Robert I. Lipp ’60
Don't Make a Living, Make a Life!
When Morty called me a few weeks ago and asked me to replace the Baccalaureate speaker, I was, of course, flattered and immediately accepted. Then I realized that I had to actually say something of interest to you all, which is not an easy task. I spoke to Chaplain Rick, some faculty members, read some recent Baccalaureate speeches, all full of wise and profound advice, which is not exactly my strong point, and met with six or seven of you over lunch in Williamstown a couple of weeks ago. The best advice came from your fellow students — they told me to put myself back in the place where you are today and give you some personal thoughts about what you face given my experience of life after Williams. Yes, I was in your seat about 50 years ago, and have absolutely no recollection of our speaker. Today I will try to give you some of my personal thoughts, or more accurately, my biases on what’s in store for you.
In the next few minutes, I will
- Give you my impressions on the difference between the Williams experience and life after Williams.
- Some tips on how to be successful in whatever career you choose — don’t worry about it, it’s easy!
- And lastly and most importantly, how to be successful in having a balanced and fulfilling life! (Hence the title) “Don’t make a living, make a life.” I can already see the frowns on many parents’ faces, about the don’t make a living part, having spent their life savings getting you to this point, and, of course, the alumni development people at Williams. (I apologize to both groups in advance).
OK, let’s start with what differences I see between your class and my class of 50 years ago —
- You are all very special — you’re smarter, more mature, and have had a much more diverse and enriching experience at Williams than we did.
- When I was here, it was all male; fraternities were almost compulsory, and to a Jewish kid from a public high school in Indiana — it was like landing on a very preppy Mars! I can only remember two African Americans in the school — and they were both in my fraternity — which was one of the two houses that took minorities and Jewish students voluntarily.
- The one “given” that is the same (and I believe the distinguishing characteristic of Williams) is the superb and dedicated teaching faculty. I still get “goose bumps” when I think of Fred Shuman (quoting from Alice in Wonderland) and Bob Gaudino’s piercing eyes — two memorable political science teachers that I will never forget.
- Also, no question in my mind, spending the last four years getting a liberal arts education has been the best possible use of your time to prepare for the rest of your life. After Williams, I went to Harvard for my MBA and later received a law degree at NYU at night while I was working — no comparison between the education I received at Williams and the “training” at the other schools.
Now what about the cold, cruel world that you are about to enter from the warm bosom of Williams. Don’t look at this time of your life as a “beginning” or “end” of some phase of your life as most graduation speakers advise, but rather as a “continuation.”
The real lesson is that the things that made you happy at Williams are exactly the things that you should continue for the rest of your life. I know it’s hard to believe but life can really be a continuation of Williams.
Let me give you some examples:
- Learning — if you enjoyed the learning experience and the relationship with the faculty, why not just continue to see your future as a continuation of this learning process.
I think about my own experiences, the best were when I was thrown into a new situation — a different company, different people, new challenges. Right now, at age 70, I am involved for the first time in the emerging world. I’ve been to China 16 times in the last 2 years — it’s a great learning experience for me — new culture, a country at a totally new stage of development than what we’re accustomed to in the developed world — it’s been a stretch and it’s been a great learning experience for me. Probably much like when you took a risk, signed up for a class out of your comfort zone, and loved it! - People and Relationships — I know you have made great relationships at Williams — continue those and continue to discover what’s interesting in other people for the rest of your life.
For example, over the years, at business dinners, I try to change the conversation at some point by asking people to talk about their interests or “passions” in life outside of business. It is much more interesting and you’ll be amazed at the different interests people have — cooking, climbing mountains, collecting Chinese pottery, writing poetry. This kind of conversation opens the door to relate and to learn from the experiences of others. - What’s the big rush about embarking on your lifetime career right out of college. Why not do something that you would “love” instead of doing something expected and traditional. I promise — it will not hurt your career — and may lead you in a new direction.
Think about a gap period — year or two or three. Can you work for a NGO in some part of the world? Some of you are going to teach. How about being an assistant coach or a ski instructor for a of couple years.
