McKinsey on Healthcare
They will know a cultureāyou can't fake itā: An interview with Texas Medical Centerās president and CEO Bill McKeon
I've been very blessed with opportunities as being a CEO in Asia, in Europe and the United States.
McKinsey on Healthcare
They will know a cultureāyou can't fake itā: An interview with Texas Medical Centerās president and CEO Bill McKeon
And I think these journeys actually built on one another.
McKinsey on Healthcare
They will know a cultureāyou can't fake itā: An interview with Texas Medical Centerās president and CEO Bill McKeon
As a matter of fact, when I look back, most of my life, professional life has been spent outside of the United States.
McKinsey on Healthcare
They will know a cultureāyou can't fake itā: An interview with Texas Medical Centerās president and CEO Bill McKeon
And it's taught me a lot about leadership because what I've learned is your leadership style, what works in the United States doesn't work in China or London.
McKinsey on Healthcare
They will know a cultureāyou can't fake itā: An interview with Texas Medical Centerās president and CEO Bill McKeon
And while the basic principles that we think about in leadership, work ethic, in-depth analysis of a business, understanding, value proposition, product differentiation, those are solid fundamentals.
McKinsey on Healthcare
They will know a cultureāyou can't fake itā: An interview with Texas Medical Centerās president and CEO Bill McKeon
Those work in all business scenarios, but actually understanding what motivates people is very different in different parts of the world.
McKinsey on Healthcare
They will know a cultureāyou can't fake itā: An interview with Texas Medical Centerās president and CEO Bill McKeon
Let me give you a couple examples.
McKinsey on Healthcare
They will know a cultureāyou can't fake itā: An interview with Texas Medical Centerās president and CEO Bill McKeon
When we think about young companies and startups, and I've worked in major corporations as well as startups,
McKinsey on Healthcare
They will know a cultureāyou can't fake itā: An interview with Texas Medical Centerās president and CEO Bill McKeon
So in the United States, stock options is everything.
McKinsey on Healthcare
They will know a cultureāyou can't fake itā: An interview with Texas Medical Centerās president and CEO Bill McKeon
People will take very low salaries to get stock options with the hope that the company flips and those stock options are worth in many cases, millions.
McKinsey on Healthcare
They will know a cultureāyou can't fake itā: An interview with Texas Medical Centerās president and CEO Bill McKeon
What I found in the UK when we had stock options, it was really interesting.
McKinsey on Healthcare
They will know a cultureāyou can't fake itā: An interview with Texas Medical Centerās president and CEO Bill McKeon
I had employees coming to me asking to trade stock options for more vacation time.
McKinsey on Healthcare
They will know a cultureāyou can't fake itā: An interview with Texas Medical Centerās president and CEO Bill McKeon
And it really struck me because that would have never happened in the United States.
McKinsey on Healthcare
They will know a cultureāyou can't fake itā: An interview with Texas Medical Centerās president and CEO Bill McKeon
But in the UK, vacation time was really important to people, so important.
McKinsey on Healthcare
They will know a cultureāyou can't fake itā: An interview with Texas Medical Centerās president and CEO Bill McKeon
And when I talked about the numbers of how many millions they could be passing on, it really didn't resonate.
McKinsey on Healthcare
They will know a cultureāyou can't fake itā: An interview with Texas Medical Centerās president and CEO Bill McKeon
In Stockholm, for example, what was really important to them was title.
McKinsey on Healthcare
They will know a cultureāyou can't fake itā: An interview with Texas Medical Centerās president and CEO Bill McKeon
So if you offered to give someone a raise of $20,000 or $30,000, they were much more interested in how their title would change.
McKinsey on Healthcare
They will know a cultureāyou can't fake itā: An interview with Texas Medical Centerās president and CEO Bill McKeon
And when you understand kind of in a country, a socialist country, where
McKinsey on Healthcare
They will know a cultureāyou can't fake itā: An interview with Texas Medical Centerās president and CEO Bill McKeon
most of the income is taxed and many things are provided for, that the pecking order of titles was much more important.
McKinsey on Healthcare
They will know a cultureāyou can't fake itā: An interview with Texas Medical Centerās president and CEO Bill McKeon
So what I've learned is not to assume anything that if you don't really cut to the real hopes and desires and dreams of the people, that you really can't lead them because those things are so important on how they resonate and how they're motivated.