The Lead, AchieveForum’s weekly brief of leadership news and insights, provides quick clarity into relevant headlines and straight-forward analysis for applying effective leadership tools and techniques.
Bristol-Myers Squibb will purchase its longtime rival Celgene in a deal worth about $74 billion, and the acquisition will create a combined company that will have about $37 billion in annual drug sales. Celgene’s leading blood cancer drug Revlimid is scheduled to lose patent protection by 2022, but the two firms’ combined pipelines consist of six product launches in the near-term, which have $15 billion in revenue potential.
Our View: Leading through mergers and acquisitions requires clear and frequent communication. Great leaders listen and act on what they hear and work to develop a shared culture. One way to achieve these objectives is to share plans and documents for the new organizational charts. Sharing the new structure helps take away some of the stress and uncertainty associated with combining companies. Further Reading
Related content: Healthcare and Pharma
NASA flew a probe by Ultima Thule, a minor planet and currently the most distant object (four billion miles from the sun) that humanity has ever seen up close. NASA took pictures of Ultima Thule which is one of the small objects that make up the Kuiper belt, a ring of icy objects at the fringes of our solar system.
Our View: Leadership is not invention; it is discovery. Don’t reinvent the wheel. Instead, discover what you want to achieve and communicate clear values and the context around how you and your followers should go about reaching achievements. Use readily available leadership resources and focus your energy on your unique aspirations. Further Reading
Related AchieveForum content: Leading in the Digital Age – Discovery; Innovation: From Concept to Customer Value
Overestimating what can be done in the first year and underestimating the support (financial needs, mentorship from peers, etc.) needed are common mistakes new franchisees make in their first year. Investing in a franchise is still an excellent path to long term business success for many people, and learning from others’ mistakes can give you a head start.
Our View: Making educated estimates in business extends well beyond resource predictions and financial forecasting. Leaders must communicate their knowledge to inspire and motivate their team toward action. Evaluate your communications on what they imply about your company’s culture, your organizational structure, and your own time management and sense of your job. Further Reading
Related AchieveForum content: Connecting People to Strategy; Building a High Performing Team
Orkney is an island chain the Northern Isles of Scotland, positioned off the north coast of Great Britain. Its location makes it an ideal place to test new forms of energy like wave, wind, and tide energy. Seawater moves the blades of one tidal turbine that’s being tested, and it can produce enough electricity to power approximately 830 UK households in one year.
Our View: Valuable resources are often already at your disposal, though frequently disguised as something else. As business tasks and priorities evolve, retain your valuable employees by repurposing their roles. Think about repurposing jobs from different angles and mold job requirements to fit employees’ skill sets. Further Reading
Related AchieveForum content: Realizing Talent in Others
Time-intensive tasks often flood the human resources industry, but increasingly, new technology speeds up the processes associated with identifying top talent and coordinating their interviews and screening. Wide scale changes are underway in 2019, and HR teams will begin to rely more on AI and machine learning for talent acquisition. Recruiters will gain more time to build stronger relationships with their top candidates in place of pouring through huge quantities of resumes and profiles.
Our View: Exceptional talent acquisition leaders have three things in common:
- They listen and act on what they hear.
- They build strong relationships.
- They know when and how to delegate.
Delegation in today’s digital age includes finding new and optimal ways to utilize technology to free up employees’ mindshare for more complex and creative tasks. Further Reading
Related AchieveForum content: Leading in the Digital Matrix