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Transforming Frustrating Board Meetings into Strategic Sessions

As a dedicated board member, you actively contribute to meetings and aim to make a meaningful impact. However, there are moments when you find yourself quietly frustrated, wondering if the discussion has veered into the minutiae, and then even further into micro-details. Why does this happen?

While the topics at hand may be interesting, you understand that such operational details are better left to middle managers who specialize in these functions. The board’s role should be holding these managers accountable, not getting lost in the weeds.

After an hour or two of discussion, you may find that little progress has been made. This can leave you shaking your head in disbelief, thinking that there are more productive uses of your time.

So, how can you address this issue before your frustration reaches a breaking point?

  1. Focus on What Truly Matters

Board members have limited time, often juggling other important responsibilities. Therefore, it’s crucial to engage in high-leverage discussions. Your participation should be reserved for tackling the most challenging and intractable problems. If discussions jump around with random advice, it’s a sign that something needs to change.

It’s important to note that your fellow board members are well-intentioned, smart, and experienced. They can provide valuable insights on various topics. However, the aim should be to make significant decisions during board meetings, not to offer scattered tips.

  1. Encourage Decisive Actions

Some board members believe that major decisions only come into play during unexpected emergencies. While these situations demand immediate attention, boards can also proactively influence decision-making.

One effective approach is to require your executives to develop long-term plans. Short-term plans tend to be incremental, as discussed in my May 2022 column, “Five-Year Plans Aren’t Strategic. They’re Dangerous.”

For inspiration, consider Kennedy’s lunar challenge in 1961. This ambitious goal led to the creation of the Apollo program and spurred innovations in various fields. To foster big decisions, challenge your CEO or MD to articulate a bold, long-term vision for the organization.

Few top executives have been trained in this kind of thinking. Some offer vague visions with no concrete plans, while others attempt to rebrand five-year plans as “long-term.” As a discerning board member, you should seek game-changing commitments that transform industries and elevate your company’s performance.

  1. Engage the Best Minds

While board members may be eager to make significant decisions, many C-Suite executives might not be ready for such audacious goals. They are often promoted based on their ability to deliver short-term results.

You can encourage a shift in mindset by introducing the concept of “big, hairy, audacious goals” (BHAGs) with long-term horizons. While this may seem unconventional and risky to some, it’s the right approach. As a board member, your role is to challenge assumptions, ensure the credibility of plans, and evaluate end-game scenarios.

Your collective expertise can add rigor to the management team’s plans and elevate the quality of discussions. Over time, this focused process can lead to game-changing outcomes, making board meetings inspiring and far less frustrating.

This article was inspired by an earlier version published as a column in the Jamaica Gleaner.

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How Board Members Turn Frustrations into Strategy


As a dedicated board member, you actively contribute to meetings and aim to make a meaningful impact. However, there are moments when you find yourself quietly frustrated, wondering if the discussion has veered into the minutiae, and then even further into micro-details. Why does this happen?

While the topics at hand may be interesting, you understand that such operational details are better left to middle managers who specialize in these functions. The board’s role should be holding these managers accountable, not getting lost in the weeds.

After an hour or two of discussion, you may find that little progress has been made. This can leave you shaking your head in disbelief, thinking that there are more productive uses of your time.

So, how can you address this issue before your frustration reaches a breaking point?

  1. Focus on What Truly Matters

Board members have limited time, often juggling other important responsibilities. Therefore, it’s crucial to engage in high-leverage discussions. Your participation should be reserved for tackling the most challenging and intractable problems. If discussions jump around with random advice, it’s a sign that something needs to change.

It’s important to note that your fellow board members are well-intentioned, smart, and experienced. They can provide valuable insights on various topics. However, the aim should be to make significant decisions during board meetings, not to offer scattered tips.

  1. Encourage Decisive Actions

Some board members believe that major decisions only come into play during unexpected emergencies. While these situations demand immediate attention, boards can also proactively influence decision-making.

One effective approach is to require your executives to develop long-term plans. Short-term plans tend to be incremental, as discussed in my May 2022 column, “Five-Year Plans Aren’t Strategic. They’re Dangerous.”

For inspiration, consider Kennedy’s lunar challenge in 1961. This ambitious goal led to the creation of the Apollo program and spurred innovations in various fields. To foster big decisions, challenge your CEO or MD to articulate a bold, long-term vision for the organization.

