Happy New Year! Below are three key resolutions that I believe every CEO must keep in 2019 and beyond to enable them create enduring organisations both now and for the future.
Given the uncertainties in the business environment and the challenges we face as societies, these resolutions form the basis for wider value creation for organisations and societies.
These resolutions also recognise the significant role enterprises and CEOs play in creating better societies for the future and what they can do to advance prosperity and enterprise. For any CEO,these three key resolutions are powerful enablers of any strategic priorities you intend to pursue in 2019 and beyond.
1. Connect your corporate goals to a bigger purpose.
Every business operates in an ecosystem. Securing the future of the ecosystem is fundamental to the growth of your organisation. Corporate growth is accelerated when organisations connect their corporate objectives to the larger societal goals in a more deliberate fashion.
Making a statement of purpose is no more just fashionable. It’s the new order and key to value creation.
Pioneering CEOs and other senior leaders are making dramatic shifts by emphasizing social objectives in their mission and corporate objectives.
Expanding the vision and corporate objectives to emphasize improving society and making strategic choices based on the espoused shared purpose creates limitless possibilities for engagement and value creation for all stakeholders.
According a research carried out by Development Dimensions International, purposeful companies outperform the market by 42 per cent.
Connecting your organisation’s financial goals’ to direct impact on customers and society brings greater clarity and enhances staff engagement.
Achieving a reasonable ROE is great but to what end? Why do you want to grow your market share? How will the customers you serve and the communities that you operate in become better because your organisation continues to exist? Your corporate purpose is already there. You do not have to invent it.
You uncover it by answering the questions above and gaining a deep understanding of the underlying needs of your stakeholders.
2. Become the Chief People Developer (CPD)
The team is the CEO’s team not the HR Leader’s team. As a CEO, you must be actively involved in the process of sourcing and deploying your greatest asset, your people.
Most CEOs spend a lot more time thinking about the finances of the business than the people. As a result they tend to spend more time with the CFO than the HR Chief.
This must change. Make a commitment to increase the amount of time you spend with the HR team. You must work with the HR team to develop robust process for recruitment and developing leaders across various levels of the organisation.
There are several organisations where HR is constantly encouraging their colleagues to have feedback conversations and complete appraisals.
These are mostly ignored because it’s seen as HR’s business. No! This is the CEO’s number one agenda and it must be carried out. Start the year right. Engage your team and learn about what’s worked for them in 2018 and what did not work, deepest desires and expectations.
Make sure this process is carried down by all your heads.
The CEO is the Chief People Developer of the organisation and must follow the intimate details of people development efforts. Make time to attend learning sessions and share your own experiences. This is inspiring, it demonstrates you care, staff get the opportunity to hear and learn from your experience.
Everybody under your leadership must grow in 2019.
3. Get yourself a coach
The demands placed on CEOs are increasing every day. Internally you are dealing with a multi-generational workforce. Externally you are dealing with varied stakeholders who are becoming very powerful, much more aware and command influence.
In addition to all the above, there is the need to keep your own balance. So the CEO has to speak with empathy and confidently on all occasions, keep his energy high on all time, manage complex time schedules, makes time for reflection and learning, and most importantly, stay above board.
This is really tough. Coaches provide a safe and supportive space to have a fruitful conversation around these issues with a growth mindset in a confidential professional relationship.
Coaches support CEOs to deal with these complexities and assist them to make critical shift in mindsets and behaviour that are required to prevail in these challenging times.
In one study carried out by International Coaching Federation, more that 70 per cent of coaching clients reported improved performance on the job. Every professional athlete has got a coach.
I believe every CEO is playing a critical role in creating more prosperous communities, and ,therefore, must be supported to put on the best performance every day. Effective coaching makes this happen.
Your own learning and effectiveness is very important to the success of your team and the organisation. An executive coach will support your learning and growth in many ways.
Happy New Year!!!
The writer is a Chief Learning Strategist, TEMPLE Advisory