The future of the UK’s talent pool - Tyler Cowen
Also, ending up in the Daily Mirror ....
Hello again,
An exciting few weeks in Westminster (and indeed the country!) has drawn me back to writing, as I think there is a very prominent issue missing form the debate in this general election.
I’ll now be bringing you a revamped “spark notes” summary of my latest podcast guest. Just in case you can’t listen to the whole thing. I’ve long been a fan and admirer of American economist Tyler Cowan, and he didn’t disappoint and he had some interesting points that made me think differently.
I’m also digging into a few headlines that caught my eye this week - and that I’m keen to spark a conversation about. Write to me if you have any thoughts, and I’ll share the “comment of the week”.
Also, The Mirror picked up my interview with James Timpson (of the Timpsons chain) about how he teaches staff to steal from him. The Timpson episode has now reached over two million people, though I am still not sure what the benefit of this is, “virality” of course. but Is it better to have 200 engaged listeners than 2 million fleeting? Anyway, if you want to see the clip along with my grinning mug. Enjoy!
Pps. I’m also hiring a head of growth. If you know anyone, let me know - my first ever hire came as a direct result of this notebook.
LinkedIn wanted to charge a staggering £1,100 just to advertise the Ad and guarantee 30 applicants - so I am also offering a £500 referral. Here’s the job spec
The UK’s talent pool, with Tyler Cowan
Watch or listen to the full episode
I invited Tyler on because, he is obsessed with the question of talent: how we find it, how we nurture it, and how it gives a nation its competitive advantage.
There’s 6 things that stood out from my interview with him.
Invest in your mates if you want to get ahead - Cowen effectively says that one of the secrets to success is consistent and persistent communication with the smartest handful of people you know. Here why I am writing to you again - substack undoubtedly is our deepest engagement we have people across the podcast! In sum, his point is invest in making your network successful - that will only help you.
The long-term immigration view - Cowen talked about how the UK’s rate of immigration had created pressures on our infrastructure, sure. But he also stressed that the long-term benefit of this would be breaking down class distinctions. On that point, he also said he’s made peace with Brexit, because it’s attracting an unlikely talent pool globally - not just from Europe. It is a 20 year view before you can know how this will play out in terms of economic growth though. Our view on immigration has changed substantially over the decades, Theresa May talks about in her book that when Clement Attlee’s Government encouraged the Windrush generation to come here, they did not need papers to prove their citizenship. Difficult to imagine any country in the world being as relaxed about inward migration in 2020s.
Most of us suck at actually identifying good hires. Cowen’s view is that just 2 % or so of the population is actually very good at evaluating the talent of other people. 2%!! And he says, talent isn’t smarts. His way of identifying talent includes “a lot of determination, high integrity, and (those) who are just willing to learn every day.” That’s what to look for in an interview, folks. We discussed how interviews have changed over the years, and what are good questions to ask because so many people are prepared with stock answers.
Follow Macron. This was an interesting one. But Cowen essentially said Macron had nailed France’s efforts around Artificial Intelligence and brought a level of innovation to France that wasn’t getting enough credit. And that’s why he believes it’s now storming ahead of Germany - despite historic public perception that France has maybe been a little backwards. Made me think!
Geography is becoming less important for startup success - I hear all the time about how the US is more competitive than the UK when it comes to setting up a business. And Cowen acknowledged that being close to innovative hubs has significantly impacted startup success - HISTORICALLY. But he also notes that remote work and digital communication are starting to reduce the importance of physical location, allowing startups to thrive outside traditional tech hubs.
Parenting becoming more important - Tyler had some interesting thoughts on how parenting was becoming more and more important, and cites Taylor Swift as an example. It has become a real feature at this election for both Sunak and Starmer to talk about their parents, as it was social mobility day in the week, I wrote a few of my own thoughts over on LinkedIn about what my dad did, and how he made me get a job at 16.
Watch or listen to the full Tyler Cowen episode
Two pieces that caught my eye
One of the big issues that isn’t really being talked about in the election is all the people who AREN’T working, why aren’t they and how do we get them back to work.
This is a really worrying trend - we’ve got a real problem with filling jobs; why does the UK seem to have been affected by Covid more than other countries? Are we in a lethargic version of a post-war economy here? Does anyone have any potential answers here, whether from the Left of Right? Or is this simply what happens after a “war” like event, where we have to look out for the “sick” (whether mentally or otherwise)?
Here are two pieces that spoke to this, but buried deep in the Times this week.
Nearly a quarter of working-age adults ‘economically inactive’, says ONS
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P.S. I know many people subscribe just for Derby County updates, well we did achieve promotion with a relatively straightforward win over Carlisle on the final day, felt like a bit of a closing of a chapter in a pretty torid chapter for the club.
As always, I appreciate feedback or things from the world of talent and work that I have not spotted, so please do ping through interesting things.