Human Element
the Human
element — our edge and our ethos
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Integrity Lived
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Positivity
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Critical Thinking
Positivity
Integrity Lived
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Self Aware
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DP G Co T DP G Driven Gritwith Forged Passion
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Brookfield Edge
Team Collaborative Player
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Act with Element Integrity
Driven Grit with Forged Passion
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Redesigning and Redefining an Industry In an industry characterized by a “profits over people” mantra and operating model, Jason Siegel and the BHS leadership team bravely struck out to break the mold. They turned this outdated notion on its head, building a multi-strategy hedge fund that defined its culture, strategy, and overall ethos by a peoplefocused mentality. Jason saw the Human element as their edge and ethos, establishing an organization that prioritized the heart and soul of the human spirit to drive exceptional returns.
BHS lived the intention that even the most competitive, stress-filled industry can be better
He called on Deutser, a human-centered change management
and more profitable
consultancy, as a partner in this intensive and intentional effort
when intentionally
to define the organization’s identity, its cultural ecosystem, and
designed to invite in and
infuse culture into their office space, day-to-day experiences,
care for people.
and talent and performance management systems.
The pages to follow attest to the results.
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It started with a workshop...
workshop
Five leaders convened at the Deutser Clarity Institute in Houston to establish the BHS cultural ecosystem, the vision, purpose, values, and behaviors that would define the foundations of their organization’s identity and provide a pathway to achieving greatness, a pathway that none of their competitors had leveraged before. The team spent over nine hours discussing a single word, integrity, which ultimately became integrity lived, one of their five values. It was in this debate around that singular value that the BHS DNA was formulated and cultivated as additional values were added. It became clear to all participating that the values — intentionality focused, mindfulness practiced, integrity lived, grit forged, and ingenuity imagined — were sacrosanct.
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Ingenuity IngenuityImagined Imagined
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Integrity IntegrityLived Lived
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Intentionality IntentionalityFocused Focused
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Grit GritForged Forged
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Brookfield Brookfield
and grew into a system.
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Every element, every word was painstakingly reviewed and considered ... and reconsidered.
The cultural ecosystem didn’t just live in their minds but was written down and humanized in partnership with Deutser’s
People over profits.
team of experts. BHS invested in the creation of their Way book, a cultural bible that would set the tone and expectations for investors, potential hires, and each employee.
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The way. The Way was more than just a beautiful and painstakingly crafted coffee table book. Each person at the company was empowered to own the Way. It was infused into the physical space and the psychological contract leadership developed with each employee. Elements of the Way showed up in hiring and recruitment, leadership development, as well as in performance management. The Way was cherished and shephered by leadership who constantly reinforced it in their day-to-day actions and the norms they established.
BHS lived the intention that even the most competitive, stress-filled industry can be better and more profitable when intentionally designed to invite in and care for people.
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Culture in the every day.
living our way
The space.
intentionality
meets reality
Their Way, an elegant and sophisticated coffee table book, tells the BHS story.
The institute.
The Institute is a science-based leadership learning lab environment. It’s created with positive psychology at the foundations to inspire imagination, creativity, and bring people together in community. This space was where BHS teams would meet with Deutser coaches and facilitators to learn about leadership and management, engage in team-building exercises, participate in meditation, and come together on their own to engage in “culture club” and “book club” to reinforce the cultural foundations established in the Way.
This room was theirs and every person was connnected to
learning lab it in their own unique way, through the exercises on the wall
and floor, to the magnificent views of New York City from the windows. This room was the epitome of intentional.
The institute.
Talent management.
In partnership with Deutser, BHS leadership built a thorough, intentional, effective talent management system — one that begin with attracting new hires through clearly conveying our culture with behavioral interviews, as well as tours of our physical space (the office, the Institute) to invite people into the culture and shape their first impressions. This enabled BHS to attract, select, and retain the highest performing talent in the industry. The talent management system included onboarding guides and exposure to leadership development and coaching within the first three months of signing on, plus continued team coaching and individual leadership coaching, as well performance evaluation and recognition tools that linked directly to the BHS Way.
a culture built
Performance Management Cultural Foundations Business Development Employee Engagement Leadership + Team Development Workshops 1:1 Coaching Strategy
as priority H
Outstanding work. ___________________________________________________________
Name: _____________________________________________________ ____________________________________________________________
I observed: ________________________________________________ ____________________________________________________________
____________________________________________________________
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UA_HomeFieldKeepingScore.pdf
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1:18 PM
Kobe Bryant
“Is greatness winning? Is it losing? Is it recovery? It’s all of them, plus being good to yourself.”
“There are always new, grander challenges to confront, and a true winner will embrace each one.”
Lolo Jones
Mia Hamm
“I hated every minute of training, but I said, ‘Don’t quit. Suffer now and live the rest of your life as a champion.”
Muhammad Ali
Tom Brady
“The highest compliment that you can pay me is to say that I work hard every day, that I never dog it.”
“You may have the greatest bunch of individual stars in the world, but if they don’t play together, the club won’t be worth a dime.”
YOUR INITIALS
“When you’re one of the leaders of the team, there are no days off.”
“The enemy of the best is the good. If you’re always settling with what’s good, you’ll never be the best.”
Tom Brady
Jerry Rice
“I expect to be great. I expect to do what hasn’t been done. I expect to provoke change.” Deion Sanders
“To me, what separates really good players from great players; execute well under pressure.”
VISITOR
“We all can be masters at our craft, but you have to make a choice. What I mean by that is, there are inherent sacrifices that come along with that. Family time, hanging out with friends, being a great friend, being a great son, nephew, whatever the case may be. There are sacrifices that come along with making that decision.”
