The Business Impact of Corporate Executive Development

THEBUSINESSIMPACTOFCORPORATEEXECUTIVEDEVELOPMENT

By: JamesF.Bolt,Chairman

andKevinJ.Sears,ResearchConsultant

ExecutiveDevelopmentAssociates

Significantprogressisbeingmadeinthemeasurementandevaluationoftraining.Forexample,arecentstudybytheAmericanSocietyforTrainingandDevelopment(ASTD)providedhardevidencethatinvestmentsinworkplacelearningimproveacompany’sfinancialperformance.Thedatacamefromastudythatcompared540companies’expendituresonworkplacelearningwiththeirperformance.Thosecompaniesthatspentmoreonworkplacelearninghad:

•57%highernetsalesperemployee

•37%highergrowthprofitsperemployee

•20%higherratioinmarkettobookvalues.

TheConclusion?Thereportstatedthat“companiesthatinvestmoreheavilyonworkplacelearningaremoresuccessful,moreprofitableandmorehighlyvaluedonWallStreet.”

Muchlessprogresshasbeenmadeinmeasuringtheimpactofexecutivedevelopment.ThepurposeofthisstudyconductedbyExecutiveDevelopmentAssociates(EDA)wastofindandpresentevidenceoftheimpactofcorporateexecutiveeducationandleadershipdevelopmentprograms.OurexperienceinworkingwithCEOsinmajorcorporationsaroundtheworldisthattheycaremuchlessaboutsophisticatedmeasurementsthantheydoanecdotalevidence.Theyknowbywhattheysee,hearandfeelwhethertheirexecutivedevelopmenteffortsaremakingadifference.Nevertheless,thisreportcoversbothmeasuredimpact,e.g.,16-1ROIandanecdotalevidence.

Eightexamplesofthebusinessimpactofcorporateexecutivedevelopmentareincludedinthisstudy:

•Ameritech

•BellSouth

•CalPERS(CaliforniaPublicEmployeesRetirementSystem)

•GeneralMotors.

•IBM

•Kodak

•SiemensNixdorfInformationsSystemeAG

•Weyerhaeuser

AMERITECH’SNETWORKLEADERSHIPDEVELOPMENTPROGRAM(NLDP)1

Over1,400Ameritechmanagerscompletedtheone-weeklongNetworkLeadershipDevelopmentProgram.ThegoalsofNLDPincluded:

•Improvingleadershipskills.

•Improvingabilitytomanageinachangingandcompetitiveenvironment.

•Improvingproductivityandquality.

TheprogramadministratorsfeltitnecessarytoevaluateNLDPwithharddataeventhoughtheconceptofleadershipisoftenconsideredambiguous.Thenewlydevelopedevaluationstrategywasmade

1“LeadingStrategicChange:ToolsandTechniques”.Articlefrom:HumanResourcePlanning;Tempe;1998;DinaM.Pasalis

THEBUSINESSIMPACTOFCORPORATEEXECUTIVEDEVELOPMENTOctober1999

upof5components;reaction,learning,transfer,results,andreturnoninvestment.

Participantreactionwasmeasuredusingprogramevaluationformsgivenpriortoandattheendoftheone-weekcourse.Learningwasassessedbycomparingprevs.postinterventionperformanceonaworksimulationexercise.Theresultswereverypositive;97%oftheparticipantsagreedwithpositivestatementsabouttheprogramand87%showedanaverageof16%improvementinthesimulationexercisebytheendoftheweek.

Todetermineifwhatwaslearnedintheprogramwasbeingtransferredtotheactualworkenvironment,a360ºfeedbacksurveywasperformedoneachparticipant.Eightypercentoftheparticipantswerejudgedtohaveimprovedintheareasofproductivityandqualityofwork.

Otherresultsattributedtothisleadershipdevelopmentprogramincludeda17%increaseinproductivityandquality,aswellasareductioninoperatingcosts. Theseimprovementstranslatedintoasubstantialreturnoninvestment.Foreach$1spent,Ameritechsavedroughly$1.79throughthepost-programchangesthatwereimplemented.

