The Magic When Leaders Meet Fact-to-Face
For many years I have been partnering with an organization to provide leadership training for many different industries.
As with any long-term collaboration, we sometimes disagree or view the customer challenges from different perspectives. If we end up being on opposite pages of thinking, we talk it through to come up with a solution that we both could live with. But recently things started to change. There was a clean sweep of leadership in the organization and before I realized what had happened I started dealing with an entire new group of “names.”
I describe the new leaders as “names” because that is all I had to go on. I had no faces to connect to the “names”. The once close relationship I had enjoyed with this organization seemed to be fading and I became very frustrated.
What was missing here? How could I get to know these new leaders and build a relationship that I once had with this organization?
It then hit me. I needed to meet these new leaders face-to-face for them to see who I was and what made me thrive and for me to get to know what excites them.
It took awhile to set up a date because the new leaders all wanted to meet me. I actually became concerned at one point as they kept changing the meeting day. But when I arrived they all greeted me with smiles and apologized for changing up the date as they all wanted to be available to connect with me face-to-face.
The magic began.
As we sat around a conference table listening intently to what everyone had to share, it became clear that we all cared about each other. They wanted to hear about my experiences with the previous leaders and what I would change. I was thrilled to hear about their new vision and mission. I walked out feeling excited and looking forward to our follow-up plan to involve the other trainers.
What changes when leaders meet face-to-face?
WALLS ARE BROKEN DOWN
The moment I entered their new facility (and yes they had just moved) I felt a calmness come across me. I no longer had to visualize where they all worked or how professional the new offices were. I was shaking hands with the partners I only knew from our emails and phone calls. What a relief. The tension in our relationship started to melt away. They were all amazing and put me at ease immediately.
REAL EMOTIONS CAN BE SEEN
For someone like me who finds it helpful to view people’s facial expressions and body language, there is nothing more important than seeing the non-verbal cues. When emotions are revealed in real time:
- Leaders can react more appropriately
- Leaders don’t have to guess or put their own spin on how someone else feels
- Communication is clearer and more open
- Honest relationships can be formed
AUTHENTIC LEADERSHIP IS REVEALED
Before entering into this face-to-face situation, I wondered what these new leaders actually knew about me. I tried to imagine what their leadership skills looked like. When we can’t put a face to an action or decision we sometimes jump to conclusions. And not always positive ones. I could hear from their thoughts and words how committed they were to working together. They were finally real leaders to me.
A FUTURE COLLABORATION CAN EMERGE
After spending a few hours sharing and dreaming and laughing, it became clear that we were ready to move full steam ahead with our collaboration. When we could banter back and forth and show each other how valuable we each meant to one another, the future seemed limitless. We were energized to have focus groups with the rest of the trainers and cultivate a true joint venture.
How have face-to-face meetings helped your leadership grow and change?
Top Picks in Asset Allocation
Written b: John Bilton, Head of Global Multi-Asset Strategy, Multi-Asset Solutions
As global growth broadens out and the reflation theme gains traction, the outlook brightens for risky assets
Four times a year, our Multi-Asset Solutions team holds a two-day-long Strategy Summit where senior portfolio managers and strategists discuss the economic and market outlook. After a rigorous examination of a wide range of quantitative and qualitative measures and some spirited debate, the team establishes key themes and determines its current views on asset allocation. Those views will be reflected across multi-asset portfolios managed by the team.
From our most recent summit, held in early March, here are key themes and their macro and asset class implications:
Key themes and their implications
Asset allocation views
For the first time in seven years, we see growing evidence that we may get a more familiar end to this business cycle. After feeling our way through a brave new world of negative rates and “lower for longer,” we’re dusting off the late-cycle playbook and familiarizing ourselves once again with the old normal. That is not to say that we see an imminent lurch toward the tail end of the cycle and the inevitable events that follow. Crucially, with growth broadening out and policy tightening only glacially, we see a gradual transition to late cycle and a steady rise in yields that, recent price action suggests, should not scare the horses in the equity markets.
If it all sounds a bit too Goldilocks, it’s worth reflecting that, in the end, this is what policymakers are paid to deliver. While there are persistent event risks in Europe and the policies of the Trump administration remain rather fluid, the underlying pace of economic growth is reassuring and the trajectory of U.S. rate hikes is relatively accommodative by any reasonable measure. So even if stock markets, which have performed robustly so far this year, are perhaps due a pause, our conviction is firming that risk asset markets can continue to deliver throughout 2017.
Economic data so far this year have surprised to the upside in both their level and their breadth. Forward-looking indicators suggest that this period of trend-like global growth can persist through 2017, and risks are more skewed to the upside. The U.S. economy’s mid-cycle phase will likely morph toward late cycle during the year, but there are few signs yet of the late-cycle exuberance that tends to precede a recession. This is keeping the Federal Reserve (Fed) rather restrained, and with three rate hikes on the cards for this year and three more in 2018, it remains plausible that this cycle could set records for its length.
Our asset allocation reflects a growing confidence that economic momentum will broaden out further over the year. We increase conviction in our equity overweight (OW), and while equities may be due a period of consolidation, we see stock markets performing well over 2017. We remain OW U.S. and emerging market equity, and increase our OW to Japanese stocks, which have attractive earnings momentum; we also upgrade Asia Pacific ex-Japan equity to OW given the better data from China. European equity, while cheap, is exposed to risks around the French election, so for now we keep our neutral stance. UK stocks are our sole underweight (UW), as we expect support from the weak pound to be increasingly dominated by the economic challenges of Brexit. On balance, diversification broadly across regions is our favored way to reflect an equity OW in today’s more upbeat global environment.
With Fed hikes on the horizon, we are hardening our UW stance on duration, but, to be clear, we think that fears of a sharp rise in yields are wide of the mark. Instead, a grind higher in global yields, roughly in line with forwards, reasonably reflects the gradually shifting policy environment. In these circumstances, we expect credit to outperform duration, and although high valuations across credit markets are prompting a greater tone of caution, we maintain our OW to credit.
For the U.S. dollar, the offsetting forces of rising U.S. rates and better global growth probably leave the greenback range-bound. Event risks in Europe could see the dollar rise modestly in the short term, but repeating the sharp and broad-based rally of 2014-15 looks unlikely. A more stable dollar and trend-like global growth create a benign backdrop for emerging markets and commodities alike, leading us to close our EM debt UW and maintain a neutral on the commodity complex.
Our portfolio reflects a world of better growth that is progressing toward later cycle. The biggest threats to this would be a sharp rise in the dollar or a political crisis in Europe, while a further increase in corporate confidence or bigger-than-expected fiscal stimulus are upside risks. As we move toward a more “normal” late-cycle phase than we dared hope for a year back, fears over excessive policy tightening snuffing out the cycle will grow. But after several years of coaxing the economy back to health, the Fed, in its current form, will be nothing if not measured..
Learn how to effectively allocate your client’s portfolio here.
This document is a general communication being provided for informational purposes only. It is educational in nature and not designed to be a recommendation for any specific investment product, strategy, plan feature or other purpose. Any examples used are generic, hypothetical and for illustration purposes only. Prior to making any investment or financial decisions, an investor should seek individualized advice from a personal financial, legal, tax and other professional advisors that take into account all of the particular facts and circumstances of an investor’s own situation.
J.P. Morgan Asset Management is the marketing name for the asset management business of JPMorgan Chase & Co and its affiliates worldwide. Copyright 2017 JPMorgan Chase & Co. All rights reserved.
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