Accountability is vital for your company’s success, after all “it’s the glue that ties commitment to the result” as Bob Proctor, author and speaker on prosperity said, but with many of us still working remotely how do you build accountability?
Now more than ever, as we teeter on the edge of another financial crisis, companies need to focus on cutting bureaucracy and building the right culture which must include accountability.
Whilst being accountable and holding others to account can seem overwhelming and time consuming there are things that you and your team can do to make it part of your culture, and as one of the UK’s leading governance solutions, we know what it takes to:
- Set clear responsibilities and authority levels;
- Create transparent decision making and approval processes;
- Link decision-making culture to strategy, values, goals and metrics;
- Build stakeholder trust through accountability;
- Set compensation plans that reward the right behaviours;
- Review board advisory and committee effectiveness;
- Hire, onboard and release (underperforming) directors and senior leaders appropriately; and
- Drive legal and regulatory compliance through appreciation rather than force.
Enforcing good behaviours can take a real time commitment but if you avoid accountability everything else will become a lot harder too and in this hypercompetitive world you can’t afford to let accountability hold you back. Creating clear and effective accountability which promotes engagement and ownership supports your company and its cash flow.