BELLSOUTH’SWORKOFLEADERSHIPPROGRAM

TheoverallgoalofBellSouth’s“TheWorkofLeadership”wasfortheparticipants(thetop50officersatBellSouth)tobetterunderstandandpracticetheworkofthenewBellSouthleader.Morespecifically,BellSouthwantedtheirofficersto:

•Betterunderstandhowtointegrateservices,offeringsandprojectsacrossinternalboundaries.

•DecideuponandimplementthoseactionsthatmostaddedvaluetoandsupportedBellSouth’sbusinessstrategy.

•Understandtheirroleasleadersinachievingworld-classfinancialperformance.

Theworkshop(developedbytheBellSouthLeadershipInstitute)includedtwosessionsoftwo-dayseachwithtenweeksin-between.Therewere25Officers in each session. Team business projects

(actionlearning)werecompletedwithintheten-weekperiodandwereaimedatgrowingrevenuesorcuttingcosts.

Whatweretheresults?Manyofthebusinessprojectspaidsignificantdividends.Forexample,anewlineofbusinesswascreatedwhichwasestimatedashavinga$500millionpotential.Inaddition,justoneoftheprojectsthatwereimplementedresultedin$28millionofincrementalrevenues.Theseprovidedadramaticreturnonthecostoftheworkshop.

Theworkshopalsoresultedinthecreationofstrategiesandaspirationsregardingrevenuegrowth,returnonassetsandemployee/customersatisfactionthathavenowbecomethemeasurements,whichtheybelieve,willdriveBellSouthintothetopquartileofS&P500companies’performance.

Inadditiontothehardevidence,accordingtoMelanieCadenhead,Director,ExecutiveEducation,workshopevaluationsindicatedanecdotalevidencesuchasthefollowing:

•“Sessionandprojectshavehighlightedandstimulatedcrossentitycooperation.”

•“Myworkwithotheraffiliateshasbeenmoreopenandeasierasaresultofworkingtogetheronourproject.”

•“Createdastrongerworkingrelationshipwithofficers.”

Whilethisanecdotalevidenceisimpossibletoquantify,BellSouthbelievesthatthesefactorswillsignificantlyaffecttheperformanceofthecompanyinthefuture.

THECALPERSLEADERSHIPCHALLENGE

OneofCalPERS(CaliforniaPublicEmployeesRetirementSystem)topfivestrategicinitiativesiscalled“AllStaffTraining,”andisaimedatprovidingworld-classtrainingatalllevelsfromunionizedstafftoseniorexecutives.TheinitialeffortwithintheAllStaffTraininginitiativewastheCalPERSLeadershipChallengeworkshopwhichwasconductedtopdownthroughouttheorganization.ThefirstworkshopparticipantsincludedCEOJimBurtonandthetopelevenexecutivesatCalPERS.

Oneofthekeyobjectivesofthethree-dayworkshopwasto“strengthenleadershipcapabilities”.ThestatedobjectiveofthisaspectoftheLeadershipChallengewasnolessdauntingthanto“produce,positive,measurablechangeinleadershipbehavior”.Toaddressthisobjective,acustomdesigned(basedoninterviewsandfocus-groupsthroughoutCalPERS)360ºleadershipfeedbackinstrumentwascreatedandcompletedbyeachparticipant,theirimmediatemanager,theirpeersandpeoplewhoreportedtothem.The360ºinstrumentwasdirectlylinkedtothestrategicchallengesandobjectivesofCalPERS.DuringtheLeadershipChallenge,participantsreceivedconfidentialfeedbackontheirsurveyresults,and1on1privatecoaching.Eachparticipantalsocreatedanactionplantobothleveragestrengthsandaddressareastoimprovetheirleadershipeffectiveness.

