Not Just Any CEO Peer Group, Make Your Choice Wisely

Though it’s good to be the ultimate power, it can sometimes be devastating as well. Who can understand this statement better than a CEO of an organization? 

While reading an article on Forbes, ‘The Worst CEO Screw-ups Of 2012’, I got to know about some CEOs who have to lose their powers and influence for inefficient performance, continuous losses or for some decisions going wrong.

The list includes some reputed and renowned names including Aubrey McClendon, CEO of Chesapeake Energy; Brian Dunn, former CEO, Best Buy; Robert Diamond, CEO, Barclays; Stuart Gulliver, CEO, HSBC among others.

Though a CEO sits at the top in an organizational hierarchy and is the most powerful identity, he is lonely at the same time. He has a panel of experts and board members to seek advice and counseling but there are some situations when he would require the experience and expertise of someone of the same stature and role.

I am talking about CEO peer groups where CEOs can seek resolution to their problems and concerns from like-minded people. No doubt, a CEO association or CEO group is a great place to help CEOs deal with their woes but the purpose can be solved only if you knock at the right door. With so many CEO associations around, it gets very difficult to zero on the right one.

This article provides some suggestions on how you can choose a good CEO peer group.

Attract Varied Expertise

Look your CEO associations that offer a wide range of skills and expertise so that you can seek advice on different elements of business ranging from a how to build a start up to exit planning.

Stay Small

For a CEO group, the ideal size is 10-15 members. In a relatively larger group, it may have to wait for long to get heard or find a resolution to your query.

Secrets are meant to be kept

The clause of confidentiality is the most important factor to be considered before joining a CEO peer group. At times, you may have to disclose your secret strategies or plans to seek suggestions or feedback from the group.

Therefore, make sure you join a reputed CEO group that strictly follows the oath of confidentiality.

Non-competitors should join

It is very important to ensure that your peers in the group are from non-competitor businesses so as to avoid any conflict of interests.

Good Facilitators

The effectiveness of a CEO association is assessed by its facilitators. Know in advance the facilitators in your group and what expertise they possess.

Ideally a facilitator should be capable of making a conversation interesting, resolving conflicts, responding to queries and building a healthy atmosphere.

The Brain Trust is an Executive Peer Group constituted of up to 16 non-competing business owners/CEOs and top executives.

Brain Trust CEO Conferences benefit you through the combined experience of other business leaders from non-competitive domains and the expert facilitators.

5 Tips to Prioritize your Work

There are times, when each and every work seems like a priority. It looks difficult to figure out where to begin with. All this confusion quite often impacts productivity at the workplace.

Having too many responsibilities at the same time can become stressful. However it is all manageable if you learn to prioritize your work. Check out these tips to prioritize tasks on day-to-day basis:

1. Create a list

First thing in the morning, create a to-do-list of all the tasks that need to be done that day. Rank your work according to their importance or urgency. Ideally, you should put client’s work over internal work. Delaying client’s work may hamper your delivery schedules and hence it should be checked off first.

2. Set realistic targets

When you set your priorities, be realistic. Estimate the time each task will take. Be practical about how much work you can finish within that day or week. Setting unrealistic deadlines will lead to frustration and stress.

3. Don’t be a slave to e-mails

Don’t rush to check your e-mail every time other minute. Mobile devices, iPhones and Blackberry’s have enabled you to carry your office with you. However, they also have ensured that you unintentionally develop a habit of checking your email every few minutes.

Unless you are expecting some urgent mails, do not keep tapping into your inbox frequently. Check your emails at preset regular intervals. Or else not only will your emails take up more of your productive time, they will push other urgent matters behind.

4. Multi-task wisely

Some people like doing a number of things all at the same time. And the result is less productivity because none of your work gets your undivided attention. Multitasking is good but it should not affect quality of work.

Ideally manage different type of tasks in a day but at one time, give your attention to a single task.

5. Tips for managing urgent tasks

How would you handle two equally urgent tasks? Figure out which task will be more time-consuming. Ideally choose the task that will take less time, so that you can finish it off and then focus your mind on the rest of the work.

For the CEO, prioritizing work can become difficult at times. If you are finding it tough to set your priorities, consult with other CEO peers at a CEO peer group or CEO association. In such CEO clubs, you meet experts and other CEOs from non-competing industries.

A CEO club provides an easy atmosphere where you can share your fears with the experts openly and get in-depth insight into dealing with a particular situation.