What has been the interesting area for you at Williams? Art History, Women’s Studies, Environmental Studies? Is there any way you can continue to pursue these in some way and still support yourself? I assure you, and I have recruited here over the years, these experiences will be seen as a positive.
Think about opportunities beyond the corporate business world before you make a choice. I taught a Winter Studies course here for three years on non-profit management. We got to see the management of eight or nine non-profits up close and personal through site visits and extensive dialogue with each of them. I think many of us in the class, including myself, went into this exercise with the feeling that people choosing a career in non-profit organizations might be doing that because they couldn’t make it in the for profit world.
The conclusion of all three Winter Studies programs was exactly the same: that the people that had chosen an alternative career to business, which ranged from a small non-profit in North Adams helping people to qualify for heath care, to working at fine arts institutions such as the Norman Rockwell Museum in the Berkshires or Carnegie Hall in New York, was that the people running these organizations were:- Extremely bright and motivated — more than business world.
- I would say clearly happier and more satisfied and fulfilled with their job choice than those on average, in the business world.
- and Money was not what it was about.
- Keep learning
- Keep searching out interesting people
- Keep a broad perspective on your career choices — if you can follow a “passion,” this is the time to go for it!
Now it’s time to give you tips on how to be successful once you make your first (and usually not final) career choice. I will be referring to the business world because that is the world that I am most familiar with, but these are suggestions that will work in any career you choose.
First, remember that you have already accomplished one of the most difficult things you will ever have to do in your life — which was getting into Williams. The second is completing Williams and sitting out there today. Business is much easier!
OK, some tips:
First the dreaded job interview:
- Just remember, you’re probably brighter than the person interviewing you, especially if they work for human resources.
- So be yourself — don’t try to be someone else. If they don’t like what they see, they have done you a favor!
- If you are hired and accept, you will never know what the company is really like until you get there and it probably doesn’t make that much difference because you will probably change jobs several times in your life.
If you do find yourself in a situation that you have hoped for, remember that the most important attributes for success in your career choice are common sense (a rare commodity), a sense of humor, doing a little more than expected, and the willingness not to accept the conventional wisdom of others.
What do I mean:
Every company adopts a certain culture for conventional wisdom that is not written anywhere but is very strong — you will see it clearly on your first day in the job. Look for the companies that measure and reward real performance. Stay away from those who are “imperial” and bureaucratic.
- To give you a personal example, I took Travelers Insurance public in 2002. In that process, we visited 100 separate investment firms. The conventional wisdom would be that the most successful firms would have the most luxurious offices. In fact, the opposite was true. The more management worried about great furniture, the worse the performance.
- A case in point, Peter Lynch was running the Magellan Fund at Fidelity at that time. Magellan was the best performer of any mutual fund in the country for many years. We met his team in a small conference room — linoleum on the floor, and he had to sit on the radiator cover because there were no more chairs.
Another hint for success — it’s amazing how with a small amount of extra work and creativity you can distinguish yourself in any organization. In general, the standard is very low.
- When I first joined Chemical Bank in the Accounting Division, I took reports home and did a little work on Saturday which was not required. I found out we had several operations in the bank that were losing money and reported this to my boss who was pleased and, of course, took all the credit for himself.
Another tip — do stuff yourself:
- When we purchased Travelers Insurance Companies and I was put in as CEO, instead of meeting with other executives to try to improve productivity, I went to the Accounts Payable Department and spent four hours with the people there going through expense vouchers. Within the first three minutes, they told me who in the organization was throwing away the shareholders’ money. I would have never discovered that on the executive floor.
Today, I always try to get out on the street — spend a couple of hours walking up Third Avenue visiting bank branches and end up knowing more than most about the competition. I do the same thing in China visiting all the competing banks. People love to talk to anyone about their business.
Some other quick examples of “hands-on” or “hands-off” management:
- Hank Paulson — when he was CEO of Goldman Sachs, he would take five 3X5 index cards every day and call customers before the end of the business day and thank them for the business.
