Board leadership capacity has always been closely defined by effective communication. It is essential to share data that is the foundation for establishing and maintaining relevant and productive relationships, but also for directing the future direction of a company. Knowing how to establish a regular rhythm for sharing updates, priorities and progress is essential. This creates a focused cadence that ensures alignment and drives better outcomes, which is the primary objective of any corporate board.
If you are looking for your first board seat, being able to clearly express why you would be a valuable board member includes articulating your unique experience and track record in a direct and concise way. Are your demeanor and energy level engaged? Are you confident enough to express your values and insights even when they may differ from other board members who are intellectually sound and analytical thinkers? Does your personal brand stand for ethics, integrity and standards? Are you spending your time developing significant relationships with those who share your values that propel you to continue to learn and grow?
The needs of CEOs today are changing as well. The complexity of their jobs and responsibilities have increased 10-fold. Being able to prioritize what’s important and then to engage board members and leadership teams to provide the right expertise and leadership is critical. Board members must be committed to strategic discussions.
CEOs must also continue to evaluate those they surround themselves with to ensure that the right value-driven culture is being created, delivered and maintained.
In life, we all know people who manipulate for their own gain. One of our dear, trusted colleagues recently shared some very wise thoughts. He quoted Maya Angelou: “When someone shows you who they truly are, don’t make them show you twice.” This powerful quote reflects the importance of leaders rejecting those who don’t share their values or have the best interests of the organizations they serve. This will allow them to create a culture that enables alignment of values, understanding of the organizational mission and the ability to have a relentless focus on execution of strategies.
CEOs often choose confidential mentors to assist them with their challenging roles and responsibilities. This includes learning from those who have deep experience with how to build an effective culture, and developing the skills needed to navigate through class action lawsuits, building new fintech companies, and ensuring that the right leadership and executive teams are in place for success.
CEOs learn that when they start to get bored with their repetitive messaging, that’s when it begins to impact their employees. It’s easier to sell externally than it is to sell your internal employee workforce. Employees hear what you say, but they also watch what you do all day long.
Developing agendas provides for intelligent follow up and becomes a key differentiator for CEOs. Helping organizations to develop criteria for board membership, setting up CEO dashboards built by the CEO and the board, and establishing metrics around finance, culture, customer service and technology will ensure focus and prioritization as well as accountability at the top.
The great golfer Scottie Scheffler emphasizes the importance of staying composed and relying on muscle memory during challenging moments in golf. When negative things happen, he doesn’t let it bother him, recognizing that losing focus could be a much worse outcome. He stays mentally in the game based on trusted solid fundamentals created by muscle memory to stay calm and steady. This muscle memory comes from the practice of repetition and created habits. CEOs need to develop this same skill. Staying calm in today’s complex and highly challenging global AI-oriented work environment is essential.
Being accountable and understanding the consequences of one’s actions comes from the establishment of standards. People make mistakes, but they need to own up to them so that they can be fixed in the best way possible. When a club-like environment exists, or people don’t take responsibility for their actions, systems break down. Being rooted in purpose is the job of the CEO and board members.
Google recently cut 35% of its managers. Intel eliminated 50% of its management layers. CEOs are eliminating bureaucracy to stay ready for change. According to a new Broadridge study, more than 40% of financial services firms say their transformation strategies are not moving fast enough due to operational complexity, shifting regulations and a lack of internal alignment on priorities. CEOs and boards have a tough job to do. Establishing the right priorities based on what’s going to bring the greatest impact will yield the greatest results.
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