter
of of hanginghanging onon after others after others have let go.”have let go.” —William
Feather, author
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““Leaders Leaders
‘‘dodo’’ people. people.
Period.”Period.” —Anon.
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PURPOSEPURPOSE..PASSIONPASSION..PresencePresence..PersonalPersonal..
PERSISTENCEPERSISTENCE..PEOPLEPEOPLE..
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EXEXCELLE CELLE ALWALWAYSAYS..