- Citibank in the early ’90s almost went broke on bad mortgages — big surprise to senior management at the time. If they had spoken to anyone in the Mortgage Application Department at that time, they would have been informed of all of the bad mortgages that were being written on a daily basis. Unfortunately, history has just repeated itself.
- At Travelers, the stock had tanked in the early ’90s — everyone was depressed and management was still spending several hundred thousand dollars a year for employee surveys.
I replaced it with my survey — the walking around survey — and I would keep track of how many people responded to hello — or made eye contact — much more accurate information and saved money.
Always listen to what people were talking about in the elevators — business, clients, service, new products or, alternatively, how soon they could leave for the day.
Next, once you have some administrative responsibility, you have immense power to do good!
For example, by the time I was in my late 20’s, I had gotten my first group to run at Chemical Bank. Check processing, funds transfer — I know it doesn’t sound like it but it was just great fun! I got to know the employees and they got to know me.
- Do you know what it means to be the person working the night shift in check processing to see the manager there all the time?
- Do you know what it means to someone to know that their unit is being measured on the numbers that are controllable by them — and not some highly complex allocation system that no one could understand?
- Do you know how it feels to get a phone call which immediately recognizes excellent performance on your part with a dinner or even just the call?
Things like these can make a difference. You have the power — it’s amazing the difference treating people like responsible adults can make to their lives.
Other tips for success:
- Nothing good ever happens in the main office.
- Field and line focused organizations are alive — seeing the customers’ and employees are where it’s at.
- Minimize staff bureaucracy and maximize the people dealing with customers.
- And finally, don’t accept going along with the crowd if the rationalization is that “everyone does it this way.” When you hear this, do a gut check, because this is a warning. The firm may be doing something wrong or unethical. It’s better to think about doing something that no one does in the industry, if it’s right for the customer.
- Also, if you are ever are sitting in a meeting anywhere and you find yourself hoping one of your colleagues will mess up, so you look better, then you need a change, either in the company or yourself. This actually happened to me and, as I reflect back, it was the low point in my career. I got fired from this job, and it was a blessing.
In summary, common sense, a little more work, a sense of humor, and you will distinguish yourself.
OK, last section: remember, the title of this speech is “don’t make a living, make a life.” Obviously, all of us have to make a living; need money to support ourselves and our families. And hopefully, as we have discussed, you can find things to generate income that will be exciting, creative, continuous learning experiences, and that you will feel great about the environment that you have created for the people who have worked with and for you.
Some of the least happy people I know are all business. The worst are the workaholics who send e-mails at three in the morning. They just don’t get it! When I think of some of the happiest and most fulfilled people I know, I see they are all pursuing their passions in life and fortunately these coincide with the careers they chose.
- Clive Gillinson, head of Carnegie Hall: running probably the best music venue in the world and able to realize his most creative ideas.
- Bob Robinson, great ski instructor and master plumber in Vail for the last 30 years, who has made a life for himself and his family doing the things he loves in the Colorado outdoors.
- Sandra Burton, educator and supporter of young people at Williams in her area of dance.
My personal advice in making a life, looking back over all these years — it’s learning passion, the ability to adapt to change (don’t get stuck!) and always maintain a sense of humor.
But the other parts of my life really make a difference and balance is important. For me, family and friends, classical ballet and music, gardening and, most recently, getting involved in a primary school in Yongfeng China. We have convinced the local provincial education authorities to make this village school for 94 children of farmers into a demonstration school, which will emphasize Chinese culture, English and computers. This is going to be a great and exciting project for our whole family for many years to come.
And finally, Williams College: what a treat to be involved with all of you — an immensely dedicated teaching faculty, administration and staff, and extraordinary students — it’s been the best!
Last word: forget all the clichés about this being the beginning or end of something — make this a continuation of all the things you loved at Williams — the learning, the friends, the passions — just keep it going!
May 31, 2008