Polish CEOs Optimistic about Growth · seventh on the list of US CEOs’ top 10 challenges, but...

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Polish CEOs Optimistic about Growth

Polish chief executives expect their

markets in Poland to grow by 5 -15%,

according to this year’s Polish CEO

Challenge survey. The survey findings

were presented at the 9th Annual Polish

Business Forum in Warsaw on 14 October.

The event attracted over 60 participants,

including chief executives and board

members from many of Poland’s largest

companies.

Commenting on the research results

were: Professor Piotr Płoszajski, Director,

Department of Management Theory,

Warsaw School of Economics; Zdzisław

Chabowski, President and CEO, Goodyear

Dunlop Tires Polska; Dariusz Kucz,

Regional Vice President Central Europe,

Wrigley EMEAI; Krzysztof Rybiƒ ski, Vice

President, National Bank of Poland; and

Alex Tosolini, General Manager, Poland

and Baltic States, Procter & Gamble.

The 2005 report was compiled a

year after Poland’s EU accession,

and this is mirrored in the findings of

this biggest ever Polish CEO Challenge

enquiry. Responses came from 102

CEOs, supplemented by 25 in-depth

interviews. An upbeat mood is apparent

in CEO pronouncements, and companies

look like having entered the expansion

stage. Most respondents expect their

respective markets in Poland to grow

next year by 5-15%. Many companies

speak of investment plans, both in

Poland and internationally – something

virtually absent from last year’s

interviews.

Concerns about CompetitionAt the same time, competition is seen

as brutal, severe and exacting.

The CEOs speak of new business

models, progressing sector integration,

a better and more effective use of

new technology, and an improvement

in the knowledge, innovative potential

and flexibility of companies. Some

respondents observe that increased

competition is giving rise to unethical

business practices such as black PR,

price dumping, tender obstruction, and

preying on the weaknesses of state

institutions. All these developments add

up to produce a situation described

by one respondent as “economic

terrorism”.

On the human resources front,

availability of managerial talent is the

challenge most frequently cited. Four

years ago, when Polish CEOs were first

surveyed, this was seen as the least

important among all potential concerns.

The war for talent is back and is likely

to intensify further.

Differing Priorities: Poland/Rest of EuropeThe top challenge cited by Polish CES

is “Customer loyalty and retention”

(scoring 49% as the weightiest challenge),

which takes seventh place for European

CEOs. Second (33%) is “Speed to

market” (8th in rest of Europe) and third

(31%) is “Innovation”(6th in rest of Europe).

These rankings are largely unchanged

from 2004, but very different from

the picture in 2002 and 2003, when the

chief concerns were pricing pressures,

growing intensity of competition and

industry consolidation.

The Polish market is largely local and

peripheral, with globalisation exerting

only specific, passive influence.

The findings of the globalisation chapter

are telling: the weightiest factor in this

category, “Seizing opportunities for

expansion/growth in Europe”, comes

only 19th on the list of all challenges,

and globalisation is last but one

among factors indicated by the CEOs

as important.

Polish CEOs do not have the same

concerns about growing risks and the

stability of business trends of their

counterparts in more mature markets.

Indeed, uncertainty has proven to be

the least significant among the seven

rubrics proposed by The Conference

Boaard in this year’s survey.

Their perception of a relatively low level

of risk may be inspired by the promising

performance of the economy and

companies. Many respondents spoke

of a record year in terms of financial

results. With companies having

accumulated reserves, their emphasis

has now clearly shifted away from cost

curtailment towards expansion.

13. Dariusz Brzezi ƒ ski (left), Vice-President, Capgemini Polska, in conversation with Michal Zdziarski, Regional Representative, Central Europe, The Conference Board, and Dariusz Kucz, Vice-President, Wrigley EMEAI Central Europe.

13

14. Dariusz Brzeziƒski (left), with Kazimierz Przełomski, CFO, CIECH, SA.

14

15. Andrzej Pyka (left), Chief Executive, Accenture, with Mr Hans Van Zon, President, Grupa Zywiec

15

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13599_news_21_jan_feb_06.indd 813599_news_21_jan_feb_06.indd 8 16/01/06 12:34:1316/01/06 12:34:13

CEOs’ Top 10 ChallengesCEOs’ Top 10 Challenges

European CEOs Rank Flexibility N ° 1European CEOs believe business flexibility is the number one challenge facing

companies in Europe, alongside speed to market and adapting to change, according to

The Conference Board’s annual survey of business leaders’ opinions, CEO Challenge 2006: Top 10 Challenges, conducted among 650 business leaders worldwide.

