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Cover of 'Speed'

Speed

John H. Zenger, Joseph R. Folkman

Discover your voice, share stories, grow your audience

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Description

In recent analyses of data from various client organizations, a new and significant factor emerged prominently: speed. This wasn't about speed as a mere objective but rather the kind of speed that generates tangible value swiftly. This attribute consistently surfaced as a critical indicator of both a leader's effectiveness and the overall success of an organization, according to John Zenger and Joseph Folkman.

Their findings, derived from extensive surveys involving over 75,000 business leaders, underscore the universal quest for increased speed in business operations.

Table of contents

01

The importance of speed

In the contemporary business landscape, the acceleration of operations due to technological advancements has significantly transformed the way businesses operate. Nowadays, consumers expect rapid services, from swift shopping experiences to immediate delivery, and access to information at unprecedented speeds. This urgency to be the first in the market necessitates businesses to operate faster and more efficiently than ever before. The exhilaration of speed is not only enjoyable but also profitable, and it is anticipated that the demand for quick operations will only escalate in the foreseeable future.

Research has compellingly demonstrated a correlation between the velocity of business operations and their outcomes. When leaders adopt a quicker pace, they are able to identify problems more promptly and catch emerging trends earlier. This enables the crafting and execution of effective responses to issues at a faster rate, allowing organizations to adapt swiftly and make rapid changes. It is crucial to understand that speed, in itself, is not the ultimate goal but a means to add more value as a leader. Data from over a million 360-degree feedbacks has conclusively shown that speed is a potent indicator of a leader's effectiveness and the success of an organization.

Speed serves as a source of sustainable competitive advantage. This is evident in the widespread adoption of Agile development methodologies among software developers, which enhance collaboration and shorten development schedules. Similarly, Lean manufacturing and production methodologies, which focus on eliminating waste and unnecessary processes, enable organizations to produce and deliver products more rapidly. The pace at which an organization operates is largely influenced by its employees, and the speed of the leader plays a significant role in setting this pace. Leaders who operate at a brisk pace signal that speed is valued and sought after within the organization.

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02

Enhancing speed in or­ga­ni­za­tions

There exists a profound connection between the velocity at which leadership operates and the overall effectiveness of said leadership. In the realm of practical application, leaders who demonstrate efficiency are often those who act swiftly. To embed speed into the fabric of your organization's culture and make it a cornerstone of your leadership approach, there are several strategies you can employ: The foremost strategy to expedite your daily operations involves enhancing your management of brief yet crucial interactions with your team members. Being an accessible leader is paramount; hence, optimizing these quick engagements can significantly increase your productivity. Consider experimenting with various methods to quicken these interactions, such as initiating conversations with a clear pace in mind, standing to convey urgency, and requesting concise updates on positive developments within their areas of responsibility.

Additionally, steering conversations gently yet firmly can help in swiftly addressing the needs of your staff. For instance, when someone seeks your attention, prompt them by asking what they require from you, thereby facilitating a quicker resolution. Setting clear expectations with your team, urging them to approach you with potential solutions already in mind, can drastically reduce decision-making time, allowing you to swiftly move on to other matters.

When it comes to meetings, limiting their duration to five or ten minutes can be a game-changer. This approach signals your expectation for preparedness and a focus on rapid decision-making, leaving no room for unnecessary chatter. Cultivating certain personal beliefs about working at a brisk pace, such as valuing the productivity boost from accomplishing tasks under tight deadlines and preferring active problem-solving over delays, can also enhance your efficiency. It is crucial to avoid multitasking, as it can detrimentally affect your productivity. Instead, concentrate on prioritizing tasks of utmost importance. Delegating tasks that do not require your direct involvement can significantly benefit both you and your team members by allowing you to focus on high-value activities while they gain job satisfaction and skill development. Embracing the latest technological tools, such as voice recognition software and updated software suites, can provide a substantial boost to your productivity.

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03

Tactics for faster leadership

In the realm of leadership, there exist a multitude of strategies that can be employed to enhance the velocity and efficacy of execution within an organization. By concentrating on a select group of eight tactics, leaders can significantly boost the overall pace at which their organization operates.

The foremost tactic is innovation, which stands as the paramount method to capitalize on speed. The progression of technology throughout history has consistently aimed to economize time and streamline processes. Leaders must embrace the willingness to assimilate new technologies and adapt their methods to harness these advancements effectively.

A critical consideration regarding knowledge and expertise is the recognition that possessing all the knowledge oneself is not a necessity, as long as there is a system in place that allows for easy access and application of the required expertise. In today's increasingly complex organizational structures, the presence of individuals with deep understanding of the inner workings provides a solid base upon which to build and accelerate. Technical experts, too, should be encouraged to seek out more efficient methodologies.

Leaders can adopt two distinct methodologies to foster innovation within their organization. The first method involves pushing individuals towards innovation by setting deadlines, maintaining regular check-ins, and holding managers accountable for innovative progress. The second method involves pulling individuals towards innovation by creating an atmosphere of excitement and interest, then allowing them to self-motivate and take action. Although both methods have their merits, evidence suggests that the pull method tends to result in more sustained innovation.

To effectively employ the pull method to spur innovation, leaders should set inspiring stretch goals that challenge their teams to achieve what may initially seem impossible. These goals compel individuals to reevaluate and potentially overhaul existing processes. Providing a clear sense of direction and purpose allows everyone to see how their efforts align with the broader business objectives. Painting a compelling long-term vision clarifies the organization's future trajectory, minimizing time spent on guesswork and maximizing time available for innovation. Leaders must also be agile, ready to pivot strategies swiftly, ensuring that their teams understand that exploration and occasional failure are part of the process, rather than grounds for punishment.

Focusing on the customer is crucial, as it involves seeking ways to deliver greater value and meet their evolving needs. Leaders should also become adept at promoting new ideas within the organization, helping others to recognize and appreciate the value of innovation. Taking risks and experimenting with new methods can lead to superior approaches. Engaging in the "Medici Effect," which occurs when individuals from diverse fields collaborate and exchange ideas, can lead to a plethora of innovative outcomes when managed effectively.

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