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Learning from Greg Smith and Goldman Sachs

On March 14, 2012, Greg Smith former Goldman Sachs executive director and head of the firm's United States equity derivatives business in Europe, the Middle East and Africa, decided to publish his reasons for resigning from Goldman Sachs in the New York Times. Click here to see his comments. The stinging comments set off a firestorm in the media and among pundits.

As a career coach to college students and consultant to business leaders, this stirred questions in my mind about how to act upon your convictions. Not long ago we were discussing the Jet Blue flight attendant who had a melt down on a flight and decided to quit with great flourish. I blogged about it in my August 2010 post: Quitting your Job: First class or coach? And now we have Greg Smith.

Mr. Smith points out, "It astounds me how little senior management gets a basic truth: If clients don’t trust you they will eventually stop doing business with you. It doesn’t matter how smart you are." I agree with this statement. Personal ethics and values matter more than anything in today's world of work. It begins with trust.

Many successful organizations become legends in their own minds. As a consultant, I have observed some of the most astute leaders make ego driven-driven decisions. From CEOs to high-performing sales managers, there can be a general unwillingness and fear of change. Greed, fear and insecurity become the order of the day, rather than concern for the customer.

An example from higher education involves the tension between changing traditional teaching methods (lecture) and embracing technology (beyond Powerpoint) in the classroom. Few are making the strategic connection of educational importance of actually preparing students for the real world. Parents and, students themselves, have publicly expressed concerns about students amassing a large amount of debt for a degree that does not result in employment. Employers often say recent grads do not have the critical thinking or interpersonal communication abilities needed to survive the world of work. Whose agenda is at play here? Perhaps the focus should be on the customer, uh, I mean, the student. A new generation needing to learn in technology savvy ways.

Sometimes we are called into chaos because we are the ones who are supposed to influence positive change. I believe it is important to express concerns and convictions honestly to those in leadership or authority. If that does not result in positive change, then it's time to go. I take away three main things from Mr. Smith's very public resignation:

1) Be willing to act upon your convictions and ethics. Take whatever comes with that. Good or bad.
2) Communicate clearly and honestly with those around you. Don't always expect to be liked for it. 
3) If you are in an organization or work for a boss who's unethical--leave, even if you need the money.

While I do not have any issues with Mr. Smith's questioning the ethics at Goldman Sachs, I do hope his motives for quitting so publicly are pure. In today's world of instant news and so-called "reality" celebrities, I wonder if we will see Mr. Smith somewhere else soon. If we do, I hope it's because he has started his own company where trust and morals are modeled and practiced.

Graduating in May?

Are you preparing to graduate from college in May? Have you started the job search process? I know it can be scary and confusing. But doing nothing will not make it go away. For many college seniors the fear and questions can be overwhelming. If this causes you to do nothing, Abraham Lincoln said it best, "You cannot escape the responsibility of tomorrow by evading it today." If you have waited until your senior year to think about the future, here are four questions to consider immediately:


1) What do they want? Employers in all professions and organizations continue to seek graduates who can articulate what they have to offer, those who show enthusiasm and can verbally make connections to transferable skills acquired through part-time jobs, community service or other experiences. Think about how your experiences translate or transfer into the real world. Customer service (know how to treat people), verbal/written communication (know how to say what you mean), and critical thinking skills (know how to use freedom within fences). These are the hot commodities. Besides a decent grade point average, employers want people who ask smart questions and help them solve problems. Employers want people to get things done without being asked. Employers want people who can add value to their organization. Employers want people who have a good attitude.


2) What do I need to get started? Real life does not stop and wait for you to figure it out. Identify some ideal employment opportunities. Make sure you have a good resume (revisit #1 above), references and have practiced answering interview questions. Create a financial plan. Are you postponing a job search and going to grad school? What are your overall expenses? Living at home? Moving out? Rent? Medical/dental? Car? Credit cards? Getting married? Do you have a realistic view of the entry level annual salary possible in your field? Research it on the internet or visit your college's Career Services Office.  I have said it before, in our current economy, you might have to take a job simply to generate income. Just be wise and don't get stuck there. If the job is commission-only or too good to be true, keep looking. Your first job does not have to be your forever job. Oh yeah, that resume you created and got an "A" on in a college class? It may still need to be re-worked for the real world or a specific job opportunity. Resumes are rarely the only thing to get you hired, but they are a necessary requirement, along with good interview skills. From graduate schools to jobs in ministry, everyone is asking for a resume. Create a good one. Get noticed. Get started. Get relevant advice for today's job market.

