Accelerators & Stallers

 
 

Accelerators Embedded In A Role

 

P & L RESPONSIBILITY

Having P&L responsibilities – Unless you are a business major, many individuals enter the business world without having an understanding of this financial term. P&L is an acronym for Profit & Loss.

A very simplistic explanation of it as it pertains to someone being responsible for P&L is that they drive revenue and manage expenses. A "Profit" is when revenues are greater than expenses; a "Loss" is when revenues are less than expenses. Of course, the goal of a company is to make a Profit.

A CEO, being at the highest level of a company, is responsible for the overall P&L of an organization. Often times, large companies produce multiple products and each product has a person responsible for the P&L for that product. This gives you an opportunity to hold responsibility for the P&L for a product. Being responsible for the P&L of a physical product or a service line is often critical to becoming qualified to becoming a CEO. The earlier in your career that you can obtain this experience, the easier it will be to find your way through the maze. Becoming responsible for P&L does not come easily; most people work a number of years before they are granted this opportunity. However, for anyone considering becoming a CEO as a possibility someday, keep this important responsibility in mind throughout your career.

The absence of P&L responsibility is likely a significant staller if you are seeking the CEO position.

LINE VERSUS STAFF ROLE

Line positions are those that are “on the front line”… they have direct contact with the product or the service provided to the customer. A line role is responsible for achieving the overall goal of the organization. Staff roles advise and assist the line roles.

Line roles are typically found in operations and sales and sometimes marketing. Some examples of staff roles are those found in the financial, engineering, information technology and human resources functions; depending upon the product produced or the service provided, there will be a variety of many other staff roles.

A CEO typically will have held line roles at some point in their career. Holding only staff roles will not, in most cases, take you to the CEO seat as a well-rounded CEO will have held both line and staff roles.

Holding a line position at some point early in your career makes finding your way through the CEO maze much more likely. And the earlier you do it, the better, because employees can become informally “pigeon-holed” as a staff person if they hold those positions too long early in their career. Having line experience is very important to keep the possibility of someday becoming a CEO open to you.

The absence of a line role is likely a significant staller if you are seeking the CEO position.

RELOCATIONS

Although picking up and moving is difficult, most CEOs have experienced the joys and pains of moving. For those individuals who are hired into a corporate headquarters it is very difficult to imagine taking a role at a subsidiary or division operation or office.

When you’re at the head office next to all of the “important” people you may not want to relocate to a place where the final decisions are not made. On the other hand if you are in a subsidiary or division office, where “all the action happens,” you may not want to relocate into what some view as a stuffy, corporate environment. Well, guess what? To increase your ability to become a CEO, you will probably need both experiences.

Most CEO’s will tell you that experiences obtained in a corporate and subsidiary environment are both invaluable. Any opportunity you have in your career to experience one or the other will not be wasted. Both will be advantageous to you in finding your way through the maze to the possibility of becoming a CEO.

Global Responsibility – As businesses are being set on more of a global stage, understanding the cultures and values of those outside of our own environment become very important in a business setting. An individual who has had experiences beyond their own familiar grounds, holds more insight of consequences of decisions made and actions taken. A lack of understanding of the global markets can cause CEOs to falter. In today’s world, almost no boundaries exist between countries for manufacturing and trading purposes. Because of this, boards of directors have more confident in appointing an individual to a CEO position if that person has had international experience.

Taking an international assignment or having responsibilities for global operations or markets can be a pivotal point in the path to becoming a CEO. When such opportunities present themselves– take them. Having such experience as part of your career assignments will likely result in you becoming a greater asset to a company. Individuals with global experience will always find themselves with a better understanding of the path to becoming a successful CEO.

In a company with a large international presence, being unwilling to relocate may be a significant staller if you are seeking the CEO position.

 

Accelerators Controlled By You

 

HAVING MENTORS

There is so much value to be said of good mentors that it is difficult to know where to begin. A good mentor will be able to guide you down the right paths of the CEO maze. Most individuals have several mentors during their career.

The issue in question is not whether or not to seek a mentor but more about how to seek the “right” mentor. Keep in mind that a good mentor should know the ins-and-outs of the business; be resourceful in making other contacts for you; willing to teach you what is difficult to learn on your own; and, be honest in providing you advice and feedback. A mentor should also be trustworthy in maintaining any confidences you have shared with them and someone with whom you feel you can connect. Identifying and finding a good mentor can help you through the maze of possibilities in your career. As a new college graduate in your initial assignment with an organization, it will take some time to evaluate the “players” at an upper level. In some organizations, you may be assigned a mentor. However, matches of mentors with the person being mentored are not always perfect. The good news is, as is true with many things in life, mentor assignments do not have to be in place forever. However, if you believe you are not connecting with the mentor assigned to you, you will need to use great tact in changing from one mentor to another. Most organizations only provide mentor assignments to individuals who have already some proven track record with the company; you do not want to alienate someone who may rise in the organization and whom you may someday need as a Supporter/Promoter (see role of Supporter/Promoter).

