Business

Shake Shack founder shares the green flags he looks for in new hires: ‘I really don’t give a damn what your IQ is’

Published

2 days ago

April 1, 2025

Shake Shack founder Danny Meyer has high standards for new hires: Even if they are highly capable, a lack of hospitality skills like integrity and work ethic can still cost them the job.

As the founder of the now 510-location-strong Shake Shack, Danny Meyer has helped hire thousands of the best burger flippers and milkshake creators. However, he scrutinizes talent much more intently than you may expect.

Even if someone appears highly capable, they may not be cut out for the job at one of Meyer’s restaurants if they lack what Meyer calls “hospitality quotient,” or HQ.

“I really don’t give a damn what your IQ is,” Meyer told Fortune’s Jason Del Rey at the Qualtrics X4 Summit.

“What an IQ basically says is one’s aptitude for learning. What HQ is, is the degree to which someone is happier themselves when they provide happiness for someone else.”

The top 6 emotional skills that will get you hired, according to Meyer

Meyer, who has spent 40 years in the restaurant business and currently serves as executive chairman of Union Square Hospitality Group, added there are six green flags that he looks for above all else:

Integrity
Optimism
Intellectual curiosity
Work ethic
Empathy
Self-awareness

Having these skills will not only help an employee stand out in the hiring process but also equip them to climb the ladder even faster with a “learn-it-all” attitude, he said.

While Meyer’s list of skills may seem like an obvious goal of any aspiring business leader, the restaurant industry has long struggled to find and retain top talent. Plus, Gen Z isn’t making it any easier as questions around their work ethic remain.

They would do well to remember that attitude is often more important than skills. Amazon’s CEO Andy Jassy has gone so far as to say attitude can be the true make-or-break in business—and contribute an “embarrassing” amount to one’s success, especially early in your career.

“I think people would be surprised how infrequently people have great attitudes,” he said. “I think it makes a big difference,” Jassy said in an interview with LinkedIn’s CEO Ryan Roslansky.

Other hospitality business leaders have also shared similar sentiments that surface-level skills won’t always cut it. Chris Kempczinski, the CEO of McDonald’s, wrote last year that while characteristics like expertise, experience, and professionalism are important, demonstrating company values and culture—especially in difficult situations—may be even greater.

“I want to see real examples of a leader living our values: serve, inclusion, integrity, community, and family,” he said.

Hospitality skills may even outweigh a college degree

Meyer is so serious about the importance of hospitality skills in any successful business that he has said that on-the-job passion is even more important than a candidate’s college degree.

Last year, Meyer said that graduates should consider tuning out their college major in favor of what they actually want to do.

“You learned a lot; there’s no question about that, and nobody can ever take that away from you. But there may be something else inside of you that really wants to express itself,” he said.

The 67-year-old knows this works because he did it himself. After graduating from Trinity College with a degree in political science, he nearly went to law school. Instead, he listened to his gut and learned to become “his own boss”—and grew Shake Shack from a temporary hot dog cart in Madison Square Park in Manhattan into the $3.8 billion chain it is today.

“As you make big choices, while it may be tempting to do the thing others expect you to do, I challenge you to listen carefully to your gut, to follow your passion and heart, and to pursue what you really love,” he said.

This story was originally featured on Fortune.com

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Business

British billionaire calls for U.K. companies to pay CEOs like footballers, despite bosses making double Premier League players

Published

6 minutes ago

April 4, 2025

Jace Porter

As CEOs continue to digest the fallout of the murder of UnitedHealthcare CEO Brian Johnson, a billionaire backer of major companies believes a pay rise is needed to attract them to the job.

Lord Michael Spencer, the billionaire British financier, is frustrated by his belief that CEOs in the U.K. deserve to be paid in the same ballpark as the Premier League’s biggest stars like Kevin De Bruyne and Erling Haaland.

“We don’t mind paying our footballers, top-rate footballers, extraordinary amounts of money,” Spencer told the FT.

“Somehow that’s considered perfectly acceptable. But if the CEO of BP or HSBC earns £20 million a year, materially less than their peer group in America, everyone jumps up and down saying this is an outrage.”

He added: “The U.S. celebrates the fact that great chief executives earn large amounts of money. They want their chief executives to be paid like football stars.”

Spencer’s argument is similar to one made by Ryanair CEO Michael O’Leary in April, who used footballer pay to justify his potential €100 million bonus.

The problem with Spencer’s comments? CEOs effectively are already paid like footballers in the U.K.

Multi-millionaire CEOs are already the norm

The average FTSE 100 CEO earned £4.2 million in 2023, while FT analysis shows the average Premier League salary was £1.98 million in the same year.

