They called him a Luddite. Luddites were 19th century English textile workers, really self-employed weavers, who were scared that the end of their trade had come. So they protested against newly developed labor-economizing technologies during 1811 to 1816. Basically, they were protesting the stocking frames, the spinning frames and power looms that were introduced during the Industrial Revolution. Why were they threatened? Because they felt that with these new inventions, less skilled, low-wage laborers would be taken in and they would be left without work. That was the Luddite movement in the 19th century.
That is what former Harvard President, Lawrence Summers, who was then also US Treasury Secretary, called Raghuram Rajan in 2005 at a celebration honoring Alan Greenspan. Mr. Rajan was asked to deliver the speech and he delivered a controversial paper that was very critical of the financial sector. He was soundly dismissed by everybody, including Mr. Lawrence Summers. Many felt that his warnings were 'misguided'. However, that all changed after the 2008 economic crisis that proved that he was right. By January 2009, The Wall Street Journal was proclaiming that very few people were dismissing his ideas.
It's going to be sad to see good people leave! Mr. Rajan has served with distinction and I understand that there are various reasons that don't make it into the printed media, or any kind of media, that can really tell you what's going on. But the fact is that, come September 4th, he will pack up and head back into academia. This brought out for me the whole idea of hanging on to good people and what we do when we get good people and why it is that sometimes it is very difficult to keep them, and what must be done to hold them.
I remember Sam Pitroda brought in by then Prime Minister Indira Gandhi in 1984. I remember the wonderful things that he did – all across. He finally served as advisor to Rajiv Gandhi and also how he shaped India's foreign and domestic telecommunication policies. We began to see the familiar yellow PCOs (Public Call Offices) that came up all across India, even in the smallest towns; from there, one could make domestic or international calls. That was one of his initiatives, because when he came to India in 1981 and was trying to reach his family in Chicago, he couldn't get an international line to call. He came back to serve and served for almost 30 years, doing phenomenal work all across India. In fact, he even renounced his US citizenship and took up his Indian citizenship again so that he could serve India. Wonderful man! And he did great work.
Peter Drucker used to say; "Making a living is not enough; work also has to make a life." it's not enough just to get by on things that we need. We also have to have some meaning.
Maslow's hierarchy of needs that Abraham Maslow brought out many years ago, talks about the 5 needs. Most of you are familiar with it. It says, "The basic fundamental need is a physiological need of food, clothing and shelter. Then comes safety. Then as you climb up, social interaction and love. Then self-esteem. Finally, self-actualization – the need to fulfill oneself and become all that one is capable of becoming. The need for meaning comes in. Why am I here? What am I doing that contributes to the betterment of society?
Alan Murray, in The Wall Street Journal says, "If you want to keep good people, their work needs to provide them with meaning – a sense they are doing something important, that they are fulfilling their destiny."
I wonder as you read this post, as you look at people working with you, for you, whether they are working well, whether they are committed to the things they are doing, whether they have bought into the vision you have, or whether they are just going through the motions each day, just clocking the hours.
What keeps good people? In a survey of 8000 people from 35 industries, respondents were asked what were the leading drivers for keeping them. Here's what they said.
· Exciting work and challenge
· Career growth, learning, and development
· Fair pay and benefits
· Relationships and working with great people
· Supportive management, a great boss
· Pride in the organization, its mission, and its product
· Great work environment or culture
· Being recognized, valued, and respected
· Meaningful work, making a difference
· Autonomy
These were the reasons why people said they would stay in an organization.
"We are the average of the 5 people we spend the most time with," said Jim Rohn, motivational speaker. You and I are the average of the 5 people we spend the most time with. Which begs the question: With whom do we keep company? Who are the people that are around us, that we are spending time with? Are they good people? And good doesn't mean similar. Similar can get boring. Are they people who will bring healthy arguments to the debate? Are they people with differing perspectives? Are they ones who are eager to soak up knowledge and learn? Who are the people who are around you, my friends, that you spend the most time with? There are many people who come across our way, and some of them are people who we need to hold on to. Are we holding on to them?
One of the things that we must remember is that we ought not to be intimidated by better people. In fact, we need to surround ourselves with people who know much more about certain aspects of the job than we do. The key then, is to leverage their talent. It takes a special skill to hold, engage and interact with people who know much more than you do. But ultimately, that's what leadership is all about, isn't it?
May I pray with you? Almighty God. Help us to be good leaders. Help us never to be intimidated or scared of surrounding ourselves with people who know more. But help us to learn to leverage the talents of these people so that greater good happens. You are the one who gives wisdom to each person and we ask for that wisdom to know how to provide the atmosphere and the environment to hold on to good people. In Jesus' precious name we pray. Amen.
• Luddites, https://en.wikipedia.org/wiki/Luddite#In_modern_thought
• Raghuram Rajan, https://en.wikipedia.org/wiki/Raghuram_Rajan
• Alan Murray, "How to Keep Your Most Talented People," http://guides.wsj.com/management/recruiting-hiring-and-firing/how-to-keep-your-most-talented-people/
• Quote by Jim Rohn, Leon Logothetis, Keeping Good Company: Why You Should surround Yoursef With Good Company." http://www.huffingtonpost.com/entry/kkeeping-good-company-why-you-should-surround-yourself-with-good-people_b_6816468.html?section=india
• Revery Kaye and Sharon Jordan-Evans, "Retention in Tough Times," http://careersystemsintl.org/PDF%20Files/Retention%20in%20Tough%20Times.pdf
• Sam Pitroda, https://en.wikipedia.org/wiki/Sam_Pitroda
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