Executive development is key to business growth. Are you giving it enough attention?
There are two important leadership requirements you need from your executive team:
- Skills at technical leadership decision-making and execution within their subject matter domain (e.g., marketing, sales, finance, etc.)
- Leadership skills across the enterprise (e.g., collaboration focused on achieving core cultural values and the business strategy necessary to achieve the corporate vision and mission).
How to you measure the current status and progress that your executive team is making toward increasing success? The Human Capital Institute researched how companies can achieve greatest return on its investment and identified five key metrics to use to measure growth:
- Alignment – all executives focused on the same cultural values and performance strategy
- Collaboration – all “rowers” working as a properly paced team to maximize results
- Execution – focusing on whatever it takes to produce the results
- Retention – making sure the best people get better and stay with the company
- Succession – preparing a bench of people to move up the leadership-ladder as needed
They also discovered that organizations were most likely to succeed when they adopted a hybrid executive development platform. That’s one which goes beyond traditional individual and classroom-based methods to ones including ongoing experiential learning, peer interactivity, frequent participation by leaders and experts. These teams were:
- More effective in establishing strategic direction, altering strategy based on changing conditions, making decisions in a timely and constructive way, using assessments to ensure follow-through and dashboards to manage decisions over time
- More agile – making decisions more quickly, especially for course corrections
- Better aligned – sharing goals and common vision, and feeling more comfortable at uninhibited communication
- Better able to identify bench strength necessary to support their business and use their internal high potential population to do so.
- More likely to use structured programs to educate and grow upcoming talent,
Vistage International, which has been serving global CEOs and business owners for almost 60 years, created an executive development platform – called Vistage Inside – for companies committed to high growth. Learn more about it by watching these videos –
youtube.com/watch?v=WTPBGe9FIlk and youtu.be/PAVZwvHG6VE . Also contact Jerry Cahn, Ph.D., J.D., Chairman, Vistage New York for more information: 646-290-7664 and jerry.cahn@VistageChair.com. buy restoril online