Thasunda Brown Duckett, president and chief executive officer of TIAA, speaks during the Bloomberg Invest event in New York, US, on Wednesday, June 7, 2023. The conference invites investors, from institutional and high-net worth to private and retail, to leave with fresh perspective and crucial insight for 2023 and beyond.
TIAA CEO Thasunda Brown Duckett has four words of advice for anyone looking to be a better boss: Talk less, listen more.
Each month Duckett, 51, hosts "jam sessions" with small groups of employees so they can share their ideas, concerns and perspectives with her directly.
It's a routine Duckett started when she became president and CEO of the insurance giant three years ago, she shared recently on LinkedIn's "This is Working" podcast.
"Coffee and T —T is me — is where it's always no more than 10 people, and the intentionality is that there's something in common with that group of 10," whether it's their job title or years of experience, Duckett explained.
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Duckett, who was featured in CNBC's 2024 Changemakers list, says these sessions aim to figure out what employees like about working at TIAA, where they see progress and where they see inefficiencies.
It can be hard to encourage people to speak candidly in front of the CEO, but Duckett says she has a go-to question she "always" asks employees to get them talking.
"What would be the one thing that you'd change if you were [in my shoes], like, 'Finally I get to be the CEO and I can get something done'?"
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By asking that one question, you "immediately connect" with your employees, Duckett said. "I get sharper … it allows me to never forget what's on the mind of everyday employees."
Making "Coffee and T" a recurring meeting on her calendar has helped Duckett create a culture where employees feel "heard without judgment," she wrote on LinkedIn.
Research from the Wharton School of the University of Pennsylvania has found that when people feel they can contribute their ideas and speak up with concerns, they become more engaged, perform better, and are less likely to quit.
A great example of leadership, but not a one-size-fits-all strategy
Duckett is smart to encourage open and transparent communication among her employees, Harvard Business School professor Joseph Fuller tells CNBC Make It.
Fuller has spent the better part of a decade studying some of the world's most successful people, from Fortune 500 executives to Nobel Prize laureates.
The best bosses, he's discovered, are the ones who create an environment where employees feel valued and heard and foster a sense of trust.
"Trust is one of the strongest indicators of a happy, thriving workforce," he explains.
Asking open-ended questions and giving people a safe setting to share their unfiltered thoughts — like Duckett does with "Coffee and T" — is a smart way to gain trust and respect as a new boss.
"Well done," Fuller says of Duckett's strategy. "Interacting with a broad swath of employees in an informal setting makes her more approachable as a leader and it encourages employees to spread goodwill on her behalf — if the coffee chat goes well, people will brag about it with their co-workers — so it has a multiplying effect."
But it's not a strategy that's guaranteed to work every time, he adds: "You have to take employees' feedback with a grain of salt, because their suggestions might not always be feasible, or could be motivated by self-interest."
Fuller says Duckett — and other leaders trying a similar strategy — should actively listen to employees and express gratitude for their feedback, but never promise to take action on all suggestions.
Still, Duckett recommends the strategy to other managers, stressing that it's been "instrumental" in helping her lead TIAA.
"You will not regret doing this," she wrote on LinkedIn. "Your willingness to be present will contribute significantly to the development of a rich and positive culture in your organization."
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