Welcome back to Money Games, my monthly take on sports, business, and all things leadership. Thanks for reading and subscribing, and please share with your friends and colleagues.
— Joe
Ndamukong Suh retires
Why executives need to take vacation
Master Move Podcast
BAM Leadership Lesson
Ndamukong Suh retired from the National Football League last week. I came to know Ndamukong when I was an assistant at Nebraska, and he approached me asking for help building a personal budget before he was drafted. He always thought differently about money and had an investor’s mindset. So it’s no surprise to me that one of the fiercest defensive linemen in the sport’s history has already built an impressive off-field portfolio to prepare for his second act.
In his own words to The Athletic, “When I played in the NFL, I loved to read contracts. At first, the reason was straightforward: I wasn’t happy with my rookie deal with the Detroit Lions, and I wanted to know what I was signing. I wanted to understand the details. But this practical interest blossomed into something more. I started reading all the contracts of other NFL defensive linemen so I knew what my peers were doing; that’s just good negotiation knowledge. That spilled over into my other passion—the business world—so I started devouring real estate contracts and venture capital deals.”
We’re in the height of summer, and it seems like everyone is either at the beach or wishes they were. Sometimes this can be frustrating for executives. Why should the work slow down just because it’s July?
But leaders need to set those feelings aside and genuinely encourage their teams to take some time off to recharge. And, leaders need to take some time for themselves, too.
It’s not frivolous. It’s vital for long-term success.
Twice a year, I take a few days off, and depending on the time of year, I go with my sons or my daughters. This is important for me. It’s an opportunity to reconnect with my children. It’s also a time for me to reconnect with myself and get some perspective on my work and how I’m living my life day-to-day. I’ve always taken time off seriously, and I expect my team to as well. It’s part of the key to our success.
Of course, when you’re in a high pressure industry like finance, it can be hard to support your employees taking time off, much less yourself. There’s always work to be done. Incidentally, your team probably feels the same way (or is worried about being perceived negatively if they take time off). According to the Society of Human Resource Management, almost half of American workers expected to have unused vacation time at the end of 2024. That’s means also 50 percent of people are choosing not to use their time off or feel that they are unable to use it. And it’s been a growing trend for years.
As far back as 2016, Shawn Achor and Michelle Gielan noted in the Harvard Business Review that despite the rise of technologies that make people more efficient, people weren’t working less; they were working more and sacrificing their time off to do it. The rise of remote work means people are even more likely to be always on than they were ten years ago. It’s rare that anyone really unplugs from the job anymore.
This is exactly the wrong mindset. It mistakes time spent on the clock—and activity—for high performance. This is something that the best coaches and athletes understand intuitively. Your recovery is just as important as your workout. If you don’t stretch, ice, and rest, your performance will decay. Skip those steps for too long, and you’ll injure yourself.
But, if you take the time to properly cool down, stretch, and embrace your rest days, your performance will go up. You’ll be healthier and feel better mentally as well.
Look at Amanda Anisimova. Two years ago, she was burned out with tennis and under tremendous stress, even as she had started to break through professionally. So, she decided to take some time off to focus on just being 21 years old. A lot of people would have predicted that stopping at such a critical age would have permanently jeopardized her tennis career. Instead, she stormed back better than ever to finish second at Wimbledon. The rest and time off was key to her becoming one of the top tennis players in the world.
Vacation doesn’t just help you physically. It’s key to creativity. Lin-Manuel Miranda famously came up with the concept for Hamilton while in Mexico on his first vacation in seven years. He said that “the moment my brain got a moment’s rest, ‘Hamilton’ walked into it.”
What worked for Anisimova and Miranda applies to top performers in any industry. You can’t be always on and expect to win. Overwork will take its toll eventually. I want my people engaged, energized, and doing their best work. I know that’s not going to happen if they’re exhausted. I don’t want anyone working that way. It’s bad for morale, bad for the organization, and it leads to mistakes that can be harmful. Achieving that and maximizing your potential means that you have to come in clear headed, rested, able to focus and take on new problems. Burned-out people can’t do that.
As a leader you never want to be in the position of questioning whether someone is a poor performer or just needs a reset. It’s your responsibility to set your team up for success, and it’s their responsibility to maximize their potential. Time off doesn’t just help the individual, it yields better results for customers, clients, and shareholders, too.
So, this summer, make sure your team takes the time they need to recharge. Consider taking a page out of Okta CEO Todd McKinnon’s book and literally tell them what your vacation plans are and why you’re choosing to take time off. Then, ask them what their plans are.
In other words, model the behavior you want to see—and recharge your own batteries in the process.
I recently appeared on the Master Move podcast to talk about my leadership philosophy, why your team matters so much, and the importance of a good succession plan (among other topics). Listen here, and let me know what you think.
Lin-Manuel Miranda has a way with words, and it’s a message worth taking to heart.
“It’s no accident that the best idea I’ve ever had in my life—perhaps maybe the best one I’ll ever have in my life—came to me on vacation.”
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