Spencer was more likely suggesting that CEOs should be paid at levels similar to those of the highest paid in the Premier League. But even here, the figures are comparable.

Manchester City’s Kevin De Bruyne is thought to be the highest-paid player, earning a salary of about £400,000 per week, or £20.8 million a year. With playing-related bonuses and sponsorship deals, his income is likely millions higher.

AstraZeneca CEO Pascal Soriot earned £16.85 million in 2023, making him the FTSE 100’s highest-paid boss. In second place was RELX’s Erik Engstrom with a £13.64 million package, while Rolls Royce’s Terfan Erginbilic earned £13.61 million.

U.K. bosses have faced steep resistance from investors to pay rises in recent years. AstraZeneca’s Soriot saw 38.5% of shareholders reject plans for a £1.8 million pay increase in April.

Rajiv Jain, chief investment officer at top 20 shareholder GQG Partners, said Soriot was “massively underpaid” when compared with U.S. pharmaceutical CEOs.

Shareholders have been cautious to approve bumper pay rises in an era of historically high inflation that has hit those less well off the hardest.

On the other hand, proponents of pay rises say they are required to prevent a flight of companies and talent from the U.K. Several U.K. companies have chosen to move their listings to the U.S. this year in search of better market valuations.

C-Suite in the spotlight

Spencer’s comments come at a time of deep unrest in the C-Suite.

The murder of UnitedHealthcare CEO Brian Thompson last week has brought into the spotlight executive safety at major companies.

UnitedHealthcare and other insurance companies, Elevance Health and Anthem Blue Cross Blue Shield, removed board leadership bios in an apparent effort to protect their privacy amid heightened safety concerns.

Fortune’s Leadership editor Ruth Umoh and reporter Natalie McCormick wrote of a growing trend of trepidation among execs to make the move to the corner office, one that could be accelerated by Johnson’s death.

Those hoping to reverse that trend argue that higher pay may be the way to go.

This story was originally featured on Fortune.com

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Business

Europe has caught a workplace absenteeism bug costing it billions of euros

Published

37 minutes ago

April 4, 2025

Jace Porter

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Business

Meet the 3 CFOs who made Fortune’s new Next to Lead list

Published

1 hour ago

April 4, 2025

Jace Porter

Good morning. What does it take to ascend to executive leadership roles at America’s largest corporations? The inaugural Fortune Next to Lead: The 25 Most Powerful Rising Executives in the Fortune 500, released this morning, highlights high-performing trailblazers.

Top leaders at Fortune 500 companies in roles such as CEO, CFO, COO, president, and executive vice president representing industries including tech, retail, health care, and energy have earned a spot on the list. Fortune evaluated candidates through in-depth reporting and insights from executive search firms, recruiters, management consulting firms, current and former CEOs, and board members.

Among the factors of assessment are leaders that drive exceptional financial outcomes, including revenue growth, profitability, or increased market share. That’s certainly something CFOs know a lot about.

Here are the three finance chiefs at Fortune 500 companies who earned a spot on the list:

Eimear Bonner, VP and CFO at Chevron

At Chevron Corp., Eimear Bonner is responsible for global audit and investor relations, as well as tax, treasury, and financial operations. Since joining the company in 1998, she has held several key leadership roles, including general director of Tengizchevroil LLP in Kazakhstan and chief technology officer, a position in which Bonner made history at Chevron as its first woman CTO.

Rejji Hayes, EVP and CFO at CMS Energy

Rejji Hayes has held the role of EVP and CFO at CMS Energy and its principal subsidiary, Consumers Energy, since 2017. Previously, he served as EVP and CFO of ITC Holdings Corp., where he co-led the strategic review that resulted in the company’s sale to Fortis. During his tenure, ITC’s market capitalization grew by approximately $2.3 billion. Hayes serves on the board of Fortive, chairing the audit committee.

Gina Mastantuono, CFO at ServiceNow

As CFO, Gina Mastantuono leads accounting, investor relations, real estate, and global impact strategy at the workflow automation platform. She was previously EVP and CFO at Ingram Micro, an IT products and services company, and has held senior roles at Revlon. Mastantuono sits on the board of Roblox.

You can view the complete Fortune Next to Lead: The 25 Most Powerful Rising Executives in the Fortune 500 here. In addition, you can sign up for the Fortune Next to Lead weekly newsletter by Ruth Umoh, which offers a look into the careers of rising stars of the corporate world.

Sheryl Estrada
sheryl.estrada@fortune.com

This story was originally featured on Fortune.com

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