Building Effective Leadership SkillsBuilding Effective Leadership Skills

Creating Your Own Leadership Legacy

2007 CANE Spring Meeting

Dan HoganVice President, Personal and Small Business InsuranceThe Hartford Financial Services Group, Inc.

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Building Effective Leadership Skills | Creating your own leadership legacy

Background/Overview

The rate of change in the insurance industry is accelerating, and the lengths of decision and marketplace cycles are shrinking.

Effective leadership skills are needed more than ever to stay ahead of the competition.

Through the examples of five leadership legends, you will hear ideas and strategies that you can incorporate into your personal leadership style to help drive winning results in your organization.

Historically, the training of actuaries has underserved the leadership component. Using effective leadership skills can help actuaries be more impactful, and better influence the

businesses they support.

Historically, the training of actuaries has underserved the leadership component. Using effective leadership skills can help actuaries be more impactful, and better influence the

businesses they support.

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Building Effective Leadership Skills | Creating your own leadership legacy

The essence of leadership is service to others

On a basic level, as a leader, you exist to:– Inspire others to strive for excellence– Ensure the work environment is safe, challenging, and fair– Teach, mentor, provide guidance

True leaders put the welfare of the group ahead of their own self-interest

“Selfless” does not mean “hands-off” Great leaders enhance institutional capability by

driving the actions of others to achieve greatness

Leadership is all about helping others to succeed.Leadership is all about helping others to succeed.

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Building Effective Leadership Skills | Creating your own leadership legacy The perceived complexity of

leadership arises from its seemingly overwhelming number of duties

Create and establish strategies Ensure effectiveness and efficiency Communicate openly and often Build solid relationships Act with integrity and fairness Provide counsel and direction Exert influence in the absence of

ownership Foster collaboration Motivate, coach and develop others Produce results, meet objectives and

exceed goalsHow can a leader avoid being overwhelmed by this

complexity?How can a leader avoid being overwhelmed by this

complexity?

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Building Effective Leadership Skills | Creating your own leadership legacy Focusing on a few key qualities and

incorporating them into every action simplifies the act of leading others, and increases leadership effectiveness

There is no standardized approach to effective leadership

Your effectiveness as a leader is directly proportional to how well the key qualities you focus on align with your values and your personality

My five qualities of a great leader are:1. Maintains and demonstrates strong convictions2. Develops and communicates a clear, winning

vision3. Creates a high performance culture4. Convinces rather than controls5. Continually learns

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Building Effective Leadership Skills | Creating your own leadership legacy Maintain and Demonstrate Strong

ConvictionsLeadership Profile: Joan of Arc

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Building Effective Leadership Skills | Creating your own leadership legacy Maintaining and demonstrating

strong convictions gives leaders their credibility

Integrity Lead by example Personal accountability Strive for excellence– “Play for your paycheck”– “Bring your ‘A’ game every day”– “Average is defined as the best of

the worst, or the worst of the best”

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Building Effective Leadership Skills | Creating your own leadership legacy Develop and Communicate a Clear,

Winning VisionLeadership Profile: Martin Luther King, Jr.

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Building Effective Leadership Skills | Creating your own leadership legacy A clear, compelling, winning vision

is the cornerstone of building organizational success

Establish and articulate a clear vision of the future for your business to inspire commitment from others:– Should be “stretch,” but not “folly”– Include measurable indicators of progress and success

Develop compelling long-term business strategies to achieve the vision:– Built with a strong understanding of the external environment– Takes into account perspectives and capabilities of your

organization and those with which it interacts

Ensure broad strategies are translated into clear and effective operating plans and tactical initiatives

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Building Effective Leadership Skills | Creating your own leadership legacy Create a High Performance Culture

Leadership Profile: Herbert D. Kelleher, Southwest Airlines

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Building Effective Leadership Skills | Creating your own leadership legacy

A High Performing Culture engages, challenges, and fully leverages employees, which promotes innovation and continuous improvement Build your team to win!

– Assess, then stretch/challenge top players – Seek to Redeploy, Rehabilitate, or, if needed, Remove underperformers– Hire winners

Execute aggressive performance management as part of your overall talent management strategy– Set clear performance objectives and expectations– Monitor and document performance; reward success, and hold people

accountable for poor performance– Provide direct, helpful feedback– Take corrective action when necessary

Pay for performance, pay for potential Drive a culture of open and fast communication to

support rapid response to changing business conditions Build inclusion, leverage diversity Continually raise the bar – don’t get complacent

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Building Effective Leadership Skills | Creating your own leadership legacy Convince Rather Than Control

Leadership Profile: William Wallace - “Braveheart”

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Building Effective Leadership Skills | Creating your own leadership legacy

Any leader can get work done by barking orders…

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Building Effective Leadership Skills | Creating your own leadership legacy …But the enlightened leader convinces

people to engage in the right behaviors, gains buy-in, and gives them choices while influencing them to perform at a high level

Clearly articulate your point of view and persuade employees to accept your proposal and/or recommendation

Project self-confidence without arroganceDevelop effective and constructive

strategies for influencing important decisions, sometimes shifting the organization’s direction or way of looking at things

Use high-impact, efficient communication vehicles to get your points across

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Building Effective Leadership Skills | Creating your own leadership legacy

Continuous LearningLeadership Profile: Jack Welch

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Building Effective Leadership Skills | Creating your own leadership legacy The Profession of Leadership

requires continuous learning, just like Actuarial

Regularly conduct an honest self-assessment Initiate efforts to develop skills that will enhance

performance in current role and/or accelerate readiness for future roles

Take full advantage of available learning and development programs, e.g., executive development programs, courses, professional certifications

Solicit feedback and guidance from mentors or coaches, then genuinely listen to feedback and apply learnings

Seek challenges that provide opportunities for on-the-job development of critical knowledge and skills

Ask questions to learn from others with different knowledge, experience or perspective

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Building Effective Leadership Skills | Creating your own leadership legacy

Summary

The essence of leadership is service to others Don’t be overwhelmed by the seemingly endless

number of tasks and obligations leadership requires

Rather, focus on a few core attributes as you practice the profession of leadership, like these:1. Have strong convictions2. Develop and communicate a clear, winning vision3. Create a high performance culture4. Convince rather than control5. Be a continuous learner

What qualities of a great leader would you add to this list?What qualities of a great leader would you add to this list?

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Building Effective Leadership Skills | Creating your own leadership legacy

Some Final Thoughts

Your role as a leader is more critical than ever

Identify a take-away to work on towards building more effective leadership skills

What will be your leadership legacy?

Open DiscussionOpen Discussion