Everyone aspires to get the top job, as people believe CEO is a fusion of power and none. By the nature of jobs description, CEO is supposed to meet the needs and expectations of various stakeholders. People perceive Coos life is easier and simpler than any other employer in the company just because the CEO has to just pass orders to his employees and then the employees have to work hard in the direction to make the organization successful. In the executive leadership course I got a chance to listen and interact with executive leaders from diverse backgrounds.
Based upon the thoughts shared by these executives I will blend those key take-outs with my own thoughts and perception about leadership. Important aspects of CEO job If CEO is assumed to be responsible for success or failure of firm then what are his job duties or responsibilities. Major job responsibilities are: Developing strategy and vision Agent of change Coping with change Business management and resource provider Building culture and trust Communicating shared vision effectively Attracting and developing talent Vision: CEO works hand in glove with company management in bringing the vision into execution.
Management develops the plan for organizational structure, efficient allocation of jobs, delegating roles and responsibilities and monitors the implementation. Without strategic vision, activities and operations are carried out in chaotic ways that affect the overall growth of an enterprise. As Sandy Jason, CEO of Tambala Financial Group said ” once you have taken the decision to move forward don’t keep on looking back. Look for next strings to pull”. Confident Coos trust their instincts, take other along and move forward.
Competent CEO brings high degree of order and consistency to the key performing indicators (Kepi’s) or areas of an enterprise. Agent of change: Leaders are the first ones to adopt the changes, as they believe in eying that you need to be the change you want to see in the world. They acquiesce the constructive ideas and infiltrate the same in others by inspiration and motivation. For overall organizational performance, effective CEO encourages each individual to step up and think out of box to get the best out from themselves. They identify weaknesses and learn from their mistakes to improve their productivity and performance.
Failures are never show stoppers for them as they pin out multitude bad ways to avoid failures and learn lessons at every step. Coping with change: Leadership is about opining up with change. The business world gets competitive day by day with new technological advancements and innovations making their way into the system. Effective leadership has the vision to accept those changes at the right time and be the consistent upbeat in the competitive environment. This requires motivating and inspiring their employees or co-workers in the right direction.
So, the leadership starts with a vision of the future along with strategies for producing the changes needed to achieve that vision. Great leaders are honest and abide by their ethical and professional standards. As Sandy Tambala said, ” If you make mistakes acknowledge it. Don’t drag it and get over it. ” Competent Coos never believe in their own hype and are very embracing to new constructive ideas and changes thus fostering the growth of an enterprise. Business management and resource provider: CEO faces daunting task of managing the balance between capital and human resources.
Effective CEO makes use of both in proper quantities and at right time for company to succeed. Key job duties of top leadership is to develop capital and operating plans for company, recommend plans and budgets to roads for adoption, monitor company performance and provide periodic reports to board on such performance. Besides, he has to ensure the efficient acquisition and allocation of financial, human and other resources required to achieve strategic goals. Developing culture and trust: Culture is shared set of beliefs, attitudes and behaviors that take time to cultivate and to influence the entire organization.
The CEO must ensure that those values are consistently applied across all departments. A vibrant culture will make people feel safe and well respected enabling them to perform at the best. New Coos are confronted with slew of problems. CEO can’t have expertise in each aspect of business. As Dean Jason said ” people don’t task you for something if they don’t trust you. ” Thus the new leader has to believe in his management team and take them along. The first job of CEO is to inspire the trust with all stakeholders especially with his employees. Trust is two- dimensional: it involves competence and strong character.
Competence includes skills, proven track record and character invokes integrity. For example, Carry Farina was bought in, as CEO of Hewlett-Packard’s to instill spelling and foster trust to turnaround the declining profits. She in overnight tried to change the shared culture of Hewlett-Packard that was developed over 100 years of firm’s existence. When employees resisted, they were shown the door. Strong-arm tactics work well in certain situations, but effective Coos need legitimacy to back them up. One major way leaders achieve legitimacy is by gaining the trust of their employees.
Farina came in with a mandate to change, but didn’t make any concrete effort to build the trust. Saying something else and doing something else creates trust deficiency. Buying expensive personal jet, giving her and her executives bonuses while freezing employee salary and dismissing 18000 employees shocked the HP way of shared beliefs. In last decade, HP has changed five Coos and still they are struggling to recreate the shared HP way culture. Communicate effectively: Effective Coos connect with target audience by explaining compelling desired state of affairs thus inducing enthusiasm, and commitment in others.
