Nine Best Practices for Creating High-Performing Private Company Boards


Nine Best Practices for Creating High-Performing Private Company Boards

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According to recent studies as well as our own direct client experience, more and more private companies are establishing Boards. Countless CEOs and business entrepreneurs are strong-willed, talented professionals in their areas of expertise and can’t imagine reporting to a higher-level governing body. These “experts”, however, may still be interested in assembling a group of dedicated Advisors who bring complementary talents to the table. Other executive leaders, especially those in family businesses, may take it a step further by assembling a group of Directors who accept greater responsibility for the governance of the companies they serve. These Directors actually assume fiduciary responsibility for the company’s performance and thus have more of a controlling influence on their CEOs and broader businesses. 

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The CEO Dilemma: Whose Job Am I Doing Now?

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My business coach used to ask me the best question ever – one that I always hated! Whenever we sat down for our one-to-one coaching sessions, the conversation would inevitably turn to how busy I was and how I never had enough time to get it all done – especially not the future-focused strategic work. While he was a compassionate person, he never went down the pity party path with me. Instead, he simply asked, “So whose job are you doing now?”

I think we all know that the CEO’s job is to define the future vision and strategic direction for the company. From there, the CEO then needs to make sure that vision and strategy is communicated to and carried out by everyone across the organization. Why? To make sure all their efforts are aligned and help move the organization forward towards achieving its strategic objectives. But is that it? Is that all the CEO has to do? Absolutely not! That’s just the tip of the iceberg for what a good CEO does in his/her organization. 

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Five Unconventional Ways Modern Leaders Become More Productive

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What impact would being more productive have on the results you produce? On your leadership and personal development? On your business’ bottom line?

Imagine how much more you could contribute to your organization if you could increase your productivity. Even by just a little bit. Like other skills, productivity is something you can develop. You can cultivate it. It’s possible you could be more productive than ever before! 

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Seven Strategies for Success with Family Businesses

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I support a lot of family businesses and regularly hear from my clients how they pride themselves on creating positive work environments for their employees where they treat everyone like family. That’s quite admirable, and I’m sure those employees very much appreciate it. The question though is what to do with all the employees who actually are family!

Family businesses by their very nature are complex organizations. It’s not just about managing and operating a sustainable business with a family business. It’s about the leadership and governance practices required to keep any family drama and unproductive relationships away from work. In multi-generation family businesses, we’re talking 20, 40, 60 and even 100 or more years of history running the company. On the personal side, that’s generations of family members living together and growing up together who need to work together to operate that same business. That can create a lot of added stress and anxiety – something that many family business leaders are poorly equipped to handle – on an otherwise viable business. 

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The 4 P’s of Executive Gold

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Eight years ago, I wrote a blog post entitled “The 4 P’s of Olympic Gold”. The article was inspired by Shaun White’s amazing Gold medal performance at the 2010 Winter Olympics in Vancouver. Anybody who watched the Men’s Halfpipe competition that year though knows that White didn’t just deliver one Gold-medal run…

The results were clear before White even started his second and final run. He was still standing on the platform overlooking the crowd when he learned he already won Olympic Gold. In that moment though, he didn’t stop and do the victory dance. He didn’t take the easy way down the pipe with his board in hand. After what seemed like a long debate with his coaches about what to do, he instead looked down to his fans and did what a true Gold medalist would do. He delivered an even better performance than his earlier run, stuck his final landing, and beat himself for the Gold medal – again! 

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Five Ways Successful Leaders Increase Their Focus

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Ever wonder how much time your employees are wasting at work? Try Googling “wasted time at work” when you aren’t otherwise being productive, and the statistics may amaze you! Between cell phones, Facebook, and simply surfing the internet, employees these days waste an inordinate amount of time not focused on work while at work being paid to work. Research over the last few years has shown that this wasted time is costing companies billions (yes, BILLIONS) of dollars every year.

Now, what if you too have fallen into this familiar time-sucker trap? And what if you are a senior executive or other functional leader at your company? The cost of your being distracted instead of focused goes well beyond your own work tasks. It likely impacts everybody on your team and around you!

