Did you know 66% of millennials plan to leave their current employer by 2020? Or that 72% of CEOs are worried about their ability to attract and retain talent with the right skills? These are just a few of the startling statistics facing today’s small business owners, startup founders, and corporate executives.
Research has shown that only about 8% of company leaders excel at both strategy and execution. Leaders who master both strategy and execution start by building a bold but executable strategy, addressing the questions “What are we great at?” and “What are we able to achieve?” rather than coming up with lofty plans and asking functional and business-unit teams to do their best to execute. Next, leaders must ensure that the company is investing behind the change, which means linking the budget closely to the strategy.
When you embark on a new strategic journey to sustain and grow your organization in an uncertain world, what do you prioritize? If you’re like most of the leaders we know, you start with organizational structure and processes. We asked 80 senior executives from 20 countries and 25 industries where they focus their attention throughout strategic execution.
An exceptional leader we know would occasionally get a question from his direct reports in a variety of forms but with the common message, “Do you want this done fast or right?”
Can you run fast and go deep at the same time? Sprints break an otherwise long, complex process into sizable, achievable chunks that can be accomplished at greater speed.
Not all leaders are good and acknowledgement of this can often be the first step towards better leadership. In order to lead better, leaders and academics have turned to the idea of authentic leadership.
Carvey describes today’s business world as “volatile, uncertain, complex, and ambiguous,” and says it’s crucial to stay productive through this time of change. “Leaders who know how to manage complexity are skilled at solving problems and making decisions under fast-changing systems,” the report says.
In today’s volatile, high-velocity marketplace, what is the secret to longevity? Leaders who anticipate and embrace marketplace disruption, then quickly act to create relevant value for their customers and stakeholders.
We no longer have the luxury of time to change and must embrace risk as the new normal; we must continuously renew and reinvent ourselves as leaders so that we have the competencies and capacity to enable the evolution of our organizations.