This contrasts sharply with the priorities of chief executives elsewhere in the world

and raises further questions about the progress of economic liberalisation and its

implications for European business flexibility. By contrast, the most important issue

for CEOs in America is top-line growth, and, in Asia, CEOs are pursuing profit growth.

CEOs in Europe are also more concerned about their ability to encourage

entrepreneurship and control costs than their counterparts in both the US and Asia.

Creating a culture for entrepreneurship was the fifth most important challenge

according to European CEOs but did not even rank among US Chief Executives’ top

ten concerns. Tight cost control is seen as a further major challenge facing European

CEOs, reflecting concerns about raw material prices and stubbornly high labour

costs in Europe.

European chief executives have expressed their growing concern about the EU’s

economic reform agenda. François Cornélis, Vice Chairman of Total and Chairman

of The Conference Board’s European steering committee, said: “If Europe’s major

businesses are to continue to compete internationally, adaptability to change and

entrepreneurship are critical. Unless we speed up economic reform in Europe

we risk undermining the region’s advantages of a highly skilled workforce and a

transparent business culture.”

In this Issue

1 CEOs’ Top 10 Challenges

3 Developing Global Leaders

4 The Business Case for Diversity

6 Council News • Six Sigma and Business Process

Improvement (NEW COUNCIL)

• Human Resources

• Economists

• Corporate Governance

and Board Effectiveness

8 Polish Business Forum

Volume 21 • Number 1/2 • January/February 2006

Board EuropeA newsletter for members of The Conference Board in Europe

www.conference-board.org 1

( ➢ 2)


Gail Fosler, Executive Vice President

and Chief Economist at The

Conference Board, observes: “Faltering

economic reform remains the most

pressing concern for European business.

The European reform process needs

to face up to the competitive success

of countries around the world. Labour

market reforms, in particular, are taking

place too slowly to accelerate the

growth and competitiveness of the new

industries – an essential for creating

more employment growth. Moreover,

reforms in product markets are not

today focused on encouraging

innovation and growing markets. More

needs to be done and at a faster pace.”

The top ten challenges identified in this

report are based on the responses of

over 650 global business leaders from

40 countries, including 130 European

chief executives. It highlights a number

of key trends which are shaping CEOs’

agendas in 2006:

• CEOs in Asia rank profit growth

as their top concern (42.2%),

followed closely by sustained and

steady top-line growth (41.3%);

speed, flexibility, and adaptability

to change (41.3%); customer loyalty/

retention (35.6%); speed to market

(33.3%); and corporate reputation

(33.3%).

• Across the globe, CEOs in a group of

“more successful” companies were

more likely to consider customer

loyalty/retention as a chief concern.

The report classifies 189 of the

658 companies as more or less

successful based on their average

return on assets. CEOs of “less

successful” companies rank speed to

market notably higher as a major

challenge than the “more successful”

firms and ahead of customer loyalty/

retention. While lack of pricing

power appears on the Top 10 list of

CEOs’ concerns in the “less successful”

firms, it doesn’t rank in the Top 10

concerns of “more successful”

companies.

• There is a rising emphasis on

challenges linked to increasing

competitive pressure. More CEOs

than last year have increased the

importance of faster speed to

market, keeping up with new

technologies, industry consolidation,

seizing opportunities for expansion/

growth in North and South

America, outsourcing and facing

non-traditional competitors in

their business.

• CEOs in the US are expressing major

concerns about the rising cost of

employee healthcare, an issue that

has low priority for CEOs in Europe

and Asia. Healthcare costs rank

seventh on the list of US CEOs’ top 10

challenges, but only 52nd globally.

The top worry for CEOs worldwide

is sustained and steady top-line

growth, with 37.5% of those surveyed

naming it their top challenge.

• In the US, the top four challenges

are sustained and steady top-line

growth (39.4%); consistent execution

of strategy by top management

(38.4%); customer loyalty/retention

(37.0%); and profit growth (27.2%).

• While product innovation is sixth

in the Top 10 rankings of CEOs in both

Europe and the US, it is only

25th among CEOs in Asia.

