A stable senior leadership team is usually good for an organization. When everyone in the C-suite has worked together for a number of years, executives get to know each other’s thinking patterns, management styles and areas of expertise. When a major issue arises, the CEO generally knows whom to appoint to a committee or task force to find a solution.
But there can be a downside to a longtime leadership team, particularly if the enterprise is facing a sweeping change in the market, a disruptive technology or a powerful new competitor. At times like these, the “same-old, same-old” approach isn’t likely to pay off.
It’s a good idea to periodically invite a guest into the C-suite—someone with a different background or skill set who can contribute to the discussions as an equal partner, at least for a certain amount of time. A newcomer can bring a different perspective and contribute fresh ideas to be discussed and analyzed by the leadership team.
For example, if a company is facing a merger, acquisition, IPO or downsizing, an outsider who has navigated similar waters can be extremely helpful. When a public company’s board member retires or terms out, an outside director from a similar industry or background can offer strategic counsel. A company that is finding it difficult to attract and retain Millennials might enlist the input of a college career counselor, a psychologist or even a workspace planner who could provide insight into the organizational structure and suggest new strategies to appeal to that young talent.
These individuals could also be brought in as consultants who investigate the issue and put together a report for the senior leadership team. But having an outsider actually join the team levels the playing field, and can result in more productive conversations.
Many professionals would welcome the opportunity to join a company’s senior leadership team and contribute their ideas. Bringing in an outsider can be a low-risk approach for an organization that’s trying to move in a new direction, and the rewards can be substantial.
During the recent “Great Recession,” many companies adopted a conservative operational strategy. Facing declining demand and slowing revenues, they looked inward: reducing operational costs, delaying capital investments and focusing on balance sheet management. In that challenging global environment, strong chief operating officers (COOs) and chief financial officers (CFOs) played leading roles in keeping their companies afloat.