The power of criticism why surrounding yourself with people who disagree with you is the key to long-term success

The power of criticism why surrounding yurself with people who disagree with you is the key to long-term successThe power of criticism why surrounding yourself with people who disagree with you is the key to long-term successIn 1975, Ray Dalio- a bullish 26-year-old trader- started a small advisory firm called Bridgewater Associates, out of his two-bedroom Manhattan apartment.At first, Dalio had zero clientele and worked with a small team consisting of his close friend and an assistant. But shortly afterward, the business took off rapidly.Follow Ladders on FlipboardFollow Ladders magazines on Flipboard covering Happiness, Productivity, Job Satisfaction, Neuroscience, and moreBy the late 1970s, Dalios publication called the Daily Observations, became the go-to-market research report for major organizations, including Nabisco and McDonalds, and by August 1982, Dalio welches hailed as a market wizard for predicting Mexicos default. 1As his fame and reputation grew, Dalio found himself i ncreasingly surrounded by yes-men, with no one to challenge his radical ideas. And so, in November 1982, Dalio appeared on Wall Street Week with Louis Rukeyser- the most reputable financial nachrichten program at the time- and publicly declared that the United States welches heading for a depression.He was dead wrong. The United States economy rebounded and enjoyed a much higher rate of growth than ever before.Meanwhile, Bridgewater Associates nearly went bankrupt, and Dalio was forced to lay off all of his employees, including his close friends. 2Distraught and defeated, Dalio began to reflect on the mistakes and bad decisions that led to his mighty downfall. It was during these moments of introspection, that he asked himself a powerful question that would radically transform his life How do I know Im right?Inspired by his eureka moment, Dalio resolved to rebuild Bridgewater on the foundation of a culture that seeks to answer this question.Today, Bridgewater Associates is regarded as the most successful hedge fund in the world- managing over $160 billion in assets. And Dalio has amassed a net worth of about $17 billion, which ranks him as one of the worlds top 100 wealthiest people.Even though he is often praised for his financial acumen, Dalio credits Bridgewaters long-term success to one simple idea that emerged whilst solving the puzzle of the thought-provoking question he reflected upon in his earlier years.The idea is called Radical TransparencyAccelerated Learning, Innovation and Radical TransparencyHolding wrong opinions in ones head and making bad decisions based on them instead of having thoughtful disagreements is one of the greatest tragedies of mankind.? Ray DalioOne morning, Dalio received a scathing email from his employee, Jim Haskell. It readRay you deserve a D- for your performance today in the meeting you did not prepare at all because there is no way you could have and been that disorganized. In the future, I/we would ask you to take some time and prepare and maybe even I should come up and start talking to you to get you warmed up or something but we cant let this happen again. If you in any way think my view is wrong, please ask the others or we can talk about it. 3The majority of senior executives- talkless of a billionaire like Ray Dalio- would have fired Haskell on the spot for sending this email. Dalio however, was so pleased with it, that he circulated the email internally within Bridgewater.In his book,Principles Life and Work(Audiobook), Dalio elaborates on this idea of Radical TransparencyRadical open-mindedness and radical transparency are invaluable for rapid learning and effective changeThe more open-minded you are, the less likely you are to deceive yourself- and the more likely it is that others will give you honest feedbackIt can also be difficult because being radically transparent rather than more guarded exposes one to criticism. Its natural to fear that. Yet if you dont put yourself out there wit h your radical transparency, you wont learn.At Bridgewater, no employee has the right to hold a critical opinion without speaking about it. In fact, its a sackable offense to do so.The majority of meetings are videotaped all employees can review the recordings and share public feedback on the participants.Outside of meetings, Bridgewater staff are obliged to rate one anothers performances and Baseball Cards publicly reveal each individual employees strengths and weaknesses based on feedback. 