Make Work Better: Revolutionizing How Great Bosses Lead, Give Feedback, and Empower Employees by Doug Dennerline

Author:Doug Dennerline
Language: eng
Format: epub
ISBN: 9781510775794
Publisher: Skyhorse
Published: 2023-08-15T00:00:00+00:00

Maximizing Your Return on Investment in Strategic CHROs

In her interview with Bryant, Morris says, “The success of a company, for the most part, is always going to come down to the investment you make in people in leadership. I don’t know how it doesn’t.”9 Like Morris, we know a company’s success (and failure) comes down to one thing: people. You can have the best product in the world, but if you don’t know how to lead and inspire people to perform, you’re not going to survive. No one needs to look very far these days for examples of poor leaders who lack any understanding of how important their people are to their overall success. Elon Musk only needed a couple of weeks as CEO in late 2022 to decimate morale, tank the stock, and lose users on Twitter.

Morris also contends that the majority of CEOs spend a “disproportionate amount of time” fixated on financials or the core product and business rather than what their organization really looks like.10 She wonders if CEOs are looking critically at their company and asking, “Is it designed for success? Do they have the right players? Are they investing enough in developing the leaders of the future? Do they invest as much time in people and leadership as they do in other areas?”

We argue the majority don’t. For example, 65 percent of CEOs and organizations still use outdated annual performance review processes. Therefore, it’s safe to say the majority aren’t looking closely and critically at how their organization is operating and developing people.

Morris says it best: “If you want to lead a successful company, your core asset is the people who work for you. What have you done for them lately? Have you heard from them? Have you spent enough time thinking about how the company is structured and what kind of talent you’re attracting?”11

This also goes for the board of directors. Board members, not just CEOs, need to meet with the CHRO. This is the time for all to get on the same page—do the members understand the organizational health of the company? Is the board aware of the performance of the CEO and their reports? Are board members up to speed with the onboarding of any key leaders or succession planning? And if board members don’t know these answers, the directors aren’t paying close enough attention to the CHRO or valuing and respecting that leader’s role in the organization.

Morris clearly knows what she is doing. Before her overhaul, Adobe wasted an estimated eighty thousand hours of its managers’ time each year to conduct the annual performance reviews, equivalent to about forty full-time employees working all year round.12

Not only did switching save the company money, but it also increased employee retention. Before Morris’s overhaul, Adobe saw a spike in voluntary attrition every year following annual reviews. Morris attributed those losses to “disappointed employees deciding to leave after receiving ratings below their expectations.”13

But one of the best and seemingly unexpected outcomes was how employees began to feel about feedback.

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