• Sustained and steady top-line growth

and consistent execution of strategy

by top management were the top

concerns of CEOs across all sizes

of business.

• Among the higher ranked challenges

of CEOs of companies with

more than $5 billion in worldwide

sales are stimulating innovation/

creativity/enabling entrepreneurship,

and speed, flexibility, adaptability

to change.

The Conference Board’s CEO Challenge

Survey 2006 was conducted during

July and August 2005. A further

analysis of CEOs’ top priorities,

including detailed results of the

interviews and additional survey data,

will be published later this year in the full

research report, CEO Challenge 2006.

CEO Challenge 2006: Top 10 Challenges

Report 1380-05-RR

1 Speed, flexibility, adaptability to change 39.4%

2 Profit growth 38.4

3 Sustained and steady top-line growth 37.0

4 Consistent execution of strategy by top management 32.0

5 Stimulating innovation / creativity / enabling entrepreneurship 27.8

6 [Product] Innovation 27.2

7 Customer loyalty / retention 24.8

8 Speed to market 23.0

9 Tight cost control 21.3

10 Improving productivity 20.6

Europe

Top 10 Challenges of European CEOs2

( 1 )

➢


Focusing on Fast Learners“The best way to accelerate global

leadership development is to have a

sound framework,” says Robert Kramer,

Principal Researcher, The Conference

Board, and author of the report. “It is

important to identify what lessons and

performance demands are needed to

build international business proficiency,

and to find key talent and focus attention

on fast learners.”

Because the primary vehicle for

developing international leaders is

experience, it is important to recognise

early the experiences that prepare

talented people to become global

executives. Some companies are

developing key development jobs

for talented, experienced executives

and conducting interviews with

experienced individuals.

Several of the survey participants

suggest that early assessment can be

executed through assessment centres,

rating scales, and manager input.

Selection criteria for this review include

job performance, learning agility,

evidence of early leadership skills,

and demonstration of adherence to

company values. Assessing early

leadership attributes requires at least

three years of work experience to

demonstrate performance and potential.

Deutsche Post World Net, for example,

withholds judgement on talent until at

least three years of experience can

be analysed.

Well-managed firms (those with a

return on investment equal to or

higher than their respective industry

averages) are more likely to accelerate

global leadership development by

giving global leadership talent access

to a few, targeted, developmentally-rich

positions, providing greater opportunities

for global networking, using assignments

in foreign client or supplier organisations,

employing focus groups, and using off-

site education or training programmes.

Developing Global Leaders Well-Managed Companies Make Use of Longer-Term International Assignments

The report says that well-managed

firms make use of longer-term

international assignments (two to

three years or more) to develop global

business leaders. Additionally,

well-managed firms say they involve

their global leadership talent in

expatriate assignment goal-setting.

These companies also say that

their global business leadership

activities differ distinctly from their

general business leadership activities

in that they require learning how to

handle business and personal stress.

Steps to Build LeadersOther specific actions that can speed

development of talent include:

• Early career specialised overseas

assignments

• Education and training programmes

(both internal and external)

• Considering moving work experiences

to people instead of moving people to

experiences, by redesigning jobs and

relationships without reassigning staff

• Actively managing the careers

of top talent

A majority of companies want to accelerate the development of their global talent, according to a new Conference Board report, Developing Global Leaders. Of the 81 companies surveyed, 77% report that they are seeking a variety of approaches to improve their global talent development. Providing targeted feedback on performance and potential was cited by 47% of the survey participants as being the most effective tactic in accelerating the nurturing of global talent. The most effective practices to develop global business leaders are longer-term international assignments (cited by 33%) and international cross-functional team participation (18%).

Developing Global Leaders: Enhancing Competencies

and Accelerating the Expatriate Experience

Report 1373-05-WG

3


Diversity Policies make Good Business Sense Finds European Commission Report

Diversity policies make good business

sense, say 83% of the companies that

have adopted them, reveals a new

European Commission survey, based on

research conducted jointly by The

Conference Board and Focus Consultancy.

The main business benefits include being

able to recruit from a wider selection of

people and to keep better workers longer,

improved community relations and an

enhanced company image. Yet nearly half

of all companies responding to the survey

still have to implement a diversity policy.

