It's not that I have complete moral outrage that a single person would be awarded $52 million dollars to join an organization in this environment, based on what we are all still working through and that outsized rewards played a part in the catastrophe - because I do. But that is not my point today.
I think it does illustrate the misplaced notion that our salvation rests on a single person, a single executive, a single manager. That this singular person, executive, manager is the only person in the world who has that one right answer (which is worth paying $52 million dollars for.)
Check out this story in Crain's New York Business.
My point isn't that Mr. Kraus isn't a smart guy and doesn't have some good ideas. Or that he very well may have an answer that could help Alliance Bernstein. I have never met him so I have no idea. But as someone who works with folks at all levels of organizations - from folks like Mr. Kraus on down - and whose success with organizations has been to help every person bring all he/she can to the work, it is counter to my view that so much emphasis should be put on the one, when the answer truly lies with the many.
I would encourage Alliance Bernstein and all other organizations who feel the need to overpay for a single individual to shift the emphasis from buying the short-term loyalty of a single person to building the skills and long-term commitment of every single person in the organization.
Specifically, I would focus the company resources on building the skills of the middle managers - those on the ground - to drive the business to its next level.
Talk to you soon, Tim.