| One thing that executive management teams | | | | expertise they can be used to improve the |
| often make a mistake of is that they tried to hire | | | | efficiency in that service business. |
| people who will fit in well with the current team, | | | | One should never discount the need for diversity |
| people who think the same, perhaps have the | | | | of expertise in any corporation, at any level. |
| same hobbies, or have similar experiences and | | | | However, it is my belief, and I often recommend |
| have attended similar MBA schools. In some | | | | to executive management teams, that they seek |
| regards this is good because it helps build | | | | out to find diversity in education, observations, |
| organizational capital quickly, but it is actually very | | | | hobbies, knowledge, and expertise. It makes a |
| unfortunate in the long-run because there is not a | | | | huge difference and it will help your company |
| diversity of expertise. | | | | make profits. |
| The best ideas from executive management | | | | Are there any drawbacks? There are a few, and |
| teams seem to come from a cross pollination, or | | | | perhaps we should address them. One drawback |
| borrowing ideas that work in one industry, to use | | | | is it will take longer for the executive |
| them in another. The more intelligent the | | | | management team to get to know each other |
| executive management team, the more they will | | | | and build the organizational capital they need to |
| enjoy people with diverse experiences in business, | | | | work as a team. But this can be solved by an |
| or who have come from very different industries. | | | | executive retreat where each gets to know the |
| Someone that comes from the supply chain side | | | | other in a more relaxed setting. |
| of things and perhaps, a shipping company, would | | | | The other problem comes when there is an |
| be a very good addition to the executive | | | | autocratic leader, which is so set in the way they |
| management team of a consumer wholesale | | | | do things that they don't want to listen to the |
| manufacture of products. Likewise, in a large | | | | other executives on the management team. In |
| service company or corporation, someone who | | | | this case the diversity of experience is wasted, |
| comes from the manufacturing sector will come | | | | and the benefits are never realized. I hope you will |
| with a variety of experiences, and worldly | | | | please consider all this. |