What Makes a Successful Boss?
Think back on your career to this point and reflect on the different bosses you have had. Who was the most inspiring? Who was one who you struggled to follow and get along with? What are some things that made the bosses or leaders in your life the most effective or least effective? Maybe he or she extended trust, they shared any of these three leadership skills, or learned how to follow before being a good leader.
If you have found yourself in a management position for the first time or have found yourself as a first-time boss, some of the best ways to shape your leadership style is to take advice from those who have been there. JPMorgan Chase CEO Jamie Dimon leads more than 256,000 employees worldwide and, according to Forbes, the company has a market cap of over $340 billion. Dimon himself is worth an estimated $1.3 billion. When it comes to management, he said, “For any large organization, great management is critical to its long-term success.”
What makes Dimon so successful? He highlighted a few things that make a great boss in his 2018 letter for JPMorgan Chase shareholders that was recently published. To read the full article, click here.
Make Decisions Carefully, But Efficiently
According to Dimon, “You need to have good-decision making processes, with the right people in the room, the proper dissemination of information and the appropriate follow-up – all to get to the right decision. Force urgency and kill complacency. Know that there is competition everywhere, all the time.”
The boss/leader/etc. is tasked with making the decisions for the company and leading it to success. As a result, these decisions need to be weighed heavily. As the old saying goes, “time is money,” so you often can’t wait too long to make business decisions. So these decisions need to be made carefully, but also efficiently.
Trust Your Team
If you’re a leader or boss but don’t trust your team, you will likely micromanage every aspect of the business. Most people do not like working for a micromanager, so this is a quick way to lose the faith of your team. One person cannot do everything in a company, hence the need for hiring individuals who can help you out.
As you progress up the management hierarchy you will need to rely on more and more people to lead the company to success. If you don’t trust your team success will become less and less attainable. Take it from Dimon, “I have seen many senior managers ascend into big new roles with a bad reaction to their increasing dependence on other people – by hoarding information, never allowing themselves to be embarrassed and demanding personal loyalty versus loyalty to the organization and its principles. They don’t grow into the new job – they swell into it. I have often felt that dependency on their teams makes these folks feel paranoid or insecure – leading to this bad behavior.”
Many people are nervous to interact with their boss. This is made even worse if you, as the boss, don’t give your employees the opportunity to engage in conversation or act disinterested. For example, if one of your employees comes to talk or ask you a question and you don’t look up from your computer. Chances are he or she won’t feel valued or respected and not want to come to you anymore. This could also lead to turnover as employees want to feel valued at work.
“Good leaders have the humility to know that they don’t know everything. They foster an environment of openness and sharing. They earn trust and respect,” Dimon says.
Work As Hard As Anyone Else
There is nothing worse than an absent leader who, when he or she comes around, tries making a bunch of changes or taking credit for things. To be a truly effective and successful leader you must not only show that you care; you must actually care. Good leaders or bosses will demand the best from their team, but also give his or her best each and every day. As Dimon mentions, “While they [leaders] demand hard work and effort, they work as hard as anyone, and they have deep empathy for their employees under any type of stress.
For the rest of Dimon’s tips for being a successful boss, check out the full article here.