from March 24, 2010
Last night I had the pleasure of attending a great executive event here in Waterloo put on by the Grand Valley Chapter of the HR Professionals Association. The keynote speaker was Kevin O’Leary, a Canadian businessman who is most notable for being a dragon on Dragon’s Den (Canada) and a shark on the program Shark Tank (USA). As well as being a frequent commentator on all things business in both Canada and the US, Kevin is a successful entrepreneur with multiple global business endeavors and investments on the go at any given time.
Now Kevin O’Leary may not be your cup of tea - he is a polarizing kind of a guy. People seem to either love him or hate him - there doesn’t appear to be much middle ground! Yes, Kevin is highly opinionated (and he doesn’t hesitate to share his opinion with anyone who cares to listen!) but, as was pointed out by one of last night’s attendees, you have to respect someone with such strength of conviction. I know that I do (even if I think he is off the mark some of the time!).
Kevin’s commentary last night covered a lot of ground, touching on a variety of topics from: the threats and opportunities posed by the rise of such growing economies as Brazil, China, India, and Cambodia (who knew?) for North American companies, the upside opportunities the soaring loonie could provide to Canadian companies willing to see it that way, the idea and potential of Canadian "economic patriotism" (why shouldn’t Canadian companies strive to be fiercely competitive and successful global players?), and the pursuit of wealth as a VERY GOOD goal and the TRUE key to freedom. You get the picture - all of the things you would expect Kevin O’Leary to say. His only request was that we not "shoot the messenger" as he shared is insights and observations with us!
Looking at it from my perspective (that business transformation and sustainable mission achievement (not just wealth generation at all costs!) are the keys to real organizational success), my main takeaways from Kevin’s speech were as follows:
Even if you are a local organization providing local products and/or services to local customers, the evolving global market will have an impact on you (most likely in the form of financial pressures);
North American companies must begin their organizational transformation journey NOW to catch up and then get ahead of the curve - this includes getting their direction and priorities straight with the evolving markets (and the associated opportunities and threats) in mind;
Organizations that have a laser focus on their objectives and are dedicated to strategy execution excellence will rise to the top;
A new operating reality requires a new set of business measures - this means including ROI (return on investment) indicators for often intangible business elements and attributes (such as human capital investments - critical for HR professionals to note) in the mix,
Organizational success requires the dedication of each and every employee - organizations must put effort into attracting, developing, and engaging the right people but the responsibilities cut both ways - employees return the investment by demonstrating unwavering commitment to their organization, and
To drive a culture of high performance, consider basing pay on, and linking incentive compensation to, the achievement of key performance goals that align with business objectives and support mission achievement.
While these five elements don’t frame the entire story when it comes to transforming a company into a high performance, strategy-focused organization, placing a focus on these elements would be a great start for most companies.
I’m really glad that I attended last night’s event. As I said, while you might not agree with everything Kevin O’Leary has to say, there is huge value in listening to different points of view. For my part, I gained an expanded perspective on an important challenge - business transformation.
And besides, how often do you have the chance to get this close to a real dragon!
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