3) What do I have to give? If you do not have extensive experience, your transferable skills from internships, part-time campus jobs, community service or even mission trips are your best selling points. Have you talked to people at your part-time job about getting a full-time position? Are you doing community service work or talking to friends or friend's parents about jobs or people they know? Are you asking professors who they may know to refer you? Avoid relying solely on job boards. Many of the best jobs are unadvertised. Netweaving (aka networking) remains the most effective way to find a job. Let people know you are graduating and looking for work. Schedule lunches. Talk to people. Ask professionals in your field of interest if you can send them your resume. Avoid focusing solely on what you want from an employer (i.e. experience). Talk about how you can add value or help solve a business problem. Create a Linkedin account and use it. Go to Linkedin for grads for more information. Finally, don't forget to thank everyone and anyone who helps you along the way. An email or other note of gratitude is still a nice touch and people want to help nice people. Give thanks. Give your best. Don't whine about how tough it is. 

4) Am I able to be flexible? The more limitations you place on your job search the fewer options you may have. Are you willing to relocate? In today's job market, this may have to be a consideration. You can always return after home after gaining experience. Be fearless. Talk to people and learn about new places where you can use your gifts and talents. Other parts of the country are not as bad and scary as you think. Be faithful. Don't give up too soon, get negative or blame "the man" if you are not employed immediately upon graduation.  Keep moving forward. If you are curious about the status of an application or interview, call or email your contact. Be kind, courteous and make statements like: "just checking to see if you need anything else from me in this process." Hiring managers and others are busy, it's not personal. Don't fear being told you did not get the job. Call them, but don't stalk them. Find out what you need to know to move forward. Be fearless, faithful and flexible to increase your chances of securing employment. It matters.

Having a college degree still makes you more attractive to employers than those who don't have one, yet we are experiencing a slowly recovering job market, and it requires students (and those who advise them) to re-think expectations when searching for employment in 2012. Turn off the computer and meet some new people. Get focused. Get resume help and practice interviewing with your school's career services professionals. Experience matters. Get some. 


It may not be easy, but it's possible. Don't give up, get depressed and make a decision to do nothing because it's too difficult. I believe you can do this. Do you?

8 Lessons from the Hunger Games

Many of my students, clients, colleagues and friends have asked my opinion about the Hunger Games books and now, the movie. In the interest of research and despite NOT being in the target demographic, I read two of the books in the trilogy and am starting the third. I have not seen the movie which made $155 million in domestic revenue in its opening debut. That's the third biggest opening in Hollywood history, even surpassing the Twilight movies. 

Entertainment critics, bloggers and religious leaders are debating the deeper moral issues, symbolism, violence and messages of governmental oppression conveyed by the Hunger Games. As of today, I have not come to any deep moral conclusions about the books or the movie. That could change as I observe the intensity with which teenagers, college students and colleagues (both young and old) embrace the Hunger Games trilogy. I believe we will be discussing this entertainment phenomenon for awhile. So for those who keep asking me for my observations, I have eight simple life lessons gained from reading the Hunger Games books:

1) Strong, independent women can also be vulnerable and conflicted.

2) The guy who loves you most may not be the one you notice first.

3) You will eat burnt bread and squirrels if you get hungry enough.

4) Everyone needs a relevant survival skill for everyday life. What's yours?

5) Even in the future, you need to be physically fit. 

6) We all know a few TrackerJackers and are thankful for the MockingJays.

7) Every woman needs a personal stylist like Cinna.

8) If Katniss can survive the Hunger Games twice, you can do anything. 

If you saw the movie or read the books, what life lessons would you add to this list? Serious or funny comments welcome below this post....Go!