Notes from Lakeshore e2e-P. J. Thompson
• P.J. Thompson of Transmatic (a metal forming company) spoke about Next Generation Leadership.
• He stressed that companies need to focus on three elements: strategy, leadership and execution. However, he indicated that execution is the most important of the three elements.
• He noted that there is a significant difference in profitability between average and the best companies.
• He explained that there are a number of realities in this marketplace. The first is that companies are staffed leaner. The second is that companies are structured flatter. The third is that competition is more competent. The fourth is that competition is more global. The fifth is that the profit window is narrowing.
• Thompson stressed that it is important to create a strong mid-management team. This is done through creating a strong culture which has guiding principles. It is also important to create team identity. At Transmatic, this is accomplished through quarterly performance meetings, executive team minutes that are distributed to all staff members and BHAGS (big hairy audacious goals).
• It is important to hire strong mid-managers. Hiring of strong mid-managers should focus on capability, capacity, and commitment. Mid-managers should keep score with their own P/L statement.
See P.J. Thompson’s powerpoint for more information.
