You are welcome to official website of His Magnificence Oloja Elejio Oba Olofin Pele Joshua Obasa De Medici Osangangan, Bonafide King of Ile Ife Kingdom and Bonafide King of Ijero Kingdom, number 1 Sun worshiper in the Whole world.Kabiesi Ebo Afin! Ebo Afin Kabiesi! I'm Satellite
Succession Planning - How CEOs Build Confidence in Their Leadership -. Sun and Planets Spirituality AYINRIN
Succession Planning -
How CEOs Build Confidence in Their Leadership -. Sun and Planets Spirituality AYINRIN
Justin Fantl/Gallery Stock
From The Palace Of Kabiesi Ebo Afin!Ebo Afin Kabiesi! His Magnificence Oloja Elejio Oba Olofin Pele Joshua Obasa De MediciOsangangan broad-daylight natural blood line 100% Royalty The God, LLB Hons, BL, Warlord, Bonafide King of Ile Ife kingdom and Bonafide King of Ijero Kingdom, Number 1 Sun worshiper in the Whole World.I'm His Magnificence the Crown.
For Spiritual Consultations, Spiritual divination reading, Guidance and Counseling, spiritual products and spiritual Services, offering of Spiritual Declarations , call or text Palace and Temple Phone and Whatsapp contact: +2348166343145, Phone And WhatsApp Contact : +2347019686274 ,Mail: obanifa87@gmail.com, Facebook page: Sun Spirituality.
Website:www.sunspirituality.com.
Our Sun spiritual Temple deliver Spiritual Services to Companies owners, CEOs, Business brands owners, Bankers, Technologists, Monarchs, Military officers, Entrepreneurs, Top Hierarchy State Politicians, and any Public figures across the planet.
Author:His Magnificence the Crown, Kabiesi Ebo Afin! Oloja Elejio Oba Olofin Pele Joshua Obasa De Medici Osangangan Broadaylight.
Summary.
Believing the conventional wisdom that they have roughly 90 days to prove themselves, many new CEOs get into trouble by launching bold initiatives before they’ve won the support and trust they need to effect change. According to a study of nearly 1,400 CEOs, earning people’s confidence actually takes two years. But leaders who focus methodically on gaining it can generate remarkable increases in company value. Drawing on their research and experience, the authors advise incoming CEOs to adopt a patient approach by setting a deliberate pace, picking battles strategically, and engaging stakeholders when the time is right.
New CEOs frequently face a conundrum. While the people around them publicly express high hopes for what they’ll be able to achieve, in private those same people are skeptical. As a result many new CEOs underestimate how much work it takes to build confidence in their leadership—something that’s crucial to their ability to effectively drive change. Buoyed by outward expressions of support and eager to make their mark, they steam ahead with bold new initiatives before they’ve won the full support and trust of all stakeholders—and that gets them into trouble.
You
can’t blame new CEOs for falling into the speed trap. The conventional
wisdom, after all, is that they have roughly 90 days to prove themselves
to their organizations. But the process actually takes longer than
that—far longer, according to our research and experience. Gaining the
confidence of all stakeholders, it turns out, takes a full two years.
And only by focusing strategically and purposefully on building trust
during that period can CEOs genuinely create the conditions for
long-term success.
How
did we arrive at that two-year figure? By carefully studying nearly
1,400 CEOs who have led S&P 500 firms during this century. First we
had to devise a reliable way of defining and measuring confidence in
them. Typically, we think of confidence as a quality that has a social
value, helping leaders influence others. But it also has a monetary
value: Investors assign multiples to stocks that reflect their
confidence in companies’ continued ability to generate shareholder
returns. We reasoned that the enterprise multiple could be considered a
measurable proxy for the confidence in their leadership that CEOs build
during the various phases of their time in office. (For more on that see
“The CEO Life Cycle,”
HBR, November–December 2019.) The enterprise multiple is a company’s
total enterprise value divided by its earnings before interest, taxes,
depreciation, and amortization (EBITDA); the higher it is, the greater
the confidence in a CEO’s ability to deliver superior performance in the
future.
Once
we had established a widely applicable measure, we rewound the clock to
analyze how the CEOs in our study had gained people’s confidence year
after year. We combined those insights with interview data gathered by
Spencer Stuart, a leadership-advisory firm that routinely partners with
organizations to improve CEO performance (and that employs Claudius and
Jason). We also looked at a range of other indicators of CEO
effectiveness, including revenue growth, total shareholder returns,
profitability, and ESG performance. This blend of quantitative and
qualitative data provided us with strong evidence about the pace at
which leaders earn stakeholders’ support over time, the ways they manage
that challenge, and the benefits that accrue from getting things right.
