Measuring what makes life worthwhile - Chip Conley

Summary

The speaker discusses the importance of reevaluating what we value in leadership and business, using the story of a Vietnamese immigrant, Vivian, to illustrate the significance of emotional connections over tangible metrics. Inspired by Abraham Maslow's hierarchy of needs and Bhutan's focus on Gross National Happiness, the speaker advocates for a 'transformation pyramid' that prioritizes intangible values like meaning and connection. He challenges the reliance on traditional measures like GDP, urging leaders to consider metrics that reflect true well-being and happiness, both for individuals and organizations.

Takeaways

• 😀 The 21st century calls for a reevaluation of what we consider valuable and how we measure success, with a focus on intangibles like emotional connection and meaning.
• 🌟 Vivien's story illustrates the importance of emotional connections at work, which can provide inspiration and meaning beyond the tangible aspects of a job.
• 🏢 The speaker's company, Ziv, learned from Vivien's example to prioritize the emotional well-being of employees and customers, leading to increased loyalty and reduced turnover.
• 📉 During economic downturns, focusing on intangible values can help businesses thrive, as seen when the speaker's company grew despite industry-wide revenue drops.
• 📚 The speaker rediscovered Abraham Maslow's hierarchy of needs and adapted it into a 'Transformation Pyramid' to address higher-level needs in business.
• 🔍 The company started measuring less tangible metrics, such as employees' understanding and belief in the company's mission, and customers' emotional connections.
• 📈 By focusing on these higher-level needs, the company saw significant improvements in customer loyalty and employee retention.
• 🌐 A global survey revealed that while 94% of business leaders recognize the importance of intangibles, only 5% have ways to measure them, indicating a gap in current business practices.
• 🇧🇹 The concept of Gross National Happiness (GNH) in Bhutan offers an alternative to GDP, focusing on well-being and creating conditions for happiness rather than just pursuing economic growth.
• 📊 Bhutan's approach to measuring GNH includes a system of indicators and metrics that value quality of life over mere economic output.
• 🤔 The emotional equation proposed by the speaker suggests that happiness is about wanting what you have, not having what you want, challenging the Western pursuit of happiness as an external goal.
• 🛠️ The speaker advocates for a new approach to measurement in business and economics that values intangibles and the human aspects of work and life.

Q & A

What is the main theme of the talk?

The main theme of the talk is the importance of focusing on intangible values and metrics in leadership and business, particularly in the 21st century.

What is the significance of the story about Van Quash (Vivien)?

The story of Van Quash (Vivien) illustrates the idea that what truly counts in one's job is not the task itself but the emotional connection and the impact one has on others, such as taking care of people far from home.

What was the speaker's first business venture?

The speaker's first business venture was buying a pay-by-the-hour motel in the inner city of San Francisco and starting a company called Ziv.

How did the economic downturn affect the speaker's hotel business?

During the economic downturn, the speaker's hotel business in the San Francisco Bay Area experienced the largest percentage revenue drop in the history of American hotels.

Why did the speaker receive letters from places like Alabama and Orange County?

The speaker received letters because people mistakenly thought his company, Ziv, was French due to its name, and they wanted to boycott it during a period of anti-French sentiment in the U.S.

What concept did the speaker rediscover in the self-help section of a bookstore?

The speaker rediscovered Abraham Maslow's hierarchy of needs, which later inspired him to create the transformation pyramid.

What is the transformation pyramid?

The transformation pyramid is a concept the speaker developed, based on Maslow's hierarchy of needs, which includes survival, success, and transformation as key levels of organizational and individual needs.

How did the speaker's company address the higher needs of employees and customers?

The company started asking questions about employees' understanding, belief in, and impact on the company's mission, as well as customers' emotional connection with the brand in various ways.

What is Gross National Happiness (GNH)?

Gross National Happiness is an alternative measure of success proposed by the King of Bhutan, focusing on the well-being and happiness of citizens rather than just economic growth.

What did the speaker learn from the Bhutanese approach to happiness?

The speaker learned that Bhutan creates conditions for happiness to occur, using a system of four essential pillars, nine key indicators, and 72 different metrics to measure GNH.

How does the speaker suggest we should rethink our approach to counting and measuring in business and life?

The speaker suggests that we should move beyond just measuring tangible metrics and start valuing and measuring intangibles like emotional connection, employee happiness, and cultural respect.