Using Praise as Leadership Currency

Scott argues leaders should spend praise liberally to retain talent and offers examples of meaningful feedback techniques.

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Go to Go to https://www.learningleader.com/becoming to see the pre-order bonuses for The Price of Becoming

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My Guest: Scott Galloway is the New York Times bestselling author of books including The Four, The Algebra of Happiness, Post Corona, Adrift, and The Algebra of Wealth.

Notes:

Key Learnings

Routine speeds up time, novelty slows it down. If you want life to go fast, just spend it alone and have a routine and never bust out of that routine. What makes life interesting is diversity in people, because people are complicated, and relationships are complicated.

Lean into your emotions to slow time down. If you see something that moves you, stop, think about it, ask yourself why it moves you, and try to cement that moment in your brain. Otherwise, you're not sleepwalking through life; you're sleep sprinting.

"The greatest wasted resource in history is good intentions that don't get articulated." No matter how famous someone is, they love affirmation as much as anybody else. Good thoughts that don't get articulated are wasted.

Absorb when you're upset and lean into emotions, good and bad. This sort of marks the day and slows things down. Otherwise, if you get up every morning, do the same thing, eat the same thing, have the same relationship, the week's just gonna go really fast.

Reverse engineer your success to things that aren't your fault. What are the things that played a role in your success that you had no control over? Your luck, your good fortune. For Scott: big government, assisted lunch, Pell Grants, University of California, technology financed by middle-class taxpayers, DARPA, the internet, deep pools of capital, and acceptance of failure.

His mom told him he had value every day. Scott's mom, every day, implicitly and explicitly, told him and communicated to him that he had value. That builds a basic confidence that manifests in different ways: the confidence to fail, approach strangers, believe you're worthy of love, that you'll add value to a company, and that you can ask for tens of millions of dollars from someone.

When good things happened, he used to call his mom. Whether it was getting a bonus at Morgan Stanley or striking up a conversation with a woman at Starbucks and getting her number, Scott used to call his mom. Your parents can bask in your victory, and you can brag to your parents, and it's okay.

If there's no one there with you, it's like it didn't happen. Scott travels for business and stays at really nice hotels, and inevitably gets upgraded to the penthouse or the George V in Paris when he's alone. But if there's no one there with you, it's like it didn't happen.

Celebrate victories, tell people how much they mean to you. You have to call your friends, celebrate their victories, celebrate your own, and tell people how much they mean to you.

Every day, no matter what, tell your kids you're proud of them and love them. No matter how much Scott's kids piss him off, at some point, he finds a way to say, "I'm proud of you, and I love you immensely. You know that, right?" He hopes they have that same kind of base or pillar of confidence he had his whole life.

Having someone tell you they believe in you every day works. You don't have to be a baller or successful. Just having someone in your life and every day telling them they mean a lot to you, they can't help but not believe you after a while.

Being a leader isn't about being the smartest person in the room. Scott used to think being a leader was being the smartest person in the room, and he had trouble, especially with other men, thinking if he acknowledged someone else was doing a good job, somehow that made him less impressive.

You have so much currency as a founder or manager. If you're in a management or leadership role, much less a founder, you have so much currency to pull someone into a conference room and say, "You were outstanding in that meeting" or "I just read this, and I love this paragraph. God, where did you come up with this idea?" You literally see these people just light up.

"If you're thinking it, say it." The instant you're thinking something positive about somebody, just tell them, text them, call them. Don't wait. We have a tendency to think other people are telepathic, that they must sense we think they're wonderful. No, they don't sense it. Articulate it. When you're on your deathbed, you're not gonna think "I gave too much praise at work and told too many people how much they meant to me."

Young people need watering. If you don't give young people feedback and praise when they deserve it, it's like having a ton of capital and not spending it. Especially with young people, they need watering.

Feedback is incredible compensation. Whenever someone does something good, Scott tries to remind himself via email. Then, when he does their review at the end of the year, it's like, " Wow, this dude is paying attention. That is a form of compensation.

Give thoughtful reviews that show you understand them. Tell them what they need to develop to get to the next level. Pay for the courses they need. They're a single mom who needs flexibility and wants to make more money. That's compensation.