Few top executives have been trained in this kind of thinking. Some offer vague visions with no concrete plans, while others attempt to rebrand five-year plans as “long-term.” As a discerning board member, you should seek game-changing commitments that transform industries and elevate your company’s performance.

  1. Engage the Best Minds

While board members may be eager to make significant decisions, many C-Suite executives might not be ready for such audacious goals. They are often promoted based on their ability to deliver short-term results.

You can encourage a shift in mindset by introducing the concept of “big, hairy, audacious goals” (BHAGs) with long-term horizons. While this may seem unconventional and risky to some, it’s the right approach. As a board member, your role is to challenge assumptions, ensure the credibility of plans, and evaluate end-game scenarios.

Your collective expertise can add rigor to the management team’s plans and elevate the quality of discussions. Over time, this focused process can lead to game-changing outcomes, making board meetings inspiring and far less frustrating.

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Why CEOs Must Harness the Power of People Analytics

In the realm of corporate leadership, CEOs often find themselves in unfamiliar territory when it comes to matters of human capital and corporate culture. It’s a predicament stemming from the fact that most CEOs don’t have an HR background. Consequently, they may grapple with intricate inquiries from board members regarding these vital aspects.

For CEOs looking to bolster their effectiveness in this domain, waiting for the HR department to evolve may not be a viable strategy. So, what steps can they take to enhance their leadership skills in the interim?

Stepping into the role of CEO can be an eye-opening experience. It often reveals that a significant part of the job revolves around human resource skills, sometimes overshadowing their finance or operations expertise. In this new capacity, talent management takes center stage, as nearly all organisational objectives hinge on the contributions of the workforce.

However, CEOs without a background in HR may lack the insights and instincts honed by HR professionals over the course of their careers. Given the relatively brief tenures of CEOs, there’s no luxury of time to let these skills develop gradually. A more expeditious route is needed.

Thankfully, a viable shortcut exists in the form of People Analytics. This concept stands apart from HR Department Analytics as it encompasses comprehensive, company-wide tools designed to address human capital concerns spanning all departments. These tools are indispensable for every manager, including CEOs.

Indeed, they should be integrated throughout the organisation, including at the board level. For example, one client introduced a novel metric to the board: average board member age, with the goal of substantially reducing it.

People Analytics extends even further, encompassing customer and prospect data captured by the marketing and sales departments. This data proves invaluable for identifying customer preferences and emerging trends.

Furthermore, the EU’s new Corporate Sustainability Reporting Directive (CSRD) mandates the use of People Analytics for supply chain disclosures. The aim is to prevent child or slave labor exploitation by suppliers in their factories.

Nevertheless, many Caribbean companies grapple with inadequate or non-existent performance management systems, leaving leaders without the fundamental data they need.

So, how can CEOs infuse People Analytics into daily operations?

1. Reconsider the Role of the CEO

While CEOs are often willing to take ownership of bottom-line financial results, particularly in the short term, it’s crucial to recognise that these outcomes are fundamentally driven by human capital. Consequently, the prevailing corporate culture should be a top concern.

Delegating this responsibility to HR might seem like a convenient option, but it’s a mistake. The ultimate accountability rests with the CEO.

Surprisingly, it’s not common to see top leaders explicitly call for a specific transformation in corporate culture as part of their strategic plans. They may not perceive this as their responsibility or might feel it’s beyond their capabilities. Unfortunately, this oversight can inadvertently foster toxic work environments.

2. Demand Effective Dashboards

Establishing responsibility is just the beginning; it’s far from sufficient.

Think about the processes involved in gathering the data necessary for financial accounts, the methods used to manage them, and the supporting technologies. Fortunately, standardised reporting and ratios have streamlined this process, and today’s executives expect information to be presented in widely accepted formats.

Consider these financial reports as a kind of dashboard—a tool that allows leaders to analyse recent data through a particular lens.

Regrettably, there are no such universally recognised standards or dashboards for People Analytics. The closest comparison might be the Balanced Scorecard, primarily designed to monitor the progress of strategic plans. While it does include a “People Perspective” (also known as “Learning and Growth”), it offers only rudimentary assistance.

Start by utilising the Balanced Scorecard but also create customised dashboards to monitor routine human capital activities. Treat these dashboards as both a crystal ball for making predictions and a microscope for examining the past.

