Even during the crippling global pandemic, while facing unprecedented turmoil and massive uncertainty, many companies have made major changes in their senior leadership ranks. Among the marquee brands that have named new CEOs in the past year are Amazon, Disney, Ford, Harley Davidson, HKEX, Honda, IBM, Intel, LinkedIn, Mastercard, Merck, MGM, Patagonia, UnitedHealth Group, Volkswagen, and Walgreens. The Gates Foundation, one of the largest charitable organizations in the world, welcomed a new leader as well.
Although 2020 saw less turnover at the top than 2019 overall, according to CEO tracking specialists, hundreds of exits and onboardings occurred at prominent global companies. As always, the organizations involved were under tremendous pressure—from shareholders, employees, customers, and others—to make the right choices.
Unfortunately, many choose poorly. Botched CEO appointments, Thomas Keil and Marianna Zangrillo observe in the Winter 2020 issue of MIT Sloan Management Review, cost companies tens of billions of dollars annually in market value. Short tenures are common, even among “seasoned executives with previously unblemished track records,” they note, observing that research they’ve been conducting indicates that “more than 15% of all CEOs depart within two years.”
“The best-laid plans—especially succession plans—often fall apart when they encounter reality. What is surprising,” they add, “is how shocked and appalled boards are when their CEO choices fail—sometimes repeatedly.” What accounts for the failures in these CEO choices? READ MORE
By Allison Bailey and Grant Freeland
There’s been a lot of buzz about a 4-day workweek. But it will be the ‘4 + 1’ workweek that ultimately wins out: 4 days of “work” and 1 day of “learning.” Several forces are converging in a way that point toward the inevitability of this workplace future.
How can leaders help their teams combat change exhaustion — or step out of its clutches? Too often, organizations simply encourage their employees to be resilient, placing the burden of finding ways to feel better solely on individuals. Leaders need to recognize that change exhaustion is not an individual issue, but a collective one that needs to be addressed at the team or organization level.
In this article, the author describes how a concept called tangential immersion can help anyone persevere in a boring task: Through a series of studies with more than 2,000 participants, she and her coauthors found that people often quit boring tasks prematurely because they don’t take up enough of their attention to keep them engaged.