How Ego Affects the Banks’ Bottom Line Business
Can you imagine a business without overstuffed egos? How much more do you think could be accomplished?
Most of the time the word ego has negative connotations but having an ego can be both positive and negative to business.
Steven Smith, author of “What Makes Ego our Greatest Asset (or Most Expensive Liability)” writes “Ego is the invisible line on everybody’s profit and loss statement.”
Guy Kawaski of Garage Technology Ventures recently interviewed Steven and asked him “Why is it invisible?” Steven’s response was “Because it hasn’t been measured, and yet the people know the costs are there. Over half of all business people estimate ego costs their company six to fifteen percent annual revenue; many believe that estimate is too conservative. But even if ego were costing six percent of revenue, the annual cost of ego would be $1.1 billion USD to the Fortune 500 Company. ” (For more read the interview)
Ego? Affecting six to fifteen percent of revenue….WOW!
If the egos were recognised, and put under control, how much money would that save banks (and other institutions) today? Not only that, how many more of the staff would feel in control, and therefore more productive? And client relationships? They would be better for sure.
Take a peek at the tools and techniques in self management - this will be a good start to help unstuff egos.
Another 6-15% in the bucket is not so bad. Agree?
Trip Allen, Team Egyii, Singapore
Tags: Bank Training, HR Solutions, Learning and Development Strategy, People Skills, Personal Change Management, Relationship Management
