As we all make our barbecue and fireworks plans for Fourth of July weekend, it’s time to ponder the meaning of the holiday: independence.

Kellogg professor Harry Kraemer discusses what the new Fed chair can learn about political independence from the late Alan Greenspan.

And while Zoom meetings enable the independence of remote work, Kellogg’s Tim Calkins shares what he’s learned about the lingering importance of in-person meetings. 

Leadership lessons for the new Fed chair

The recent death of former Federal Reserve chair Alan Greenspan gave Kraemer a chance to reflect on the famed economist’s leadership and draw lessons that may elevate recently installed Fed chair Kevin Warsh’s stewardship in the role. 

Writing in Forbes, Kraemer notes that while “the context of their tenures couldn’t be more different, there are five key lessons to be learned from Greenspan’s legacy.”  

The first is to acknowledge the importance of relying on the entire board of governors for policy advice. “The complexities of the world today—AI’s disruption of the workplace, wars and conflicts around the globe, among others—are beyond the scope of any one individual to fully grasp,” Kraemer writes.

Warsh would be wise to follow Greenspan’s reputation for political independence—while avoiding his tendency to tune out of advice from across the fiscal policy spectrum.

“Only by intentionally seeking out views that differ from their own can any leader … develop the fullest possible view,” Kraemer writes. “This is an area in which Greenspan had a flaw,” where his dominance of conversations made genuine policy discussions less likely.

Greenspan led the Fed during some of the most critical moments in U.S. economic history, including the 1987 stock market crash and the September 11 terrorist attacks. The policy decisions made by the Federal Reserve to adjust rates during these crises were often controversial.

Similarly, Warsh should be ready to displease various people with whatever decisions he makes. This acknowledgement should be balanced with a determination to “truly listen to others and encourage questioning of assumptions, analyses, and projections,” Kraemer writes. 

Read more in Forbes.  

Showing up

In a recent LinkedIn post, Calkins expands on a takeaway from his consulting experience that applies to leaders of companies across industries: that, as convenient as Zoom meetings can be, engaging in person is critical to success.   

Part of the issue, as Calkins notes, is the technical limitations of online meetings. 

“I couldn’t hear much of the conversation,” he writes. “I could follow along but I missed some of the context. Then, it wasn’t easy for me to jump in; I didn’t know how I was showing up in the room, so I found it awkward to make a comment. I also couldn’t read the room. I couldn’t see how my comments were being received.”

But a bigger drawback of Zoom meetings for Calkins is the valuable time outside of the meeting—the pre-meeting gathering, the informal conversations during breaks, the walk-and-talk down the hall after the session wraps up—that allows for responding to questions and building relationships.

“In hindsight, I should have insisted that to take on the project, I had to travel to the company for the key meetings,” he writes. “Going forward … I’ll only do strategy working meetings when I can be in the room.”

Read more at LinkedIn.