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A recent Harvard Business School survey reported that 85% of U.S. companies do not believe  there are enough leaders being developed for senior roles currently being vacated by Baby  Boomers. And with a majority of the Boomers retiring over the next 5 to 10 years, there’s a huge leadership development gap that executive forums and peer groups are designed to fill.  The reason: the right kind of leadership training can provide senior executives with the diverse  and wide-ranging skills, knowledge, and mind-set that will be required in the coming decades. 

Currently, the majority of senior executives in the workforce received leadership training either  when they joined a company or were first promoted as executives but haven’t had any ongoing  leadership development training since. As a result, senior executives often get stuck in a  vacuum, only thinking within the framework of their role in the current business. A regular  executive leadership network forum provides senior leaders a safe haven to receive real  unbiased feedback, solid reasoning and strategic thinking support, and sage guidance to  common challenges from a diverse, compatible group.  

Collectively, a peer group brings together like-minded senior executives to work on tough  challenges and achieve high aspirations. Each group offers an astonishing diversity of  experience and members are able to leverage the collective wisdom to build on creative ideas  and discover innovative solutions. Here’s how it works.  

How an Executive Peer Group Works 

Who’s in a Senior Executive Peer Group 

Typically, executive peer groups have a wide-range of senior leadership talent. Some are senior  executives for companies with more than $10 million in revenue that manage teams of five or  more. But it’s also common for some members to manage hundreds of employees. And groups  are noncompetitive – you’ll never have another person in your group from a similar company or  within the same industry. Additionally, groups generally include executives with very diverse  functional roles such as operations, business development, marketing, IT, finance, etc. 

Conversely, Senior Executive Peer Groups do not include CEOs or presidents because  managing-up, in addition to managing laterally, are common responsibilities CEOs and  Presidents don’t have. This exclusion allows non-CEOs/Presidents a free and open forum with  peers facing similar challenges.  

How a Peer Group Works 

Executive peer groups generally meet once a month. This consistency and familiarity with each  other as relationships develop reinforces the lessons learned, and the depth of advice and  support driven professionals and leaders can share. Each meeting is run by a professional  Facilitator who facilitates discussions and arbitrates disputes. Meetings are always highly  confidential, which gives each member the confidence to be open and honest. 

The Facilitator’s Role 

Facilitators are tasked with helping the group flourish, while always maintaining the focus of  the dialogue. As a rule, Facilitators are highly experienced professionals with years of  experience managing groups of senior executives, allowing them to encourage both strategic  and tactical thinking as the group explores critical issues. Their role is to guide and moderate  frank and honest discussions about extremely complex topics. A good Facilitator stimulates  collaboration and helps members develop plans of action, while holding each member  accountable for their plans and decisions.  

How it helps make you a better leader 

Accountability 

A Harvard Business Review survey shows almost 50-percent of managers are terrible at  accountability. 

Accountability is not something competent leaders can do halfway – senior executives and businesses can’t be “kind of accountable,” it requires commitment from the top and adoption  throughout the organization. Executive peer groups cultivate accountability that is authentic,  consistent and organic because each member, including the Facilitator, is accountable to one  another. Having to report to your fellow group members on a routine basis fosters the growth  of accountability, which creates an effective environment for prioritizing and executing what is  most important to each member. 

Collaboration 

About 75% of employers rate team work and collaboration as “very important”, yet only  18% of employees get communication evaluations at their performance reviews. 

By their very nature, forums are meant to be collaborative. Research shows executive peer  groups that are active, social, contextual and engaging lead to deeper insights to improve the  leader’s performance. Imagine having 10-12 peers questioning you, supporting you and giving  you trusted advice on your toughest issues and biggest decisions – and then holding you  accountable for them. An executive leadership peer group is a forum where assumptions are  challenged, and blind spots are exposed. With no competitors or other biased relationships,  group members provide one another with candid, unbiased feedback that improves  professional and personal growth. Members soon realize that no matter how much they  contribute to their group, they will always get more in return and, as they do, the group only  gets stronger. 

Communication & Alignment

The Ketchum Leadership Communication Monitor identified communication as the top-ranking  attribute for effective leadership. 74% of the respondents viewed it as very important to great  leadership – yet only 29% felt leaders communicated effectively. 

One challenge many senior executives face is how to improve their communication. Senior  executives have to deal with customers. They have to communicate internally with other  division heads and leaders within their organization. They have entire teams of subordinates,  sometimes hundreds or thousands of them, that they need to communicate with effectively to  execute tactical plans. Moreover, they need to communicate with peers from other  organizations as well as executives within their own organization. Finally, they also need to  report up to the boss in a clear and concise way.  

A diverse executive peer group helps develop better communications skills by exposing  members to different styles of communicating, in various situations with different personality  types. In a peer group of 10-12, executives come together from different industries and have  different functional roles, so they can offer real-world advice as to the best way to speak with  different stakeholders because they often speak different languages. The result: executives  receive valuable feedback about how they communicate and to improve their approach to  communication in different situations.  

Most senior executives understand the consequences of poor communication; breakdowns can  cause massive problems. Senior executives have to talk with everyone; therefore,  communication skills are critical to becoming a more effective leader.  

Strategic Thinking 

A 2013 Harvard Business Review study found 97-percent of a group of 10,000 senior executives  said strategic thinking is the most critical leadership skill for an organization’s success.  

Stimulated by an experienced group Facilitator, strategic and tactical thinking is a main focus of  each executive peer group. Robert Kabacoff, VP of Research at Management Resource Group,  says it best, “Strategic leaders take a broad, long-range approach to problem-solving and  decision-making that involves objective analysis, thinking ahead, and planning. That means  being able to think in multiple time frames, identifying what they are trying to accomplish over  time and what has to happen now, in six months, in a year, in three years, to get there. It also  means thinking systemically. That is, identifying the impact of their decisions on various  segments of the organization–including internal departments, personnel, suppliers, and  customers.” The benefit of being a part of a diverse group is understanding how future  decisions can affect different parts of the business. As a skill, strategic thinking is all about being  able to see, predict, and plan ahead, and an executive peer group gives pre-suite executives a  perfect forum to hone in on strategic thinking with collaborative associates.  

In executive peer group environments, members can easily recognize constant progress of their  leadership skills in a collaborative, positive and predictable way. Receiving sage advice from a 

diverse group of peers with similar challenges and comparable aspirations to achieve high  expectations, allows members to learn and grow from one another. Senior executive peer  group participants soon learn that feedback from trusted peers ultimately makes for a more  resilient leader with a better-balanced life – and that’s good for everyone.