It’s incumbent on the Board and senior management to ensure strategy is clearly set or reset (and sufficiently early in the growth or turn-around cycle) to give businesses the best chance of attracting, aligning and retaining A-Grade talent to the team.
Regulators believe boards need to do more to drive and safeguard organisation culture. The Australian Prudential Regulation Authority’s (APRA) report on the Commonwealth Bank – considered a governance landmark – implies that boards must dig deeper in their organisation to strengthen not only accountability and governance but also culture.
Culture surveys are a start but more needs to be done, particularly when you consider culture is really an output of leadership capability and habits. As such, boards need to pay serious attention to the way they attract, align, develop and retain A-Grade executive talent. Our proprietary High Performance Survey also helps boards analyse the current performance of their people in key areas such as workforce planning, performance improvement, leadership development, succession planning and more.
We help boards and their key executives articulate their core purpose and values, aligned to their business strategy. This can be done as part of articulating the company strategy on a page (SoAP) so that it is easily understood by all stakeholders.
Once captured, the Board must set a framework that ensures the core purpose and values are embedded into the business by leaders and managers. In other words, the purpose and values need to be lived not just acknowledged. Our High Performance Operating System (HPOS) helps set this framework.
As businesses grow their requirements change in relation to both governance framework and board composition. ‘What got you here is not necessarily going to get you there’ and we challenge growth companies to consider and assess what capabilities and capacity are required for their next stage of growth, starting with the board. Our independent advice has helped numerous boards objectively assess performance and evolve to meet future needs in a timely manner. We also provide CEO performance reviews and assessments.
Boards need rigour around the Director search, screening and selection process. The competencies and capabilities of any new Director should arise from a Board assessment and review process (outlined above) that highlights Board needs moving forward.
Based on our in-depth Executive Search process and own board experience, we assist Boards in ensuring they get the quality outcomes that stakeholders are looking for.
To find out more about how your board can leverage the public and private board experience of our own directors, get in touch today.Get in touch