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Articles for Executives


Below are original articles which may be of interest to executives. In addition, you may be interested in notes from our Connections events, which ran from January 2006 through March 2007 or our Leadership Edge Notes, which ran from January through August 2007.




Staying Up When the Market's Down

By Linda Holroyd, CEO, FountainBlue
October 31, 2008

 

Seasoned executives are used to the ebbs and flows of the valley – the high-highs that makes even nerds giddy, and the deep troughs of emotions and fortunes as the bubbles burst. But this time it's different – it's global, it's personal, it's pervasive, and it's IN YOUR FACE. What's more – it's an indication of times to come.

I'm an optimist; I can't be a successful entrepreneur otherwise. But it's hard to stay up when the market's down. Yet, we must all stay up and keep optimistic and hopeful to navigate the troughs together, making the ships sturdier, the channel more protected. Here are some tips for doing so:

1. Know Yourself and Believe in Yourself

Regardless of your personal professional situation right now – as an entrepreneur, as an executive, as someone in transition . . . Take the time to know what you're good at, what you enjoy doing, and what value you have in the market. Adjust your perceptions of yourself, but always believe in yourself. If you don't it's hard for other people to believe in you.

2. Take Care of Yourself

Many of us are going through uncertain times – whether your funding is unsure, or whether you might be the next layoff victim. Regardless of these external circumstances, be good to yourself – nurture your body, mind and spirit. Make choices that will balance your interests and your needs. Manage the stress of the uncertainties as best you can.

3. Forgive Yourself

In uncertain times, it's easy to keep second-guessing yourself, and to berate yourself for past infractions. Remember that successful people focus on the present and the future. They don't focus on past perceived failures. Instead, they congratulate themselves for making the attempt, and take the lessons with them on the next journey, making them stronger, more versatile and more knowledgeable!

4. Define Your Cause

When you know yourself, take care of yourself and forgive yourself, you'll have a strong foundation. Next, you have to find the fire burning in your belly. What are you passionate about? How does it relate to what you're doing now? Or does it?

5. Envision, Plan, Execute

Once you've defined your cause, envision where you'd like to go, create a plan for getting there, and execute on that plan.

6. Persevere – It Beats the Alternative

You might have the wrong cause, the wrong vision, the wrong plan. You might even end up worse than you are now. You might have to temporarily give up your dream to deal with practical realities. But persevere. Don't give up on your dream. Do learn from the course corrections and adjust what you want and how and when you would get there. Just keep pushing the cause, and celebrate any forward momentum.

7. Connect with People Who Make You Stronger

Surround yourself with people who believe in you, and help you to think outside the box. Gravitate to people who are willing to brainstorm with you to mitigate risks rather than shooting down ideas because they are risky. And be more versatile about how others' style and approaches might complement your own.

8. Create a Network that Supports All

Create an ecosystem that connects quality people to each other for direct and indirect benefit to all. Hint: People who see a win-win world of abundance are better for your network than people who feel threatened by competitors or people who believe in the value of receiving more than the value of giving.

9. Reach Out for Additional Resources

Don't expect that you and others in the network will have all you need to succeed, but do plan on how you will get those additional resources and connections to succeed!

10. Keep Growing!

It's not a destination, it's a journey. Enjoy the ride.



Below are comments submitted for ExecuNet's CareerSmart Advisor, April 2007, on the Topic of Graceful Executive Exits.
 
