While we transcend towards the era of the millennial work-force, garnering a new approach towards productivity and competitive advantage; the thought leaders and the Executive Management Team(s) are measuring the effectiveness of the decision-making process within their organization(s).
It has been over a decade, which the so called economic slowdown has unveiled its existence from the lexicon of economics. The burning inferno that has led to the fall of many big corporate giants a decade ago, has given comfort to many other corporates to adopt such economic changes in their organization fitment. They have begun to assess such modifications either by way of Consolidation or closing shops, re-restructuring of key business growth enablers, decentralization of activities which are transactional and centralization of functions which are strategic in nature.
The fact remains that an Executive Decision does get exercised to control the mutilation and save thousands of jobs than not agreeing on parting some key employees. Organizations have moved towards taking radical choices unilaterally to survive during this lean period.
The making of an effective Executive Decision for survival: The 5 step approach:
1. Sensing Stage: Learn about the potential for danger in advance whether or not your organization could potentially face it:
2. Agenda has to be outcome and value based:
3. League of the extra-ordinary gentlemen: Choosing the right Executive to lead the committee is the key towards building an effective team. Executive Decision(s) are mostly seconded by Top Leaders in the organization. The competent executive(s) should be:
4. Robust people policies and procedures guarding the Executive Decision: As a part of the Executive Decision-making Committee; the head of the HR Department must have the agility and maturity to develop, formulate and implement employee friendly people policies:
5. Executing the Executive Decision: The Executive Decision once agreed unanimously must be ready to take-off, no matter what the consequences will be in future. The intent has to be prioritized and commissioned with approval of the experts such as the board members, legal advisors, management team and the shareholders wherever applicable.
Finally, to conclude, an Executive Decision is predominantly one of the most difficult stages an Executive may come across in his/her career during the decision-making process, which can lead to a Right or a Wrong decision. But, this will certainly be an experience that can be added in the resume while taking up new assignments, as the most promising Contender.