Effective Internal Communication: The Glue that Binds Organization

Internal communication within an organization mainly comprises of official and unofficial communication. Official communication refers to the transfer of information pertaining to operations, policies and any business or company related news while unofficial communication includes exchange of ideas, opinions and expression which aids in development of personal relationships.

Though unofficial communication does not have a direct impact on business, it may spread a sense of commitment or even dissatisfaction among employees. Especially when unofficial communication is triggered through the official communication (policy or notification) which has not found acceptance among the majority of employees, it can create unnecessary friction. For instance, a company policy which is biased in favor of some employees can transmit a wave of annoyance through unofficial communication through a large section of employees.

This makes it very important for the management and HR department to promote effective internal communication within the organization to maintain harmony in the organization.  

  

Aspects of effective internal communication:

·        The work force should get timely information regarding their targets and turn-around-time.

·        Employees should be made aware of all policies related to their rights and responsibilities.

·        Employees should know what is expected from them at work.

·        Help people with feedback and suggestions regarding their performance.

·        Help your work-force with new ideas and requisite training when needed.

·        Make sure they are aware of your concerns as a company for their family and life.

·        All your policies should be transparent and should not reflect favoritism or biased approach to any individual

Benefits of Effective Internal Communication

Improves Productivity – The seamless flow of information through effective internal communication improves productivity of employees. It also helps an organization to respond promptly and efficiently to emergencies and other situations when it requires a quick action plan.

Makes Problem Solving Easier – The effective internal communication makes problem-solving easier as it provides everyone with a platform to share their ideas and opinions. Internal communication also promotes an atmosphere of openness within the organization where everybody has the right to voice his opinion hence resolving internal conflicts and misunderstandings.

Develops a Sense of Ownership – When everybody is aware of his responsibilities, sense of ownership comes naturally. Sense of ownership among employees decreases the need of supervision and follow-up which in turn enhances both productivity and quality.

To know more about the importance of internal communication within organization you can go for corporate executive coaching at a renowned CEO peer group including the Brain Trust, which “is a group of CEO’s who are committed to each other’s outrageous level of success”. CEO groups help you with requisite guidance pertaining to different segments of business ranging from managing funds to exit planning.  Being a member of a reputed CEO club or CEO association will help you get deep insights on managing communication strategies and deriving the best results from them.

Adopt a Broad-Base Appraisal Policy to Control Attrition

Why do employees leave? 

Answers are plenty but they do not provide complete solutions as different individuals have different needs and requirements. Some employees prefer to leave a job because they don’t like the work culture. Some may not be satisfied with the salary or appraisals. Some are not happy with their co-workers while some may have some other problems.

Say for instance, you hire a new employee and his training period runs for six months. During these months, he simply adds to the cost-to-the-company as he is not fully involved in the production. 

If the same employee leaves after 2-3 months of being confirmed then this investment turns into a loss for the company as it fetches the company virtually no returns.

Attrition to some extent is good for the organization as it helps you get rid of non-performing resources. However, it becomes a real problem when it goes beyond the desired limit or draws away your performing workers. 

In this blog, we will discuss the major reason of attrition – the lack of motivation – which in turn, results in employee dissatisfaction. 

Controlling attrition is not just about retaining employees. In fact, it is the act of retaining the resource you actually want to retain or in other words, identifying workers who are actual assets to the company! 

‘How to motivate employees’ is an oft-repeated question. Is appraisal a foolproof method? But then, you can’t appraise every employee equally. Then how do you recognize the deserving person? 

According to an article by Josh Bersin, published in Forbes, “tenure-based rewards systems have virtually no impact on organizational performance”. 

The article further states, “companies that scored in the top 20% for building a “recognition-rich culture” actually had 31% lower voluntary turnover rates (this is when good people leave on their own).”

Make the appraisal system more flexible and broad

Most companies recognize and reward their employees on the basis of productivity numbers, which however, should not be the only criteria for appraisal. You can satisfy and motivate some employees by evaluating and rewarding them under these criteria. 

But going simply by numbers and output to judge performance may make you ignore other deserving employees, who have say expertise in client handling or trouble-shooting during crisis, as such qualities are not exactly quantifiable. When such performances go unnoticed, it suppresses their skill and desire to work in the company. 

Recognize employees who are result-oriented as well as self-motivated and most importantly, well-behaved. You can reward an employee when he deals with customers efficiently at the time of a particular problem.

This way, you can satisfy and motivate a broad set of employees who are specialized in one or other domain.