Ohio’s War on Drugs matters to oil and gas, transportation, banking and your industry, too.
It is an all-star cast. Purdue Pharma, Johnson & Johnson, Teva Pharmaceutical, Allergan and Endo Health Solutions have been targeted by the state of Ohio for allegedly misrepresenting the addictive risks of painkillers. Purdue previously faced legal action from the federal government over marketing OxyContin.
Executives and their boards face greater scrutiny than ever before. Leaders’ judgment is measured and assessed on a daily basis by shareholder activists, environmental proponents, consumers, competitors and the courts.
Ohio’s lawsuit against the pharmaceutical firms is but one example. TD Bank stock plummeted to a 10 year low when CBC reported on employee pressure to sell more products or risk losing their jobs. The Wells Fargo and United Airlines debacles were highly publicized. Bill Ackman targeted CP Rail for alleged poor management and the executive team was decimated in the takeover. Magellan Midstream was investigated when over 130,000 gallons of diesel fuel leaked in Iowa.
Most people are familiar with the potential deconstruction of Uber and the failure of the self-driving car experiment. Every industry can be a target. Negative publicity can impact financial results, employee engagement, customer satisfaction and leaders’ reputations and livelihoods.
What does this mean for you and your company?
Seek information on what is really going on.
- Rely on information from your direct reports, customer surveys, employee engagement scores and health and safety performance metrics to provide information and indicators. But do not stop there.
- Hold “skip meetings” at least once per quarter. Meet with employees who report to your direct reports. Ask questions about their careers, their view on the organization, strategy, customers, and innovation.
Identify your gaps and flaws before you read about it in the Wall Street Journal.
- What is your gut telling you? You have been successful in part because you have listened to your instincts and followed your judgment. Ask yourself honestly – is your team performing as well as it can? Are your direct reports achieving their potential?
- Is there career progression within your company? Are your best middle managers receiving growth and development opportunities and subsequent promotions?
- Are people making decisions in the best interest of the company or in alignment with their department goals or their own compensation?
Success can lead to complacency. Complacency is the enemy of excellence. Identify and uncover the symptoms and take action to address issues before they are in the public arena.
My clients accelerate their results – increasing profitability, leadership performance, innovation, and accountability. I would love to discuss how I might contribute to your success. Contact me today.
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