While companies in the north and west

of the EU have a wider use and experience

of diversity policies, those in southern

Europe and the new EU member states

stress their need for more information on

how to develop them.

The new report looks at diversity policies

promoting non-discrimination on grounds

of ethnic or racial origin, disability,

religion or belief, age and sexual

orientation in the workplace. It includes

results from two quesionnaire surveys

with around 900 respondents and

19 full-page case studies from individual

companies, including Conference Board

Associates BT, Danfoss, Deutsche Bank,

Deutsche Telekom, Ford, IBM, Shell, TNT

and Volvo.The European Commission

launched the report “The Business Case

for Diversity: Good Practices in the

Workplace” at a conference in Brussels

in November. It was attended by more

than 130 delegates from 25 countries,

representing business leaders, national

authorities, social partners and NGOs.

Former Czech Prime Minister, Vladimir

Spidla, European Commissioner for

Employment, Social Affairs and Equal

Opportunities, explained that over the

past few years the EU has created

a comprehensive legal framework

prohibiting discrimination in the workplace

in the belief that equality is not only a

question of human rights and human

values, but also a key to success in a

globalised economy: “Removal of barriers

to employment and education, and the

recognition of equal opportunities for

all, provides support for growth of

employment and the economy.”

“Equality and anti-discrimination policy

is an excellent model. It has allowed

for profound, rapid changes to take

place in a record amount of time,”

said Odile Quintin, Director-General for

Employment, Social Affairs and Equal

Opportunities at the European

Commission. “Now,” she added, “it is

up to those who are closest to the realities

of the workplace to exploit the potential

of this legislative framework and bring

about concrete changes on the ground.”

While results of diversity initiatives are

encouraging, more needs to be done.

The conference enabled stakeholders to

share ideas and experience and consider

how to further promote diversity and

inclusiveness in the future.

Ford UK Links Diversity and Inclusiveness to Commercial Success Ford is convinced that diversity,

apart from being a legal requirement

and the right thing to do, is a key to its

commercial success. According to

Kamaljeet Jandu, Ford’s UK Diversity

Manager, having a more diverse

workforce is helping the company to

take advantage of an increasingly

diverse marketplace that includes

more car-buying women, older people,

ethnic minorities and disabled people.

To chart its progress in diversity

improvements and to indicate where

further actions are needed, Ford UK

currently uses three main tools.

They are (i) a process tool called

Diversity Equality Assessment Review

(DEAR) that measures diversity change,

(ii) representation data that shows the

number of employees by diversity strand

as well as by area and grade, and (iii)

employee perception surveys.

Coco-Mat’s Sustainable Development Success: An Incentive for Other SMEs Coco-Mat was set up in Greece in 1989

with a vision of being the best company

in its field, as opposed to the biggest or

the most profitable. It planned to make

mattresses, bed-linen and associated

products using only natural, renewable

sources of materials. At the same time,

it aimed to create a sustainable corporate

culture that included equal opportunities

for all and democratic management.

Today the company has two production

plants in Greece and China, and 30 shops

in Greece, six in other EU countries

and two in China. It is privately-owned

The Business Case for Diversity: Good Practices in the WorkplacePublished in English, French and German, it is available from The Conference Board office in Brussels or online at: http://europa.eu.int/c o m m / e m p l o y m e n t _ s o c i a l /fundamental_rights/pdf/events/busicase_en.pdf

1. Vladimir Spidla, European Commissioner for Employment, Social Affairs and Equal Opportunities.

1

2. Kamaljeet Jandu, Diversity Manager, Ford UK.

2

4


and has an annual turnover of more than

€12 million and continues to grow.

It employs 200 people from 13 different

nationalities and nine religions. More

than half of the people are refugees and

a further 12% are from what the company

calls ‘special social groups’ which

includes disabled people. Representing

her company on the speakers’ platform

was Eugenia Lianou, Coco-Mat’s Total

Quality Manager, who is herself disabled.

Eugenia explained that employees

receive continuous training, and both

recognition and rewards for personal

achievements. They are offered many

other incentives to help boost motivation

and loyalty, including free recreational

activities, heart and blood-pressure

checks, daily fruit, interest-free loans up

to € 3,000 and the opportunity to

purchase the company’s products at a

discount. People from ‘special social

groups’ are given special working terms

depending on their needs and abilities.

