“There’s this thought out there that in business, you have to crawl over broken glass to succeed — you’ve got to kill the other guy,” JPMorgan Chase chairman and CEO Jamie Dimon said during an interview on CNBC’s “Squawk Box” Wednesday.
But the reality, he says, is that “people have to learn to work together. Sometimes it’s more about heart than it is mind.”
Dimon, an investor in KFC and Taco Bell parent company Yum! Brands — which has a market cap of $34.6 billion, according to Forbes — said he learned the key to working well with others from former Yum! Brands CEO David Novak, who Dimon considers one of the greatest business leaders of the last 40 years. Novak also appeared on “Squawk Box” Wednesday to talk about this “secret weapon:” recognition.
“People are starved for recognition all around the world,” Novak told CNBC, citing recent research that shows more than 80% of people feel they are not recognised by their supervisor for what they do, and 60% say they value recognition as much as money.
“Recognition is a secret weapon that every leader really needs to use,” Novak said.
Dimon said he didn’t fully understand what “recognition” meant until he saw Novak practicing it.
“It’s not just that you are recognising other people,” Dimon said. “At the heart of recognition is, you’re acknowledging you don’t know it all. You’re acknowledging other people are really good. You’re applauding other people for their contributions. You’re telling them that you want to hear what they have to say.”
If done right, Dimon said recognising people “opens up a whole other door of management.”
“Good management is about the heart,” he said. “It’s about people trusting you and people knowing you give a damn.”
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