Navigation Plan for CEOs and Top Executives 2 – Asrar Qureshi’s Blog Post #1059

Navigation Plan for CEOs and Top Executives 2 – Asrar Qureshi’s Blog Post #1059

Dear Colleagues! This is Asrar Qureshi’s Blog Post #1059 for Pharma Veterans. Pharma Veterans Blogs are published by Asrar Qureshi on its dedicated site https://pharmaveterans.com. Please email to pharmaveterans2017@gmail.com for publishing your contributions here.

Credit: Kampus Production

Credit: Mikhail Nilov

Preamble

This is in continuation with the previous post. The key information and excerpts are taken from McKinsey article. Link at the end.

#3 – Leadership Mobilization Checklist

• Team Composition – Is my senior team the right size, comprising people with complementary skills and characterized by an ‘enterprise first’ mind?

Tough question. A group of high performers becomes truly effective only when its members’ skills complement one another. If it is so, then the overall performance will be bigger than the sum of individual performances.

When Asher-Topilsky became the CEO of IDB bank, it was underperforming financially and falling behind in digitization. She realized that many of her top executives lacked the capability and drive to make the needed changes. She eventually changed half of her team. “The key was to have people who understand the joint mission and are not just thinking about their promotion”. By the time she left, the bank had become a leader in digital banking and under her tenure, the bank’s return on equity doubled, and its net profits tripled.

Our big problem in Pakistan is that the top team is usually loyal but not agile or focused on progress in most organizations. Rather than complementing each other, they make silos and remain engaged in interdepartmental wars.

• Teamwork – Does my senior team effectively use data and dialogue to make timely decisions on topics that only they can take on?

Only 6 percent of top HR executives agree with the statement that “our company’s executive team operates as a well-integrated team”. This is so obvious in any organization where most infighting is among the top team, leading to wastage of resources and loss of opportunities. One way out is to focus only on what the team can do as team only, like corporate strategy. 

Doug Baker, former CEO of Ecolab, summarizes. “My role is making sure the top team does the big things really well … all the rest is email”. In team meetings, the best CEOs demand data, dialogue and speed. Roger Ferguson of TIAA explains: “The numbers don’t lie. But numbers don’t necessarily tell you exactly what they mean, which is why dialogue is important”.

• Operating Rhythm – Does my senior team have an effective annual operating rhythm and business review cadence that drives execution and minimizes surprises?

“When people know there’s an organizational rhythm, it allows them to be more efficient,” shares Flemming Ørnskov, CEO of the skin care company Galderma. “They know where in the organization to go to get decisions . . . and it enables me both to best leverage the great people that work for me and to ensure I have the right amount of time outside of meetings.” Most high-performing CEOs hold a weekly, relatively informal check-in with their senior team, a more formal monthly meeting, and a multiday off-site meeting at least once during the year.

Regular, in-depth performance appraisals can also help to maintain operating rhythm, if done rightly.

#4 – Personal Effectiveness Checklist

• Time and Energy – Do I manage my time and energy well, and do I have the right office support in place to help me successfully and sustainably do what only I can do as the CEO?

Legendary executive coach and CEO Bill Campbell often said of the CEO role, “No one has ever lived to outwork the job. It will always be bigger than you . . . you’re not going to outwork it.” This is why the best CEOs, such as Caterpillar’s Jim Owens, believe you should “prioritize the most critical issues that only the CEO can solve and delegate any remaining tasks.”

The best leaders plan their schedules to avoid energy troughs (long periods of draining activity that leave them worn down). A strong office staff is essential to doing so and typically includes a dedicated administrative assistant or two (one for the calendar, one for travel and logistics) and a talented chief of staff.

• Leadership Model – Am I leading in a way that is authentic to my convictions and values while also adjusting my behaviors to what the organization needs?

The best CEOs are keenly aware of the difference between doing and being, and the tremendous potential of getting both right. Former Cincinnati Children’s Hospital CEO Michael Fisher clarifies the distinction: “I’ve always had a decent amount of discipline around writing down ‘to-dos.’ But I also purposefully give thought to, and am really intentional about, how I want to show up every day. So, I’ve added a ‘to-be’ list to my repertoire.” Choosing how “to be” involves finding the intersection of staying true to one’s principles and values while also being the leader the company needs you to be.

When dsm-firmenich’s Feike Sijbesma received feedback from his team on his style, for example, his immediate response was: “Listen, that’s just the way I am. It’s authentic.” To his surprise, the pushback was: “OK, but why do we sometimes need to suffer from that?” His authenticity was valued, but it needed to be coupled with better leadership skills.

• Perspective – Do I approach my position with humility, focusing on helping others to succeed and continually improving my ability to do so?

It is always lonely at the top.

“As a CEO, you often don’t realize how much of the input you get is filtered by the job you have,” reflects Intuit’s Brad Smith. “It’s no secret that we all get ten inches taller, and our jokes get funnier the day we assume the role.” Not only are CEOs increasingly isolated from constructive criticism, but they don’t receive the direct input they used to get from peers or have a boss observing and giving them feedback on their daily behavior. To continually improve, the best CEOs replace questions such as “How did I do?” with “What could I have done better?”

They often work with an executive coach, take time to read for knowledge and inspiration, attend external conferences and educational programs regularly, and have a small but diverse group of trusted confidants to provide them with discrete and confidential feedback. Above all else, they view their success as directly related to their ability to put the conditions in place for others to succeed. U.S. Bancorp’s Richard Davis puts it starkly: “Practicing humility will win you more followers than any strategy or tactic or mandate you’ll ever have.”

Sum Up

I have left out two parameters as they do not have much relevance in our environment. These are: Board Engagement Checklist; and External-stakeholders-connection Checklist. 

Being a top gun pilot requires as much intuition as it does instruction, and the same holds true for being a CEO. Judgment and creativity will always be important differentiators of the best from the rest. As with flying, however, it’s best practice to undergird these qualities with systematic checklists to make sure no critical details are missed and that a leader’s instincts won’t fail them when their attention is stretched. By doing so, CEOs will be able to successfully navigate any environment they fly through.

In Pakistan corporate landscape, things are quite different. Most CEOs are owners wha do what they consider to be right, there is no Board of Directors, or a semblance of it, and the top team is mostly people whose only qualification is loyalty. In a very well-known and large organization, it was customary that the top team members would stand up one by one and say great things about the owner CEO before start of the meeting. It is also common observation that the person closest to the owner CEO is the worst of the lot. Employee CEOs are not doing great either, as they are also trying to follow in the footsteps of their pervious bosses. 

Concluded.

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For most blogs, I research from several sources which are open to public. Their links are mentioned under references. There is no intent to infringe upon anyone’s copyrights. If, however, it happens unintentionally, I offer my sincere regrets.

Reference:

https://www.mckinsey.com/capabilities/strategy-and-corporate-finance/our-insights/the-ceos-essential-checklist-questions-every-chief-executive-should-be-able-to-answer?cid=omcknsl-eml-nsl--mck-ext-----&hlkid=fb2a2860e9274f1aa6cbf144ba4f06ea&hctky=15999472&hdpid=112b4cf7-da5c-45ff-b566-4c16ad7f9654