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In the current economic climate, CEOs are struggling to stay in business while being asked to do more with skeleton crews often with low morale. They’re restructuring their companies, filing for federal bailout money, while trying to hang on to their jobs.
“People felt invincible and now the reality is hitting. Things have changed and companies must adapt their strategies in order to survive the down times and emerge more strongly to compete,” said Paul Melchiorre, vice president of Global Strategy with Ariba.
There is one key maneuver leaders can take to help their companies stay afloat. No, it’s not another overhaul of the company’s business plan. Instead, it’s a new way of surviving by capitalizing on the talent that already resides within the organization.
Joelle Jay, an executive leadership coach to Fortune 500 companies and author of “The 360 Investment,” says executives need to evaluate their effectiveness and make improvements that increase their value. “More than ever, we need leaders who are engaged, motivated, and who know how to inspire employees who are working more for less. Executives need take the lead in assessing and improving their performance,”
She says the best method to evaluate an executive’s effectiveness is through a 360-degree profile. “Get feedback from your boss, your coworkers, your employees, and your clients. Discover your strengths, weaknesses, and opportunities for development. Use that information to evaluate yourself and keep your value up.”
Executives from some of the nation’s largest companies agree. They say CEOs and presidents who emphasize quality leadership in times of crisis weather the storm.
“Really great leaders work on themselves. They’re acknowledging and aware of the things they need to improve on to be better,” says Cece Sutton, president of the Retail Banking Group with Morgan Stanley.
Managing Partner, Leadership Advisory for executive search firm Heidrick & Struggles Stephen Miles agrees. “We’re still seeing people investing in coaching and 360s even in the most dire circumstances.”
To be effective, Jay says efforts to gather feedback must be well thought out. She recommends asking questions that uncover what the executive is doing well and what skills he or she needs to develop to improve morale and profits. “Focus on what is working, face what is not, decide where to focus the energy, and get moving,”
She warns though, that getting good quality feedback isn’t always easy. “Executives need to have an effective process in place and an open mind when reviewing the feedback.”
To get the best results, Jay suggests hiring someone from outside the company who is not tied to the CEO, such as an experienced coach, consultant or firm.
Typically companies use 360-degree profiles for yearly evaluations or when researching new strategies, but many companies are seeing the value during these tough economic times.
“It’s all too easy to get caught up in the tyranny of the urgent and dealing with the latest sales forecast or need to cut costs to sustain profitability,” said David Kilby, director of Intel University at Intel. “It’s also important for leaders to grow themselves, take advantage of their talents, and align that to meeting organizational needs and maximizing the contribution you’re able to make at any given time.”
“These times will define the leaders of the future,” says Sutton.
It’s a future likely to be filled with executives who are willing to put ego aside to take the initiative in evaluating and improving their effectiveness as a leader.
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