This
led us to a striking discovery: While it typically takes far longer
than we think for new CEOs to get others to believe in them, when they
focus strategically on confidence building during their first two years,
they set off a virtuous cycle that leads to a remarkable and consistent
increase in their companies’ enterprise multiples in the years that
follow. We call this increase the confidence premium. (See the exhibit “Top Performers Take Off in Year Three.”)
During
the first two years of a CEO’s tenure little to no premium emerges.
During that period a new CEO’s words and actions are closely monitored,
but it’s generally too soon for anybody to meaningfully evaluate their
consequences. Starting in year three, however, things change. CEOs who
began with comparable multiples gradually come to be seen as higher or
lower performers—and from that point on, the gap between the two groups
continues to widen, ultimately reaching a difference of nearly four
points. That may sound small, but when one considers the effect of such a
multiplier on, say, the $30 billion median market cap of an S&P 500
organization, the confidence premium amounts to close to $10 billion.
There’s
an important lesson here: If you’re a new CEO who wants to maximize the
value you’ll create in the long term, during your first two years
you’ll need to patiently and methodically earn the confidence of all
stakeholders. In this article, drawing not only on our research and
analysis but also on Mahesh’s personal experiences as a CEO, we’ll offer
guidance on how to do just that.
A Marathon, Not a Sprint
Few
things instill more confidence than a strong track record does, yet if
you’re a new CEO, you start with a blank slate. So how to proceed? We’ve
identified six key practices that you should apply systematically.
Set a deliberate pace.
This is crucial. We’ve worked with many new CEOs who, feeling the
pressure to deliver quick wins, hit the ground at a full sprint,
launching a variety of initiatives and pursuing multiple objectives
without having secured the alignment of the board, their leadership
team, or other key stakeholder groups. Needless to say, that approach
backfires because the race they’re running is not a sprint but a
marathon. A marathon requires patience, endurance, and a sustainable
long-term strategy. In a marathon time is on your side. You need to go
slow to go fast. Accepting that idea and pacing yourself accordingly
will allow you to steady your efforts and help others develop faith in
your leadership.
When
Mahesh found himself caught in the speed trap as a new CEO at Bacardi,
he freed himself from time pressures by making sure all his stakeholders
appreciated that they were at the very beginning of a marathon.
Assuming the helm after spending 20 years at the company and on the
heels of several short-tenured CEOs, he recognized that Bacardi was
unstable, lacked a long-term strategic outlook, and had a culture that
didn’t support its stated values. So at the outset he made it clear—with
the board, the ownership family, and the company—that he intended to be
in the role for 10 years. Those years, he told them, would be the best
the company had ever seen.
His
next task was to reboot the culture. He and his leadership team gave
their new programs memorable names like the “Best 10 Strategy” and the
“3Fs” (for “fearless, founder, family”) and talked about them regularly.
Once the employees started to understand that they had a CEO who
planned to stick around, provide stability, and bring back Bacardi’s
culture of innovation and entrepreneurship, Mahesh and his team began to
celebrate small wins in performance and reward long-tenured executives
with new leadership positions. They showcased daring ideas, rewarded
desirable founder and family behavior, and, finally, traveled across the
world to meet workers in town halls and one-on-ones.
Pick your battles strategically.
New CEOs can benefit from quickly launching just a few well-structured
initiatives, designed to help them gain momentum and signal to audiences
inside and outside the organization the direction they plan to take.
That approach allows you not only to demonstrate how and where you’ll
focus your energies but also to develop a track record that gets
stakeholders on your side. It gives you a chance to notch a few early
successes while building a foundation for the larger strategic moves
you’ll eventually make.
How
do you decide what to focus on first? From day one you’ll find yourself
besieged with requests from multiple groups, all expressed with the
highest degree of urgency, and as you try to build trust and generate
support, you’ll naturally feel pressured to address them all. Resist
that impulse, which will put you on the fast track to failure. Instead,
learn to say no to most requests, no matter how exciting they might
seem. Start small and be methodical. Identify which stakeholders you
need to prioritize, choose just a few of their most critical demands,
and attend to them well.