Is it always necessary to submit a resignation letter? If so, what should the contents of the letter include? What shouldn't be included in a resignation letter?  
Generally submitting a resignation letter is a standard for any professional. The letter should include:
  • a general thank you for the opportunity to serve in the roles that you served
  • a specific thank you to the person you served under (no matter how you feel about the person when crafting the letter, find something to thank him or her for)
  • the time period served
  • Regrets for external circumstances that may have contributed to your leaving
  • understated optimism at the opportunities ahead for you (even if you don't see one in sight . . . yet)
  • An interest in continuing the relationship following your departure, but only if you're sincere. If you'd rather not continue the relationship, a second thank you and close is fine.
  • Do not: get spiteful, say anything negative about a past event, say anything about how unfair it is and how ill-treated you were. There are other times and ways to say those things. They do not belong in a resignation letter.
Does the exiting executive help with succession? What can he do to improve this process? Should he not be involved?  
Every firm differs, so when in doubt, choose the path of professionalism. Go the extra mile to inquire about the needs for those you leave behind. Leave the new person better prepared and positioned to succeed by sharing methods, processes, relationship tips, etc., These small acts will be much appreciated, and leave a good final impression on others and help build bridges with new people who may be helpful to you personally or professionally.
How can an executive break the news that he's leaving to his team? (especially if he's a well-liked boss).  
This is always difficult, but there are some tips:
  • Have a track record of clear and transparent communications. This will make breaking any news to them much easier.
  • Do what you can to ensure the team is in good hands.
  • Think and act strategically. Create a plan for how you will communicate to each of the groups of people you work with - your peers, your staff, your partners, and other stakeholders.
  • Communicate your message (why are you leaving, what's happening to the company, the customers, other managers, their peers etc.,) to each group, being prepared to address their questions, their reactions and feelings.
  • Proactively manage the communications. People are in various levels of connections to you, of knowledge/information about your job situation. As you communicate to each group, ask people to respect the fact that you would like to tell people directly so that you can best address their questions and concerns.
  • Maintain communication ties. Welcome people to remain in touch, don't make people feel abandoned.
  • Be positive, optimistic while being realistic.
How does the executive help the team face a change in leadership?  
 The same principles apply:
  • Clear and transparent communications.
  • Do what you can to ensure the team is in good hands.
  • Think and act strategically.
  • Communicate your message.
  • Proactively manage the communications.
  • Maintain communication ties.
  • Be positive, optimistic while being realistic.
Should an executive try to take the best team members with him to his new company? Is there a time period that an executive should wait before doing this? What about non-compete clauses? What if the executive once signed an agreement not to recruit others?  
An executive should have loyalty to his employer during employment, and even afterwards. The catch is that there will be more than one employer! Although it would be better not to mention employment opportunities at your new firm while still employed with your current employer, it is generally accepted to respond to specific inquiries initiated by others, particularly after a 30 day time period, assuming that the non-compete clauses do not apply.
What should an executive do if his current company makes a counteroffer?  
Remember who you are leaving. Will the counteroffer address all those concerns? Does it have the same long-term and short-term potential of your current opportunity? Also take the opportunity to recognize why you are getting the counteroffer. What skillsets do you have that they want? What are the implications of your leaving for your company, your team, your division? If you do decide to stay, you would be in a more solid negotiating position.
How should an executive conduct himself during an exit interview? If the environment or boss was unsatisfactory, should he say so?  
Provide constructive, proactive and specific feedback while remaining tactful and professional. 
Why is it so important to leave on a good note? Is it true that you should never burn bridges?  
Leaving on a positive note helps you maintain the relationships you built, build new relationships, and help people reframe any negative experiences they might have had with you. 
An executive might have good intentions, but what if his company doesn't let him exit gracefully? What if he is escorted out by security and can't say goodbye to his team or finish incomplete projects? Is there another way in which to follow up with individuals and projects?
 
In this difficult scenario, it is perfectly appropriate to craft an e-mail to one person and trust that person to communicate your farewells and good wishes, any critical work-related items, as well as your new contact information.
How can an executive best handle a departure if his next stop is working for a competitor?  
 The main difference in this situation is that you would be working with a competitor, so the main extra filter you would have in doing your job is 'Am I making an ethical decision for both my current and past employer?'
What materials should an executive have when he leaves? (i.e. performance reviews; letters of recommendation; documents that will help land future jobs)
Reviews, recommendations, relationships. 



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