Chief of Staff to CEO – when, why and how to hire one

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What is the ROI of adding a Chief of Staff? At what point should a CEO consider this option? How should a candidate think about the role? This presentation is for both sides of the relationship, the CEO and the potential Chief of Staff, to think through what is a fairly ambiguous role and what objectives make sense.

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  • For company to succeed, CEO needs to grow into role as the company growsCEO performance impacts every area of company and needs to be top notchEveryone wants the founding CEO to succeed, replacement is difficult and riskyBut CEOs are made, not born. No one starts ready to be CEO.Being CEO requires continual discomfort and ongoing personal developmentGrowth is invariably constrained by the bandwidth and skills of the CEOHiring a Chief of Staff to CEO will support and accelerate the making of the CEO, maximizing the potential of the company.COS brings additional bandwidth and complementary skills as well as providing the CEO with a vital sounding board
  • Top Categories -- this is where you deep dive / brainstorm options
  • Chief of Staff to CEO – when, why and how to hire one

    1. 1. CHIEF OF STAFF TO CEO: WHY DO YOU NEED ONE? BY MELISSA WINGARD-PHILLIPS
    2. 2. LONELY AND UNNATURAL: THE MAKING OF A FOUNDER CEO PREPARED BY MELISSA WINGARD-PHILLIPS, 20 SEPTEMBER 2013 To be successful, CEO needs to grow into role as the company grows. But CEOs are made, not born. No one starts ready to be CEO. Hiring a Chief of Staff to CEO will support and accelerate the making of the CEO, maximizing the potential of the company.
    3. 3. HOW COS WORKED IN LINKEDIN EARLY DAYS PREPARED BY MELISSA WINGARD-PHILLIPS, 20 SEPTEMBER 2013 • 2003: Started LinkedIn • 2004: Hired Sarah as Chief of Staff • 2005: Began looking for professional CEO • 2007: Brought in Dan Nye • 2008: Came back as CEO • 2009: Brought in Jeff Weiner • 2004 – 2007: Chief of Staff • Responsible for all day to day operations for LinkedIn. • CFO, acting VP Product, and responsible for HR, Sales, and Customer Operations. • 2007 – 2009: VP Revenue and Customer Operations REID HOFFMAN CEO SARAH IMBACH Chief of Staff
    4. 4. COS ROLE IS FLEXIBLE, CHOOSE AREAS WHERE MOST LEVERAGE IS CREATED Strategic Initiatives • Communication • Leadership • Tracking • Coaching • Board meeting preparation • Strategic planning • Decision making / sounding board Operational Dashboards • Definition • Data collection / analysis • Investigation • Prepare Recommendations • Eliminate surprises Coaching / Accountability • Meeting purpose and agenda review • Pre-meeting preparation and coaching • Meeting follow- up and tracking • Time management • Facilitate focus Stunt Double • Provide summaries of internal meetings • Represent company at external events Constant Improvements in Personal and Organizational Effectiveness and Efficiency PREPARED BY MELISSA WINGARD-PHILLIPS, 20 SEPTEMBER 2013
    5. 5. WORKSHEET: WHAT ELSE DO YOU NEED FROM COS? 1. Allow you to focus on the activities that only CEO/Founder can do 2. Add complementary skills and bandwidth for super-CEO results 3. Your specific reason here . PREPARED BY MELISSA WINGARD-PHILLIPS, 20 SEPTEMBER 2013
    6. 6. ANY ONE TRIGGER CAN BE ENOUGH TO JUSTIFY CREATING COS POSITION PREPARED BY MELISSA WINGARD-PHILLIPS, 20 SEPTEMBER 2013  Needs more time to think strategically  Needs more time to think long-term  Needs more time to be face of company  Surprises occur too frequently  Overwhelmed by tasks that could be delegated CEO  CEO time and bandwidth are growth bottleneck  Company not ready for COO or cannot find right candidate  Board meeting prep requires owner, additional time and thought Board  Not enough quality management time  Cross-functional initiatives needing attention  Gaps in communication and coordination Exec Team
    7. 7. ASSESS WHERE TIME IS SPENT VS. BENCHMARKS PREPARED BY MELISSA WINGARD-PHILLIPS, 20 SEPTEMBER 2013 Sample Benchmark Distribution Relative Differences By Company Size
    8. 8. WORKSHEET: HOW IS YOUR TIME CURRENTLY SPENT?  Product  People  Business Strategy / Partnerships  Operations  Sales & Marketing  Investor Relations  Other: ______________ How many hours do you spend in each on a weekly/monthly basis? PREPARED BY MELISSA WINGARD-PHILLIPS, 20 SEPTEMBER 2013 xx% xx% xx%xx% xx% xx% xx%
    9. 9. WORKSHEET: ENVISION IDEAL TIME ALLOCATION  Are there any categories where you spend no time but need to start doing so?  Where should we focus first for where you want to spend more time? For less time? PREPARED BY MELISSA WINGARD-PHILLIPS, 20 SEPTEMBER 2013 Sample CEO Ideal Allocation
