Today’s CEO: How to Measure, Manage, and Accelerate Performance
The average tenure of a CEO is less than 3 years. Why is that? To get CEOs set up for success, you need to measure, manage and accelerate performance.
There are three key strategies to accelerate CEO performance and be transparent:
1. Develop Agreed Upon Measures of Success:
- Challenge: There are no well-established measures of success for CEOs. And, it’s not just about the numbers.
- Solution: Develop tailored measures of success. E.g., (1) Leadership; (2) Strategy; (3) People Management; (4) Operating Metrics; and (5) External Relationships (See article reference)
2. Manage Performance:
- Challenge: Most CEOs don’t have performance reviews.
- Solution: Develop tailored performance management approaches. E.g., board members gather feedback from internal and external stakeholders on your strengths and opportunities for improvement (See article reference)
3. Develop 90-day action plans:
- Challenge: Most CEOs don’t have a 90-day action plan to build on strengths and address opportunities for improvement
- Solution: Develop 90-day action plans. E.g., (1) Intentionality; (2) Awareness; (3) Self-Esteem; (4) Reflection; (5) Discipline; (6) Environment and Peer group; (7) Develop strategies in all areas of your life; (8) Learn from Pain; (9) Character growth; (10) Set best fit goals; (11) Let go of the past; (12) Curiosity; (13) Next-step mentors; (14) Daily effectiveness; (15) Put others first
Recommended Article: Evaluating the CEO by Stephen Kaufman, HBR, Oct 2008.
Recommended Book: The 15 Invaluable Laws of Growth by John Maxwell