Keilty,GoldsmithandCompanycreatedandconductedthissegmentoftheLeadershipChallenge.Includedasfollow-uptotheclassroomevent,theyprovidedtwofour-monthassessmentsofprogress,usinga“mini-survey”asmall3–5iteminventorydistributedtotheparticipant’smanager,directreportsandpeers.Themostcriticalquestionaskedonthemini-surveywas:“Doyoufeelthispersonhasbecomemoreorlesseffectiveasaleaderinthepastfourmonths?”Approximately90%oftherespondentsindicatedimprovementinleadershipeffectivenessoverthefour-monthtime.Afterthesecondfour-monthtimeperiodmin-survey,87%indicatedimprovement.

Thisuseof360ºfeedbackisoneofthefewwayswehavetomeasureleadershipbehaviorchange.Keilty,GoldsmithandCompanyhasdoneseveralextensivebeforeandafterstudiesusingtheclientsfull360ºfeedbackinstrumenttodetermineperceivedchangeinleadershipeffectivenessovertime(12–18monthsaftertheinitialadministrationandtraining).Inastudyincludingover8000peopleinoneofthe100largestcompaniesintheUnitedStates,95%ofrespondentsindicatedthatleadershipeffectivenesshadimproved.

EASTMANKODAK’SPROFESSIONALDIVISION,BUSINESSADVANTAGEPROGRAM

KodakProfessional,adivisionofEastmanKodakCompany,developedandconductedtheBusinessAdvantageProgramasaleadershipdevelopmenteffort.Theprogramhadasitscore,acustomizedbusinesssimulationdevelopedandconductedbyBTS(formerlyBusinessTrainingSystems),locatedinStockholmwithUSheadquartersinStamford,CT.TheBusinessAdvantageProgramgoalsincluded:

•Increasingprofitability.

•Havingparticipantsbetterunderstandboththetotalbusinessandthefinancialinterrelationshipsofthebusiness.

•Improvingfinancialperformance.

AccordingtoDavidLester,HumanResourcesManagerresponsiblefortheprogramatKodakProfessional,theyusedseverallevelsofevaluationincludingparticipantreaction,learningtransfer,resultsandreturnoninvestment.Participantreactionsasmeasuredthroughatraditionalend-of-programprocess,wereextremelypositive.Ninety-eightpercentofparticipantsratedtheprogramaseitherverygoodorexcellent.Participantsself-reportingindicatedthattheirunderstandingandawarenessofKodakProfessional’skeybusinesswasgreatlyincreased.Forexample,64%oftheleaderswhoparticipatedstatedthattheirunderstandingandawarenessoftheinfluencesthatimpactKodakprofitabilitywasincreasedbya“greatextent”.

TheBusinessAdvantageProgramhasyieldedmajorfinancialdividends.Forexample:

•“Allmyproductlinemanagersaretakingthiscourse,andwehavebeenabletoreduceinventoryontotaldeliveredcoststothetuneof

$30million.”

•“Sinceattendingtheprogramwehavefoundopportunitiesto reduce assets by up to

$500,000.”

•“Wehavefoundwaystogrowthetoplineofthebusinessbyupto$375,000.”

•“Afterattendingtheprogram,wehadabetterunderstandingoftheimpactthatCOGS(CostofGoodsSold)hasonrevenuesandassets.Oureliminationofstepsandreductionininventoryhavetranslatedtoasavingsof$3million.”

Four-hundredleadersandexecutivesparticipatedintheBusinessAdvantageProgramatatotalinvestmentof$1.44million(including participantlostproductivity,tuitionandtravel)comparedtoanestimated$23.4millionreturn,KodakProfessionalestimatestheROIasroughly16:1.

GMLINKSBETTERLEADERSTO

bottomline?Thepilotlocationwastheonlyonetoimprovebothcultureandbusinessperformance.Therewasa21%productivityimprovementatthepilotplant,whichtranslatedintoa$4.4millionsavingstooperatingbudget.Thissavingscomparedtoacostofapproximately$300,000toimplementandevaluatetheprogram.Thereturnoninvestmentwas15:1.

