Search
Close this search box.
Search
Close this search box.
Although still wary of the global economy and the effect government policies will have on profit margins, CEOs are clearly feeling confident enough to begin shifting their focuses from pure survival mode to looking for growth opportunities.

“Growth is never by mere chance; it is the result of forces working together,” James Cash Penney, the American entrepreneur who founded JCPenney, once said. Evidence is mounting that the economy is moving toward a growth phase. The annual CEO survey presented by PwC at the Davos World Economic Forum stated that 39 percent of CEOs were “very confident about their companies’ growth prospects.” At the same time, in a recent poll by a financial service trade association, 59 percent of venture capitalists predicted an increase in U.S. venture capital investment dollars for 2014. Although still wary of the global economy and the effect government policies will have on profit margins, CEOs are clearly feeling confident enough to begin shifting their focuses from pure survival mode to looking for growth opportunities.

Not surprisingly, the Davos study also revealed that talent management is high on the list of CEO concerns. Business leaders realize the extremely lean organizations of today are not conducive to accelerated growth. Half the CEOs surveyed want to hire more people in the current year, but two-thirds of them are worried about finding the right people. At best, CEOs have a limited line of sight into the future. To align their leadership talent with the unknown organizational needs of a growing enterprise, they should address three vital elements of success.

ENCOURAGE AGILITY

Changeable times call for leaders who are also able to change. Assessment for intellectual agility should be a part of every com- pany’s executive-development program. Rather than just look- ing for high IQs or demonstrations of pure mental horsepower, CEOs should select individuals who can bring an open-minded approach to problem solving and grasp the complexities of unfa- miliar, ambiguous situations with a speed that truly sets them apart from their peers. On the top end of the spectrum are the executives who consistently demonstrate a high level of openness to data, feedback, ideas and learning.

Developing a culture of agility is vital to an organization’s success. A 2009 study by MIT showed that agile organizations grow revenue 37 percent faster and are 30 percent more profitable.

IDENTIFY CHANGE AGENTS

Jack Welch once said, “Change in the marketplace isn’t some- thing to fear; it’s an opportunity to shuffle the deck.” In the beginning of any transformation phase, the entire organization must come to grips with adjusting to disruptions in the status quo. CEOs should make sure they select or promote agents of change to address growth issues, such as driving innovation and new-product development.

The ability to initiate change, coupled with agility, allows orga- nizations to correct their courses swiftly and keep on track, as growth complicates the communication flow. In the Davos study, 86 percent of CEOs surveyed recognized the need for change in areas including R&D and innovation capacity.

REMAIN RIVETED ON RETENTION

A good selection process means little if the organization falls short on talent development and retention. According to PwC, a full 93 percent of CEOs polled recognize the need to change their strategies to attract and retain talent. Development programs accelerate the readiness of high-potential executives and prepare them to move more quickly through the pipeline.

Besides the obvious need to develop internal candidates for the organization’s future needs, investment in the career growth of high-potential executives sends a signal that they are valued by the business and allows them to envision a future there. This is a particularly important method of protecting the organization’s talent assets, since executives advancing through the ranks are particularly attractive to outsiders.

THE FIRST STEPS

Successfully managing the talent needs of an organization during a growth phase involves a variety of very complex issues. CEOs who rigorously seek out, develop and reward nimble thinkers and change agents while focusing on a retention process that encourages loyalty have taken the first important step towards leading their organizations into a period of growth that is both meaningful and sustainable.


MORE LIKE THIS

  • Get the CEO Briefing

    Sign up today to get weekly access to the latest issues affecting CEOs in every industry
  • upcoming events

    Roundtable

    Strategic Planning Workshop

    1:00 - 5:00 pm

    Over 70% of Executives Surveyed Agree: Many Strategic Planning Efforts Lack Systematic Approach Tips for Enhancing Your Strategic Planning Process

    Executives expressed frustration with their current strategic planning process. Issues include:

    1. Lack of systematic approach (70%)
    2. Laundry lists without prioritization (68%)
    3. Decisions based on personalities rather than facts and information (65%)

     

    Steve Rutan and Denise Harrison have put together an afternoon workshop that will provide the tools you need to address these concerns.  They have worked with hundreds of executives to develop a systematic approach that will enable your team to make better decisions during strategic planning.  Steve and Denise will walk you through exercises for prioritizing your lists and steps that will reset and reinvigorate your process.  This will be a hands-on workshop that will enable you to think about your business as you use the tools that are being presented.  If you are ready for a Strategic Planning tune-up, select this workshop in your registration form.  The additional fee of $695 will be added to your total.

    To sign up, select this option in your registration form. Additional fee of $695 will be added to your total.

    New York, NY: ​​​Chief Executive's Corporate Citizenship Awards 2017

    Women in Leadership Seminar and Peer Discussion

    2:00 - 5:00 pm

    Female leaders face the same issues all leaders do, but they often face additional challenges too. In this peer session, we will facilitate a discussion of best practices and how to overcome common barriers to help women leaders be more effective within and outside their organizations. 

    Limited space available.

    To sign up, select this option in your registration form. Additional fee of $495 will be added to your total.

    Golf Outing

    10:30 - 5:00 pm
    General’s Retreat at Hermitage Golf Course
    Sponsored by UBS

    General’s Retreat, built in 1986 with architect Gary Roger Baird, has been voted the “Best Golf Course in Nashville” and is a “must play” when visiting the Nashville, Tennessee area. With the beautiful setting along the Cumberland River, golfers of all capabilities will thoroughly enjoy the golf, scenery and hospitality.

    The golf outing fee includes transportation to and from the hotel, greens/cart fees, use of practice facilities, and boxed lunch. The bus will leave the hotel at 10:30 am for a noon shotgun start and return to the hotel after the cocktail reception following the completion of the round.

    To sign up, select this option in your registration form. Additional fee of $295 will be added to your total.