If you’re reading this, most likely you’ve decided to take a job as CEO at a new company. Congrats!
It’s a huge step in your career and not a transition that should be taken lightly. Especially if there is no formal integration process, there is a steep learning curve for you to overcome in your new role.
One of the hardest obstacles companies must overcome is replacing a CEO that leaves, whether it be for another job, retirement, or because they just didn’t pan out. Especially in the case of a CEO at a major company (think Fortune 500), the Board of Directors immediately begins to think of a successor. Do they promote from within? Do they contract with an executive search agency such as Korn Ferry?
The Silver Tsunami is coming, there is no stopping it. The only thing that can be done is take proverbial shelter.
Planning for your own professional and financial survival during the tsunami depends on your keen powers of observation. Your options will be heavily influenced by your generation. Are you a baby boomer business owner planning for near-term retirement? Are you a member of Gen-X who will see opportunities open as the Boomers exit? What about vendors or other companies that you are contracted with? What do you see happening with them? If they go out of business, what is the effect on your day to day operations and bottom line? Now is time to gather information and consider your options.
Want to help build a storm shelter for others? There are a few things you can do as an outsider to help build that storm shelter for those who will be affected.
Ever heard of the Silver Tsunami? No? Don’t worry, you aren’t alone. The Silver Tsunami has nothing to do with water or coastlines. It represents the largest transfer of wealth ever before seen in the United States. There are about 12.3 MILLION Baby Boomer business owners in the United States. 10,000 of them are retiring every day on average, and most will retire within the next 5-10 years. You may be thinking to yourself, “That’s fine, there is nothing to worry about. This happens all the time with people retiring.”. The removal of this many people from the workforce is bound to lead to some changes and force a restructuring of certain economic functions.
Business transitions are risky undertakings. The failure rates are staggering for something that is so commonplace. Don’t panic!
Keep reading for 4 actionable steps that can help your company survive its transition. Continue reading “4 Steps to Help Ensure Transitional Success”
There are many different definitions of what a corporate culture is and what it should look like. There is no one right answer. Investopedia defines it as “the beliefs and behaviors that determine how a company’s employees and management interact and handle outside business transactions.” Others will define it differently; such as discussing corporate values or talking about employee engagement and satisfaction. If the people are happy, that means they like what’s going on, right? Not necessarily.
A company’s culture is one of those things many people tend to overlook. Does everyone in your company know your cultural values? Do you have a dress code? Do your employees even know your dress code? Even at some of the largest and most profitable companies in the world, cultural alignment between the executives and their employees can be non-existent.
Continue reading “Uber’s Toxic Culture”