There are a few things that make an executive team successful.
The first is that all successful executive teams demonstrate great leadership when it comes to the operational or strategic goals of an organization.
But another key factor that many may not realize is that a successful executive team consists of members that can coordinate and build off each other’s strengths. A successful executive team must be functional in order to demonstrate leadership which will both shape the culture and influences the performance of how other teams within the organization will function.
Building a Successful Executive Team
There are many interviews with executive teams members of the keys to success. Executive teams often strive how operations should be running or strategical goals to try and take the lead over competitors. However, not many of them talk about the struggle of a team being able to work with each other.
In a recent study published by Harvard Business Reviews, 75 percent of cross-functional teams fail. When executive teams are incapable of displaying leadership at the highest level, it has a trickle-down effect on themes under their purview.
3 Things that Make a Successful Executive Team
Successful executive teams are capable of bringing together a strategic plan of direction for an organization to be able to invest in its future while minimizing its risk and maintaining sustainability.
For an executive team to be effective, it must be able to coordinate amongst each other rather than focusing on team members’ individual goals. Often times there is conflict within an executive team with it comes to decisions that have conflict goals between departments
An executive team must be more than functional, every member should be able to build off each other’s strengths to increase the success of the organization. Just because members have a ton of experience doesn’t necessarily make them a great fit for your executive team. This is why it is crucial when building an executive team to find members that are the right fit.
5 Keys to Consider When Building a Team that Fits Your Organization
1. Collective approach
To avoid team members from making decisions in their personal interest, the CEO or organization’s leader must understand each team member on the executive team to know which members are the best fit for the team.
Board members bring diverse experience to the table. All members must agree on how the company should be led and understand the role they bring to the organization.
Though the members of your executive team will be experienced professionals they should be engaged in the mentality of learning and growing. This type of thinking will help build your team to be more cohesive as well as pass its way down through the other teams below them.
Establishing a set of rules with your executive team to promote healthy interactions is a must. An executive team must be comfortable enough to engage with each other and making a decision that is in the best interest of the organization hinders the executive team’s ability to be transparent.
5. Diffusion rule
At a macro level, the executive team’s ability to resolve problems, demonstration of leadership, and ability to plan will transfer to all levels of the employees within an organization. A dysfunctional executive team will have a negative impact on the teams below them.