Tag: CEOs

  • What Great Listeners Actually Do

    Good listening is much more than being silent while the other person talks.

    Chances are you think you’re a good listener. People’s appraisal of their listening ability is much like their assessment of their driving skills, in that the great bulk of adults think they’re above average.

    In our experience, most people think good listening comes down to doing three things:

    • Not talking when others are speaking
    • Letting others know you’re listening through facial expressions and verbal sounds (“Mmm-hmm”)
    • Being able to repeat what others have said, practically word-for-word

    In fact, much management advice on listening suggests doing these very things – encouraging listeners to remain quiet, nod and “mm-hmm” encouragingly, and then repeat back to the talker something like, “So, let me make sure I understand. What you’re saying is…” However, recent research that we conducted suggests that these behaviors fall far short of describing good listening skills.

    We analyzed data describing the behavior of 3,492 participants in a development program designed to help managers become better coaches. As part of this program, their coaching skills were assessed by others in 360-degree assessments. We identified those who were perceived as being the most effective listeners (the top 5%). We then compared the best listeners to the average of all other people in the data set and identified the 20 items showing the largest significant difference. With those results in hand we identified the differences between great and average listeners and analyzed the data to determine what characteristics their colleagues identified as the behaviors that made them outstanding listeners.

    We found some surprising conclusions, along with some qualities we expected to hear. We grouped them into four main findings:

    • Good listening is much more than being silent while the other person talks. To the contrary, people perceive the best listeners to be those who periodically ask questions that promote discovery and insight. These questions gently challenge old assumptions, but do so in a constructive way. Sitting there silently nodding does not provide sure evidence that a person is listening, but asking a good question tells the speaker the listener has not only heard what was said, but that they comprehended it well enough to want additional information. Good listening was consistently seen as a two-way dialog, rather than a one-way “speaker versus hearer” interaction. The best conversations were active.
    • Good listening included interactions that build a person’s self-esteem. The best listeners made the conversation a positive experience for the other party, which doesn’t happen when the listener is passive (or, for that matter, critical!). Good listeners made the other person feel supported and conveyed confidence in them. Good listening was characterized by the creation of a safe environment in which issues and differences could be discussed openly.
    • Good listening was seen as a cooperative conversation. In these interactions, feedback flowed smoothly in both directions with neither party becoming defensive about comments the other made. By contrast, poor listeners were seen as competitive — as listening only to identify errors in reasoning or logic, using their silence as a chance to prepare their next response. That might make you an excellent debater, but it doesn’t make you a good listener. Good listeners may challenge assumptions and disagree, but the person being listened to feels the listener is trying to help, not wanting to win an argument.
    • Good listeners tended to make suggestions. Good listening invariably included some feedback provided in a way others would accept and that opened up alternative paths to consider. This finding somewhat surprised us, since it’s not uncommon to hear complaints that “So-and-so didn’t listen, he just jumped in and tried to solve the problem.” Perhaps what the data is telling us is that making suggestions is not itself the problem; it may be the skill with which those suggestions are made. Another possibility is that we’re more likely to accept suggestions from people we already think are good listeners. (Someone who is silent for the whole conversation and then jumps in with a suggestion may not be seen as credible. Someone who seems combative or critical and then tries to give advice may not be seen as trustworthy.)

    While many of us have thought of being a good listener being like a sponge that accurately absorbs what the other person is saying, instead, what these findings show is that good listeners are like trampolines. They are someone you can bounce ideas off of — and rather than absorbing your ideas and energy, they amplify, energize, and clarify your thinking. They make you feel better not merely passively absorbing, but by actively supporting. This lets you gain energy and height, just like someone jumping on a trampoline.

    Of course, there are different levels of listening. Not every conversation requires the highest levels of listening, but many conversations would benefit from greater focus and listening skill. Consider which level of listening you’d like to aim for:

    Level 1: The listener creates a safe environment in which difficult, complex, or emotional issues can be discussed.

    Level 2: The listener clears away distractions like phones and laptops, focusing attention on the other person and making appropriate eye-contact. (This behavior not only affects how you are perceived as the listener; it immediately influences the listener’s own attitudes and inner feelings. Acting the part changes how you feel inside. This in turn makes you a better listener.)

    Level 3: The listener seeks to understand the substance of what the other person is saying. They capture ideas, ask questions, and restate issues to confirm that their understanding is correct.

    Level 4: The listener observes nonbverbal cues, such as facial expressions, perspiration, respiration rates, gestures, posture, and numerous other subtle body language signals. It is estimated that 80% of what we communicate comes from these signals. It sounds strange to some, but you listen with your eyes as well as your ears.

    Level 5: The listener increasingly understands the other person’s emotions and feelings about the topic at hand, and identifies and acknowledges them. The listener empathizes with and validates those feelings in a supportive, nonjudgmental way.

    Level 6: The listener asks questions that clarify assumptions the other person holds and helps the other person to see the issue in a new light. This could include the listener injecting some thoughts and ideas about the topic that could be useful to the other person. However, good listeners never highjack the conversation so that they or their issues become the subject of the discussion.

