I’ve been kidding with banker groups recently that the Dos Equis beer spokesperson was once called “the most interesting man in the world.” These days, I’d argue that title belongs to Elon Musk.
Whether you are a fan or a critic, I believe few individuals in recent times have been as consequential, controversial and … well, entertaining. I’ve also suggested to groups that no one becomes the wealthiest human on earth by luck or accident.
When he shares his opinions about business, governance, leadership, etc., it is worth considering. A recently publicized memo emailed by Musk to the leadership of Tesla had me smiling, but not for the reasons that many others have focused upon.
The subject line in the email was, “To be super clear.” There are some lines that make you want to read what comes next. That is definitely one.
He then notifies management that they will be expected to work a minimum of 40 hours each week in their offices. He goes out of his way to be clear that by “offices,” he means the places where colleagues are located and not “some remote pseudo office.”
Then, being “super clear,” he informed them that if they do not show up, he assumes they have resigned. Like the message or not, you have to give points for clarity. No room for ambiguity there.
The first three sentences of the memo were the ones that kicked off discussions and debates throughout the business world about the future of remote work. I’ve had numerous conversations with banking leaders on both sides of the argument.
Some believe that there will be no going back to the way things were with extensive remote work and video meetings now standard operating procedure. Most cite the time and money saved by eliminating commuting as a driving factor.
Others believe that physical separation has led to isolation, poorer communications, lowered morale, and weakened cultures. While most agree that the time saved on commutes to an office is a plus, they believe the benefits of physically being with peers outweigh the costs of commuting.
And obviously, work-from-home options were never viable for large segments of our businesses.
As is often the case, intelligent people can agree to disagree on many of these arguments. Where individual companies land on their remote work vs. physical presence decisions will vary. There will assuredly be hybrid arrangements in the future, and no one-size-fits-all solution.
However, the sentence in Musk’s memo that stood out the most to me was, “The more senior you are, the more visible must be your presence.” One of my most passionate soapbox topics over the past two decades has been the importance of leaders displaying the levels of energy and engagement they hope to see in their teams.
Employees may listen to their words, but they are far more likely to mimic their attitudes and actions. Now, no one suggests that leaders — especially senior leaders — need to be performing the same tasks their teams are asked to perform. It’s not about specific tasks. It’s about engagement.
That said, when a CEO who knows more about the power of technology than most humans states that physically being with the people you lead is non-negotiable at his company, attention should be paid.
Can information be shared efficiently when working offsite? Absolutely. Can important tasks be completed, and performance measured remotely? Of course.
But humans tend to communicate far more genuinely and effectively in person. This is true between bankers and customers, as well as leaders and their teams.
No one denies there were valid reasons that the business world was turned on its head. Working environments, operating procedures and our very business models were suddenly transformed practically overnight.
Much of it felt awkward … until it didn’t. The fact that the awkwardness of some of these changes has worn off, however, does not in itself suggest that they are preferred. Some may be. Others aren’t.
I often remind bankers that just because a customer can handle almost all their banking via technology doesn’t mean that they want to. They have personal reasons for preferring to interact in person with a banker from time to time.
Debates about “virtual meetings” and the productivity gained or lost from remote work will go on for the foreseeable future. I’d suggest that the impact of leaders up and down the org chart being visibly present and supporting the desired culture of an organization, however, is not debatable.
Few would disagree that an economy with high inflation, labor force challenges, etc., presents significant challenges. There are times in which the presence of engaged and energetic leadership matters more than others. These are such times.