3. Invest in, and Expect an ROI

Unfortunately, many HR departments lack the level of sophistication required for the transformation discussed here. Consequently, they struggle to advocate for game-changing investments that could revolutionise the organisation.

In essence, People Analytics is caught in a classic chicken-and-egg dilemma. Demonstrating a return on investment (ROI) for the necessary tools is crucial. However, if the data required to make this case is absent due to the lack of these tools, it’s challenging to know where to begin.

As a CEO, it’s imperative to recognise this predicament and acknowledge how it’s impeding organisational progress. Simultaneously, you must take proactive steps to overcome it.

Start by investing in the training or analytics tools that HR needs to assume a leadership role in this area. Begin with initiatives that promise quick wins and can initiate a transformation in People Analytics across the entire company, starting with the HR function.

By taking these three essential steps, you’ll move closer to the ideal scenario—a company equipped with these capabilities across all areas. In contrast to many other Caribbean companies, you’ll be well-prepared to compete effectively in the global marketplace.

This article was based on an earlier version published in the Jamaica Gleaner.

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The Power of Keeping Your Word

In the past, the business world held a strong emphasis on keeping promises. Unfortunately, today, it seems that commitments are easily broken at the slightest inconvenience.

Many of us have witnessed this trend, even though there are occasional benefits when someone lets us off the hook. However, there’s a valid reason for concern. A corporate culture where trust in one’s word is waning can spell doom for the bottom line.

Consider this phrase: “I’ll do it because I said I would.” These words are rarely spoken in our modern times.

Instead, we find ourselves in a world that prizes authenticity and the bravery to share our innermost emotions. These qualities are essential for building trust on a personal level in the business world.

But there’s another, equally important kind of trust – one rooted in reliability, integrity, and trustworthiness. Think about a bridge from your childhood that holds sentimental value. You like to visit to kindle fond memories. However, driving across it becomes a different story if the structure has deteriorated.

All of this comes back to the requirement to keep promises, in a “no-matter- what” frame of mind.

An organization responsible for maintaining and certifying bridges essentially “promises” a safe experience. But this notion extends beyond bridges. Every company has its own set of standards that its audience relies upon.

Down at an individual level, we actually want employees to follow through on their commitments just because they said they would. Why? Because when they do, the organization operates effectively.

However, this character trait is becoming increasingly rare and is seldom discussed. Nevertheless, we all know individuals who embody unwavering reliability.

They show up on time, seldom forget their promises, and treat any lapses as grave execution errors. When mishaps occur, they immediately apologize and implement measures to prevent future repeats.

Where does this level of commitment come from? Unlike most, they take their word seriously, as if it truly matters.

But they may not always be seen as “nice” people. Instead, they often expect those around them to uphold similarly high standards, which can be somewhat annoying. Regrettably, they mistakenly assume that everyone is striving to keep their word.

They’re mistaken. Even though Donald Trump, for instance, frequently makes unfulfilled promises without facing consequences, it doesn’t seem to harm his popularity. Some even like him more for it, rewarding him with a growing follower count and lots of Likes.

Here are some reasons why following his lead might not be wise:

  1. The majority of people are not sociopaths. They care about others and are mindful of how their actions affect them. In your organization, it’s crucial to cultivate an awareness of the consequences of unfulfilled promises, both at the individual and corporate levels. Support your staff in comprehending and sensing the impact of their unmet obligations on all stakeholders, and take action with those who struggle in this regard.
  2. Habitually disregarding the importance of one’s word weakens personal power. It makes you feel like your fate is entirely determined by circumstances, leaving you feeling powerless. Over time, you may forget what it means to be a strong, dependable individual, which can negatively affect your mental well-being.
  3. When disinterested employees rise through the ranks, they propagate a dysfunctional service culture. Why? Because prioritizing others over oneself requires effort. Customers are often strangers, making service quality unpredictable. In most organizations, service levels depend on whether a customer encounters the right person on the right day.

In contrast, exceptional companies prioritize their customers’ welfare and go the extra mile. For them, service is a matter of personal and collective integrity – a facet of character worth nurturing and defending at all costs.

While finding individuals who consistently deliver at this high level is challenging, the benefits experienced by customers far outweigh the costs of attracting them.

