Stuart Fletcher, former CEO of Bupa had this to say: \u201cBeing time-constrained is a given, but the key is managing your energy. I\u2019m very conscious of where I divert and direct my energy, where I get my energy and what saps it.\u201d As mentioned above, older and more experienced CEOs understand the importance of time and energy management.<\/p>\n
For example, chief executives spend a lot of time in all sorts of meeting with the board. Instead of treating board members as a drain of energy, many CEOs have stated that realising board colleagues can be a sort of insight and advice and can turn themselves into a proper source of energy. One of the CEOs interviewed has said: \u201cIt took a real mindset shift on my part but turning engagements with the board from an energy-draining exercise into a source of support and advice contributed greatly to my personal success and to the feeling that I had advocates around me.\u201d Another important factor that must be looked into when managing time and energy is building a strong senior team as soon as possible, as Paul Foster, CEO of Sellafield has stated: \u201cI spent too long working across multiple roles [CEO and previous role], when I should have been bringing in new hires.\u201d<\/p>\n
Managing Internal-External Relationships <\/strong><\/p>\n CEOs recognise the importance of building trust with all stakeholders, with a priority focus on the board, investors and the media. Among those we interviewed, most spend on average about 50% of their time managing internal and external relationships.<\/p>\n Almost half of that 50% is taken up with board engagement. Nearly all former CEOs who did not focus on cultivating their professional relationships with board members yearned in hindsight that they had. Left all alone, board members can be influenced by investors or media outlets that focus on short-term goals often at the expense of strategies to build longer-term value.\u00a0\u00a0This risk will be especially high with board members who do not really understand or adhere to a company\u2019s business strategy or opportunities for value creation.<\/p>\n CEOs have reported that building relationships with investors and other external factors \u2014 customers, media, industry contacts and regulators \u2014 is often burdensome and time-consuming than anticipated. Rob Peabody, CEO of Husky Energy Peabody has characterised the process of managing externally as being able to \u201cwrite your own scorecard\u201d\u2014 with numerous opportunities to build support for long-term goals and build patience among investors. CEOs like Mr. Peabody are highly aware that good relationships with external shareholders are \u201ctwo-way streets.\u201d CEOs who regularly connect with investors will use their feedback to improve communication in presentations and materials regarding the company and in various media interviews.<\/p>\n The Information Flow<\/strong><\/p>\n The impact of asymmetric information is most obvious and most damaging in the relationship between chief executives and external shareholders. Stock price is often driven in part by the messages a CEO communicates through engagement with investors, analysts, and the media. Learning to control this information flow is considered a quintessential factor in career longevity.<\/p>\n Inexperienced CEOs often revert to old, previously successful behaviours in times of stress, but eventually realize that they are no longer appropriate or effective in their new role. Survey respondents highlighted the need for CEOs to quickly adapt, clearly outline a personal strategy, and regularly evaluate themselves against it. \u201cAm I getting the information I need from the business units?\u201d and \u201cAm I spending enough time on individual relationships with board members?\u201d is important and can help identify challenges early or avoid them altogether. They also note that while the job can be isolating there is often help available. New CEOs who find that they are struggling to adjust should consider seeking counsel from a more experienced CEO, senior consultant, or coach to help guide their efforts and increase chances of success.<\/p>\n CEOs have a lot to\u00a0manage\u00a0at any given point in time given the fact that they are tasked with\u00a0increasing business revenue\u00a0whilst also managing employees and customers, there are a lot of variables nowadays. As a CEO you must be aware that there are\u00a0many challenges\u00a0throughout the day; some that can be planned in hindsight but others not so much.<\/p>\n There is a real value in providing companies with the tools to carry out regular organisational assessments and\u00a0this is where Great People Inside <\/a><\/strong>comes to your aid. Our online platform offers the best solutions and tools for your company to thrive in every type of industry and any possible situation your organisation may find itself. In terms of lowering your employee turnover rates, we recommend our GR8 Full Spectrum <\/a><\/strong>assessment for hiring and 360\u00b0 Survey<\/a><\/strong> for retention. Finding the right talent, the best fit for the job and your organisation can be a very challenging task. It requires deep knowledge of your own organisation\u2019s culture and a keen understanding of the candidate\u2019s personality, strengths, interests, work style and other characteristics. Our technology and solutions will do the work for you, helping you find employees who can flourish and reach the highest performance required to constantly bring your company forward.<\/p>\n Request a\u00a0free demo:<\/p>\n
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