CEO of America’s largest bank Jamie Dimon asked companies to get rid of managers who favor process over execution. Speaking earlier this year during an investor conference in Europe, Jamie Dimon warned that bureaucracy can quietly undermine organizations from within. “Bureaucracy, complacency and arrogance will take down a company,” he said at Norges Bank Investment Management’s investment conference in Oslo on April 28. Dimon further warned that organizations irrespective of their size can be affected by bureaucracy, if leaders fail to address it early. So what is the solution? Jamie Dimon said that the solution should start with management accountability and removing leaders who become too attached to procedures rather than outcomes.“Get rid of the jerks,” he said referring to managers who prioritize procedure over results. “They admire a problem,” he added. “I say they’re like good bureaucrats. They like the process, not the outcome. Whereas I like the outcome.”
Jamie Dimon on signs of bureaucracy in an organisation
Continuing further, Jamie Dimon shared that one of the signs of bureaucracy in a company i when employees withhold information or create unnecessary delays. “If [information] isn’t shared properly, I generally just cancel the meeting,” Dimon said at the conference.He then talked about JP Morgan where he revealed meeting materials are distributed in advance to ensure participants have access to the same information before discussions begin. This is to ensure that the information is not withheld and creates needless friction within organizations.Dimon stated that he prefers small teams over large committee structures. “Get the people in the room and work it out,” he said. “Don’t allow it to go back and forth with groups for six months or nine months or a year.”