Understanding risk is at the core of management and board effectiveness. Every day decision makers consider options and make choices based on their expert judgment and analysis of probable success.
But there is one business risk that can lurk outside leaders’ awareness. In fact, this risk comes from inside their own heads in the form of mental biases. And no one is immune.
“This is interesting,” said the CEO, studying the whiteboard we’d filled with a detailed position profile. Hank, I, and several board directors were updating his company’s succession plans in light of his expected retirement in two years. Updating his own position profile – role, responsibilities, and success criteria – was key to identifying possible internal candidates for his job.
“Our business has changed drastically in the past eighteen months,” Hank noted. “We have more overseas suppliers, more regulation to contend with here and abroad, and more strategic alliances to manage.” He shook his head in mild disbelief. “If I were looking for someone to fill my shoes now, I probably wouldn’t hire myself.”
I speak to thousands of executives and managers every year. When the topic of giving performance feedback comes up, as it frequently does, I hear the truth from managers about their uncertainties and anxieties in doing this critical task effectively.
This is especially the case when sensitive or negative feedback needs to be conveyed. The all-too-human temptation in these cases is either to avoid the issue, hoping it will go away, or to spend as little time as possible on the unpleasant matter. However, neither approach typically works well in achieving sustained on-the-job performance improvement.
By Susan Battley
Finding or otherwise buying “down time,” is one of the most common problems I hear from harried executives. Workload and the relentless demands of juggling multiple priorities and constituencies can be so extreme that serious “battle fatigue” ensues. Often, the first sign that something is wrong occurs when the person has an unexpected breather, and finds himself or herself unable to enjoy it.
That is just what happened to a very successful -and busy – VP of National Sales at a leading pharmaceutical firm.