One
new CEO we worked with was swamped by the sheer volume of requests that
she received after stepping into the job. Each issue was described to
her as the most important and urgent matter she had to contend with. As
she took stock of it all, she felt overwhelmed: What was truly important
and urgent? When we began working with her not long afterward, we found
her struggling to treat all requests equally. That approach, we told
her, was a recipe for inaction and failure. To help her move beyond that
impasse we sat down with her, mapped out all the requests she’d
received across the stakeholder landscape, and then worked with her to
identify three primary and five secondary stakeholders whose issues she
felt she could successfully respond to with a small set of early
signature moves—each of which she knew would earn the stakeholders’
confidence. The process allowed her to be proactive rather than
reactive: By focusing strategically on the few rather than trying to
respond to everyone, she was able to act with purpose, communicate
clearly, and gather feedback that would help her make subsequent moves.
Start
small and be methodical. Identify which stakeholders you need to
prioritize, choose just a few of their most critical demands, and attend
to them well.
In
a well-run succession process, new CEOs will be set up for early wins
by their predecessors. In one situation we were involved with, the
outgoing CEO had recently acquired a business and deliberately left his
successor with a clear mandate: Integrate that business. The new CEO
embraced the mandate during her first two years and skillfully merged
the two businesses, both operationally and culturally. That
accomplishment earned her the trust she needed for a more radical growth
agenda, which she was then able to pursue in the years that followed.
Align your team.
The most successful new CEOs recognize that to win others’ confidence
early on, they have to focus right away on assembling a high-performing
leadership team. But all too often new CEOs delay that task, which
doesn’t grab headlines the way the launch of bold new initiatives
does—and can involve making difficult decisions about senior personnel.
The problem is, if you don’t have a team in place that’s cohesive, in
agreement on objectives, and able to act effectively in support of your
plans, it’s almost impossible to gain people’s confidence widely.
When
one new CEO we worked with stepped into the role, he wanted to fill two
key positions before he tried to get his top team on board with his
objectives. He figured the searches would take a couple of months—three
tops. However, as sometimes happens, they took longer than expected, and
while they dragged on, another key executive left the company, creating
yet another vacant seat. Waiting to start moving forward cost this CEO
valuable time and made him appear both ineffective and indecisive.
New
CEOs who come from inside the organization obviously benefit greatly
from having already developed strong relationships within their firms.
But they also have a special confidence-building challenge: They must
convince their former peers and colleagues—who have known them in other
capacities—that they have what it takes to lead the entire enterprise.
This challenge hit especially close to home for one CEO who had spent
much of his long career with his company. When he stepped up from CFO to
CEO, he wanted the organization to know him better and see him
differently. So he actively shared more about himself and his personal
life than ever before. He opened up about how he spent his weekends and
the challenges he had to overcome, such as the severe illness of his
child. Doing so, he believed, was the best way to show his human side,
rally his team behind him, and allow the organization to gain trust in
him.
New
CEOs who come from outside the company face a different conundrum.
They’re still strangers to the organization, and all eyes are on their
every step as stakeholders try to decipher their point of view. One CEO
we worked with observed that everyone wants you to say something
dramatic. There is a real temptation to give in to that and make bold
statements. However, the bigger risk is in being forced into premature
opinions that may limit your options down the road and potentially even
corner you. This CEO realized that the insecurity of being new in the
job made him prone to weigh in too quickly and show off his smarts. To
counter those tendencies, we worked with him to develop a clear
executive agenda while learning the fundamental parameters of the
business that would help him align all stakeholders around the new path
forward.
Engage stakeholders at the right time.
For most new CEOs, this process starts with the board. Building trust,
familiarity, and support here is a priority, but new CEOs rarely
recognize just how much time they’ll need to invest in learning the
subtleties of boardroom dynamics and developing a strong relationship
with each director. Mahesh devoted himself to this important task almost
immediately after becoming CEO, intent on understanding not only the
domain expertise of his various directors but also their preferred
engagement rhythms and forms of interaction. He arranged for the
directors to spend meaningful time getting to know his senior team. This
work paid off: At a stage when many new CEOs become an information
bottleneck, he instead became an effective conductor of information and
was able to get his executive team to chart a path forward collectively.
Earning
the confidence of all employees is also key and should become a daily
practice. One often effective approach is to run regular “ask me
anything” sessions with employee groups and gather data about what
people are thinking, how trends are developing, and where the focus may
need to be adjusted. That will help you learn what your employees are
concerned about and has the added benefit of making them feel heard—all
of which naturally engenders trust. Of course, don’t forget the obvious:
To maintain that trust, you’ll need to make sure that your actions
match your words (those you speak on the public stage and in private
settings).
