First 100 Days for the Modern CEO
Boston Consulting Group issued a new report about debunking the myths of the first 100 days. It is worth reading if you are a new CEO. Several facts are worth sharing here however and I already dropped some into my presentation on steps CEOs should take in their First 100 Days. Since I wrote a book on the various stages of CEO tenure and how CEOs build reputation from day one to the very last hour, I try to update it as often as I can to keep up. CEOs have to keep up too because their first 100 days provides them with less time than ever before to get it right.
In one sidebar, the article describes how the CEO job has changed due to the growing complexity facing the modern day CEO. BSG found that organizational complicatedness (their word) has risen by a factor of 35 compared to 1955 (when the Fortune 500 was first created!). Many of these changes we already feel but BCG attaches facts and figures to these changes which are good to have.
Far more complex world for CEOs
• Number of performance requirements is 6X more than in 1955. Then, CEOs were measured against 4 to 7 KPIs vs. the typical 25 to 40 KPIs now.
Far more scrutiny for CEOs
• Many more stakeholders are now watching every step that new CEOs take These include activist shareholders, board members, regulators, lobbyists, online pundits, NGOs, consumers, media.
Far more dispirited workforce
• New CEOs are starting when falling employee engagement levels have dropped as much as 14%.
• Among U.S. employees, job satisfaction plummeted about 60% in 1990 to less than 43% in 2010.
I truly believe that the disengagement of the workforce is one of the biggest challenges facing CEOs. And what CEOs do in those first 100 days can make or break their tenure’s success. This is why I believe it is time for new CEOs to get a bit more social, like online!~