Stacking the Deck

About the Author

David S. Pottruck is a prominent figure in the world of business and leadership. As the chairman of HighTower Advisors, a wealth management firm he helped launch in 2008, Pottruck has played a significant role in shaping the financial industry. His career is marked by notable achievements, particularly during his tenure at The Charles Schwab Corporation. Pottruck joined Charles Schwab in 1984 as the Executive Vice President of Marketing, where he led innovative direct response advertising campaigns. He became Schwab's president in 1992, co-CEO with Chuck Schwab in 1998, and CEO in 2002. His leadership during times of significant change and transformation has provided him with deep insights into managing breakthrough change, which he shares in his book, "Stacking the Deck: How to Lead Breakthrough Change Against Any Odds."

Main Idea

"Stacking the Deck" presents a comprehensive guide for leaders aiming to implement breakthrough changes in their organizations. Change is a constant in business, but leading a transformation that dramatically impacts the organization and its people is a formidable challenge. Pottruck outlines a nine-step process that leaders can follow to enhance their chances of success. These steps, derived from his experiences at Charles Schwab and other ventures, emphasize the importance of preparation, team building, and communication in managing change effectively. Pottruck's approach is designed to create a series of advantages, or "stack the deck," to improve the odds of success in any major change initiative.

Table of Contents

1. Establishing the Need to Change and a Sense of Urgency
2. Assembling and Unifying Your Team
3. Developing and Communicating a Clear and Compelling Vision of the Future
4. Planning Ahead for Known and Unknown Barriers
5. Creating a Workable Plan
6. Partitioning the Project and Building Momentum with Early Wins
7. Defining Metrics, Developing Analytics and Communicating Results
8. Assessing, Recruiting and Empowering the Team
9. Testing with Pilots to Increase Success

Establishing the Need to Change and a Sense of Urgency

Pottruck emphasizes that the first step in leading breakthrough change is to establish a clear and compelling need for change and a sense of urgency. Change is often met with resistance, and it's crucial for leaders to help their teams understand why change is necessary and why it must happen now. According to Pottruck, "Leaders must find ways to help people see the need for change and then inspire them to move toward it with confidence and urgency." This involves linking the change to the company's mission and demonstrating how the change will help achieve its goals.

Link the Purpose and Mission

Convincing others of the need for change requires effort and repetition. Pottruck advises leaders to communicate the need for change through various methods and channels, ensuring that the message is received and understood by everyone. This includes one-on-one conversations, group meetings, emails, and written communications. By tying the change to the company's mission and showing its benefits, leaders can help employees see the change as progress rather than disruption.

"When employees believe in a mission, they get excited and passionate about contributing to the company's goals." - David S. Pottruck

Underscore the Urgency

Before convincing others, leaders must be convinced themselves of the urgency of the change. Pottruck suggests evaluating the numbers for different scenarios and considering the consequences of delaying the change. It's important to demonstrate that the change is not only necessary but imperative and timely. Overcoming resistance and maintaining momentum require constant effort and commitment from the leadership.

Assembling and Unifying Your Team

Leading breakthrough change requires more than just passion; it demands a well-balanced leadership team. Pottruck stresses the importance of assembling a team of pioneers who are comfortable with risk and eager to venture into uncharted territory. The key elements to consider when building this team are skill, experience, enthusiasm, and team fit. Enthusiasm and team fit are particularly challenging to find but are critical for the success of the change initiative.