4This type of Radical Transparency is the driving force behind the philosophy of idea meritocracy- the encouragement of thoughtful disagreements and the versetzung of a culture where the best ideas win out.It may come as a surprise to learn that the most innovative companies in the world are also built on this philosophy.For example, whilst working as the Executive Chairman of Google, Eric Schmidt built upon the existing culture of open criticism of ideas regardless of hierarchy, which led to in novations like Gmail, Adsense and google maps. 5In the same breath, the innovative media company, Netflix, encourages employees to give one another blunt feedback, and openly shares all employees salaries to executives director-level and above.6The idea of Radical Transparency may seem like a harmful practice, but research has shown that avoiding criticism- instead of embracing it- leads to bad decision-making, poor performance, and failure.For example, one study discovered that whilst a firm undergoes poor performance, the Chief Executive Officers (CEOs) tend to seek comfort and advice from like-minded executives of other firms, and avoid receiving feedback from critics outside their social circle.7This avoidance of criticism inhibits the organizations ability to change corporate strategy, leading to organizational decline and a downward spiral in performance.Another study conducted by Francesca Gino, Professor at Harvard Business School, highlighted an employees tendency to drop r elationships with people who provide feedback that is more negative than their view of themselves and surround themselves with people who reaffirm their positive traits. 8Ironically, the study discovered that employees who avoided criticism performed much worse in the subsequent year than those who refrained from confirmation-seeking behavior.By avoiding criticism and running towards praise, we fail to see the pitfalls that lead to our downfall because our greatest weaknesses are often the opposite of our greatest strengths.Avoid Criticism at Your PerilEvery time you confront something painful, you are at a potentially important juncture in your life- you have the opportunity to choose healthy and painful truth or unhealthy but comfortable delusion.? Ray DalioConventional wisdom suggests that success is the by-product of surrounding ourselves with positive people who cheer us along and support our ideas.But this doesnt hold up to close scrutiny, in fact, the opposite is more likely to be true surrounding yourself with smart people who disagree with you will improve your odds of success.The irony of criticism is that the more we run away from critics and towards cheerleaders, the more delusional we become about our strengths and weaknesses, and the less likely well succeed.And more times than not, our biggest critics open the door to crucial opportunities to learn, improve and make better decisions.Several years after the near bankruptcy of Bridgewater, Ray Dalio said hed learned that no matter how confident I was in making anyone bet I could still be wrong.His idea of Radical Transparency is driven by a genuine worry that you may be blindsided bycognitive biasesthat lead to bad decision-making.Its an acknowledgment of the reality of dialogue between two people with conflicting views someone is less wrong than the other, and it pays to find out if that someone isnt you.When you canleave your ego outside the doorand give room for open criticism, your focus and e nergy shifts towards what matters most. That is, being right (even if it doesnt come from you).Next time youre faced with criticism and negative feedback, remember the thought-provoking question that launched Dalios long-term success with BridgewaterHow do I know Im right?Mayo Oshin writes at MayoOshin.com, where he shares practical ideas at the intersection of science, art, and philosophy, for better thinking and decision-making. You can join his free weekly newsletter here.A version of thisarticleoriginally appeared atmayooshin.comas The Power of Criticism Why Surrounding Yourself With People Who Disagree With You Is the Key to Long-Term Success.FOOTNOTES1. Dalio helped McDonalds reduce its price risk, which led to the creation of the McNugget in 1983.2. Dalio was so broke that he had to borrow $4,000 from his father to take care of his family and pay the bills.3.Ray Dalios Ted talk4. As an example, Kiran Rao, a manager at Bridgewater, was declared as the companys worst manager in front of 200 of his colleagues.5. Eric Schmidts Master of ScaleInterview.6. Wall Street Journalarticle.7.Getting by with the Advice of Their Friends CEOs Advice Networks and Firms Strategic Responses to Poor Performance. Michael L. McDonald and James D. Westphal. Administrative Science Quarterly. Vol. 48, No. 1 (Mar., 2003), pp. 1-328. Green, P., Gino, F., Staats, B. (2017).Shopping for Confirmation How Disconfirming Feedback Shapes Social Networks. Harvard Business School Working Paper, No. 18-028.You might also enjoyNew neuroscience reveals 4 rituals that will make you happyStrangers know your social class in the first seven words you say, study finds10 lessons from Benjamin Franklins daily schedule that will double your productivityThe worst mistakes you can make in an interview, according to 12 CEOs10 habits of mentally strong people

