Burning the midnight oil

There was a point in time when I felt proud doing this - burning the midnight oil - for presentations, client proposals, sales documents, preparation for meetings, research on clients / industry and board meetings even. My blurry eyes the next morning said it all. It was kind of a badge of honour as it denoted the hard work put in and eventually when the meeting / presentation went better than planned (most of the times), it gave credence to the syndrome. The hours only increased and a bit of bragging that 'I haven't slept for the last 48 hours' became the matrix for the inherent workload and internal competition as well. There were others too adding to the madness and it was important that the top boss noticed it. Over a period of time it transcended into living out of a bag and spending several nights on flights and every order that came our way or every large contract that was signed was celebrated for having worked on presentations through a journey when the world around you was fast asleep.

The big question - what do I feel in hindsight? Well, a little stupid.

Before I answer why, I wish to state that there are times when one has to work for nights at a stretch but it should be more an exception than the rule. When businesses are global, senior executives are pulled into meetings based on different time zones and it is hard to stay away. There are tweets from famous business personalities that if one is not amenable to working 16 hours a day, one can't succeed. But, are these common principles? Far from it.

Coming back to my remark - There wasn't any direct correlation between my working overnight and the time the result was out. Not everyone matched the vigour or sense of urgency; not that they were biding time, just that their internal processes and approval procedures had their own cycle. Did I shorten the cycle with my speed - well, there is no evidence to prove that it did.

Yes I have spent nights on presentations and articles - more often than not, it was because I didn't find anyone competent enough to delegate it to. Did I presume I was best placed to do it because of my agility or quick thinking? I wish I could gloat saying that, but I blame it on either bad hires or just not having the confidence that someone could deliver to my expectations. This happens often in many organisations, the art of delegation and training to bring people up to speed needs as much attention as getting revenues into the company or creating a great execution plan. It is important to carry people with you in your own quest so that one man or woman does not have to slog it out alone.

Living out of a bag went out of control for several years at a stretch. Making maximum use of a return ticket to a place halfway across the world and living on self-imposed budgets for food, stay and other expenses was foolhardy to say the least. Had I stretched a bit or just about made way for a bit of rest along the way wouldn't have broken the bank for the company I worked for. While I was known for setting examples for frugal ways of travel and living, the few lacs I saved possibly cost my health and it wouldn't have visibly dented the PnL. I have never advocated that to anyone since then. I maintain that a few rupees saved may appear good to the conscience but it is not worth it. The long term impact is minimal to say the least.

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I read this book about LTCM (Long Term Capital Management, a break out faction of ex-Solomon Brothers employees) - their stupendous rise and subsequent fall. The investment bankers derived the rush of working on deals through 15-16 hour days, ruthless schedules and minimal tolerance to errors. The momentum that was set over three to four years became a benchmark of sorts till they realised that the world around them didn't keep pace. The hunger to grow only made them take more and more risks against prudent advice till it collapsed one find day and it just took a fraction of the time they spent growing to fall to unthinkable lows and near bankruptcy. They could have stayed much longer with a little less earnings and better working conditions but whatever they were earning (in truckloads) was casting a shadow on their sensibilities.

I read an article recently that law firms in India are finding it difficult to retain talent (more at the bottom of the pyramid) including their partners. The crazy competition and huge expectation from associates was causing burnout leading to massive attrition. Attrition by its very nature leads to longer learning curves. Business continuity gets affected as the pace of work varies widely leading to delays in customer acquisition or case settlement. It is common knowledge that tempers fly in such scenarios leading to everyone feeling overworked and feeling terribly demotivated.

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Is there a way out?

1. Hire right - train well - delegate - plan meticulously: If you have the right people, you tend to mirror your competence and carry a team together that knows what to deliver, when and how. There are several fall back options and the dependency on one or two starts diminishes significantly
2. Running a business is more a marathon than a sprint - you may question your speed at various points in time but it helps sustain in the long term. The lack of speed could be more due to time spent in internal planning and finding optimum solutions. The world also has a pace and we have to bear that in mind.
3. It is absolutely essential for everyone in your team to seek a life outside of work. While many underestimate the importance of it, the benefits that accrue from a rejuvenated mind and body is enormous (studies say that, not me)

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