"Become a clip machine." Certain people are clip machines: James Clear, Morgan Housel, Kat Cole, Scott Galloway. These are people who communicate ideas in ways that are instantly shareable and memorable. For leaders, becoming an effective communicator isn't optional anymore. You need to be able to inspire and move people.

The ability to write well is the stem of storytelling. It forces you to manage your thoughts and think things through. It's difficult to be a great storyteller if you can't write at a competent level.

Rank yourself across every medium and go deep on one. Look at every medium (texting, LinkedIn, short form video, TikTok, long form writing, speaking), rank yourself, listen to yourself, decide what your specialty is, and then go very deep into one.

Figure out your medium and commit to being in the top 1%. Challenge yourself to be in the top 10% within a year, the top 1% within three years. Identify which medium you have skills in, then challenge yourself. If you're in the top 6,000 podcasts out of 600,000 that put out content every week, you're in the top 1%.

"Social media may make you want to shower after you use it, but it's frightening how powerful it is." In terms of economic power and influence, it's frightening how powerful social media is right now. If you're a young person and you want to be influential or economically secure, you need to master it.

Storytelling is the enduring skill to give your kids. Scott's core competence is storytelling. His superpower is attracting and retaining people who help leverage his skills.

The most radical act in a capitalist society is not participation. Scott started Resist and Unsubscribe because action absorbs anxiety. He was sick of being virtuous and courageous on a keyboard or a mic and wanted to do something.

"Ready, fire, fucking aim on this thing called life." Scott wants to dance like no one is watching. He's gonna be dead soon, and it's all going really fast. He doesn't want to look back and think about losing sponsors or what people thought was stupid. He wants to think, "Right on, I tried to do something." He wants to be that guy who was unafraid, who showed up with a carpool to try and make a difference.

Your spending or lack thereof is a weapon hiding in plain sight. The government most quickly responded six years ago during COVID, not because tens of thousands of people were dying, but because the GDP crashed 31%. The president backs away from plans when the bond market or stock market goes down.

Even a gnat on an elephant matters. Even if it's just a gnat on an elephant, enough gnats will take down an elephant.

If you have economic security and people who love you unconditionally, you have an obligation to speak out. Sam Harris has this great saying: if you have economic security and people who love you unconditionally, then you have an obligation to speak out and speak your mind, because most people don't have that luxury.

Do what makes you feel good about yourself. It's not easy being mediocre-looking; it takes real effort. Scott grew up very skinny with bad acne and thinks maybe he's a little too focused or self-conscious about his looks.

America is ageist, and looks matter. New York is the ultimate tip of the spear for a capitalist society, and it's optimized for two people: hot women and rich guys. For everyone else, it's a soul-crushing experience. We can talk about the way the world should be and the way the world is. That's the way the world is.

Start working out. Scott coaches young men: start working out. It's good for your head. It shows women and employers you're in shape, not just because it looks good (which it does), but because it reflects how you show up, that you have discipline, that you can commit to something.

The rule of threes puts you in the top 5% of attractiveness. If you work out three times a week or more, if you spend at least 30 hours a week working outside of the house, and put yourself in the company of strangers (church group, nonprofits, sports league), just by doing those three things, you put yourself in the top 5% of attractiveness of young males.

Anyone who's had great yeses has had a shit ton of no's. If you can be in the top 5% and learn how to mourn and move on from rejection, at some point, you'll be voluntarily celibate, which is awesome. There were hundreds of no's for you to get to a top podcast. You get used to no.

No one has the right to a living or to reproduce. If you want to score above your class economically or romantically, get out a big spoon and get ready to eat shit. It's what everyone of us has done.

"I'm constantly worried about my boys now." Scott didn't worry about his kids when they were little unless they were sick - they were safe and home. Now he's worried about them all the time: are they doing okay at school? Is the quiet one okay? His champagne toast moment would be celebrating his son's first year of college going well - having fun, a good friend group, a couple of dates, football games, and gearing up for sophomore year.

Reflection Questions

What things played a role in your success that you had no control over? Your luck, your good fortune. How does reverse engineering to those things change your perspective?
Who in your life needs to hear that you're proud of them and that they mean a lot to you? When's the last time you actually said it?
Rank yourself across every medium you participate in (texting, LinkedIn, video, writing, speaking). What's your specialty? Are you willing to commit to being in the top 1% of that medium within three years?

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