Therewerealsobelievedtobesignificantdollarsavingsresultingfromincreasedquality,health,safety,scheduleattainmentandabsenteeism,butthesewerenotmeasured.

IBM’SACCELERATINGCHANGE

BETTERBUSINESS2

TOGETHER

(ACT)I

NITIATIVE

ThisleadershipdevelopmentefforttookplacewithintheServicePartsOrganization(SPO)atGeneralMotors.SPOwasnotmeetingitscustomer’sneeds.Thedivisionwasintenthplaceoutoftenwarehouse

/partssuppliercompaniessurveyed.RonDriggert,aDirectorintheSPOworldheadquarterswantedatestbedforevaluatingthebusinessimpactoftheirexecutive/leadershipdevelopmentefforts.

Initially,theleadershiptrainingwasdoneasapilotatoneplantonly.Allseniorleadersatthepilotfacilityparticipatedinatwo-dayleadershipassessment.Basedontheirindividualperformance,eachpersoncreatedanindividualizeddevelopmentplanandthenreceivedtrainingintheareasofcoaching,developingaccountability,promotingteamwork,quality,safety,communicationsandcustomerrelations.

Foursimilarfacilitieswereusedascontrolgroupssothatpotentialinfluencesotherthantheleadershipdevelopmentinterventioncouldbeheldconstant.Theeffectoftheleadershipdevelopmentinterventionwasassessedusingtheopinionsofallplantemployees.

Theresults?Thepilotlocationimproveddramatically.Managementandemployeesatisfactionincreased.Culturehaddefinitelychangedinthedesireddirection,butwhatabouttheimpactonthe

2“GMlinksbetterleaderstobetterbusiness”.Articlefrom:Workforce;CostaMesa;April1998;StevenR.Davis,JayH.Lucas,DonaldR.Marcotte

IBM’sACTreachesacrosstheorganizationandgivestopexecutivesanopportunitytoassembletheirbestpeopletosolvecriticalbusinessissuesandtoeducatethem(andlearnfromthem)aboutthecurrentandfuturebusinessrealities.

PilotConsultingCorporationhelpedIBMachievemeasurableresults,drivesustainablechangeandbuildleadershipcapabilitythroughACT.

IndesigningACT,Pilotusedit’sthreephasedprocessthattypifiestheircorporatechangeinitiatives.TheScopingphasebringstogetherkeystakeholderstothoroughlyexaminetheproblem.Atthe3-5dayBusinessMeeting,30to100participantstypicallydividedinto3-5sub-teamstoworkonparallelpathstoresolvemajorcomponentsofacriticalbusinessissue.Executiveleadersmake“on-the-spot"decisionstosupportorrejecttheteams’recommendations.TheImplementationphasecombinestheapprovedrecommendationsintoasingleprojectplanandtracksexecutionthroughformal30,60and90-daycheckpointreviews.At90days,keybusiness/culturalimpactsandlearningsarecaptured,measured,andcommunicated.

ThebusinessimpactofusingtheACTmethodologytoimproveworkplacelearningandtodevelopleadershasbeenconsiderableatIBM.Over400ACTsessionsworldwidehavebeenconductedandover300internalconsultantshavebeentrainedwiththefollowingoverallresults:

Measuredimpactincluded:

•Increasedrevenuegrowth=$3.25Billion

•Productivityandoverallclientsavings=$1.2B+

•Inventoryreduction=$565M+

•Marketsharegrowth=$3.75B+

Anecdotalevidenceincludesthesethemesfromstatementsmadebyavarietyofexecutives:

•Strengthenedleadership:makingpublicdecisionsandusingACTtoolstosustainchange

•Fasterandmoredisciplinedimplementation:visibleownership,commitment,monitoringactions

•Enhancedcross-businessliteracy:strategicallyalignedwithonevoicetothecustomer

•Improved knowledge management: applyinglearningsacrossthematrices.