How Project Consultants Can Turn Business Problems Into Wins Management Resources

How Project Consultants Can Turn Business Problems Into Wins Management ResourcesHow Project Consultants Can Turn Business Problems Into Wins Management ResourcesProject consultants can work with your business in many ways, and for various lengths of time, depending on the nature and complexity of your project. Heres a quick look at three different types of project consulting services, each accompanied by an actual case study to help illustrate how project consultants can turn your business problems into wins.1. Staff augmentation or interim managementWhen your current staff is working at or beyond capacity, you can look to project consultants for additional help on either a short-term or an ongoing basis. A consultant can also be instrumental in helping to move your initiatives forward in the absence of one of your senior-level managers.Case studyInterim CFOThe president of a privately held distributor of household goods required assistance to help restructure operations and increas e profitability. We supplied an experienced CFO to provide financial leadership and hilfestellung the restructuring initiative. Our interim CFO was able to help reduce inventory carrying costs and excess inventory by $3.2 million reduce commercial debt by $2.3 million through improved free cash flow and plan and execute an annual reduction in operating expenses of $876,000.2. Resource-based project consultingResource-based project consulting can be completely customized to fit the scope of your project. You can choose to round out your current team by adding just one specialist or you might prefer to outsource an entire project to multiple specialists.Case study Cost recovery auditA large energy company was nearing completion of its biggest refinery expansion. The firm needed help to quickly review and find errors in subcontractor invoices - some as long as 16,000 pages. We supplied a team of auditors and data analysts with industry experience and certified internal auditor (CIA) a nd certified public accountant (CPA) credentials. The initial audit recovered more than $6 million. Based on this success, the company expanded the project. In total, our team recovered more than $30 million in fraud, overbilling and miscellaneous errors.3. Deliverable-based project consultingFor larger or more complex initiatives, an end-to-end project consulting solution is an option. When you work with a staffing agency thats partnered with a full-service consulting firm, you have access to everything you need. Specialists are equipped to implement new tools and improved processes as they work through each project phase. Theyre also accountable for project oversight and ownership. Then, when the project is complete, they can ensure a smooth transfer of knowledge back to your team.Case study Business process outsourcingA global software company was seeking a business solution to help increase efficiencies in their finance and accounting functions, including streamlining their outs ourcing processes. We initially provided 15 project consultants the client later expanded our level of kooperation to a group of 50 billable staff across multiple business units and locations.The on-site project manager was responsible for overseeing the selection and hiring process for the full finance function, including positions in tax, program accounting and payroll as well as finance groups such as audit, financial planning and analysis (FPA), credit, and revenue recognition. We then delivered additional special projects, completed business continuity testing, and implemented process improvements that saved - and continue to save - labor and costs for the company.Whether youre ready to explore an exciting business opportunity or you need to solve a unique workflow challenge, its worth your time to consider how project consultants can help. They can shoulder the workload and contribute to your bottom line at the same time.Learn more about our project staffing solutionsRobert Half Management Resources specializes in management consulting, which is delivered through our unique blend of interim management staffing and project consulting options. By working with Protiviti, a global consulting firm and Robert Half subsidiary, we can also provide companies with a full range of consulting services inInternal audit and financial advisoryRisk and complianceTransaction servicesBusiness process improvementWant to learn more about our interim management staffing, financial staffing and project consultant solutions? Give us a call today.1.855.432.0924This post was originally published in 2014 and has been updated to reflect more current information.