    Each of the levels builds on the others; thus, if you’ve been criticized (for example) for offering solutions rather than listening, it may mean you need to attend to some of the other levels (such as clearing away distractions or empathizing) before your proffered suggestions can be appreciated.

    We suspect that in being a good listener, most of us are more likely to stop short rather than go too far. Our hope is that this research will help by providing a new perspective on listening. We hope those who labor under an illusion of superiority about their listening skills will see where they really stand. We also hope the common perception that good listening is mainly about acting like an absorbent sponge will wane. Finally, we hope all will see that the highest and best form of listening comes in playing the same role for the other person that a trampoline plays for a child. It gives energy, acceleration, height and amplification. These are the hallmarks of great listening.

    Authors: Jack Zenger and Joseph Folkman

    Original Content Published by Harvard Business Review

  • Guide To CEO Peer Networks

    Interchangeably called CEO peer groups or networks, these organizations generally arrange regular meetings in confidential environments where CEOs can share ideas, best practices, experiences and advice. High performing executives value the perspective of other leaders, as well as the wisdom that comes from the practical experiences learned by others in similar circumstances.

    To read this 2020 Report by Chief Executive Research, LLC., please click HERE

  • CEO and Senior Executive Compensation in Private Companies 2019-20

    Chief Executive Research surveyed 1,668 companies in April thru June of 2019 about their 2018 fiscal year compensation levels and practices, as well as their expected compensation levels for the remainder of 2019.

    We’ve received detailed data about compensation packages for CEOs and nine other senior executive positions, as well as comprehensive information about each company’s executive compensation policies and practices. The substantial response provided meaningful data for companies across revenue ranges, industries, regions, ownership types and levels of profitability.

    Detailed data from this survey is analyzed and presented in our acclaimed 2019-20 CEO & Senior Executive Compensation Report for Private Companies, for which we are happy to provide you, as a survey respondent, this executive summary.

    While most data sources on CEO compensation focus on large public companies, our research brings real-world insight into the compensation of CEOs of the approximately 6 million private companies in the U.S., not just the S&P 500. We invite you to consult the full report for complete compensation data broken down by company demographics and performance.

    To read this Executive Summary by Chief Executive Research, click HERE

  • KORN FERRY’S PERSPECTIVE ON EXECUTIVE PAY ACTIONS ARISING FROM COVID-19

    A New Compensation Committee Game Plan.

    INTRODUCTION

    “Not since the Great Depression of the 1930s has the global
    economy been under so much pressure. While there are echoes
    of the financial collapse of 2008, the economic pain from the
    current pandemic is far wider and deeper. Fissures have formed
    in entire industry sectors and millions of employees have been
    terminated or furloughed. And yet the biggest casualties of
    this crisis are the tens of thousands of people who have lost
    their lives, and the hundreds of thousands more who have
    been hospitalized.

    Given these unprecedented times,
    corporations around the world have
    acted in unprecedented ways. They have
    found ways to create new virtual work
    arrangements for large segments of their
    workforce. They have kept employee
    well-being at the top of their priority list.
    They have found new ways to stay
    connected to and interact with
    their customers.

    But the crisis has also taken its toll on the
    workforce beyond the obvious impact
    of the health crisis. Companies have been
    forced to shut down large portions of
    their operations, if not close their doors
    altogether. And, as a result, millions of
    people have been subject to furloughs,
    job cuts, or hefty pay reductions.
    Amid this turmoil, executive
    compensation has naturally come under
    an even brighter spotlight than usual.

    Many CEOs and senior executives in the
    companies hardest hit by the COVID-19
    crisis have announced significant pay
    reductions of their own, and others will
    likely follow suit. Cutting pay for
    executives is a visible and potentially
    necessary step in stabilizing some
    companies as they manage through the
    crisis. It sends a positive message to both
    employees and shareholders, and could
    enhance, or at least limit the tarnishing of,
    the company’s reputation. While some
    outside observers have heralded these
    early actions, others have opined that
    they are too few and too limited.”

    Summary

    Korn Ferry has organized a committee of executive leaders who have formulated an actionable Game Plan in the form of a visually stimulating and professional version of a whitepaper, ultimately highlighting useful suggestions for leadership behaviors during times of unprecedented crisis. Their guidance is not only sincere and genuine, but all information presented is undoubtedly provided by experienced professionals.

    To discover all their tips and advice, it is highly recommended to download and read the entire Korn Ferry whitepaper. See link below:

    View Here

    Authors:

    Don Lowman
    Global Leader Rewards & Benefits
    don.lowman@kornferry.com


    Irv Becker
    Vice Chairman, Executive Pay & Governance
    irv.becker@kornferry.com

    Todd McGovern
    Senior Client Partner, Executive Pay & Governance
    todd.mcgovern@kornferry.com

    Kurt Groeninger
    Senior Principal, Executive Pay & Governance
    kurt.groeninger@kornferry.com


    Korn Ferry is a global organizational consulting firm. We work with organizations to design their organizational structures, roles, and responsibilities. We help them hire the right people and advise them on how to reward, develop, and motivate their workforce. And, we help professionals navigate and advance their careers.