•BuiltinternalcapabilitytoconductACT.ACTEXAMPLE:IBM’SCROSSSELLUPSELL

ThepurposeofthisspecificACTwastodefineandimplementaplantoeffectivelycross-sellandup-sellineachcustomersegmentusingthewebtoincreasetheclosingrateby50%,incrementalwebrevenueby10% andoverallcustomersatisfaction.Themeasuredresultsincludedanincreaseinincrementalrevenueof$62MandanIBMreturnonsalesof10%inthefirstyearslightlyhigherinthesecondyear.

Theexecutivesponsors,MarkShearer,VicePresident,MarketingIBMAmericasandHarveyBergman,SeniorManager,InteractiveMarketingIBMAmericas,usedtheirinfluencetobringtherightparticipantsanddecision-makerstothetable.Theytookrisksatthedecision-makingsessionbypubliclyaskingtheirpeerstocommitresources.Andthroughouttheimplementation,theyledthecheckpointreviews,removedroadblocksandmodeledcollaborationandhowtoworkeffectivelyacrossorganizationalboundaries.Theyalsoensuredthatprocessesandpeoplewereinplacetosustainthemomentumbeyondthe90-daycheckpointbydedicatingprojectmanagementresourcestomonitorprogress.

Atthe60daycheckpoint,MarkShearercommented,“ACTmakesyouabetterleader--bygivingmethestructureandtoolsIneededtomobilizecommitmentfrommyexecutivecolleaguesandmyteam,weare

makingadifferenceforourcustomersandforthefuturepositioningofourbusiness”

SIEMENSNIXDORFINFORMATIONSSYSTEMEAGTRAINSUNITMANAGERSTOBEENTREPRENEURS

BabsonCollegelocatedinBoston,MAhasanexceptionalreputationinthefieldofentrepreneurship.ThemissionoftheirCenterforEntrepreneurshipisto“enhanceentrepreneurshipeducationandpracticeworldwide.”

ProfessorNealThornberryofBabsonledtheefforttocreateacustomizedprogramforSiemensNixdorfinMunich,Germany, totrain 300 UnitManagerstobecomeentrepreneurs.TheUnitManagerpositionwasnewinSiemensNixdorfInformationSysteme(SNI)andwouldplayacriticalrole.UnitManagerswouldhaveP&Lresponsibility,beexpectedtobeclosetothemarketandtodrivethegrowthofthebusiness.TheEntrepreneurialDevelopmentProgram(EDP)wasfive-weeksinlength.Theprogramdesignwastwotwo-weeksegmentswithsix

–eightweeksallottedforbetweenmodulework.ThespecificEDPobjectivesincluded:

•Theidentification,developmentcapturingofnewbusinessopportunities

•Thedevelopmentofunitmanagersascorporateentrepreneurs

•Thedevelopmentofgeneralmanagementskillsincludingfinance,marketing,teamworkandleadershiptohelpUnitManagersinimplementingnewbusinessventures.

DuringEDP,unitmanagerswereaskedtodevelopacompletebusinessplan,whichtheywouldthenusetoasktheSNIboardforresources.ThebusinessplanopportunitiescouldnotsimplybederivativesofwhatSNIwasalreadydoing,butventuresinvolvingnewproductsandnewmarkets.

TwelveEDP’swererunwithapproximately30UnitManagersineachsession.DuringEDP,UnitManagersconceivednewproductandserviceideasanddevelopedimplementationplans.

Theimpact?InassessingthefinancialimpactofEDP,onecaseisagoodexample:OneoftheUnitManagersusedtheprogramconceptsofcreatingauniquevaluepropositionforcustomersaswellasvaluesellinganddevelopedanewclientthatresultedin$250millioninrevenues.Theparticipantdirectlyattributedhissuccesstotheconcepts,skillsandtoolslearnedintheprogram.

AccordingtoJürgenSamuel,ProjectDirectorofInnovationInitiativesatSiemens,“Whileparticipatingintheprogram,IdevelopedthebusinessplanforSiemensInternationalVentureCapitalProgram,whichisnowinplaceatthecompany.Theprogramreallyhelpedmeunderstandhowventurecapitalworksandhowtodeterminefundingandfinancialreturns.Italsomademeawareofentrepreneurialthinkingandhowthisfitsintoourenvironment.”

