Ten years ago, as Director of National Accounts for MyPoints.com, I found myself smack dab in the middle of an eerily similar boom-to-bust cycle we’re experiencing in real estate today.
Back then, MyPoints could do no wrong. Advertisers were lining up to spend money with us. Investors were throwing millions of dollars our way. We were partying like AIG executives – it was pretty sick. Fun, but sick.
My boss at MyPoints was Chaz Berman. During our meteoric rise, Chaz made promises that ultimately he couldn’t keep. Promises of increased pay. Increased responsibility. I was on track for a VP Title and VP Bucks. (Important note: I was already very well compensated and had more responsibility than I could handle.)
Fast forward to 2009, the roles have reversed. Instead of being the employee, I’m the employer. Instead of taking directions, I’m giving them. Here are the lessons I’ve learned from sitting on both sides of the table.
1) Most employees are ungrateful whiners.
And looking back on my tenure with MyPoints, I was as whiny and ungrateful as anyone I’ve ever managed here at Top of Mind Networks. Instead of focusing on what earned me promotions, money and praise in the past, I started letting some unrealistic promises made in a 180 degree different environment dictate my work ethic and my demeanor. I took my job for granted. I failed to realize that I was truly blessed – making a six-figure income, living in beautiful San Francisco, selling a killer product, etc. As market conditions deteriorated, so did my attitude. And for this, I owe MyPoints.com and especially Chaz Berman my sincere apologies. Chaz, you were in a no-win situation and you were dealt a “Pai-Gow” of a hand. I’m glad to see you still thriving today – you deserve it.
2) Most employers stir the pot.
Nothing stokes the fire of negativity within a company more than a lack of transparency and communication. In hindsight, I believe MyPoints did a poor job of setting expectations with employees – at every level of the company. Perhaps the fact that we were a publicly traded company contributed toward a culture of secrecy and speculation? One of the things I wanted to make absolutely sure of as an employer is that every team member knows the straight dope at all times in terms of:
a) How they’re viewed in terms of value and performance.
b) How the company is performing financially and otherwise.
c) What’s the anticipated course of action – and what’s in store for each team member.
Here’s an interesting takeaway:
90% of our employees just couldn’t handle the truth during the lean months – and they were the first to go. But the 10% who did are still with us today, and have proven invaluable in helping us overcome a down market. As I write this article, I’m extremely proud to report that March 2009 was the most profitable month in our 6-year history.
My conclusions:
- The truth can hurt, but secrecy kills.
- If you’re an employee, realize that if you think you’ve got a raw deal in a down market, chances are good that your employer has it 10x worse. Be grateful to have a job and focus on being part of the solution.
- If you’re an employer, it’s your responsibility to bleed and sacrifice alongside your employees when necessary. If you’re asking your team to bleed, don’t hesitate to show off your battle scars too.
chaz berman says:
mark…
i take the apology but not necessary because now you know, managers walk a fine line pleasing both up and down the organization, and at least for myself there were never intentional untruths, but some truths made false by the crash. what is known about the experience is that had the entire internet not crashed, all of us would be sitting on a beach, turned out only some are. but quite a lot of fun, no?
April 2, 2009 — 2:48 pm