In 2023, only a select few organizations can be trusted to consistently uphold their promises, but they become memorable. They’ve invested in building an internal culture of integrity, which serves as the foundation for exceptional service.

Note: the article was inspired by a Gleaner column by Francis Wade published on September 17, 2023

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Crafting a Vision: Beyond Tactical Moves

In the ever-evolving landscape of business, some voices argue that the concept of strategy is becoming obsolete, overshadowed by the rapid pace of change. Yet, beneath this assertion lies a reluctance to engage in deep, thoughtful planning—a sentiment that betrays a certain intellectual inertia. How can we reshape this perspective, sparking a transformation in those who seem trapped within it?

Imagine participating in a 5k race. At the starting gunshot, you witness young runners dashing forth with an incredible burst of speed. A mile or two later, however, you find them struggling, on the brink of exhaustion, while you maintain a steady jog, passing them by. They fell into a common trap: assuming a long-distance race can be conquered by a series of short sprints.

The truth is, successful long-distance running requires a series of well-informed decisions. Every step carries consequences, and a misstep can lead to failure.

This analogy seamlessly mirrors the distinction between tactical maneuvers and strategic planning in an organizational context. To prevent confusion, businesses must delineate these concepts clearly.

Distinguishing Between Short-Term Tactics and Long-Term Strategy

Modern tendencies have led to the casual labeling of everything as “strategic,” a practice that dilutes its significance. Consider the phrase “strategic goals for the week.” Yet, placing a fancy veneer on a shrub won’t yield a salad.

Challenge this tendency, as I did in a Gleaner column on January 23, 2022, titled “Why Short-Term Strategy is a Misnomer.” I explored the incongruity of coupling these two words. The essence: tactics span a few years, while strategies encompass a much longer horizon. In this article, let’s assume the cutoff point to be five years.

With this test at hand, a stark truth emerges: most companies lack written strategic plans.

Yet, both tactics and strategies remain essential in a thriving organization. However, their demarcation extends beyond time frames. They stand as separate disciplines, and interchanging them can lead to an unsustainable sprint, endangering the future. To avert this, let’s scrutinize their individual roles.

Strategies: The Architects of Transformation

The concept of BHAGs—Big Hairy Audacious Goals—commands attention. Defined by visionaries Jim Collins and Jerry Porras, these goals entail transformative results, forming a roadmap for a company’s metamorphosis. The Sustainable Development Goals set by the UN for 2030 in 2015, and Jamaica’s Vision 2030, forged in 2007, stand as prominent examples. Echoing through history is President Kennedy’s 1961 moonshot declaration, propelling humanity to the lunar surface within a decade.

Strategic plans are purposely designed to realize such audacious visions. But modernity demands them to be credible in new ways. Why?

An attainable plan provides a solid foundation, a platform of trust that validates visionary aspirations. In a world numbed by the barrage of daily promises from advertisers, credibility is paramount. Mere proclamations hold no sway; substance is demanded.

Additionally, the translation of grand plans into immediate actions is pivotal. This is where tactics come into play.

Tactics: The Craftsmen of Incremental Change

Execution of any long-term commitment mandates swift short-term actions. These actions exist independently from ingrained habits and routine, daily processes.

Realizing BHAGs necessitates altering these operational elements. These micro-transformations constitute tactics, to be executed by your team.

However, this is easier said than done. Overcoming inertia to scale these long-term commitments is a formidable task.

Case in point: If a company is perpetually reactive, progress is hard to sustain over years.

Similarly, if an organization’s status quo has endured for eons, kindling enthusiasm for BHAGs seems to be an impossible pursuit.

The crux is that achieving long-term aspirations hinges on tactical modifications, demanding adept change management.

While strategies and tactics are distinct, they must remain united without being confused. This unity is the compass guiding an organization toward its envisioned future.

In summary, the narrative of a road race underscores the vital distinction between strategic vision and tactical maneuvers. By untangling these concepts and skillfully blending them, organizations can chart a course toward their ultimate goals. As you reflect on your organization’s journey, remember, it’s not about doing either the sprint or the jog—it’s about the seamless, synchronized dance between the two that propels you forward.

This article is based on a similar column published in the Jamaica Gleaner. It’s available behind the newspaper’s paywall.

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Why Does HR in the Caribbean Need a Major Reset?

A New Contribution| A Fresh Reputation

You are a Caribbean HR Professional who has noticed the respect finance professionals receive in the C-Suite. What they say seems to matter.