Every year, the company holds a meeting

attended by senior executives to

discuss future targets and developments.

Employee attendance is optional but

the usual attendance rate is 99%.

One of the results of Coco-Mat’s diversity

and inclusiveness policies is that

employee absenteeism is virtually zero

and staff turnover is very low.

How Trade Unions Can Help“Trade unions stand for fairness, equality

and solidarity across borders. Therefore,

we believe that trade unions have

an important part to play in fighting

discrimination in the workplace,” said

Hervé Morland, a member of the executive

committee of UNI-Europa (a trade union

federation representing 7 million members

in Europe) and Secretary General of the

French trade union, Fédération CFDT

Communication Conseil Culture.

UNI-Europa aims to increase awareness

of racism, xenophobia and discrimination

among its affiliates so that they can more

easily address these issues in companies

and their own organisations. UNI-Europa

is the regional arm of Union Network

International (UNI), the global skills and

services union representing more than

15 million members in 900 unions from

more than 140 countries. Hervé described

one of UNI-Europa’s first awareness

projects: a survey of affiliates to gather

information and better understand

their practices and experiences in dealing

with discrimination.

More Awareness-Raising and Information-Sharing NeededThe EU’s anti-discrimination legislation

appears to be pushing many

organisations in Europe to review their

position on diversity and inclusiveness.

According to the research, more than

two thirds of organisations started their

diversity initiatives in the past five years.

These companies, however, are being

driven by more than legislation.

Many good practice examples aim to

go beyond legal compliance and the

compelling reason is that it makes

sound business sense. “We see the

business case for diversity being

embraced by many companies,”

said Paul Campayne, Director of

Focus Consultancy.

However, he believes that more needs

to be done because about half of the

organisations surveyed have yet to

develop diversity policies and

practices. “Further awareness-raising

and information-sharing is essential

for successful expansion of workplace

diversity initiatives,” he said.

5. Eugenia Lianou, Total Quality Manager, Coco-Mat.

5

4. Hervé Morland, Member of the Executive Committee, UNI-Europa.

4

7. Paul Campayne, Director of Focus Consultancy, which co-produced this report with The Conference Board.

7

8. The diversity conference took place during the UK Presidency of the European Union. A keynote speaker was Barry Gardiner, Parliamentary Under Secretary of State for Competitiveness, UK Department of Trade and Industry.

8

3. Speakers’ panel, from left to right: Vladimir Spidla, European Commissioner for Employment, Social Affairs and Equal Opportunities; Paul Campayne, Director of Focus Consultancy; Andrew Tank, Executive Director, The Conference Board Europe; Kamaljeet Jandu, Diversity Manager, Ford UK.

3

6. Exchanging opinions.6

5


Six Sigma is a measure of quality that

strives for near perfection. It is a

disciplined, data-driven approach and

methodology for eliminating defects

(driving towards six standard deviations

between the mean and the nearest

specification limit) in any process

- from manufacturing to transactional

and from product to service.

Six Sigma has gone through ebbs

and flows in terms of adoption by

companies. The last few years have

shown a marked revival of interest.

The European Council on Six Sigma &

Business Process Improvement, launched in October, is for senior

executives who have the responsibility

for assessing and implementing Six

Sigma in their companies. Emphasis is

on the exchange of best practices,

and on how companies are integrating

Six Sigma programme design as

well as implementing this into

corporate strategy development and

existing processes.

The inaugural meeting took place in

Sony Europe’s impressive head -

quarters in Berlin. Regis Heyberger

of Sony Europe presented an

overview of the role of Six Sigma in

the company. Brainstorming was used

to capture the expectations of

participants and themes for future

discussion.

Two important demographic facts

drove discussion at the November

meeting of the European Council on Human Resources:

• For every person of working age in

Europe, the number of people of

retirement age will double by 2050

• The working age population in EU 25 will

fall from 303 million today to 280 million

in 2030

The Conference Board’s Andrew Tank set

the scene by giving facts and figures

from Conference Board research about

Europe’s demographic future.

Jaap de Vries of Borealis led a group

discussion on what companies are doing

to capture the experience and knowledge

of their mature workers, and Andy

Jones of Prudential talked about the

contractual, financial and employee

relations implications of a changing

legislative environment. Alexander Klak of

Clariant International described ways to

productively engage both the young and

more mature employees.

