The W. Edwards Deming Institute® Podcast


10 Minutes with Dr. Deming - Are Big Banks Bad?

In the 4th episode of 10 Minutes with Dr. Deming, Tripp Babbitt provides a follow up on Wells Fargo. He starts with his frustration after listening to the CEO’s testimony to congress, and again hearing about the need for more regulation, and even talk about breaking up the bank. 

The remainder of the episode is devoted to Dr. Deming’s thoughts on monopolies.  He speaks of two worlds, one where the aim is to stay in business for the long term, be a part of a bigger system and provide maximum benefit to everyone and a second world where the aim is only for short term profit.

Hear Dr. Deming talk about monopolies, and how a monopoly has the best chance to be of maximum service to the world and has a heavy obligation to do so. He cites the contribution of the Bell Telephone Laboratories. But as he says it’s not enough to be a monopoly, you must have an aim and be managed as a system to be beneficial. Here he cites the big three automotive companies in the 60’s and the Public Schools System to see where monopolies have fallen short due to short term thinking. Instead of regulation maybe it’s time for education!

If you have comments or suggestions for future 10 Minutes with Dr. Deming topics, please contact Tripp at tripp@deming.org or through Twitter @demingpodcast.

Direct download: 10_Minutes_with_Dr._Deming_-_Episode_4.m4a
Category:10 Minutes with Dr. Deming -- posted at: 3:33pm PDT

10 Minutes with Dr. Deming - Lessons from Wells Fargo

In the 3rd episode of 10 Minutes with Dr. Deming, Tripp Babbitt discusses the allegations and fallout surrounding Wells Fargo Bank and their incentive compensation programs.  These systems of rewards, incentives and bonuses have plagued organizations for years, yet we continue to use these concepts and do virtually nothing as they wreak havoc on industry, government and education.

Tripp shares how Wells Fargo had a goal focused on profit and developed and used a system of rewards, bonuses and incentives to achieve that goal; leading to fraudulent sales practices and ultimately 5,300 employees being fired for trying to achieve their otherwise unattainable goals.

Listen as Tripp uses Dr. Deming’s concepts to look at the situation through a different lens where he describes the “forces of destruction” that lead to broken systems and the reliance on extrinsic motivators while squeezing out our intrinsic motivation .  Rather than relying on these negative forces, Dr. Deming explains, a system should be put in place where everyone comes out ahead, with an Aim for everyone to win. A win-win for everybody. Enjoy!

If you have comments or suggestions for future 10 Minutes with Dr. Deming topics, please contact Tripp at tripp@deming.org or through Twitter @demingpodcast.

Direct download: 10_Minutes_with_Dr._Deming_-_Episode_3.m4a
Category:10 Minutes with Dr. Deming -- posted at: 1:13pm PDT

10 Minutes with Dr. Deming – Where is the Crisis?

In the second episode of our 10 Minutes with Dr. Deming series, Tripp Babbitt, poses the question, “where is the crisis”? You will hear Dr. Deming discuss the crisis of management, and the underuse and underdevelopment of people that still plagues this country today. 

If you have comments or suggestions for future 10 Minutes with Dr. Deming topics, please contact Tripp at tripp@deming.org or through Twitter @demingpodcast.

Direct download: 10_minutes_with_Dr._Deming_-_Episode_2.m4a
Category:10 Minutes with Dr. Deming -- posted at: 1:33pm PDT

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