You’ll
need to engage investors too. At a public company a good place to start
is during quarterly earnings calls. One new CEO learned the hard way
that emphasizing only positive outcomes and bullish scenarios tends to
backfire—and when that happens, it harms credibility. He reconsidered
his approach and began conducting earnings calls in which he offered a
balanced discussion of what was going right and what could go wrong, and
at the end of the calls he would spend time with analysts to gather
their views on the company. Because he now came across as a thoughtful
steward of the company, he found that investors changed their perception
of him and became increasingly confident in his leadership.
Communicate clearly and relentlessly.
Communication is critical to building confidence in your leadership
across stakeholder groups. What’s the best way to handle it effectively?
Repetition, repetition, repetition. No matter whom you’re addressing or
in what setting, you’ll need to tell people what you’re going to tell
them, tell them, and then tell them what you told them. You’ll get tired
of this process, but remember: Much of what you’ll be saying either
will feel new to your audience or will start to sink in only after many
repetitions.
Similarly,
in all your communications, make sure to repeatedly signal progress:
Remind your stakeholders where you started, where you are, and where
you’re going. To help them recognize advances, break your overall
journey into smaller, shorter parts with easily measurable objectives.
Map your goals against the calendar—and communicate your achievements
reliably. Then make course corrections as necessary. A plan that made a
lot of sense six months ago may no longer do so because of changes in
your competitive environment. Share the nature of such changes regularly
with your audiences and make sure they understand that you’re making
the necessary adjustments. This is yet another way to inspire their
confidence in you over the long term.
Better yourself.
With so many constituents to serve, most new CEOs don’t prioritize
their own learning. That’s a mistake. Continued investment in your own
abilities will help you gain stakeholders’ confidence and build your
self-confidence more quickly.
CEOs
typically lack peers within the organization who can help them with
this goal. Mahesh vividly remembers the ambiguity and uncertainty that
came with suddenly being the person who was supposed to know all the
answers. Having few people with whom he could share his concerns about
the size of the task ahead, he focused on learning, engaging, and
adjusting his style, and he developed techniques—such as documenting his
intentions and desired outcomes, taking evening walks with his wife,
and making time for yoga and meditation—that allowed him to stay
anchored in the present.
Most
CEOs, new or experienced, benefit from having a coach or an
adviser—somebody who can regularly hold up the mirror, help them grow,
provide new perspectives, and push their thinking. With one new CEO we
did that by focusing intently on strategic goal setting. The process
began with her personal purpose and then expanded to her organizational
purpose—with an emphasis on determining where they overlapped. With our
help and the engagement of an inner circle of confidants, which included
her heads of strategy and communications, she got the constructive
feedback and encouragement she needed to ensure that she could do her
job confidently and with a strong sense of purpose.
. . .
As
a new CEO, you’ll find it tempting to seek out quick wins and take bold
actions that reveal a decisive attitude. When you start your job, the
excitement is high—and so is the pressure. But the journey to earning
your stakeholders’ trust and support is neither short nor easy. By
following the steps we’ve recommended in this article—pacing yourself,
strategically picking your battles, mobilizing your team, engaging
stakeholders at the right time, communicating clearly and relentlessly,
and investing in self-betterment—you’ll build confidence in your
leadership over time and speed your transition from being the new CEO to
simply being the CEO. Patience, persistence, and consistent
communication during your early years will be key to navigating the
complexities of leadership and maximizing the value you create in the
long term. As Bill Gates said many years ago, “We always overestimate
the change that will occur in the next two years and underestimate the
change that will occur in the next 10. Don’t let yourself be lulled into
inaction.”
Was this article helpful? Connect with me.
Follow The SUN (AYINRIN), Follow the light. Be bless. I am His Magnificence, The Crown,Kabiesi Ebo Afin!Ebo Afin Kabiesi! His Magnificence Oloja Elejio Oba Olofin Pele Joshua Obasa De MediciOsangangan broad-daylight natural blood line 100% Royalty The God, LLB Hons, BL, Warlord, Bonafide King of Ile Ife kingdom and Bonafide King of Ijero Kingdom, Number 1 Sun worshiper in the Whole World.I'm His Magnificence the Crown. Follow the light.
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.