Leadership and Vision at Exelon, Article Critique Example

Introduction

Mark L. Frigo, one of the authors of leadership and vision, is a holder of CMA and CPA. James Welch holds CPA. They came up with the book that empowers financial organization to build forward looking and strategic institutions. They tried to address the issues faced by Exelon Corporation, a gas and electric firm, during the summer of 2009. The company was going through a turbulent period. The recession was at its peak meaning the price of power was low and they faced stiff competition from its rivals. However, despite the challenging situation, the CFO Mathew F. and his team were determined to remake Exelon a success story. ”we face economic times which are hard with limited prospects of growth.”  HilZinger and his team were determined to collaborate with financial organizations to help Exelon back on its feet.

Literature review

Initially Exelon group was like other financial groups. Its objectives and focus were, to manage liquidity and close the books. It had done these for a quite long time effectively, being the first to report its quarterly report in the industry. Report from the company confirmed that in spite that it was effective in getting the work done, it was still far in providing consistent insight. Hilzinger admitted that its finance was broken when they came into relation with internal clients. He managed these by having a team that was strong and determined to go on with development. He noted that the driving force for his team was momentum. “Other people saw changes and wanted to join.”  The chart below shows their main of focus.

Area of focus

Exelon created a viable plan during the last quarter of 2009, it then launch officially initiatives in 2010. It launched the steps necessary to realize their goals: develop finance mission, define success, strategic assessment, analysis of strategic objectives among others. The organization eventually came to limelight again. However, the road to success was attributed to the following; communication, engagement of employees, mind set change, vision and capable leadership.

Summary

The desire of workers was natural that they wanted to see the results of their success. There was great improvement on internal clients between 2010 and 2011. The development team came up with ideas, which were low-cost. For instance, the culture team had talks monthly with employees to address issues in an open forum. Furthermore, the development team recommended that managers to go through certification interview, for consistency of interviews in the organization. Executive noted the process of budgeting as improved and controller got much praise for handling the process of quarterly earnings. Taxman was equally pleased to see the progress made. The development team focused on training, organized by Finance University to provide employees with resources.    Another notable change was the efforts of Exelon finance group inspired change, that Finance’s competency model of 2010 is included on Exelon leadership model. Hilzinger’s team has inspired change such that leadership across financial spectrum has been encouraged.  Based on the book leadership and vision, to build a strategic and forward-looking organization, the following competencies are necessary.

Values to be lived observing the values of respect, integrity, safety and accountability.

Sustainable results contribute achievable results and think open-mindedly on obstacles and problems.

Innovation, create ideas that forester growth and change business environment.

Encourage productive debate allow people raise issues and reward constructive pushback.

Lead through uncertainty, remain focus in face of challenge.

Develop people; develop technical, workable and leadership skills.

Understand the big picture; know the interdependencies between other groups and your group.