Anne Mulcahy

Invest your best in the future leaders.

succession planningYou may be the best leader for today, but your company needs the best leaders for tomorrow. What are you doing to ensure your company has the next generation of future leaders ready to lead? As T.D. Jakes says, “Success is not success without a successor.”

According to a PWC CEO study, future leaders need to be adept in the following areas: Agility, Authenticity, and Sustainability

Agility: Anticipate, adapt to, and lead change.

Authenticity: Take a stand on critical issues regardless of what is popular.

Sustainability: Work for bottom-line results while also focusing on the public good.

Here is how you invest your best in developing your future leaders:

Focus on future needs not just past accomplishments. When you select future leaders to develop don’t just look at what has worked in the past. Those you develop must be able to not only survive change, but thrive in change. Look for examples of their ability to do this already, and focus their development on perfecting this skill.

“You’re going to have to have a company that is ready for the next five years where the only constant is rapid change. For that, you need people who can adjust to that change and comprehend the ecosystem” – Ajay Banga, CEO MasterCard, US

Encourage difference of opinions. The ability to drive to a consensus is an important leadership trait. To do that you need to gather the opinions of those involved and work to align them on the vision and plan to accomplish the vision. The very first step in this process is for those involved to have opinions and be willing to support them. A leader should not feel pressure to have every idea, but they do need to formulate their opinion about the end state and be able to develop an opinion after hearing everyone’s ideas. Future leaders should be encouraged to develop and support their own opinions in order to be ready to lead.

“Don’t think about it as when you are ready to leave…think about it as when the next generation is ready to lead.” – John Davis

Provide Exposure.   Learning is not the same as doing, and doing is not the same as living with the results. This is where what you built is measured not just in the short term profits, but the long term impacts both for your company and for others around you. Future leaders need to see this and be seen leading this aspect of their business.

“One of the things we often miss in succession planning is that it should be gradual and thoughtful, with lots of sharing of information and knowledge and perspective, so that it’s almost a non-event when it happens.” – Anne Mulcahy

 

 

Get on with your new job

new jobWhen you transition to a new job you have to leave the old job behind.

This doesn’t only mean if you move to a new company, this is for where you are now. It’s probably easy to think of leaving your old job behind if you change companies, but this is also for those who are promoted, transferred, or take on more responsibility within the same company. You have to leave the old job behind to succeed at the new job.

“I must be willing to give up what I am in order to become what I will be.” – Albert Einstein

The key to success in this is not to just think of this when you accept a new job, it’s too late then. Plan for it to happen and it will. Your new job will need your undivided attention. There is work to do now. You have to leave your old responsibilities ready to run without you.

If you want that promotion, transfer, or more responsibility, start taking action right now in the areas of Education, Delegation, and Succession.

Education

Provide the opportunities for your team to learn and apply what they are learning. Encourage them to take classes, and attend seminars. These are important activities for them to know what you know, and more.

There is a Japanese proverb that says, “Better than a thousand days of diligent study is one day with a great teacher.” While you will not be able to spend your days teaching your team personally, since you have your own job to do, you can invest your time sharing your knowledge and wisdom as you lead. Recognize that your team is watching what you do and listening to what you say and be purposeful in your actions and words so that they learn from you as well.

Delegation

When a manager delegates, employees learn how to make appropriate decisions within their level of authority. John Maxwell says, “If you want to do a few small things right, do them yourself. If you want to do great things and make a big impact, learn to delegate.”

This is an example of what Stephen Covey said about the importance of delegation, Organizations don’t grow much without delegation…because they are confined to the capacities of the boss.” Leaders have to delegate if they want their team to be able to do what they do so they can move on to their new job.

Succession

Succession planning is of equal importance to setting the vision and strategy for the company or team. I fact everything that leaders do should be about succession planning, including setting the vision and strategy. Leaders should use every opportunity to teach and grow leaders in the organization to be able to take on their job.

One of the things we often miss in succession planning is that it should be gradual and thoughtful, with lots of sharing of information and knowledge and perspective, so that it’s almost a non-event when it happens.” – Anne Mulcahy

If you aren’t teaching someone else how you do what you do, you are letting opportunity pass you by. Your main role as the leader is to prepare a successor while you lead the team. It shouldn’t be something that is part of your long term plan to get to when you are near the end of your season – that’s too late.

Building something to last – focus on the fundamentals

built to lastIn Jim Collins 1994 book Built to Last, he analyzed companies that were successful over the long term.  Not one hit wonders, not those that are remembered for a product, but those that transcended changes in technology, customer needs and wants, and changes in leadership. The basic tenant of building something to last is to focus on the fundamentals.

“In a world of constant change, the fundamentals are more important than ever” – Jim Collins

Listed below are five main themes from Built to Last.  Let’s see how each of those applies to leadership today.

“Make the company itself the ultimate product—be a clock builder, not a time teller”

This is the difference between fulfilling one need one time, or building a company, process, or person that can fulfill many needs many times.   

