Bankable Leadership

About the Author

Dr. Tasha Eurich is a renowned workplace psychologist, speaker, author, and principal of The Eurich Group. With a passion for helping organizations achieve success by enhancing the effectiveness of their leaders and teams, Dr. Eurich has become a leading expert in her field. She regularly works with executives from large, Fortune 500 companies and serves on the faculty of the Center for Creative Leadership. Her insights and expertise have been featured in prominent outlets such as The New York Times and Forbes. Dr. Eurich's mission is encapsulated in her book, "Bankable Leadership: Happy People, Bottom-Line Results, and the Power to Deliver Both."

Main Idea

"Bankable Leadership" addresses the common struggle leaders face in balancing the happiness of their teams with achieving bottom-line results. Dr. Eurich provides a practical model that helps leaders produce results while fostering a positive work environment. The book emphasizes that effective leadership is not about choosing between being a taskmaster and a friend; rather, it is about integrating both aspects to achieve sustainable success. Dr. Eurich's model is built on four tensions: being human and driving performance, being helpful and driving responsibility, being thankful and driving improvement, and being happy and driving productivity.

Table of Contents

1. Introduction
2. Part I: Be Human and Drive Performance
3. Part II: Be Helpful and Drive Responsibility
4. Part III: Be Thankful and Drive Improvement
5. Part IV: Be Happy and Drive Productivity

Introduction

Leaders often feel the need to choose between driving their team to perform and maintaining positive relationships. Dr. Eurich argues that this belief is a myth. Leadership, she asserts, is about balancing these two outcomes. She shares a compelling example from a study at Sears, which found a direct correlation between employee engagement and financial success. For every five-point increase in employee engagement, customer satisfaction rose by 1.3%, leading to a 0.5% increase in revenue.

Part I: Be Human and Drive Performance

Bankable leaders understand the importance of connecting with their teams on a human level while driving them to achieve top performance. Dr. Eurich describes two common types of leaders: the Pushover, who prioritizes happiness over performance, and the Tyrant, who focuses on performance at the expense of relationships. Effective leadership, she argues, requires a balance of both.

Trust and Be Trusted

Trust is the foundation of effective leadership. Dr. Eurich emphasizes two types of trust: competence-based and motive-based. Competence-based trust is earned when leaders are seen as capable and reliable. She suggests several ways to build this trust:

• Attend conferences to stay updated on industry trends.
• Find a mentor for guidance and support.
• Keep a record of commitments and ensure they are fulfilled.

Motive-based trust, on the other hand, is about ensuring that team members believe in the leader's positive intentions. This can be achieved through self-disclosure, demonstrating fairness, and acting with integrity.

"When employees trust their leaders, they feel valued and are willing to go the extra mile." - Dr. Tasha Eurich

Be Unmistakably Transparent

Transparency in leadership builds trust and ensures that team members are aligned with the organization's goals. Dr. Eurich highlights the importance of transparency of intent and information. Leaders should share their decision-making processes and provide access to departmental and company strategies, financials, and operations. Five actions for transparency include:

• Aligning with managers and peers.
• Being transparent about transparency.
• Building structures around transparency.
• Addressing rumors directly.
• Knowing when not to be transparent.

Set Crystal Clear Expectations

Setting clear expectations is crucial for driving results and building confidence within the team. Dr. Eurich advises leaders to create clarity around the "what" and the "how." This involves setting high expectations, defining team roles, and outlining acceptable behaviors. By providing clear direction, leaders can ensure that their teams know what is expected of them and how to achieve it.

Be a Lightning Rod of Compassion

Compassionate leadership involves understanding and supporting team members. Dr. Eurich describes compassion as a combination of empathy and supportive action. She highlights three essential elements of empathy:

• Taking the perspective of team members.
• Understanding the impact of one's title.
• Realizing the importance of names and personal connections.

Supportive action includes standing with team members during critical times, giving full attention, and reaching out during tough situations.

Part II: Be Helpful and Drive Responsibility

Bankable leaders help their employees succeed while driving responsibility for their actions. Dr. Eurich contrasts the "Enabler," who is overly helpful, with the "Dictator," who focuses solely on responsibility. She introduces Douglas McGregor's Theory X and Theory Y paradigms of leadership. Theory X assumes workers are lazy and need to be pushed, while Theory Y assumes workers are naturally motivated and should be supported.

Treat Adults Like Adults

Effective leaders treat their team members as competent adults. This involves letting go of tightly controlled work practices and giving employees ownership of their behavior. Dr. Eurich suggests two approaches: