Did you know that companies with leaders who are united under a singular vision, purpose and aspiration develop more effective succession pipelines and, thus, drive business growth? Well, it's true, at least according to a new study from human resources consultancy Aon Hewitt called "People Fuel Growth." The study surveyed chief human resource officers from more than 15 industries.
The survey found that the organizations that drive stellar growth have "collective ambition," which is fueled by competitive, yet collaborative leadership. The leadership team has a strong desire to be successful, but is highly aware that this only occurs when leaders are able to work collaboratively.
To achieve collective ambition, the study says the belief that ambition in absence of a group is meaningless and the leadership team must have an understanding of growth and how to achieve it. The study found it essential that companies put the following four steps in place:
- Leaders review the organization’s mission and growth plan regularly.
- Leaders hold meetings to discuss their growth plans at least once a year.
- Have regular cadence for their senior leadership meetings; most organizations surveyed meet on a monthly basis to ensure leaders work in unison to accomplish organizational goals.
- Goals are tied to concrete measures. In high-growth organizations, these are usually crafted so that all employees understand how they contribute to and share in the organizational success.