Asking the question, “What makes a great COO?” is akin to asking “What makes a great candidate for U.S. vice president?” It all depends on the first name on the ticket—the CEO. New research sheds light on this most contingent, and most mysterious, of C-suite jobs. After in-depth conversations with dozens of executives who have held the position and with CEOs who have worked with COOs, the authors have concluded that different views of the COO role arise from the different motives behind creating the position in the first place. There are seven basic reasons why companies decide to hire a COO: to implement the CEO’s strategy; to lead a particular initiative, such as a turnaround; to mentor a young, inexperienced CEO; to complement the strengths or make up for the weaknesses of the CEO; to provide a partner to the CEO; to test out a possible successor; or to stave off the defection of a highly valuable executive, particularly to a rival. This tremendous variation implies that there is no standard set of great COO attributes, which makes finding suitable candidates difficult for companies and recruiters alike. Still, certain common success factors came up consistently in the interviews, the most important being building a high level of trust between CEO and COO. Trust comes from meeting obligations on both sides: The COO must truly support the CEO’s vision; keep ego in check; and exhibit strong execution, coaching, and coordination skills. The CEO must communicate faithfully, grant real authority and decision rights, and not stymie the COO’s career. It’s surprising that COOs are not more common. They would be, the authors contend, if there were less confusion surrounding the role. As we continue to demystify that role, more companies will benefit from more effective leadership.
In a world of rational economic decision making, more — and more choice — is always better. If you don’t want a candy bar, skip it. If you choose to eat it, that’s because doing so is better than ignoring it. This is what economists refer to as revealed preference; in this Panglossian view, whatever choice you make must be the best one, given the information and incentives you have. But that’s not how many of us actually behave. Behavioral economists recognize that we’re shaped by the environments around us and that we can be nudged into better behavior. COOs who want to increase the uptake of employee benefit plans or improve performance on a particular metric should take note. You may find simple ways to change the environment to improve your decisions and those of others around you.
Resignations are at an all-time high, and companies desperate to fill vacancies are trying everything from pay raises to trendy perks. But those interventions are falling short, because the real problem, as the author explains, is that so many jobs are stressful, meaningless, and unlovable. Buckingham’s data on what keeps employees engaged (from his work at ADP Research Institute) suggests that companies should change their approach to performance management to take advantage of each employee’s unique skills and passions. That necessitates three mindset shifts: viewing employees as the key stakeholders in the organization; moving away from standardization in performance management tools; and trusting employees to accomplish their performance goals the way they see fit. No company today is yet the full “Love + Work” organization that Buckingham describes, but lululemon, Walmart, Amazon, McKinsey, and Cisco are among those that have begun to embrace some of its characteristics and have seen improvements in both retention and overall performance.
Are you ready to fall in love with the Ninja Foodi? These 65 Easy Ninja Foodi Recipes will help you get started cooking with the Ninja Foodi.
If you have a dog who barks incessantly for whatever reason – to be fed, at the mailman, because he’s bored, to get your attention – you’re probably wishing your dog had an “off” switch. Even if the barking doesn’t bother you, per se, you don’t want to be “that neighbor” with the obnoxious barking dog that everybody hates. So what can you do? Shouting at him to shut up rarely helps. Luckily, there is a way to get your ... Read more
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