Getting The Best Out of the Team (Part II)
Last year, I wrote on Sir Alex Ferguson’s unique record as a sporting coach after 27 seasons at the helm of Manchester United Football Club. Earlier this week, Ferguson’s successor, David Moyes, was sacked ten months into a six year contract after Manchester United was eliminated from both domestic cup competitions and the Champions League.
In January 2014, Michael Mauboussin and Dan Callahan from Credit Suisse released a report entitled How To Build An Effective Team. I draw your attention to some of the insights here:
“Committees spent a great deal of time on issues they did not deem important and little time on topics they perceived to be of the highest importance”
“Experts are no better than informed individuals, and worse than groups, at making predictions in realms that are complex, including politics, economics and markets”
“If committee members have a point of view that they don’t reveal, or they defer unnecessarily to perceived experts on the team, prediction diversity suffers”
“The role of the leader is to make sure that the process of revealing information, weighing alternatives and voting on the best option is done correctly”
“The simple answer is to vote independently. By going around the room as he did, the chair of that committee invited social conformity and quashed independence”
“Teams that are too big allow for social loafing”, and;
“The timing of breaks has a large influence on the team’s decisions”.
Chief Executive Officer of Montgomery Investment Management, David Buckland has over 30 years of industry experience. David is a deeply knowledgeable and highly experienced financial services executive. Prior to joining Montgomery in 2012, David was CEO and Executive Director of Hunter Hall for 11 years, as well as a Director at JP Morgan in Sydney and London for eight years.
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