OFW Journals (OFW Stories on the News) and Some OFW Employment, Career & Business Tips

Impress the new CEO, keep your job
Posted by: "Efren Ll. Cruz, RFP" cruise@skydsl.com.ph
Thu Apr 26, 2007 3:01 pm (PST)
Marshall Loeb

MARSHALL LOEB'S DAILY MONEY TIP

Impress the new CEO, keep your job

By Marshall
Loeb, MarketWatch

Last Update: 12:01 AM ET Apr 26, 2007

NEW YORK (MarketWatch) -- When a new CEO arrives at company, senior executives start to wonder: Does this mean I'm out?

According to a new study in the Harvard Business Review, turnover among top management spikes when a company appoints a new chief executive officer. The study, written by father-and-son team Kevin P. Coyne and Edward J. Coyne, both business professors, concludes that when a CEO is promoted from within, turnover jumps to 22% from 17%; a CEO totally new to the company results in turnover of 33%.

The study results make sense -- when there's a new sheriff in town, he'll probably bring his own deputies. But Coyne and Coyne do have some suggestions on how to secure your job if you are faced with a new top boss:

* First impressions count. Most CEOs make decisions about people within the first 60 days, so you have to present yourself well from the beginning. "The danger of being pushed out is real," write Coyne and Coyne. "But so are the opportunities -- if you swiftly establish your value when the new chief arrives."

* Set up face time. Secure a meeting with the new boss, and let him or her know about your responsibilities and how you can help achieve the vision. Without cues from you, your new CEO will be left to draw his or her own conclusions.

* Understand the CEO's style and agenda. Don't be afraid to ask your CEO directly about his or her style and the agenda for the future. You'll get the best information from the source and also demonstrate that you care about what the boss thinks.

* Be honest. Don't paint a too-bright picture or a spell out a less-than-realistic game plan. You want your new CEO to know that you are not going to hide negatives.

* Don't emphasize your needs in the beginning. Forget about your own agenda -- your compensation, long-term plans or problems with the company. Ensure that the honeymoon phase with your CEO is just that. End of Story

Marshall Loeb, former editor of Fortune, Money, and the Columbia Journalism Review, writes for MarketWatch.

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Shared by:

Efren Ll. Cruz, RFPR FPAR-Member*
Bestselling Author and Personal Finance Coach
Chairman and President, Personal Finance Advisers Philippines Corporation

Email Addressess: cruise@skydsl. com.ph; efren7962@yahoo. com;
pwedena@hotmail. com

Personal Finance Discussion Group:
http://finance. groups.yahoo. com/group/ pwedenabook/

*RFP - Registered Financial Planner (USA)

FPA - Financial Planning Association (USA)