August 2018 | Nano Tools | Leadership
Nano Tools for Leaders® are fast, effective leadership tools that you can learn and start using in less than 15 minutes — with the potential to significantly impact your success as a leader and the engagement and productivity of the people you lead.
Contributors: Co-authors of Go Long: Why Long-term Thinking is your Best Short-term Strategy: Michael Useem, William and Jacalyn Egan Professor of Management and director of the Wharton Center for Leadership and Change Management, The Wharton School, University of Pennsylvania; Dennis Carey, a vice chairman of the global executive search firm Korn Ferry; Brian Dumaine, founder and editor in chief of the New York media company High Water Press and a contributor to Fortune magazine; and Rodney Zemmel, senior partner at McKinsey.
Instead of focusing solely on quarterly goals, create and execute long-term strategies that will create solid growth, more jobs, and better rewards for shareholders.
Most CEOs are under enormous pressure to focus on next-quarter earnings from a number of sources, including institutional and activist investors, and even their own boards and executive teams. The result? Cutting R&D, capital improvements, wages, and their workforce in order to meet quarterly goals. But there is growing evidence that long-term thinking pays off much better in the long run. Solid long-term strategies executed well help businesses leapfrog the competition, create jobs, build public trust, improve the environment, and richly reward shareholders.
But there are many ways to go long. Different industries have different time horizons, and CEOs have their own distinct value systems and approaches. Some try to build sustainable organizations that aim to alleviate poverty, improve public health, or reduce their company’s carbon footprint. But despite these differences, four broad, basic principles can be used by any CEO who wishes to adopt a long game. Consider the four steps below to help push back against or even ignore some of the pressure to focus on the short term, never selling out the next decade in favor of next week.
Nano Tools for Leaders® was conceived and developed by Deb Giffen, MCC, director of Custom Programs at Wharton Executive Education. Nano Tools for Leaders® is a collaboration between joint sponsors Wharton Executive Education and Wharton’s Center for Leadership and Change Management. This collaboration is led by Professors Michael Useem and John Paul MacDuffie.
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