32:01
There was no such a thing as mass layoffs as business strategy prior to night in nineteen,,,1980. It just wasn't done. it was done here and there. It wasn't strategy. The idea of using laid offs is to balance the book is relatively new phenomenon. They came form the increased selfishness in the gordon gekko greatest good in the 1980 boom. right? eh. and, a , this was also the same exact period in 1980s where the theory, where the THEORY, the THEORY of share holder value is put forward. Right? because they all have the people buying large companies and staling professional managers surround the company they brought, they invested, and they may have the problem, which is those professional managers were paid by the company and those professional managers care the employee and the customers, and so the investor said how do we protect our investment. We got an idea, we gonna to give them equity and company, and bonuses them based on the performance, right? and so the shift happened from the CEO start caring more of the investors and the stock holders, and stopped caring for the customers and employee. Those were theories introduced by some Harvard professor in the 1980's.
33:01
We can push it back the other way. right? we can push it back the other way. eh, but, the, those,,,just the other day, which company was it? eh, one of the large banks, where the share holder, the City Bank, City Bank, yeh, the City Bank, the share holders voted, the majority share holders voted AGAINST a fat pay package. That's unprecedented. it's never happened, even in hard times, even when the company is doing this, the share holders just , is just about, a cursory thing, a proof of fifteen million dollar bonus for a CEO, they voted against it, its non-binding, but it sent a shorter cast ball. now the share holders want you to be bonused if you do something good for others. Even the others is us(?). Right? the point is, is that it's starting to crack. and so, let's just stick our fingers in the crack, you know, make sure it kept cracking. It's one-one way we can swing it back.
34:03
The question, can I talk about celebrating accomplishment while still asking for more? Right? two two, so,so, they did study on kids who are really really smart, like the old gifted classes. why is that you are smart, you gifted, you stupid you special, why is that? I was hoping my life was special, never gifted, eh,eh, they took the gifted kids, who are constantly told, you are so good, thanks for the, eh, i knew you do well. You are best employee, you know, you are best student, you are awesome, right? What happens is later in life, if they actually suffer because of their very afraid of taking risk , because they are very afraid of loosing their position on the mental, okay? Kids who are sort of in the average who constantly rewarded not for their accomplishment but for their effort. Great effort! Really proud of the improvement you made. What they find is they do very well in life, because there is no shelf.
35:04
There is always more, there is more effort. Right? And so, you want to reward and acknowledge effort, even if, eh, they don't hit the goal as the delta. but at the same time, if it goes backward, you'll be like dude. What's going on? like we don't, we shouldn't be giving ribbon to everyone who compete. Right? because we were teaching people is, "if you do nothing, you get a metal". Right? and the funny thing is, we start, recreating a generation, that's feeling very hollow. and its feeling, the sense of entitlement that people complain about gen Y. The entitlement is, I don't feel like I have accomplished anything. The funny thing about human being, is, we, we, the way we feel accomplished, is when we exert, energy and time, and reach a destination. Right? and the more energy and time that we have to suffer through, especially we suffered together and we get somewhere. It is overwhelming. Think about the best jobs you've ever worked on. Was the best design? Was the best result that the company had because of your project?
There was no such a thing as mass layoffs as business strategy prior to night in nineteen,,,1980. It just wasn't done. it was done here and there. It wasn't strategy. The idea of using laid offs is to balance the book is relatively new phenomenon. They came form the increased selfishness in the gordon gekko greatest good in the 1980 boom. right? eh. and, a , this was also the same exact period in 1980s where the theory, where the THEORY, the THEORY of share holder value is put forward. Right? because they all have the people buying large companies and staling professional managers surround the company they brought, they invested, and they may have the problem, which is those professional managers were paid by the company and those professional managers care the employee and the customers, and so the investor said how do we protect our investment. We got an idea, we gonna to give them equity and company, and bonuses them based on the performance, right? and so the shift happened from the CEO start caring more of the investors and the stock holders, and stopped caring for the customers and employee. Those were theories introduced by some Harvard professor in the 1980's.
33:01
We can push it back the other way. right? we can push it back the other way. eh, but, the, those,,,just the other day, which company was it? eh, one of the large banks, where the share holder, the City Bank, City Bank, yeh, the City Bank, the share holders voted, the majority share holders voted AGAINST a fat pay package. That's unprecedented. it's never happened, even in hard times, even when the company is doing this, the share holders just , is just about, a cursory thing, a proof of fifteen million dollar bonus for a CEO, they voted against it, its non-binding, but it sent a shorter cast ball. now the share holders want you to be bonused if you do something good for others. Even the others is us(?). Right? the point is, is that it's starting to crack. and so, let's just stick our fingers in the crack, you know, make sure it kept cracking. It's one-one way we can swing it back.
34:03
The question, can I talk about celebrating accomplishment while still asking for more? Right? two two, so,so, they did study on kids who are really really smart, like the old gifted classes. why is that you are smart, you gifted, you stupid you special, why is that? I was hoping my life was special, never gifted, eh,eh, they took the gifted kids, who are constantly told, you are so good, thanks for the, eh, i knew you do well. You are best employee, you know, you are best student, you are awesome, right? What happens is later in life, if they actually suffer because of their very afraid of taking risk , because they are very afraid of loosing their position on the mental, okay? Kids who are sort of in the average who constantly rewarded not for their accomplishment but for their effort. Great effort! Really proud of the improvement you made. What they find is they do very well in life, because there is no shelf.
35:04
There is always more, there is more effort. Right? And so, you want to reward and acknowledge effort, even if, eh, they don't hit the goal as the delta. but at the same time, if it goes backward, you'll be like dude. What's going on? like we don't, we shouldn't be giving ribbon to everyone who compete. Right? because we were teaching people is, "if you do nothing, you get a metal". Right? and the funny thing is, we start, recreating a generation, that's feeling very hollow. and its feeling, the sense of entitlement that people complain about gen Y. The entitlement is, I don't feel like I have accomplished anything. The funny thing about human being, is, we, we, the way we feel accomplished, is when we exert, energy and time, and reach a destination. Right? and the more energy and time that we have to suffer through, especially we suffered together and we get somewhere. It is overwhelming. Think about the best jobs you've ever worked on. Was the best design? Was the best result that the company had because of your project?
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