When HR magazine asked me to kick off this new series on what keeps Britain's CEOs awake at night, my first thought was: 'Where do I start?'
Being the CEO of the UK arm of a global food company like General Mills has its challenges, although I certainly do not think those operating at board level have a monopoly on feeling the burden on business of the current economic climate. That said, the things that could keep me awake at night - were I predisposed to such a thing - could vary from a weak pound and fluctuating exchange rates, to the endless balancing and analysing of general and administration costs, to the logistics of getting Haagen-Dazs, Old El Paso or any of our seven market-leading food brands to the end consumer. Equally, it could be setting advertising budgets and forecasting the return on that investment.
The current economic climate has meant many businesses may have been tempted to focus on a very short-term horizon. But if we, as leaders, take our eye off the ball for what we want in the long term we're far more likely to take the wrong decisions in the short term.
The role of each of our business leaders is to continue to build the trust and confidence of each and every employee with a long-term mindset. Our HR director, Sue Swanborough, continues to challenge our board on how we evolve both our leadership and our culture. It's relatively easy to carry out events that can kick-start these changes but the difference is in keeping these conversations alive day-to-day.
This is particularly important when times have been tough. Fortunately, at General Mills, we entered the economic downturn in a position of strength, with a suite of brands that were all in double-digit growth. I'm pleased to say this success has continued.
But it has meant our people have had to be even more determined and creative to help us maintain a competitive edge. Which is why we have worked hard to ensure that each and every one of our people continues to feel valued for a job well done.
Critical to this has been staying true to our values - we don't just hang them on the wall - we live and breathe them.
So, while globalisation is one of the things that could keep me awake at night, what I'm always primarily interested in is our people.
I place enormous value on the vision, culture and values of the company and we've had success with that - top and bottom-line. By creating an environment of openness, fairness and transparency we have built trust and commitment among our staff. This culture has unleashed enthusiasm, passion and creativity at all levels of the organisation.
We are still growing and we want to do this while maintaining the culture. In risk terms, I consider losing authenticity and our 'family feel' more of a danger than not hitting the actual targets the company has set itself - that's because it's through our culture that we can deliver the numbers.
One of the biggest challenges that businesses will face in the aftermath of the current downturn will be cultivating the next generation of talent, keeping it and encouraging our incoming set of entrepreneurs to really make a difference from what has gone before them - and to add to it.
In the longer term I would like to leave a legacy at General Mills UK where we've created an engaging culture for all generations, a culture where staff feel valued and are helped to have their potential released - and, of course, where they can have a bit of fun along the way.
- Jim Moseley is managing director of General Mills, UK and Ireland.
GENERAL MILLS IN A MINUTE
Staff: 150
Average age: 37
% male/female 57:43
% earning £35,000+ 40
% of staff proud to work for the company 95
% who say they're excited about working for company 97
% who agree company isn't driven by profit alone 79
Source: Best Companies.
