It is difficult to shoulder not only the weight of a large company, but also the weight of a small to medium-sized company. Few people understand the challenges that come with being a CEO, and even fewer are equipped to help.
In a post-pandemic world, many people in leadership positions will face increasing business complexity, including remote work, technology disruption, an unpredictable economy, supply chain issues, and geopolitical conflicts. I am tempted to quit. In 2022, 70% of senior executives consider quitting their jobsAnd in 2023, Followed by over 1,500 people.
These numbers highlight the dire situation. America’s business leaders are exhausted, overwhelmed, and ready to give up. But it doesn’t have to be that way. For executives in peer learning groups, it is possible to not only survive but also thrive.
The strength of each player is the team
Phil Jackson, the 11-time NBA champion coach, once said: “The strength of a team is each member. The strength of each member is the strength of a team.”
Today, executives often don’t have a team to support them in return, as they serve as a source of strength for the business. In the face of mounting challenges, they lack the feedback they need to adapt and improve. The executives most likely to persevere are those who find common purpose, guidance, and camaraderie with their peers.
For decades now, peer learning groups have brought together business leaders from a variety of backgrounds and industries. Together they become a collaborative team, tackling problems, sharing insights, and providing each other with honest feedback that is very difficult to get from peers, executives, and coaches.
But will it work? The evidence says yes, to say the least.
Peer learning results
A recent C12 Business Forum survey of more than 2,500 executives asked how participating in peer learning groups impacted their business performance. Their answers were overwhelmingly positive.
- 98% report implementing best business practices
- 83% report improved planning discipline
- 94% report having clarity about their personal purpose
- 70% report increased profitability
- 75% report improved work-life balance
So why does peer learning not only lead to better business performance, but also improve executive planning, discipline, and resilience?
Why peer learning works
today, Up to 39% of executives Participate in some form of executive coaching, including regular meetings with an experienced and trusted mentor. However, while executive coaching can provide much-needed guidance, it also has drawbacks that are ameliorated by peer learning. for example:
- Combine more experiences – One executive coach may have 50 years of experience – but if you get 10 to 15 people in a room, each with 20 years of experience individually, they collectively have over 200 years of experience. You will be able to collect experience.
- A more modern experience – Experienced coaches always have up-to-date business experience, but that doesn’t mean they understand the intricacies of AI, remote work, and other technologies in today’s world. Overall, the peer learning group will gain up-to-date experience in multiple areas where CEOs need guidance.
- Range of experience – Executive coaching tends to reflect insights gained from one industry, or at most a few related industries. Peer learning groups bring together executives from companies from a variety of industries to reduce blind spots and knowledge gaps that result from overspecialization.
Each member of the peer group sees one small part of a larger picture that others may miss. In an era of increasing market complexity, sharing knowledge allows executives to adapt more quickly than executives who rely solely on coaches, or worse, on no one.
What makes a good peer learning group?
Peer learning models have been so successful that participants can see their businesses grow or outperform other businesses during downturns, even when other businesses are losing. It becomes more sexual. Even so, not all peer groups are equal and can result in elaborate networking events that don’t offer much value to attendees.
Our survey respondents cited three factors that most contributed to their success in peer group participation and longevity.
- camaraderie – Half of CEOs feel lonely in their careers, 61% of this group believe it hinders their performance. Good peer groups foster a much-needed camaraderie among participants that stems from common struggles, outlooks, and work and life situations.
- accountability – Like everyone else, executives are more likely to achieve their goals if they share them with others and stay accountable. On the other hand, holding colleagues accountable motivates everyone else when you succeed and provides valuable lessons when you fail.
- quality of companions – Peer quality has a lot to do with peer group membership criteria, such as company size and annual revenue requirements. Invitation-only peer groups also focus on finding participants who share similar values, goals, and worldviews.
Surprisingly, effective accountability was found to be the most important predictor of high-value peer group experiences. Accountability mechanisms that include actionable goals, performance tracking, and a framework for peer insights will catalyze consistent progress and virtually guarantee improved business outcomes over time.
purpose-driven learning
In today’s purpose economy, business owners not only seek to increase profits, but also align business operations with their personal values and beliefs. Like-minded peers not only provide a strong sense of camaraderie, they are also more likely to provide influential advice and feedback that other group members can confidently act upon.
Fortunately, business owners have many options. With the rise of faith-based investing, membership in faith-based trade groups has doubled in the past five years, and membership in all trade groups has increased by 75%.
The best time to join a peer group is now
It’s probably not true that there has never been a more difficult time for American executives, but there has certainly never been a better time to join a peer group. In doing so, business leaders can not only find strength within themselves, but also form teams that contribute to the future, drive change across multiple industries, and make all players stronger. .
Author information:
Mike Shallow is the CEO of C12 Business Forum, the world’s largest peer learning organization for Christian CEOs, executives, and executives. Since he became CEO in 2016, Mike has led his C12 through tremendous growth with membership numbers worldwide increasing by more than 220% and chair numbers increasing by more than 240%. I did. C12 currently serves his more than 4,100 members across the United States, Brazil, Malaysia, Singapore, Taiwan, and South Africa.