EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients.
How EY can help
-
Our globally connected tax network can help your tax function address complex issues, making sure you can operate confidently in today’s disruptive landscape.
Read more
Tricia had always aspired to be a teacher, inspired by the good that her parents, a doctor and a teacher, brought to the world, she said. “I wanted to make a difference, make the world a better place.”
But during her first year out of college, the young teacher, now a newlywed, had a life-changing epiphany. It happened after she and her husband, Doug, took second jobs. Working at a women’s clothing store — and quickly rising to assistant manager — she learned something surprising that would affect the trajectory of her 40-year career: She loved business more than teaching.
So the teacher became the student, learning valuable business lessons every step of the way: from courageous 20-something business owner to CHRO at Sleep Number Corporation.
Along the way, Tricia said, the world began rapidly changing — and today, transformation is happening faster than ever. Organizations need to transform as well, she said, but CEOs and C-leaders are realizing that they don’t know how to lead the way.
The starting point for leaders who want to transform their organizations is self-awareness, Tricia said. She describes the mindset as, “It’s not them, it’s me. My impact is directly related to how I choose to behave.”
Leaders fit for the times
We’ll always expect leaders to have capabilities such as technical expertise, superior administrative skills and a track record of successfully managing financial resources, Tricia said.
But leaders fit for the times need to possess additional character traits. She listed three that are at the top of her list:
1. Self-confidence balanced with humility: This concept is centered on a leader’s ability to let others shine. Good leaders are able to give credit to others, while remaining strong enough to make the tough decisions and being willing to stand alone.
2. High emotional intelligence: Some research suggests that EQ is more important than IQ. This goes back to self-awareness. The ability to be self-reflective while also managing the emotions of the team can be difficult to balance, but it’s an absolute necessity. High-EQ leaders are also good communicators. They listen well and are clear in what they say, leaving no room for interpretation.
3. Empathy and compassion: Building strong relationships and a strong team requires compassion and empathy. Ways to achieve this include:
- Make sure the whole team knows who you are at a personal level. For example, begin a town hall by sharing something on the personal side.
- Understand reciprocal needs and encourage that from the top down: In addition to understanding what you need from them, understand what they need from you.
- Approach team-strengthening proactively. Leaders should always be strengthening their team, with a focus that’s ongoing, not just when there’s an opening on the horizon.
Setting your team up for success requires a similar ongoing, proactive mindset around succession planning. Leaders should be willing to step aside, move to a different role and let others grow, Tricia said. This gives you a greater opportunity to take on more, to do something different. She listed these key steps to succession planning:
- Start with the end in mind, looking ahead one, three and five years.
- Engage all stakeholders in your talent assessment.
- Communicate potential career paths to high-potential team members.
- Set up professional development efforts.
- Have the tough-mindedness to move people out when they’re not performing.
- Integrate your succession plan into your hiring strategy.
Throughout your leadership journey, Tricia told the group, consider the type of leader you want to work for and with, and then model that character, day in and day out. You’ll become the leader people want to work for.