Build on the past
The day after Rouse died, Hankowsky and Liberty Property’s
board were preparing for the company’s annual meeting when
one of the board members pulled Hankowsky aside. What he
said to Hankowsky helped set the stage for the coming months
and years of his tenure.
“We had decided to go ahead with our board meeting because
we agreed that’s what Bill would have wanted, and one of the
board members took me aside and told me, ‘You have this job
to do what you think is right, not to guess what Bill would have
done. That’s why he wanted you to have it.’”
The message was clear to Hankowsky: Build on the past, but
don’t live in it. That can be difficult because a change in leadership can trigger anxiety in a work force, particularly if the
incoming leader is taking over for someone who had held the
position for a long period of time. Even though Hankowsky
had been with Liberty Property for a number of years prior to
assuming the top post, he says he still encountered a moderate
level of concern over the future direction of the company after Rouse died.
“There is sort of a subtle pressure because people tend to get
anxious about change and the future, to the degree that there
is a new leader and he is going to be different,” Hankowsky
says. “‘Are we going to change who we are, are we going to
change in size, are there going to be new demands?’ So there is
a certain balancing act as you move forward.”
Hankowsky attempted to curb any organizational fretting
over the future by making decisions a team-oriented process.
When a large-scale decision that affected the future of the
entire company was placed on the table, Hankowsky and his
leadership went out among employees, getting their thoughts
and feedback. He says that even if everyone doesn’t ultimately
agree with a final decision, if everyone has had an opportunity
for input, your ability to build a consensus, or at least a compromise, is enhanced.
“Part of building a team-oriented culture is building consensus, seeking input,” he says. “Two heads are better than one;
three heads are better than two. So we encourage people to
seek others’ opinions because it absolutely yields better decisions, and we develop a culture where we respect each other’s
opinions. That’s the way we operate.
“Of course, while it’s important to gain consensus, in the end,
someone has to make a decision and act on it. If you’ve sought
input, people then need to respect the fact that it was a fair
process, and even if they’re reluctant, follow the decision that
was made. In the end, people don’t follow a decision they don’t
understand.”
To help build a bridge between employees and management,
and involve employees in the decision-making processes of the
company, Hankowsky attempts to visit each one of Liberty
Property’s 19 nationwide field offices each year. In addition to
providing an employee interface with management, the yearly
tour of offices offers an opportunity for Hankowsky and his
leaders to reinforce the core values of the company.
Additionally, Hankowsky hosts a quarterly employee conference call after quarterly earnings are released.
“I host the call, I take questions, I walk them through the
quarter, where is the business, where are we going,” he says.
“Through all of that, I try to make a point that our culture and
values are part of the building blocks of that. When we hire
new leasing people or sales folks, I always tell them I’d prefer
they lose a deal than lose our reputation. As important as it is
to be competitive and win, we want to make sure we win with
integrity.”