    10. 10. COS ROI IMPOSSIBLE TO MEASURE BUT IMPORTANT TO ESTIMATE  ROI will derive from improvements in one or more of the following: PREPARED BY MELISSA WINGARD-PHILLIPS, 20 SEPTEMBER 2013 Reference (mostly): http://peopleedge.mindtouch.us/@api/deki/files/400/ICFMCAPresItalyHandouts2[1].ppt  Productivity (CEO, Board, Company)  Sales  Cost  Employee Engagement  Teamwork  Retention Output What are the outcomes expected from adding a Chief of Staff? Define a set of outcomes, beyond the most likely case, that if achieved would show a desired ROI ACTION ITEM HARDERTOSOFTERBENEFITS 1.  Cost • more direct reports 2.  Sales • more time selling 3.  Productivity • board decks out 5 days in advance • more internal comms EXAMPLE
    11. 11. COS CAN ENSURE BOARD TIME AND ENGAGEMENT REACHES POTENTIAL PREPARED BY MELISSA WINGARD-PHILLIPS, 20 SEPTEMBER 2013 Reference (mostly): http://www.slideshare.net/guest3307d2/return-on-investment-in-executive-coaching • General time effectiveness • Time spent reaching decisions • Quantity of decisions • Quality of decisions • Information sharing • Degree of delegation downwards • Managerial risks taken • Stress and pressure level INCREASESIN… DECREASESIN… OPPORTUNITIES TO MEASURE
    12. 12. WORKSHEET: WHERE SHOULD YOUR COS FOCUS? Strategic Initiatives  Communications  Leadership  Tracking  Coaching  Board meeting preparation  Strategic planning  Decision making / sounding board  ______________ Operational Dashboards  Definition  Data collection / analysis  Investigation  Prepare Recommendation s  Eliminate surprises  ______________ Coaching / Accountability  Meeting purpose and agenda review  Pre-meeting preparation and coaching  Meeting follow- up and tracking  Time management  Facilitate focus  ___________ Stunt Double  Provide summaries of internal meetings  Represent company at external events  ______________ Constant Improvements in Personal and Organizational Effectiveness and Efficiency PREPARED BY MELISSA WINGARD-PHILLIPS, 20 SEPTEMBER 2013
    13. 13. WORKSHEET: WHAT OUTCOMES WOULD JUSTIFY COS? PREPARED BY MELISSA WINGARD-PHILLIPS, 20 SEPTEMBER 2013  Productivity (CEO, Board, Company)  Sales  Cost  Employee Engagement Teamwork  Retention Output
    14. 14. USE YOUR SPECIFIC REQUIREMENTS TO GUIDE NEXT STEPS PREPARED BY MELISSA WINGARD-PHILLIPS, 20 SEPTEMBER 2013 There are as many variations on this role as there are combinations of CEOs, COSs and companies. Creation and staffing of COS role requires a particularly thoughtful and structured approach. UNDERSTAND SPECIFICS CUSTOMIZE PROCESS
    15. 15. CHIEF OF STAFF JOURNEY PREPARED BY MELISSA WINGARD-PHILLIPS, 20 SEPTEMBER 2013 EVALUATE COS OPTION EXPLORE SCOPE AND PURPOSE CREATE JOB DESCRIPTION CANDIDATE SEARCH SELECT BEST MATCH 1 2 3 4 5 When you’re ready, the “How to Hire COS” materials provide: • Worksheets • Samples • Advice from the field
    16. 16. ADDITIONAL MATERIAL PREPARED BY MELISSA WINGARD-PHILLIPS, 20 SEPTEMBER 2013
    17. 17. REFERENCES (1 OF 2)  CEO Time Allocation  http://hbr.org/2009/05/what-only-the-ceo-can-do/ar/1  http://www.voxeu.org/article/how-do-ceos-spend-their-time / Refutation: http://blogs.windward.net/davidt/2012/05/06/lies-damn-lies-and-survey-results/  http://www.reaganconsulting.com/CEO%20Leadership%20Study.pdf  http://hbr.org/2013/09/make-time-for-the-work-that-matters/ar/1  Comparative Advantage  http://bostonvcblog.typepad.com/vc/2011/07/the-start-up-law-of-comparative-advantage.html  Chief of Staff Resources  http://whiterhinoreport.blogspot.com/2007/02/chief-of-staff-white-paper-back-by.html  http://jamieflinchbaugh.com/2012/01/chief-of-staff-the-new-ceo-necessity-guest-post/  http://www.linkedin.com/groups?gid=4564956&trk=myg_ugrp_ovr  http://money.cnn.com/2010/01/19/news/companies/ceo_chief_of_staff.fortune/  http://hbr.org/2009/01/picking-the-right-insider-for-ceo-succession/ar/1  http://bensonhendrix.com/blog/2012/10/why-do-you-need-a-chief-of-staff/  http://www.globalrecruiters.org/archivos/newsletters/sphere_ceooffice.pdf  Job Descriptions: http://goo.gl/QcdBso PREPARED BY MELISSA WINGARD-PHILLIPS, 20 SEPTEMBER 2013
    18. 18. REFERENCES (2 OF 2)  Definition of Success/ROI  http://www.slideshare.net/guest3307d2/return-on-investment-in-executive-coaching  http://peopleedge.mindtouch.us/@api/deki/files/400/ICFMCAPresItalyHandouts2[1].ppt  http://icf.files.cms-plus.com/FileDownloads/2013OrgCoachingStudy.pdf  http://www.carolrossandassociates.com/research-organization.shtml  http://libraryofprofessionalcoaching.com/research/roi/the-state-of-the-art-in-return-on-investment-roi-in-coaching/  Founder CEO Dilemma  http://bhorowitz.com/2010/04/28/why-we-prefer-founding-ceos/  http://bhorowitz.com/2012/10/17/making-yourself-a-ceo/  http://www.linkedin.com/today/post/article/20130123161202-1213-if-why-and-how-founders-should-hire-a- professional-ceo  http://www.scalefinance.com/replacing-ceos-in-vc-backed-companies/  http://m.theatlantic.com/business/print/2011/09/steve-jobss-law-why-founders-make-better-leaders/244439/  http://www.blog.altosventures.com/vc/2008/07/ousting-the-fou.html PREPARED BY MELISSA WINGARD-PHILLIPS, 20 SEPTEMBER 2013

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