The second week of our coaching session my assignment was to begin reading a book called Egonomics by David Marcum and Steven Smith.
I struggled to get through the first two chapters. Have you ever read something and had a hard time putting it down, not the case on this book for me however? I struggled to keep my eyes open. But my assignment was to make notes and underline things that stood out to me. So, my second time through I started the assignment and found it came together for me with some powerful thoughts about how ego can be our greatest asset or a companies most expensive liability.
When you look deeply at how ego impacts the bottom line, it gives you a new perspective.
“Every good thought that we have, and every good action that we perform, lays us open to pride, and thus exposes us to the various assaults of vanity and self-satisfaction” William Law. Ego impacts the bottom line of companies P & L statements, so therefore is a worthy study for companies that seek to be great.
Studies indicate that ego costs a company’s profit if not understood, by 16 to 20% of annual revenue. It may be invisible to the P&L but is there. It is worth an investigation.
Ego can be both an asset and a liability. It can work for us and against us and needs to be managed for best results.
Ego can give us confidence as we use our greatest strengths, but it can also be turned into a weakness that can counterfeit our strengths. It is worth an investigation for our bottom line for sure.
Most people including myself would say that ego has a negative impact on the work culture on both an hourly and daily basis. Worth checking it out to see whether this is true in your company.
Poorly managed ego impacts recruiting. If you have high ego’s running around, you will have to hire for pay and miss out on the people that are looking for growth and an engaged workforce. Poorly managed egos will make us less competitive and prevents us from attracting the best talent. It is worth learning about this thing called EGO.
Investment in the talent you hire also comes with the potential of hiring counterfeits of those talents. Recognizing the warning signs will help you to hire the right talent. Look for these counterfeits – being competitive, being defensive, showcasing brilliance and seeking acceptance.
The talent you want have humility, curiosity and veracity
I walked away from my coaching session wanting to learn more about ego and it impact on our company.
I read another book this week called The Master Coach. It says that we all can coach and we all need a coach.
If you are looking for a good coach, give me a call. I am a good coach, but I also know a number of other really good coaches.
Keep learning and catch me on the next blog to continue a deeper explanation of the warning signs and the talent a good leader needs to develop
TRAVIS JONES CEO
Travis has been an entrepreneur and business owner in Tulsa for over 30 years. He is a certified Life Options Retirement Coach and is certified to facilitate and deliver the Manager As Coach Learning Series (MACLS) through CPI, and a certified Career Coach. He previously served on the board of Career Partners International (CPI) and is an equity partner in CPI, offering a global reach with over 350 offices.