As a result, your colleagues in the finance department can see a clear path for themselves to the C-Suite. From accounting analyst, to manager, to director, to CFO, to CEO/MD.

But the same isn’t true for you. In fact, the total number of HR managers to gain a promotion to the CEO level in anything other than a small company is negligible.

By contrast, a recent survey showed that some 52% of UK CEOs have finance backgrounds. But this wasn’t always the case.

Back in the 1980’s accountants were just not that important in companies. They were merely the bookkeepers.

However, they undertook a deliberate effort to upgrade their profession. Using technology and analytics, their value increased as their contribution became essential. New regulatory requirements didn’t hurt.

In other words, they undertook a reset.

What would it take the HR Profession in the Caribbean to do the same?

Fortunately, they have a business partner. According to research, most CEOs want more from HR Departments. But when surveyed, they only complain “HR is not being strategic enough.”

But what can you do with that vague level of feedback? Here are some specifics gleaned, in part, from my experience hosting the CaribHRForum community and also from leading executive team retreats for two decades.

Evidence-Based Diagnosis

Data is a common element in all great strategic plans. Fortunately, this aligns with most HR Professionals who also would like to use more than anecdotes. The importance of data is something that they now recognise. But, it’s not enough.

I have seen a pattern that repeats itself in over 50 strategic planning retreats. HR presentations are seldom based on analytics and data. Why?

It’s a fact: many HR jobs below the C-Suite don’t need these skills. The result? Before joining the executive ranks, HR professionals have had little practice.

As such, a significant gap may become apparent when they are promoted. Other departments are now competing for the same resources and attention. The counterparts have already been using evidence-based and analytical language to gain approval from top-level executives.

By contrast, CHROs struggle. A vicious cycle can even occur when they request better software but are repeatedly denied. Why? They can’t make the case for a positive ROI…because they lack the data the missing tools would provide.

Unfortunately, CEOs are not likely to identify this problem independently. Like Finance before it, HR must establish a strong business case for a major reset to stop the vicious cycle.

Transformational Innovations

But these analytic capabilities are just the beginning. The Caribbean experiences a significant loss of productivity due to invisible friction. HR has an opportunity here.

For example, workers who struggle to predict their commutes accurately are prone to showing up late. If their on-time presence is required to start work, then the cost of being tardy is high.

The conventional HR approach would be to conduct interviews with employees and encourage them to leave for work earlier. But a department focused on analysis would recommend investing in a minibus exclusively for employees.

HR should keep their focus despite the possibility of objections that the move encourages laziness. Why? The actual inquiry is whether the expense is a worthy investment, based on a clear cost-benefit analysis.

HR needs to take a proactive stance as shown in this example, which is the approach CEOs want. It’s a fact that most departments have people-problems that they can’t solve alone. They require the help of HR professionals with advanced skills and predictive data.

The way the company operates can be changed by these interventions. The crucial point is that they anticipate the needs of the executive team like CFOs are expected to do.

People Predictions

HR can begin planning the organisation’s strategic future once practical measures and data are in place. For example, the Caribbean has a demographic problem looming. Our current population is not being replaced due to insufficient childbirths.

Most HR professionals are unaware of this fact. Does it matter?

Yes – the trend points towards a future with more competition for talent. This has the potential to cause wage inflation. Or a decrease in migration from the region. Or more migrants from other countries. To say it another way, there’s a potential strategic threat forming.

This fact was mentioned during a recent long-term strategic planning session. But not by HR.

However, as an HR Professional, it’s important to track these types of predictions and impacts. In fact, you could function like a CFO, but for everything regarding people.

Your company will find you indispensable if you acquire these skills. However, you will also have the opportunity to experience the gratification that comes with conquering a difficult challenge in your journey towards becoming a respected professional. Or even a member of the C-Suite.

This article was based on a Jamaica Gleaner column published on 8/20/2023.

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Will CSRD Have an Outsized Impact on Strategic Planning?

You have heard of CSRD (the Corporate Sustainability Reporting Directive), at least in passing. As a new reporting requirement, it calls for your company to submit annual non-financial information, starting in just a few years’ time.

As someone who cares about long-term environmental and social impacts, you like where this is going.

