The value of traits

The trait theory of leadership is very important at New York Life investments because from the outset it was obvious that the company wants employees with certain traits and not necessarily the people with the most knowledge of the industry. Not saying people do not know what they are doing as NYLIM employees stay with the company for decades and the organization is very successful. NYLIM prefers to hire people with the following traits: open-minded, personable, compassionate, and competent. These traits hold more weight than candidates who only bring financial knowledge to the table. NYLIM can teach its employees the business side of the organization, however, they cannot teach people to have those traits they deem necessary. Essentially, NYLIM wants to hire the best athletes and teach them a skill, which is very comforting as someone who came into this internship with absolutely no finance or investment background. For instance, three of the five junior analysts who interned with NYLIM and received full-time offers did not have finance backgrounds but they are talked about with high regard by superiors despite not coming to the company with prior knowledge. 

Values-based leadership is not only important at New York Life Investments, but also at its boutique companies like Mackay Shields. Janelle Woodward, the President of Mackay, emphasized how important values are in her leadership strategy. She joined Mackay Shields in September 2020, meaning she had to adjust to a new organization and a new role completely virtually. Aiding her in the transition were the values she holds closest to her heart: trust, transparency, and accessibility. She demonstrated her policy of transparency as she explained her personal life as a mother and a wife, sometimes living states away from her family, and how those commitments interact with her job responsibilities. Being able to share details about her personal life allows her followers to be more comfortable with doing the same, which in turn builds a sense of camaraderie starting at the top and trickling down throughout the organization. Trust was also important for Janelle’s transition to Mackay as she had to gain the trust of her new followers during such a tumultuous time without having the ability to socialize in person and work off the energy of her employees.