Wanted: Talented executive to rebuild the economy for the next 100 years.

Since the decline in our economy, a remarkable opportunity has arisen – to redefine how banking works in this country, if not the world for decades to come. If you have ideas about the ways a large US-based financial institution should change the way it operates in order to avoid another meltdown, sustain growth and lead the world into a new era, then we’d like to hear from you.  The pay is competitive and very handsome bonuses are available if sustainable success is achieved.  

Do you have what it takes?    

What sort of person do you think the above ad would attract?

Recently five executives at the AIG insurance company announced they would resign if the government restricted their pay to $500,000 per year.  Bank of America is complaining that unless they can pay whatever they want, they will not get the talent they need to fix the company.

And that is where they are completely wrong.

If money is the primary lure to get someone to join your company, then it will attract those candidates who are attracted to money as the primary incentive to show up as opposed to the real reason the company needs them - to change the way they do business.  Offer someone the opportunity to rebuild a company or reinvent an industry as the primary incentive and it will attract those drawn to the challenge first and the money second.  And which would you rather have running your company? 

More importantly, after an economic downturn, caused in large part to a money-first mentality, who do you think we should hand the keys to now? The executive driven by the cause or the one who is driven by money?

We are all so offended by how much bankers pay themselves that we have lost sight of the real issue. Money, even obscene amounts of it, is not the problem. But it should be the reward for building strong, long-term sustainable organizations and not given as the primary motivation for showing up or simply making the quarter or even the year. That is the strategy that drove Lehman Brothers into the ground and caused the mess in the first place.

There is nothing wrong with compensating someone handsomely for the work they do and the results they achieve, but not in a vacuum.  Money is a short-term result that incentivizes short-term decision making.  A cause is something that lasts and is the foundation of sustainability. 

As we have all had to suffer in the economic downturn, it falls to us to speak out louder and demand that the banks hire executives inspired to be a part of something bigger than themselves over those who demand something bigger before they feel inspired.  If we don’t, start saving your pennies for the next collapse in 10 years time.  

As the would-be CEO of Bank of America, I am pleased to hear the deal fell apart as a result of a debate over compensation.  Though I am disappointed to hear the executives at AIG won their argument – I had hoped they would quit and find better paying jobs at less influential companies in less important industries.  That way we would all get what we want. 

Sinek is leading a movement to inspire people to do the things that inspire them. He writes, consults and speaks all over the world about the power of Why - the purpose, cause or belief that drives every one of us. Sinek has just published his first book, Start With Why: How Great Leaders Inspire Everyone to Take Action.