As Sandy Tambala said” CEO need to pull the strings in right direction. ” By doing so they are able to sent the message and set the tone. People learn slowly and forget easily. So effective Coos keep on delivering message using different methods and assume that no matter how much they communicate, it is never enough. Attract and develop talent: Employees want opportunity to be recognized for ideas, talent and skills they bring into organization. The ability to entrust others to translate intentions into reality and pulling people rather than pushing are core CEO skills In people management.
How to choose right people for jobs is little tricky. As Sandy Tambala said, ” I don’t wont to work with people who bore me. Can I spend time with him for long time? It’s all gut feeling. Rather than pull on the reins than use the spurs. ” Thus choosing the right people in the right positions with the right training is probably the single most important thing a CEO can do. With the right team, all things are possible. With the wrong team, nothing else matters. Making changes and leading takes lot of energy and time. Renewing or getting extension is not a caretaker position but moving to new higher level.
Therefore, it clearly signal that if things are not going in right direction after repeated attempts and you are loosing control & you lack energy then its time to hang up the boots and move on. Challenges Faced by CEO From meeting the expectations of shareholders, retaining clients, recruiting top talents, managing change and technology adaptation, CEO faces numerous challenges. How CEO faces those challenges may make or break the business. Major challenges faced by CEO are: Uncertainty: The life of a CEO is full of challenges and is completely unpredictable.
According to CEO Ken Rootstock “economy is in period of tremendous growth and volatility right now, and there are some indications that, by 201 6, we could be experiencing another downturn in the economy ‘I. For that reason, the biggest halogen for Coos in 201 5 will be stocking up on relationship capital, intellectual property and other strategic investments that you can cash in at the end of the year to ride out the coming storm. There may be very few Coos in the past that had smooth ride. But most of the times, the path of the Coos move is not planned, it just happens by chance.
It is the opportunity that the Coos look forward to and just cling to one of the few best options they find on their way. The roles of the Coos may seem different from perspectives of different people, but the reality of hard work, challenges aced, constraints dealt, managing relationships and many other remain same. Exhibit self control/business ethics: Mistakes in judgment do happen; but how the board and top management sets the bar through its example and direction can play a huge role in problems being identified earlier or curtailed.
In module A of this course, professor showed us couple of videos and we had guest speakers who talked about how business ethics creates dilemma for Coos. Even recently Raja Guppy of Goldman Sacs was sentenced to jail and fined heavily by US courts for passing out sensitive information for itty gains. Why would a man who had everything in life just give it all away on a phone call? Was it an error of judgment just bought by adrenaline rush? History is agog with so many examples be it Enron saga or Bernie Maddox scandal.
Amid all of the investigations and media coverage calling ethical business practices into question, Coos are reminded of their own personal commitment to business ethics, and the opportunity to create trust with concerned consumers. Coos must walk the talk. Distrust: An astonishing number of Coos have difficulty in getting out of their own frame of reference ND seeing through another person’s perspective. In other words, they lack empathy and trust. Besides, poor self-esteem can put pressure on achievement driven culture of firm.
Whatever the deep-rooted reason, building a career on foundations of poor self-esteem is equivalent to erecting a skyscraper on sandy soils. As Dean Jason said “trust and listening to others viewpoint is very important. You need to know people, work with them and win their trust. If people are in same boat with you, they wont drill the hole in it. ” So CEO have to develop rapport with other executives and move the organization forward. Work life balance: Work life balance is very important to strive. For first few years Coos put more hours in work but eventually they have to give time to their families too.
Dysfunctional personal life will engulf work life too. We have seen in past a lot of business and political leaders suffered from broken marriages, dysfunctional families that incapacitated the effective decision maker. As Indian author Cheetah Begat said ” work hard but make time for your life, family and friends. Nobody remembers your power point presentation on your final day of life journey. ” Thus CEO has to take mime to find balance in work and personal life to optimize the success of business. Conclusion: The entire course was great learning experience for me. Ann. this course and case completion course (I was part of Gasper MBA team in John Nelson MBA case competition) as the most valuable courses from my own perspective. The way class was blended with guest speakers followed by Q&A discussions was innovative and that made class very interesting. Overall I think Professor John McCollum has done a commendable job of teaching and reminding budding future managers of ethics & leadership issues. This course exposed us to real life business executives who provided us opportunity to learn from their experience.
The virtues of responsibility, ethics, discipline, delayed gratification, accountability, socially responsible behavior is very much relevant in today’s society but these virtues are very tough to be taught in class. These virtues are soul’s inseparable qualities, which are deeply imbibed in them and are learned by practical experiences. But by readings and discussions with successful business executives in class I will be able to maintain work life balance and face challenges with confidence in future endeavors.