ECC Executive Partners

Many business leaders are exhausted today. It feels like everyone is running on empty. You managed through the initial shock of the pandemic and made the necessary adjustments. Now it’s time to focus on your organization’s ability to weather future shocks, and relationship equity is a good place to start. [As written for and as published by Forbes (7/2), with author permission.]

As many countries and U.S. states begin to re-open, companies are moving from crisis management to planning for their new reality. In making this pivot, they are faced with many critical challenges including how their boards and executive leadership can best navigate these unchartered waters to emerge stronger in terms of talent management and workforce engagement.

Across today’s fast-paced, dynamic, interconnected business landscape, companies must be fast, nimble, and flexible to successfully deliver on their goals. The ability of a Board of Directors to work together effectively to provide the requisite guidance, expertise, frameworks, direction, and support that enable organizations to drive results is paramount. Once you’ve been appointed to a Board, what can you do to ensure your most effective contribution from the start? In my experience, it begins with early preparation, positive actions, and constructive behaviors.

With record low unemployment, aging baby boomers entering retirement years, and the fast-paced deployment of new technologies leaving many with obsolete skills, the war for talent continues to intensify amidst one of the hottest job markets in decades. In fact, The Conference Board reports that 62% of CEOs – 3 out of every 5 – cite attraction and retention of top talent among their top 3 internal concerns. There are many actions leaders and businesses can take to have a greater impact on attracting, retaining and developing their talent pool. In my experience, it boils down to three key principles.

Proper succession planning at the C-Suite level is critical to keep companies on track and moving forward when executive leaders depart, whether planned or unplanned. Recent statistics are startling regarding the increasing number of CEO departures and how few companies have actually planned for their C-Suite successors. Having successfully navigated four separate CEOs successions as CHRO of McDonald's Corporation, I offer important factors to consider when embarking on CEO and C-Suite succession planning, including benefits to the organization and suggestions on how to ensure success.