THEWEYERHAEUSERLEADERSHIPINSTITUTE

AccordingtothenCEOoftheForestProductsCompany,CharlieBingham,“Wedesignedthe‘LeadershipInstitute’tonarrowthegapbetweenwhereweareandwherewemustbe–leadingtheforestproductsindustry.”

TheLeadershipInstitutebeganwithaweekofoutdoorleadershipandteamingexercisesandendedwithaweekof“mind-crunchingbusinessexercises”.Thefourintensiveweeks(overtwoyears)wereaimedatequippingtheirtop1300executiveswiththeleadershipcapabilitiesandsenseofpurposethattheyneededtoleadthecompanyinanewdirection.

AccordingtoHoraceParker,DirectorofStrategicEducationfortheWoodProducts/TimberlandsSectorsatWeyerhaeuser,“Everythingwasdonewithabiastowardaction.Itwasintendedtochangehowthecompanywasrun,andthatmadetheInstituteunique.”OneoftheinnovativeaspectsoftheInstitutewastheinclusionoffourtofivemajorcustomers,inthesecondweekoftheInstitutewhichwasaimedatbuildingandleadingacustomer/focusedorganization.Theideawastolearnwhatitmeanttodeveloplong-term,profitpartnershipsbetweenWeyerhaeuser and its major customers. The final

weekoftheInstitutedealtwithfinancialmanagementfromanentrepreneurialperspective.Participantswereengagedina customized,computer-basedsimulationwheretheywereprovidedtheopportunitytoapplywhattheylearnedintheInstituteinrunningtheirownbusinessandreceivingimmediatefeedbackontheireffectiveness.

The business impact of the Leadership Institute

includedthefollowing:

•Theyrealized$50millioninproductivityimprovementsfromprojectsthatwerebegunintheInstituteandsubsequentlyimplemented.

•SaleswithcustomerswhoattendedtheInstituteincreasedby24%.

•WeyerhaeuserForestProducts Companybecameratednumberoneincustomersatisfactioncomparedtotheirkeycompetitors.

•Theirfinancialperformanceimprovedfromthethirdtothefirstquartilecomparedtotheirkeycompetitors.

•Theyrealizedasignificantincreaseintheirperformancecomparedtocompetition,inreturnonnetassets.

ReviewingtheimpressiveresultsachievedatWeyerhaeuser,acyniccouldarguethatthedramaticimprovementintheirperformancerelativetocompetition(thelastthreebullets)mighthavebeencoincidence.That,afterfiveyearsofbelowaverageperformancecomparedtocompetitors,WeyerhaeusermovedintothetoptieroftheirindustryduetofactorsunrelatedtotheLeadershipInstitute.However,WeyerhaeuserexecutivesdirectlyattributedmuchoftheperformanceimprovementstotheLeadershipInstitute.

CONCLUSIONS

ItishardtoignoretheevidenceoftheBusinessImpactofCorporateExecutiveDevelopmentpresentedinthisstudy.However,weatExecutiveDevelopmentAssociatesarebiased.Wemakeourlivingdevelopingcustomizedprogramsliketheonesdescribedinthisstudyandyoucanbesurethatwewanttobesurethatwearemakingadifference.Wewerepromptedtoconductthisstudybyclientsandother colleagues who felt a strong need for more

substantialevidencetosupporttheirwork.Somewouldagreethatthiskindofevidencedoesn’tmeasureuptotherigorsofscientificresearch(itprobablydoesn’t)andothersmightsaythatexecutivedevelopmentshouldbeanactoffaithandandshouldnotbemeasured.Regardless,ourassumptionhasbeenthatthisinformationcouldbevaluabletomanypeoplewhopaythebillsforexecutivedevelopment(internalclients)orwhoareresponsiblefortheexecutivedevelopmenteffortsinthecompanies(practitioners).