“Having a great idea or being a charismatic visionary leader is time telling; building a company that can prosper far beyond the tenure of any single leader and through multiple product life cycles is clock building.” – Jim Collins

Here is how you can use this theme in your leadership practices:

Companies – “We don’t have products we sell to customers, we have customers that we sell products to.” – Denis G. McLaughlin

Processes – “We don’t use people to complete projects, we use projects to complete people.” – Denis G. McLaughlin 

People – “Don’t strive to earn a million dollars, instead strive to become a person capable of earning a million dollars.” – Paul Martinelli

“Build your company around a core ideology”

Change is the only thing that will consistently happen.  The economy changes, regulations change, customer needs change, and leadership changes.  To be successful over the long term, you must adapt to these changes.  According to Collins, the only way that this can work is for a company to “be prepared to change everything about itself except its basic beliefs as it moves through corporate life.”

Here are a few examples from the book:

-3M’s dedication to innovation

-P&G’s commitment to product excellence

-Nordstrom’s ideal of heroic customer service

Other leaders have viewed this theme in their leadership practices:

We succeed only as we identify in life, or in war, or in anything else, a single overriding objective, and make all other considerations bend to that one objective.” – Dwight Eisenhower

Success demands singleness of purpose.Vince Lombardi

You have to know where you’re going. If you don’t know where you’re going, you’ll never know if you’ve arrived.” – Denis G. McLaughlin

“Build a cult-like culture”

Having a strong core ideology, or purpose, is foundational. But unless that ideology is lived out it is just words. You have to have a plan for establishing a culture that supports the ideology.  Leaders are responsible for defining the purpose, articulating the purpose, and rewarding achievement of the purpose.

Once you establish your vision, you must clearly articulate it, over and over, to maintain focus.

Theodore Hesburgh said, The very essence of leadership is that you have a vision. It’s got to be a vision you articulate clearly and forcefully on every occasion. You can’t blow an uncertain trumpet.” 

People will naturally repeat the very things that they are rewarded for achieving. First, set goals that when successful completed, lead to achieving the purpose. Second, reward the employees who participated in the successful goals.  This is more than money.  Rewards come in many forms, all which should be used with regularity, as earned:  Public and private praise, increased responsibility, new challenges, more training,

“The only way to get people to like working hard is to motivate them. Today, people must understand why they’re working hard. Every individual in an organization is motivated by something different.”  – Rick Pitino

 “Homegrow your management”

I view succession planning with equal importance as setting the vision and strategy for the company or team.  I fact everything that I do is about succession planning, including setting the vision and strategy.  Leaders should use every opportunity to teach and grow leaders in the organization. 

One of the things we often miss in succession planning is that it should be gradual and thoughtful, with lots of sharing of information and knowledge and perspective, so that it’s almost a non-event when it happens.” – Anne Mulcahy

If you aren’t teaching someone else how you do what you do, you are letting opportunity pass you by. Your main role as the leader is to prepare a successor while you lead the team. It shouldn’t be something that is part of your long term plan to get to when you are near the end of your season – that’s too late.

“From now on, choosing my successor is the most important decision I’ll make.  It occupies a considerable amount of my thought almost every day.” – Jack Welch, former CEO of General Electric, nine years before he retired.

Are homegrown managers effective?  Don’t we need new ideas from outside of the organization?  Collins summarizes the success in developing CEO’s in house with some examples from his book:

“Consider that the founders of Ford, Hewlett-Packard, Johnson & Johnson, Marriott, Merck, Motorola, Nordstrom, Philip Morris, Procter & Gamble, Sony, Wal-Mart, and Disney remained in the role of chief executive for an average of 37 years each. They were founder-entrepreneur types and manager-builder types. Not only that, their immediate successors—all homegrown insiders—remained in office for 24 years on average. 

“Stimulate progress through experimentation and continuous improvement”

Throughout this article we have stated that companies that were built to last were those that transcended changes in technology, customer needs and wants, and changes in leadership.  To survive change, one must be willing to change.  However, the willingness to change does not bring with it the perfect ability to successfully change.   

The secret to success in a changing environment is to allow for continuous improvement through small experiments that yield small successes in finding ways to take small steps forward. 

“The way to simulate the drive for progress is to create an environment that encourages people to experiment and learn—to try a lot of stuff and keep what works.” – Jim Collins

Companies that are built to last do not rest upon their current state of achievement.  Instead they are always looking forward to the next change, challenge, and championship.

“Excellent firms don’t believe in excellence – only in constant improvement and constant change.” – Tom Peters

Leaders: How to orchestrate a successful comeback.

comebackThe word comeback has a couple of different definitions.  It can be used to mean a clever retort, usually in response to a negative comment.  Or it can indicate a return to a previous level of success.  If you want to learn more about the first definition of comeback I suggest you watch some Seinfeld television show reruns.  However, if you are interested in returning to your prior position, popularity or prosperity, read on.

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