Business Strategies Blog
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Archive for June, 2008
What’s Your Value Proposition?
26 June 2008
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With the economy facing historic challenges – such as the subprime crash in the mortgage industry, the pending massive workforce depletion predicted with the retirement of the Baby Boomers, rising inflation coupled with the devalued dollar, and no relief on the horizon – effective and successful leaders will be those who can develop and maintain a unique and compelling value proposition, and prove to current and potential clients that their product or service is the best available.
Effective Leadership Starts with You
11 June 2008
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This is a great article by Jim Citrin, a Yahoo Finance expert and Senior Director of Spencer Stuart, one of the world’s preeminent executive search firms, discussing the difficulties people are facing making transitions in today’s unpredictable economy.
He gives some great advice about how to lead by example and create your own success through difficult transitions, and also gives examples from some of today’s leading executives.
“I’ve recently spent time with a number of people who have made or are making transitions. I don’t want to sugar coat it. Whether you lost your job, sold your company, or relocated as a trailing spouse, transitions are difficult. Let me acknowledge upfront that it’s far easier to give advice about how to make a successful transition than it is to actually do it. But here is my advice nonetheless, organized into four concrete ideas:”
Click here to read the full article. His regular column is called “Leading by Example” and focuses on the importance of strong leadership in today’s executives and corporations.
How strong are your leadership skills? Do you have a solid program for developing leaders in your organization? Click here to read some practical tips for developing strong leadership and executive coaching to ensure your business stability over the long-term.
New Research on Growing Executive Talent
07 June 2008
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Despite the importance of succession planning, new research is showing that a majority of corporations aren’t taking the time to establish comprehensive, long-term business continuity planning.
From the Taleo Research Blog:
“Development Dimensions International (DDI) with the Economist Intelligence Unit (EIU) recently published Growing Global Executive Talent which points out that talent awareness is not enough. Immediate action is required according to the more than 400 executives polled. 55% felt that business performance would likely suffer due to a lack of talent.”
Harvard Discusses the Importance of Succession Planning
07 June 2008
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This is a great article on the Harvard Business Publishing site discussing the importance of business continuity and succession planning in high profile companies. The article entitled “Why Aren’t Poor Performing CEOs Fired Sooner?” cites:
“The latest installment of Booz & Company’s annual study of CEO succession finds that chief executives generally have six years to design and implement their strategies — shattering the popular assumption that CEOs have just two years to get things right or get out.
But there’s a downside to that discovery: over the 10 years of our data on CEO turnover (1998 through 2007), on average only 2.1% of chief executives were dismissed for poor performance. Given that over this same period the average rate of turnover (which includes retirement, multiple types of dismissals, and M&A-related turnover) was 12%, a 2.1% rate of dismissals due to poor performance is quite low.
Is short-termism dead? We think not. Stakeholders still place tremendous pressure on the top team to perform. However, even in the face of very poor performance for two years in a row, boards are slow to react, in part, we believe, because they have a dearth of in-house candidates ready to take the reins.”
Click here for practical steps each business should take in establishing their succession planning strategy.
Effective Succession Planning
07 June 2008
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One of the primary aspects of effective business continuity strategy is comprehensive succession planning. In today’s corporate environment, boards increasingly expect the CEO to implement an effective talent management process that takes into account future retirements, resignations, and unexpected loss of leadership. As a report by the Forrester Research Group cites:
“Succession planning, to the extent that it is done at all, has primarily been confined to executive-level positions. However, as human capital becomes a company’s most expensive asset and organizational capital is the currency of the day, succession planning must be implemented much more deeply in the organization, eventually reaching every skilled position, especially within IT. As the economy improves and the hiring environment intensifies, turnover is going to increase, and those employees with the most sought-after skills will be the most likely to leave.”
Is your company ready to deal with a shrinking pool of educated workers and an uncertain economy? Despite the importance of planning, especially in an uncertain and changing global market, many executives do not have the time to address these crucial operations and continuity elements. What can you do to start preparing your company for success even after you are gone? Click here for more information on succession planning strategy and talent management.
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