Perhapstherealquestionthatbothershumanresourceandexecutive/leadershipdevelopmentpractitionersisthis:Doeswhatwedomatter?Arewemakingadifference?Ibelievethatwearealldrivenbyapowerfulneedtoknowthatwe’remakingadifferenceinourwork.Wespendtoomuchtimeatittosimplybepunchingtheclockandcashingourpaychecks.Thisstudydemonstratesavarietyofcaseswhereitiscrystalclearthatwhatwedodoesindeedmatter.Andofcourse,theresultscouldbeusedincaseswhereweneedalevertoopenthedoorwithtopexecutivessothatwehavetheopportunitytodojustthat.

Finally,thisstudyisaworkinprogress.Theauthorswouldappreciatehearingaboutyourowneffortstomeasurethebusinessimpactofexecutiveeducationandleadershipdevelopmentefforts.

AbouttheAuthors

JamesF.BoltisFounderandChairmanofExecutiveDevelopmentAssociates(EDA).EDAisaleadingeducation,consultingandnetworkingfirmspecializinginthestrategicuseofexecutive/leadershipdevelopment.BoltfoundedEDAin1982after16yearswithXeroxCorporationinitiallyinMarketingandBranchManagementandthenasCorporateDirector,HumanResourcesPlanning,TrainingandDevelopment.

KevinJ.SearsisagraduatestudentintheMaster’sofScienceprograminIndustrial/organizationalpsychologyatSanDiegoStateUniversityandwillbegraduatingintheSpringof2000.Duringthepastyear,KevinhasworkedwithExecutiveDevelopmentAssociatesinthecapacityofResearchConsultant.

ExecutiveDevelopmentAssociates’missionisfour-fold.Weexistto:1)Helpexecutivesandorganizationsachievetheirfullpotentialthroughhigh-impact,custom-designedexecutive/leadershipdevelopmentstrategiesandprograms;2)supportexecutive/leadershipdevelopmentpractitionersthroughpowerfulresearch,educationalexperiences,and"communityofpractice"networksthatfostertheirpersonalandprofessionalgrowthandsuccess;

3)beadvocatesfor,andpromote,thestrategicuseofexecutive/leadershipdevelopment;and,4)bethesourceforinformationaboutbestpracticesaswellasleadingedgethinkingandactivitiesinexecutive/

leadershipdevelopment.

Formoreinformation,writeorcallExecutiveDevelopmentAssociatesatP.O.Box9710,16236SanDieguitoRoad,Suite1-20,RanchoSantaFe,CA92067-9710, (858)759-2838, or e-mail at

rvisit ourwebsiteat

Acknowledgements

Theauthorswishtothankthefollowingpeoplefortheircontributionstothisreport:MelanieCadenhead,Director,ExecutiveEducation,BellSouthLeadershipInstitute;ChristopherCappy,President,andTeriRiddle,LeadProjectManagerandConsultant/IBMACT,PilotConsulting,20GroveStreet,Ste2,Peterborough,NH03458,(603)924-4300;DavidLester,HumanResourcesDirector,KodakProfessionalDivision,EastmanKodakCompany;HoraceParker,Director,StrategicEducation,WeyerhaeuserCompany;TomPettey,ChiefofHumanResourcesCaliforniaPublicEmployeesRetirementSystem(CalPERS);ProfessorNealThornberry,FacultyDirectoratBabson’sSchoolofExecutiveEducationandAssociateProfessorofManagement,BabsonCollege,BabsonSchoolofExecutiveEducation,Wellesley,MA 02457-0310,(781)239-5331;and,Marshall

Goldsmith,Found-ingDirector,Keilty,GoldsmithCompany,P.O.Box9710,RanchoSantaFe,CA92067,(858)759-0950andBrianUnderhill,Consultant,Keilty,GoldsmithCompany,P. O.Box9710,RanchoSantaFe,CA92067,(858)759-

0950.