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Communication as the Foundation for Implementing Positive Changes

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Have you ever wanted to change something only to realize that others don’t want to change?  Whether you’re trying to implement a simple process change with your direct team or transform your whole company, organizational change doesn’t just happen because you have what you think is a good idea or because you want it to happen.  People resist change for a variety of reasons, so it is critical to communicate what that change is all about to those who will be most affected by it if you want them to embrace your changes like you do. 

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Dr. Jeremy Lurey Leads Webinar on Best Practices for Recruiting & Retaining Warehouse Talent

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International Association for Refrigerated Warehouses
Best Practices for Recruiting and Retaining Your Warehouse Talent

 

  • DateTuesday, August 29, 2017
  • Time: 2:00pm – 3:00pm EDT
  • Location: Online webinar
  • Registration: Click here to register and receive more information.

Recruiting and retaining a quality workforce is a challenge for warehouses across the world. In a specialized and often difficult environment, refrigerated warehousing jobs can be stressful and demanding for even the most dedicated employees. So how do we attract new employees to join our companies under these difficult conditions? Maybe more importantly, how do we retain them once they are on board? Join CHIEFEXECcoach CEO Dr. Jeremy Lurey on August 29th when he will help distribution and warehouse leaders better understand the employee life-cycle and what they can do to enhance this employee experience. He will also review several best practices for attracting new employees to join our companies and then developing and retaining them once they are on board. Click here to register and receive more information about this engaging and interactive webinar program.

How Much is Developing Your Employees Worth?

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I remember years ago when the cost of employee turnover was calculated to be 150% of an employee’s annual salary. That amount included any internal recruitment costs, external search fees, and hiring and on-boarding expenses as well as the simple loss in productivity associated with losing and then replacing a talented worker. While that may have been more accurate for higher-level leaders and professional staff, recent research still suggests that the average cost of replacing an employee who earns less than $50,000 per year, or more than 40% of Workforce America, amounts to 20% of the person’s annual salary.

So is it worth up to $10,000 per year for you to develop and retain your most talented workers? What about $300,000 – or more – for your most seasoned senior executives? 

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Dr. Jeremy Lurey Leads Webinar on Succession Planning & Strategies for Leveraging a Multigenerational Workforce

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Succession Planning: Strategies for Leveraging a Multigenerational Workforce

 

  • Date: Wednesday, August 30, 2017
  • Time: 2:00pm – 3:30pm EDT
  • Location: Online webinar
  • Registration: Click here to register and receive more information.

Your organization likely employs multiple generations of employees, from Boomers to Millennials. With such diversity, how can you identify and coach your next generation of leaders? Which of their widely varying skills and motivations should be developed to have the biggest bottom-line impact on your organization’s future? Plus, there’s your Board: how can you gain their buy-in for a proactive and dynamic approach to succession planning? Join CHIEFEXECcoach CEO Dr. Jeremy Lurey on August 30th when he will share a proven approach for adapting to these rapidly shifting workforce trends in the workplace with you and other executive leaders. In addition to learning the crucial elements of a “NextGen” succession plan, you will also review an actual case study that shares real-world implementation lessons learned from a recent business succession transition. Click here or contact us for more information about this engaging and interactive webinar program.

Dr. Jeremy Lurey & Plus Delta Consulting Named Talent Management Service Partner for Global Cold Chain

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CHIEFEXECCOACH Founder and CEO Dr. Jeremy Lurey and the firm’s parent company Plus Delta Consulting were recently named the official Talent Management service partner for the Global Cold Chain Alliance. For the past 5 years, Dr. Lurey has actively supported the Association and its Members, leading countless strategic planning, succession planning, and executive coaching efforts for companies across the US. Surely one of if not the greatest challenge for companies across the industry is the recruitment and retention of their employees. Being named the industry’s service partner will allow Dr. Lurey and our team to influence an even greater number of people across the industry as they will now share their leadership insights by speaking at more regional, national, and international events and writing for the Association’s publications. According to Dr. Lurey, “It is an honor that we don’t take lightly! We have always been proud of our project work with the Association and its Members, and we are very excited to be recognized now for our commitment to the success of the industry.” The new service partnership was just announced to the Association’s members at this year’s IARW-WFLO Convention in Dana Point, California.