An article in the leadership section of Fortune magazine caught my attention, featuring a survey of several Fortune 500 CEOs sharing their most valuable management advice – definitely worth highlighting.
It’s intriguing that the most recurring theme among their insights was the importance of building the right team.
One CEO shared this invaluable advice on team building: “Hire the best people and give them the freedom to operate their business/department, demand transparent communication, and hold them accountable for results.” This quote contains a wealth of wisdom. Here are my thoughts on its key components:
“Hire the best people” – While seemingly straightforward, this remains a significant challenge. Despite recent research indicating a considerable portion of the workforce is unsettled, finding the right talent can be daunting. If your current recruitment methods aren’t yielding quality candidates, it’s time to innovate:
• Explore alternative candidate sources such as SEEK or employee referrals.
• Assess your organisational culture. Exceptional individuals are drawn to companies that make a difference. Consider how you can enhance your company culture to attract and retain top talent.
• Share your vision with your team. Inspire excitement among both existing and potential employees.
“Give them the freedom to operate the business” – Empowerment is key. Provide thorough induction and training, then trust your team to execute. Avoid micromanagement and instead establish clear goals and KPIs.
“Demand transparent communication” – Foster a culture of openness. Provide your team with the necessary information and encourage them to approach you with both good and bad news. Encourage problem-solving by empowering them to propose solutions.
“Hold them accountable for results” – Accountability breeds commitment. Clearly define consequences, both positive and negative, to incentivise responsibility. This cultivates a team willing to make decisions autonomously.
There are numerous valuable lessons packed into this concise piece of advice. I hope you find these insights beneficial.
Roger Simpson – CEO, The Retail Solution and Author of “The Ultimate Retail Sales Experience” With over 35 years’ industry experience, Roger Simpson is recognized as Australia’s #1 Authority on customer ROI in the retail industry and as a global expert on staff coaching, customer service, and selling skills.
