How Can Leaders Can Stay Passionate About their Work

During one of our weekly leadership meeting, a colleague of mine posed the question. What defines your True North? Given that I have been in leadership positions both in the capacity as an entrepreneurial startup and also within my current organization, this question really made me ponder. In another instance, a friend of mine approached me asking how do you keep the your organization challenged and still align with its vision. This is my attempt to articulate what drives me and how I believe in staying focused and thrive.

Some of the areas that I get to operate in my current capacity at LendingUSA in the realm of every changing dynamics of Marketplace Lending (or FinTech) range from the possibilities of data-driven decisioning using Machine Learning to Process Automation using Computer Vision to fostering Smart Workflows for Process Optimization and Improvising Deterrence as a Security Concept against non-traditional threats, to name a few.

The question that I always ask myself while making decisions boil down to five simple metrics:

1. Do I follow trends just for the sake of it

Albert Einstein once mentioned “Insanity is repeating the same task and expecting different results.” So, if we realize something’s not working out, I would challenge the status quo and attempt to change it. So just because everyone is doing it -- including your competitors – it does not mean your company needs to follow like sheep.

Leaders understand how to balance the cost with the buzz, and jump off the bandwagon every once in a while to find what works best for their specific business.

2. What is the real impact on society

I found that one of the best ways organizations can create a sense of purpose for their employees is to help connect their day-to-day work with the impact it has in their community and globally. People at the top also need to see the larger difference they’re making, and in some ways, because of their vantage point, that’s easier for them than it is for folks closer to the ground. Senior executives are closely involved in crafting the “story” of the organization — the message that goes out to the world and how its received — and they spend a good portion of their time outside the company, talking with stakeholders and observing their organization’s impact firsthand.

3. Do I have peripheral vision and serve as a leader

When we’re ridiculously busy, it’s easy to focus only on what’s ahead of us, a bit like a horse with blinders. To thrive, it’s critical to have excellent “peripheral vision” so we can pick up on things that fall beyond our expected line of sight. This makes our jobs more exciting and engaging and enhances their performance — all of which reinforces our love for the work we do. While information technology remains a priority for me, I have also learned to pay attention to geopolitical issues, global economics, changing workforce demographics and regulatory environment, and talent practices. By doing so, we can more readily adapt not just to technology trends but also to organizational and societal trends. We are much less likely to get blindsided by the changes around them.

Although, we all fall into a conundrum from time to time, the best way to describe our positions should be as roles of service, not power. I found that this “coach and mentor” mentality is one of the things employees want the most — but it’s also something senior managers struggle with, because it runs counter to the traditional command-and-control management style that got many of them where they are today. Those who clear that obstacle realize that a key part of their jobs as leaders is transferring their knowledge and skills to others. And once they carve out the time for it, they find it immensely gratifying.

4. Am I afraid of taking risks

 For visionary leaders, there’s no such thing as business as usual. Top leaders understand that a series of smart, calculated risks paves the way for a better ROI -- and more -- that putting all their eggs in one basket in terms of partnerships can reduce competitiveness, quality, and even break the business completely.

Strategic initiatives often depend on incremental progress, realized through small wins over time.

 When it comes time to make partnerships, great leaders don’t just focus on big name companies with prominent reputations. In fact, they do the opposite. They take chances with small, innovative companies to differentiate themselves from the crowd.

5. Can I clearly articulate ROI

Good leaders invest their time and use tools not only to guide strategic decisions at the company level, but to help allocate budgets and attention at a granular level. For instance, executive teams can focus on answering questions like "How would the loss-ratios drift if there is a higher emphasis in the risk model on non-traditional data" or "Will the user behavior shift towards a mobile usage once we reduce the areas of friction" Once they have these results, the leaders can focus their energy on certain areas to increase the odds, thereby increasing ROI.

Leaders who thrive have a different way of looking at things. They don’t follow the status quo. They aren’t afraid to take risks. They clearly understand where ROI comes from. And they take advantage of the fast-paced business environment instead of remaining stagnant.

I would conclude with a famous quote from Jack Welch which keeps me both paranoid and innovative; “If the rate of change on the outside exceeds the rate of change on the inside, the end is near.”