YOUR TEAM NAME HERE
ReflectingADVANTAGE on Greatness
Wayne Gretzky Do you believe there is a real homefield advantage? Describe the advantage. C
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CM
MY
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CMY
Babe Ruth
______________________________________________________________________ How often do you play home? “I start early and at I stay late, (outside of sports)
“Greatness is defined “Talent wins games, “Talent without “Under pressure, day after day, year after by how much you but teamwork and ______________________________________________________________________ year, it took me 17 years working hard is you can win with want to put into what intelligence wins 114 days tohomefield become personal advantage? nothing.” What is yourand your mind.” you do.” championships.” an overnight success.” Cristiano Ronaldo
Tiger Woods
Michael Jordan Lionel Messi ______________________________________________________________________
Lebron James
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How do you protect your homefield advantage?
INSTRUCTIONS: Choose your favorite quote on Greatness. We’re going to ask each of you which quote you chose, why______________________________________________________________________ you chose it, and then we’re going to talk about greatness and leadership at Brookfield.
What about your selected quote inspires greatness? ______________________________________________________________________ _______________________________________________________________________________________________________________________ _______________________________________________________________________________________________________________________ How do you adjust when you are away?
What does it mean to be a great leader at BHS? ______________________________________________________________________
_______________________________________________________________________________________________________________________
How does your mindset change knowing you are on someone else’s home turf? _______________________________________________________________________________________________________________________
What do successful leaders do differently here? What specific behaviors, competencies, or expectations ______________________________________________________________________ do these individuals exhibit? _______________________________________________________________________________________________________________________ How can you get people to stay on your home field? _______________________________________________________________________________________________________________________
______________________________________________________________________ Where do we need to challenge each other to grow and develop? Reflect on a situation where you maintained homefield advantage throughout an _______________________________________________________________________________________________________________________ argument or discussion. _______________________________________________________________________________________________________________________
What can we do to motivate and inspire each other? ______________________________________________________________________ _______________________________________________________________________________________________________________________
______________________________________________________________________
_______________________________________________________________________________________________________________________ © Deutser 2022
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IMPACT
Since 2018, we have grown their team from 4 to 75 employees, developing a multi-strategy hedge fund delivering higher than benchmark returns.
50%
Growth Rate YTD
<1%
Voluntary turnover
95%
Firm retention
To further reinforce the people-centered culture at BHS, every year a group of culture “champions” were selected to facilitate hour-long sessions with team members in the Institute. These sessions were called Culture Club and Deutser helped the BHS leadership curate syllabi for the culture champions featuring selected books and book club guides, expert speakers, visual aids and posters, and interactive group exercises so the teams were inspired by the culture and continuously learning about the values, behaviors, and vision that guided the organization.
QUARTERLY BOOK CLUB with guest speakers FUN EVENTS (social outings, community outreach - example was the outrigger event we tied to their value of Grit Forged) WEEKLY GROUP MEDITATION SESSIONS plus access to audio library of mediations and access a coach for 1:1 PERFORMANCE AND LEADERSHIP COACHING offered to anyone anytime. I met with several people weekly or every other week.
SYLLABUS a cadence of eight times annually in
Roughly 1/3 of the firm at any given time. Those sessions were usually 1 hour and individual.
the Insitute with
GROUP LEADERSHIP SESSIONS led by organizational expert in the Institute every other month. These were 1-hour sessions with 90% voluntary participation. THE LEARNING LAB they would also use for culture club 1x a
individual coaching between sessions
quarter which was self led but we gave them “train the trainer” materials. QUARTERLY PULSE SURVEYS to assess cultural engagement. QUARTERLY LEADERSHIP NEWSLETTERS to reinforce the learning lab teachings. BREAKFASTS WITH PMs, Jared hosted “analyst lunches” and Jason did “J walks” with individuals across the firm. He’d spend 30 minutes going on walks with different folks like once or twice a week just to talk to them about how they’re doing and what they want/need.
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Coaching Groups and Individuals Performance and mindset mastery Self Awareness
Team-related challenges: Psychological safety Trust Conflict and collaboration Feedback Goal setting Individual and group decision making
Constant evolution. BHS committed to constantly evolving - and that extended to the cultural development. Leaders were devoted to listening to their people, and they built a business with heart that transformed an industry. We also engaged with world-renowned neuroscientists to study the brain and develop programs to address repetitive tasks and drive performance. We continue to explore how to best support our people in traditional and nontraditional ways.
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In partnership with Deutser, BHS team members attended seven leadership development sessions in mixed teams throughout the year. These sessions were hour-long, interactive, engaging workshops focused on important topics like building trust and psychological safety in teams, cultivating emotional agility as a leader, individual and group decision-making, and more.
The participation rate for these sessions started around ~35% voluntary participation and quickly grew to 90% because of leadership’s involvement and commitment.
Leadership Development
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The Result?
A differentiated business that has provided successful returns to the parent company from one employee to now over seventy-five, four years later.
They attracted some of the biggest and most respected hedge-fund managers and analysts in the business—many who left positions managing over $1 billion to starting at BHS by managing less than $300 million. These PMs and analysts wanted something different and believed that they could help design the future here.
The company has not just talked about culture and being different; it invested in its own Clarity Institute (Deutser’s science-based leadership development space) for ongoing leadership learning in their New York office, including weekly meditation, yoga sessions, leadership development sessions, one-on-one leadership coaching, and book clubs (with more than 90% office participation). They achieved the impossible by maintaining an elite workforce with retention of more than 95% over a four-year period and less than 1% voluntary turnover.
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our edge and our ethos