Managing the Mature WorkforceHuman Resources

Paris, 17-18 November

New Council Launch Six Sigma & Business Process Improvement

Berlin, 13-14 October

Host: Sony Europe

11. Brainstorming ideas for discussion.11

9. The Bundestag in Berlin, dinner venue for the Council launch.

9

10. Participants at the inaugural meeting in Berlin, October 2006. Pictured far right is Rolf Staal, Council Director, and next to him is Regis Heyberger (meeting host), Six Sigma Leader, Sony Europe.

10

The next meeting of this new Council will be in Frankfurt on 9-10 February. For full information, contact the Council Director: [email protected]

The next meeting (Brussels, 2-3 March) will focus on the role of HR in managing risk. For more information, contact the Council Director: [email protected]

Council News

6


Italy is confronting a series of difficult

economic challenges, some (ageing

population, immigration problems,

pension issues) shared with its European

neighbours. How can it become more

competitive, if not by wage moderation?

What are the prospects for structural

reform with a change in government and

what are the current policy priorities?

These were some of the questions

discussed at the October meeting of

the European Council of Economists

in Rome. Council Co-Chairman

Francesco Meucci of Unicredit Banca

d’Impresa, meeting host, reminded

members that Italy was only six

months away from parliamentary

elections. He introduced the

first speaker, Professor Fabrizio

Onida from Bocconi University,

who pointed out that whereas Italy

was running a current account

surplus in 2000, this has become a

deficit amounting to 4% of GDP today.

Italy has been losing export share,

particularly in volume terms, since

1995. Then Italy’s share of world

trade was 4%. Now it’s down to 2.5%.

Nicola Rossi, MP from the Democrati de

Sinistra Party who is drawing up a

programme on behalf of opposition

leader Romano Prodi, also alluded

to Italy’s current stagnation of GDP,

its above average inflation and to a

fiscal deficit that remains well above

the 3% limit. Equilibrium in public

finances is a pre-condition of economic

growth, he argued. Labour market

reform, already underway, must be

pursued. Welfare reform is a priority,

market practices are to be applied

to public and private services,

whether they be education or

water supply, or medicine, where

“waste is scandalous.”

Yet one might argue that some

countries in the EU would be happy to

have Italy’s problems. One of Italy’s

strengths is its engineering culture.

There are pushes for much-needed reform

from all sides of the political spectrum.

London will be the venue for the

Council’s next meeting on 19-20 January.

The guest speaker will be Mervyn King,

Governor of the Bank of England. To find out more, contact the Council Director: [email protected]

Several speakers from the UK government

participated in the October meeting of

the European Council on Corporate Governance & Board Effectiveness.

Paula Diggle, Second Treasury Officer

of Accounts, H.M. Treasury, told

participants about a new code on

good practice in corporate governance

in central government departments,

encouraging them to make good

use of their boards. Heather Todd,

Head of the Board Effectiveness

Team at the Cabinet Office, talked

about “Maximising the effectiveness

of boards in the Civil Service.”

The National School of Government runs

a Board Effectiveness and Corporate

Leadership Programme that facilitates

the performance of boards by research,

toolkits and guidance on non-executive

director recruitment, appointment and

development. Non-executive board

members are valued for bringing a fresh

perspective and new ideas, contributing

specific expertise and experience and

balancing a mix of skills and personalities.

David Styles from the Department of

Trade and Industry (DTI) spoke about

the UK approach to EU company law and

corporate governance. “Company law

and good corporate governance are

the cornerstones of economic activity.

Good corporate governance promotes

trust and confidence in business,

encourages investment and provides

the basis for sound commercial

decision-making. It is about promoting

competitiveness.”

Italy – Still the Sick Man of Europe?Economists

Rome, 6-7 October

Host: Unicredit Banca d’Impresa

Improving the Performance of UK Government BoardsCorporate Governance & Board Effectiveness

London, 27-28 October

Host: ACCA

To find out more about this Council, contact the director: [email protected]

12. From left to right: Francesco Meucci, Unicredit Banca d’Impresa, meeting host; Professor Fabrizio Onida from Bocconi University; and Nicola Rossi, member of the Democrati de Sinistra Party.

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Council News


Polish CEOs Optimistic about Growth · seventh on the list of US CEOs’ top 10 challenges, but...

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