In Patrick Lencioni’s recent book, The Motive, he differentiates a CEO’s perception of their position as a continuum between individuals who see their position as a career-achievement reward, for which they are now being financially compensated….versus as a responsibility, for which they are in a position to serve and to suffer for their employees and customers.
Korn Ferry’s CEO Gary Burnison last week wrote in “Leading in a Crisis” that CEO’s need to have these four strategies to be successful: set strategic vision, drive growth, display business acumen, and manage crisis. That last one is the toughest for boards of directors to assess.
The COVID-19 pandemic provides a clear and present assessment on how a CEO manages a crisis. I have observed CEO’s recent responses, which fall on opposite sides of the responsibility/reward continuum. There is Marriott CEO Arne Sorenson taking on the full responsibility, and then there are others…. who are all about the reward.
- Being Present: Arne was actively involved while leading his executive team through an ambiguous situation with constantly changing impacts on the travel industry.
- Thinking Strategically: Arne furloughed thousands as the virus shut down the travel/hospitality industry. He actively is working on transitioning talent in the short term to front line providers in immediate need of hiring (e.g., CVS, Pepsi, Home Depot, Walmart, and major grocery chains).
- Behaving with Humility: Arne announced that he was not taking any additional salary for 2020, and his executive team was all taking 50% reductions.
What does your CEO’s response to COVID-19 say about their “motive”… one of responsibility or reward?
