Categories: Cyber, HR & Employment Law | by admin

The upcoming new year means it is time to set some new priorities for your C-suite, and 2022 is the year of prioritizing the structure and security of executive teams. A solid executive team is the foundation of a company’s organization, because they are leading by example with a strong and focused group of professionals. 

This means that every single team member is held accountable for their performance and actions across the board. Being a great leader does not mean you rely on your title for leadership; rather, it means that you are able to lead by example and create positive change in your workplace. If team members do not see a healthy organizational structure at the top of their company, how can they be expected to perform to their fullest potential as an employee?

Setting some resolutions that prioritize the executive team’s security and organizational goals will help make 2022 your best year yet. Here are our top five New Year’s resolutions to protect your C-suite.

Directors & Officers Liability

Having a liability plan in place specific to Directors and Officers will assist in protecting your executives from losses in the case that there is a lawsuit or mishap in security management. Directors & Officers insurance is a necessity for any company, as it’s important to have protection ready so that your team isn’t scrambling to form a contingency plan.

You obviously never want the worst case scenario to occur, but having Directors & Officers insurance selected and set up is important for upholding the security of your entire team and their business partners. For more information about insuring your business, check out how Zywave can insure your growth.

Cybersecurity

In practice, maintaining cybersecurity for your business involves protecting your company’s executive level data from risk and theft. It also includes the different methods you take in preserving the well-being of your overall brand, ensuring that your integrity remains secure.

This is especially important in the digital age, as more and more people are utilizing the cloud for storage and are exchanging files and information through virtual communication software. A single mishap or file mistake can cost your company both financially and socially through their reputation within the business world, so creating a cybersecurity plan can prevent the damages from being excessive. 

Succession Planning

Succession occurs when company leaders leave, retire, or are promoted/moved to other clients or company sections, and the position is filled by the next employee in line. You cannot always predict when people will leave or unforeseen circumstances will occur, so it is best to have a plan in place for when it inevitably occurs

In addition to planning who will take an executive leader’s place, you will also need to prepare far in advance for anything that may occur during the process of team members moving or switching positions. Your executive team should map out a plan that details each step of the process, and it can include a modified version of the onboarding process if necessary to include employees who are new to the company.

Elevating Human Resources 

Maintaining a tight C-suite is all about cultivating the right culture for your workplace. This happens over time and cannot be implemented immediately, but your human resources department can speed up the process through different initiatives.

Bringing the best version of oneself into the workplace can be made possible when the human resources department works hand in hand with the rest of the company. When your employees are happy and healthy, they are less likely to make mistakes in their work, decreasing the overall risk they bring to your company. While you obviously trust them to do what is right, you want to make sure your employees have all the resources they need to bring their best performance to the table week after week.

Executive Compensation and Benefit Plans

Ensuring that you’re compensating your executives fairly and evaluating what similar companies are implementing for their employees are both ways to secure your C-suite. This is also a crucial part of decreasing turnover in 2022, as you want to solidify your team and make sure they feel valued as a part of the company. 

Don’t assume that someone is thriving just because they are a C-suite executive. The pressures of leadership and overwork can lead to burnout in the workplace. Company leaders can go through phases where they do not feel valued by the team for a variety of reasons, so be on the lookout for team members who do not seem as invested in their work. Catching this early on will allow you to discuss ways they can rekindle their passion for their work. All of this should be considered when researching strategies for developing a more secure executive team that is compensated properly based on market conditions. 

Maintaining a tight knit executive team requires that your company takes the proper actions in advance, so setting these resolutions during your last few weeks of the year will better prepare you for 2022 and the future.