This is why its ok to be the cliché tourist when traveling

This is why its ok to be the clich tourist when travelingThis is why its ok to be the clich tourist when travelingTraveling is one of the fruchtwein enriching ways that we can gain new experiences and perspectives. Each persons reason for traveling to a certain schauplatz may be different, but what they do in that location can have a lot of similarities, whether that be a landseeing common attraction or exhibiting common behavior.Some scoff at tourists going to see the saatkorn thing, posting the same photos, or not having the authentic experience. However, theres nothing wrong with being the clich tourist. Some popular attractions are popular for a reason photos create memories tourist traps can be fun tourism is great for the local economy convenience helps those who are unfamiliar with an area and youre allowed to create any type of trip you want. Though there are some tips to remember to be a safe and courteous tourist, theres nothing wrong with being a little clich.Theres a reas on certain attractions are popularOften, attractions shape an entire trip to an area. People may not be traveling to Mount Rushmore to see South Dakota, they are probably going to see the faces in the mountain. These attractions shape how we view a location if weve never been there. So, of course people want to see Times Square, the Eiffel Tower, or the Vegas Strip. These attractions are popular because others have been in awe by them before. And so, we want to be in awe by them too. Theres nothing wrong with that.Travelers often use social media to make their decisions. Everyone can remember seeing photos of the Golden Gate bridge, the green water in Fiji, or the vastness of the Grand Canyon - those images inspire us to travel, so of course thats where wed go if we traveled there.You can take a photoandlive in the momentClich tourists take a lot of photos. But, why wouldnt they? They are in a new place, seeing new things, and are blown away by their environment. They want to remem ber it and show their memories to others.Its not just the big attractions but also the little nuances of a location that make it specialIn Japan, many tourists take photos of Mount Fuji, but they also take many photos ofthe little things that make it special, like the cherry blossoms. Many travelers or locals that give clich tourists a hard time say that more people should live in the moment instead of taking so many photos. However, you can do both. Let people capture the beauty they discover in a photo.Tourist traps are funSeeing the real, authentic side of a city is amazing. But theres a quirky enjoyment in the tourist traps as well. Roadside attractions, the bus tours in the UK, and the various wax museums may be shameless tourist traps, but they can also be really fun. Not only that, but theres no better place to find a gift shop to grab a piece of memorabilia from your adventure. It may not be the most authentic experience, but not all experiences have to be.Tourism can be ben eficial for the local economyTourism wouldnt exist without the clich tourist. With tourism comes a lot of valuable money rushing into the local economy. Tourism also leads to more jobs for local workers. This is why clich tourist attractions can be so helpful for local economies, whether that be a popular museum, a historical building, or even a sporting event. Hosting the Olympics, for instance,has the potential to create jobs and revenue from tourism.Tourism is important because it involves spending from outside sources flowing inward as opposed to the cycling of money through the local economy.For this reason, its best to let people travel for any reason they want, even if its to stand in line at the Vatican.Convenience is helpful for touristsTraveling off the beaten path and visiting the areas of a city that the locals visit is a way to see a city from an insiders perspective. Its a way to have a travel experience that others may not have had - to create your own adventure inst ead of mirroring the same trip thousands of others have done before you. However, sometimes being a clich tourist is just more convenient. As a new visitor, the convenience can be what is best for everyone. Its a lot easier for tourists to find a restaurant in Pikes Place market than to send them looking for a hole-in-the-wall location in Queen Anne.Your trip is your own to createThe number one reason why its okay to be a clich tourist is because your trip is for you - not for anyone else. If you want to see Disney World, the Sydney Opera House, or Niagara Falls, do it. It doesnt matter how many people have a photo of it on Instagram, how many locals tell you its nothing special, or how many seasoned travelers roll their eyes at how clich you are. Your experiences are for you to enjoy.Tips to rememberBeing clich is not a big deal, but there are some things you should remember in order to be a respectful and safe traveler. Being clich is one thing, but being disrespectful or harmful is another. Thats one clich you dont want to validateNever hold up pedestrians or besucherzahlen for a photoFollow local customs and learn some local languageBe a sustainable travelerby leaving things where they are found, taking public transportation, and not litteringTry to focus on supporting local businessListen to signs, laws, and warnings - they are there to keep you and everyone else safeJust about every traveler has been the clich tourist in one way or another. In a lot of ways, the clich things are what make tourists interested in traveling to begin with. You should always work to be a respectful guest when youre visiting somewhere new, but that doesnt mean you cant see popular attractions or take photos of it. The clich tourist also helps to boost an areas economy and share experiences that make others want to visit as well. Next time youre traveling, dont worry about being the clich tourist. Worry instead about creating a trip that youll enjoy.This article was originall y posted on YourCoffeeBreak.co.uk.