Executives have many things in common at C-suite level. But everyone has a seat at the table for a specific purpose, to steer the company in the right direction to ensure profitability.
In the C-suite, corporate departmental chiefs are under pressure to perform. From the CEO, to the Chief Financial Officer (CFO), Chief Legal Officer (CLO), Chief Operating Officer (COO) to the Chief Information Officer (CIO); one of the biggest strains at C-suite level is time.
There are not enough hours in the day for those most responsible in companies to devote their time to each task. Researchers from Harvard’s Business School began in 2006 to study how CEO’s spend their time by examining the schedules of executives from large firms. Within the 60,000 hours of data collated, they found that every minute counted, arguing that ‘Every calendar decision can enhance or diminish the CEO’s legitimacy.’
The same can be said at C-suite level as ascending and experienced executives battle the clock. Making a successful transition to a more demanding role is time consuming and inhibits productivity for new executives. Data from global consultancy firm McKinsey & Company highlights that on average it takes more than 100 days to adapt to a new C-level role and that 73% of new executives felt that their organisation did not have the right resources at their disposal to ensure a smooth transition. Strategic agendas are affected, and productivity suffers as a result.
Worldwide, advanced economies are experiencing a collective lull in worker productivity. A decade since the global financial crisis, companies and their executives are increasingly facing challenges beyond the realm of capital. One of the most surprising outcomes in the aftermath of the recession is that economic and rapid technological growth in recovery have seemingly not ensured greater productivity. The OCED in a June 2018 report stated that ‘Weak labour productivity growth continues to mark the world’s advanced economies and risks compromising improvements in living standards’.
But reluctant investment in technology is only one of the reasons why productivity is diminishing. Our white paper , ‘How to Maximise Productivity in the C-Suite’ details how advanced economies are presently operating at under 20% of their digital potential. It also outlines key changes that executives can incorporate into their working days to maximise productivity and incorporate productivity enhancing software into the boardroom. By understanding both cutting edge research and practical know-hows, executives can maximise their productivity in the C-suite and focus on results.