#108
Value-Driven Leadership: Insights from Former Permanent TSB CEO Jeremy Masding
Jeremy Masding, former CEO of Permanent TSB and currently a Senior Adviser at Cerberus Capital Management, is the co-author, along with Emil Ivanov, of the book ‘Leading Without Winging It’. Drawing on decades of experience, Jeremy provides a practical guide to leadership and management. In their book, Masding and Ivanov present a system for running any company in a way that captures both ‘hearts’ and ‘minds’. By using a logical approach based on both rational and emotional foundations, the authors offer senior leaders ways of working that are easy to understand and implement. Jeremy and Emil make a compelling case for focusing on value creation at every level of an organisation, offering pragmatic strategies to ensure full buy-in and successful implementation of this objective.
Summary
05:15 How do you view the complexity of business language, and what impact does this have on leadership?
- Business language, often filled with words like strategy and operations, can be seen as a “mathematical equation.”
- Effective leadership involves combining purpose, values, behaviours, and operating manners into a coherent vision.
- Clear operating expectations, such as punctuality and preparation, are essential to enhance organisational efficiency.
10:40 Why is co-creating values and behaviours within an organization so important?
- Co-created values and behaviours are more deeply embedded in an organisation compared to those imposed top-down.
- Every level of the organisation should be involved in defining these values to ensure they are genuinely adopted.
- Consistent communication and visible leadership are crucial to integrating these values into the culture.
18:30 Aligning vision with decision-making in business
- Vision should guide decision-making, even if it means making choices that don’t maximise shareholder value in the short term.
- Strong strategic thinking and effective execution are both essential for long-term success.
- Balance investment between strategy/planning and execution teams.
25:14 The importance of retention over hiring, based on changes in job loyalty
- Retaining employees is more crucial now, given the trend towards shorter job tenures.
- Alignment with the company’s purpose, engaging work, and recognition are key retention strategies.
- Leaders should inspire purposeful work, enable growth opportunities, and regularly acknowledge contributions.
32:50 Manage energy versus time in work
- Good energy management significantly impacts how time is invested in work.
- Energy management is about balancing various aspects of life, not just time at work.
- Self-management includes respecting others’ choices and maintaining mental and physical well-being.
40:22 Strategies for effective decision-making as a leader
- Focus on high-value issues and opportunities with 2-3 key agendas (execution, strategy, regulatory/mandatory) that leadership prioritizes.
- Avoid unnecessary meetings, particularly post-pandemic with the increase in digital platforms.
- Effective decisions benefit from data analytics and collaboration tools but require sector-specific understanding.
48:05 How do you handle performance management to keep it meaningful and non-bureaucratic?
- Performance evaluations should be ongoing, focusing on “what’s working,” “what’s not,” and “what needs to change.”
- Regular feedback prevents surprises during annual reviews.
- Meaningful conversations and minimal bureaucracy are key.
55:13 Strategies for integrating rational and emotional aspects in leadership
- Successful leadership combines rational decision-making with emotional intelligence.
- Emotional aspects include purpose, corporate social responsibility, and relating well to people.
- A diverse team with complementary skills in thinking and execution enhances leadership effectiveness.
1:02:45 How do you ensure effective communication and transparency within your organisation?
- All employees, including front-line staff, should be kept informed as much as possible.
- Regular appreciation and small gestures can boost staff engagement and motivation.
- Effective communication treats employees as important stakeholders, sharing detailed information barring sensitive content.
1:10:02 Priorities when chairing meetings to ensure they are efficient and inclusive
- Understand critical objectives and have a clear agenda for each meeting.
- Ensure the right attendees are present and encourage contributions from quieter participants.
- Maintain time discipline and keep track of action points to wrap up discussions with clear outcomes and responsibilities.
Links mentioned:
‘Leading Without Winging It’ – Book