If you are not automatically assigned a mentor, the best course of action is to study the “playing field” to identify one and ask that person if they will be a mentor to you. You will ultimately want to find an individual who is an “up and comer”– this is important because they may be in a position someday to advance your career (see role of Supporter/Promoter).

Mentors can change as you grow and develop. Even such, always remember and never lose contact with a good mentor.


DEVELOPING A SUPPORTER

This is an individual who may or may not be a mentor to you. A supporter is someone who “sits at the senior executive table” and actively participates in discussions concerning succession planning.


Having a supporter is important in order for you to be considered for developmental assignments; this is a senior person in the organization who knows who you are, what your strengths are, where opportunities lie to develop your skills, your intermediate and long-term careers goals and very importantly, believes you have the ability to take on assignments with increased responsibilities. This individual is frequently at a level where mentorship is not practical on a regular basis.

How do you develop a Supporter/Promoter? The best path is to become known for your skills and your contributions. At some point, you will be in a meeting with senior executives and this will be your opportunity to shine. If you are making a presentation, practice it many times in front of someone who you trust to give you helpful feedback. If you are not making a presentation but are part of a team present in the room during the presentation, look for an opportunity to add value to the meeting without contradicting what the presenter is promoting. You do not want to be viewed as not being a team player or trying to one-up the presenter. One valuable comment is all you need to open the door. Hopefully, other similar opportunities will present themselves in the future. Some executives are open to meeting with younger employees who have the courage to ask for a meeting. If you get such an opportunity, keep the meeting short and succinct. Asking about the future direction of the company and how you can be part of it are good starters for a discussion. And periodically sending notes and scheduling follow-up meetings to the potential Supporter/Promoter are also important. But remember, in order to keep this individuals attention and be seen as a nuisance, you must be making a real contribution to the organization and become known as an “up and comer” who wants to make a difference.

The presence of a Supporter is extremely important in finding your way through the maze of options to obtain the right assignments that can lead to becoming a CEO.


BEING AN ASSET TO A MEETING

There are many ways to get noticed as a new person in an organization. Demonstrating high work ethics, producing quality work and being a good team player will always be recognized. But there is one avenue that is often overlooked by individuals; being an asset in a meeting setting.

The ultimate goal for an individual is to become an active and thoughtful participant of a meeting. Listening to and absorbing the information presented at the meeting is important but also adding your own content by asking thoughtful questions and making relevant comments makes you a valuable asset to a meeting.

Before attending a meeting, study the subject matter to be discussed and come prepared to ask questions. Remember if you have a specific question, it is likely someone else does, too. Don’t hesitate to ask it and let someone else ask your question or questions before you have had a chance to do so. Being a thoughtful and active contributor to a meeting will always be viewed in a positive light; being silent can be viewed as not having an opinion, not a positive attribute for moving up the ladder of increased responsibilities. Sometimes you will say things that might be wrong but don’t let this discourage you; it takes a lot of courage to speak up. As you have more experience in this setting, being an active participant becomes easier.

Being over-bearing, obnoxious, difficult and/or withdrawn in meetings is often a staller and can potentially be a derailer if you are seeking the CEO position. That said, there are CEOs who are so talented that their challenging behavior is sometimes overlooked but it should be noted that this is the exception, not the rule.


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Join Sharon Fiehler as she talks with a woman who is at the top of her game — Barbara Archer. Fierce from the beginning, you’ll hear how Barbara stood her ground in her first job after college as a lab supervisor (?) in an all male industry and worked her way to the top as Managing Director and Partner of HighTower St. Louis Wealth Advisors. Barbara candidly shares the decisions and practices that led her to becoming the success she is as well as invaluable educational and career advice for girls.

Barbara has received numerous industry awards and recognitions, including:
  • St. Louis Business Journal’s “Most Influential Business Women;”
  • Barron’s “Top 1,200 Financial Advisors;”
  • Worth Magazine’s “Top 250 Advisors;” and,
  • Forbes’s “Leading Wealth Managers of the Central United States”.

Barbara earned her BS and MBA degrees from the University of Dayton and completed the Wharton Executive Education Program on Retirement Risk and the Harvard Business School Executive Education Course Women on Boards: Succeeding as a Corporate Director. She holds designations as a Certified Financial Planner™ (CFP™), Chartered Life Underwriter® (CLU®), Accredited Estate Planner® (AEP®) and Certified Family Business Specialist (CFBS). She is a member and past President of the St. Louis Chapter of the Financial Planning Association and a member and past Board Committee Chair of the Estate Planning Council.

Outside of work, Barbara lives here credo, “Always grateful and never satisfied.” She is a passionate community volunteer, serving on the boards of the St. Louis Zoo, St. Louis Public Radio, Mercy Health Foundation and the Center of Creative Arts (COCA). She continues to support the Girls Scouts of Eastern Missouri, the St. Louis Children’s Hospital Legacy Partners, Mercy Women with a Mission and St. Louis Forum. She is a donor advisor for the HighTower St. Louis Wealth Advisors Charitable Foundation.

 

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