But you are concerned that it will turn into a bureaucratic slog, in which laudable goals are lost in a tsunami of reporting requirements. Far from inspiring staff to do the right thing, you imagine it becoming a war of attrition between staff and some faceless regulators.

After all, you have seen this happen before. So, you have every right to expect that the same thing will happen again.

In this article, we’ll look at concrete ways for your firm to benefit from CSRD and its impact on strategy. There are many early actions to take to prepare, but they have something in common. They all rely on your understanding of the intent behind the framers of the standard – The European Financial Reporting Advisory Group (EFRAG).

In this article I’ll suggest the standard is a “nudge” in a positive direction which can empower your leadership team, strategic planning staff and all stakeholders.

(This article was published in full on the JumpLeap Newsletter website.)

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CEO: Who cares if you “win?”

The world is changing fast, and “winning” in business may already be a fool’s errand.

You are a company leader who has risen through the ranks. You enjoy the competitive side of running an organization. Why? There are obvious winners and losers defined by a P&L scorecard. Plus, you have tactics and strategies to choose from. And finally, you can see a clear correlation between your efforts and results.

But what if the changes taking place in the world are making a mockery of the race you are mentally contesting? Keep reading if you want to stay ahead.

Why You Are Like Usain Bolt

The 100m dash is undoubtedly one of the purest forms of gamified athletics ever witnessed.

But before the Olympics were invented, people just ran. There were no medals,

or clocks, or heats, sponsorships, television appearances, etc. Over time, these elements were added in and made this human invention appear real.

Is the game of business also fabricated? If you are a CEO, you are probably immersed in it, without question. Let’s take a step back, and outside of it, for a moment. Maybe we can discern its outline and see some shortfalls.

Ask yourself the following: Who are you competing against? Who are the winners? The losers? The middle-of-the-packers?

What do you use to measure the score? How long is the timeframe? When do you feel pangs of jealousy as opponents pass you by? Do you enjoy the intellectual, social and emotional challenges?

Notice your reaction and write them down. You might become a bit nervous as you draw this picture. Why? Because you may uncover the motivation behind your accomplishments and believe that too much insight is bad.

These feelings are natural. Most hard-driving, over-achieving, Type-A’s who tend to lead organizations don’t spend time reflecting on their competitive nature. It’s taken as a given.

Here, I speak from experience. When I finally came first in my class at Wolmers after five years of effort, I saw myself as the winner…the one who crossed the line ahead of others when it counted the most. I didn’t question it for a moment, even though I gave up playing Sunlight Cup cricket for a year to achieve the goal. Today, I wouldn’t.

Why You Are Not Usain Bolt

But the truth is that business is not an actual game. While this mental construct can be energizing, there are definite limits to seeing it this way.

Just ask Amazon.com. Reports have emerged that Jeff Bezos’ empire is about to be dismantled by the FTC. Why? Apparently, they have determined that the company is taking its winnings from one area and using it in another. Unfairly.

Consequently, the US Government may use antitrust laws to redefine the game Bezos has been playing. Remember, they did just that to Microsoft and AT&T, among others.

If you have a strong competitive streak, it could be time to step away to re-imagine the game you have been unconsciously and unwittingly engaged in. Here are some strategic reasons to revisit this construct now.

Reason #1 – You Become Blind

When a fresh substitute enters your environment but doesn’t look like a competitor, you miss seeing them. C&W dismissed the arrival of Digicel because the new entrant was playing a different game top leaders didn’t recognize.

Reason #2 – You Become Short-Sighted

If you study your current competitors too closely, you end up following their every move. And stop being creative.

Reason #3 – You Live in Short-Termism and Endanger the Planet

Your imaginary game is probably more of a sprint than a marathon. If so, long-term planning may be repeatedly delayed.

As such, Europe’s Corporate Sustainability Reporting Directive (CSRD) requires companies to pay attention to their carbon footprint. Indirectly, they are pulling organizations into their Green Deal objective of climate neutrality by 2050.

This move implies that corporations have been playing winner-take-all games for decades, which now endanger our well-being.

As you enter this new game (by choice or by necessity), you may find that it’s not the zero-sum contests you have been enjoying. Instead, you’ll be joining companies which are focused on the triple P bottom-line – Profits, Planet and People.

Unfortunately, this is not the kind of “competitive strategy” taught in business schools. By contrast, it’s more a function of high-quality collaboration and cooperative outcomes.

