Hay Group: Leadership seen as a critical success factor

22 November 2012 Consultancy.uk

Leadership is becoming a critical success factor for companies. The survey "Best Company for Leaders" by Hay Group shows that "world-class" companies in the field of leadership have up to 40% more chance to success.

Hay Group defines five factors in its report in which companies can distinguish themselves in the areas of leadership:

1. Versatile and resolute leadership

Companies that want to distinguish themselves in leadership must be versatile and able to act resolutely. “It is mainly the flexibility in the structure of an organization and determination in business processes that ensure that decisions are quickly translated into action”, says Erin Lap, consultant and Director Leadership & Talent Hay Group Netherlands.

Hay Group - Leadership

2. Safe environment

Furthermore, companies need to create an open and safe environment, wherein everyone dares to share their own ideas and initiatives. People should not have to be afraid of the effects of erroneous ideas.

3. Learning from a broad perspective

The third factor of successful leadership is to provide a broad perspective that facilitates learning and development. Successful companies provide teams with a lot of diversity in terms of talent and nationalities.

4. Cooperation

Cooperation should be encouraged and the importance of the team and the organization should be central, rather than individual success.

5. Dealing with successes and setbacks

Finally, companies need to learn how to deal with successes, but also with setbacks. A company that is characterized by strong leadership celebrates its successes, and ensures that it learns from setbacks.

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