In this context, it may look foolish to persist in the old game of massive profits or personal wealth. On a globe threatened by global warming, who cares?

Fortunately, you can “re-gamify” yourself and go in a different direction. You could still “win”, but so could everyone else in the entire world.

https://jamaica-gleaner.com/article/business/20230806/francis-wade-winning-business-fools-errand

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How to Conduct a Mid-Year Review

Today on ProductivityCast we’re going to be talking about stepping away from getting things done so you can review and reflect, and then get back to getting things done better. It’s halfway through the year and so it’s a good time to discuss the mid-year review.
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Why Your Business Strategy Can’t Ignore CSRD

You have heard of the Corporate Sustainability Reporting Directive or its acronym, CSRD. You know that it has something to do with the EU which means that you haven’t paid it much attention. It’s far away.

However, this could be a mistake. This new standard for disclosure reaches into some unlikely places for all companies who do business with the continent. In this article, we’ll look at the impact on your corporate strategy.

Recently, the European Commission reaffirmed its commitment to “Net Zero 2050.” Inspired by the Paris Agreement, their goal is to be climate-neutral by 2050 – an economy with net zero greenhouse gas emissions. Lest the world relax, an interim target was set to reduce emissions by at least 55% by 2030.

CSRD makes it plain that big companies must play their part in accomplishing these goals. As such, they are required to report their progress annually via certain templates. But what does this have to do with a large company in Jamaica?

Well, your firm may not have a European subsidiary. And it might never reach the E40m turnover or 250 employee lower limit for inclusion. However, it may have wholesale customers on the continent. If so, it will probably be required by them to report on your conduct as a member of its supply chain.

But this is already happening.

Last week, I browsed Booking.com for a holiday stay in Ocho Rios. Now, there’s a new badge for each property to earn: a “Travel Sustainable Level”. According to the website, the programme was “introduced in 2021 to provide travelers with transparent and credible information to make more mindful choices for their trips.”

In other words, the intent of CSRD is already being realized. It seeks to give stakeholders knowledge about each large company’s progress on goals such as Net Zero 2050.

This new standard is likely to be seen by some as a nuisance. But for others, particularly in the area of strategic planning, there lies an opportunity.

How CSRD Can Help Shape Your Strategy

Essentially, the new standard mandates your company to tell the world how its strategy for topics related to Environment, Social and Governance (ESG) are faring. It expects you to address this explicitly in your short, mid and long-term strategic plans.

However, if you are like most companies, you don’t have anything more than a five-year list of tactics. But you aren’t alone. As a result of upheavals since the 9/11 Terrorist Attack, firms have argued that they don’t have time for long-term thinking.

Instead, their energies have focused on basic survival…short-termism.

CSRD says that if you continue to indulge in this dangerous practice, you will be required to highlight this fact to your stakeholders in your ESG disclosures.

While this sounds like a threat, some are seeing it as an opportunity, or at least an excuse to do the right thing.

The Optimal Response

In essence, your company has two choices to meet the directive.

1) The Compliant Low Road consists of sticking to an approach of only keeping short-term business tactics. This means that you will need a separate strategic plan for all matters ESG-related.

While some firms have hired sustainability professionals to do this very task, some are calling it out as a form of greenwashing. Said differently, it’s probably just a way to be compliant without making fundamental changes.

2) The Transformational High Road means crafting mid and long-term strategic plans for your business, if they don’t currently exist. Ideally, they should reach as far as 2050 to be completely aligned with the Net Zero aspiration.

If your company already has a written long-term strategic plan, then this may just be an exercise in adding a few different dimensions. The CSRD is actually developed for companies like yours. The adjustment should be easy.

However, if it’s never had an interwoven short/long-term strategic plan, this might be the perfect moment to begin. You do have some time before this becomes a requirement.

But your free paper is being burned up. The SEC in the United States and the IFRS are expected to recommend similar reporting standards, in line with existing requirements for financial disclosure.

It’s not too late to start getting your company ready. Schedule time to prepare the right kind of interwoven short/long-term strategic plans.

As you do so, be prepared to answer the questions raised by CSRD. Even if the process you follow is sound, these may not be central concerns. But they will fit in with the thinking the EU Commission wants you to do.

When the time comes to complete the forms required for your CSRD reporting, you’ll be ready.

The original article was published in the Jamaica Gleaner.