What matter most? Eight priorities for CEOs in 2024
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What matters most? It’s a question we’ve been investigating for a few years now (here are reports from 2022 and 2021). This year, we’re reminded that what matters most are family, friends, values, principles, and commitments.
One of our commitments is to CEOs. It’s a tough job and getting tougher all the time. Just in the past few years, they’ve had to cope with a global pandemic, busted supply chains, war, stubborn inflation, and many other disruptions. Any one of these is enough to derail a CEO’s agenda. Taken together, it’s the most difficult operating environment we can remember.
Both of us talk to hundreds of CEOs every year, and many of our colleagues do the same. We admire how CEOs are leading their companies for the benefit of all stakeholders. We’ve consolidated the views that have come out of these conversations and are pleased to offer what we’ve heard about how companies can do better for society, communities, and employees—and the prosaic business of how they can pay for it all, and reward investors too.
Here are eight priorities for CEOs in 2024.
Leadership in 2024: Unexpected Tactics Top CEOs Swear By
The realm of leadership is vast, filled with challenges and rewards. While there are countless strategies that leaders employ to navigate this dynamic landscape, some practices have proven to be especially effective in driving results and establishing influence.
As a senior business leader, implementing these strategies can not only elevate your professional trajectory but also fortify the foundation of your organization.
Here are the top five leadership strategies, crafted specifically for the upcoming new year, 2024.
- Precision delegation
- Data driven decision diary
- Networking out of the box
- Cultivation thought diversity
- Writing your own book as a leader
Leading The Way In 2024: 10 Key Leadership Trends To Watch
In the dynamic world of business, leadership stands as a powerful and transformative force, propelling organisations to new heights and shaping the future. As we gaze ahead to the promising landscape of 2024, we are met with the exhilarating prospect of leadership evolving to meet the demands of a rapidly changing world.
These are not just trends but beacons of inspiration, guiding leaders towards a future where innovation knows no bounds, where teams thrive in harmony, and where purpose ignites the soul. Join us on a captivating journey as we unveil the ten compelling leadership trends destined to redefine how organisations are led and how teams are inspired. In the realm of leadership, 2024 holds the promise of achieving new pinnacles, steering organisations towards success and innovation, and fostering a culture of inclusivity and excellence that transcends borders and limitations. Let’s explore the ten key leadership trends that will likely dominate the leadership landscape in 2024.
18 Key Leadership Competencies for 2024 Success
Developing a diverse leadership bench is essential. In fact, companies that actively implement training and mentoring initiatives to develop leadership competencies are 3.4 times more likely to be rated as a best place to work. However, only 40% of organizations rate their leader quality as good or excellent. That’s why upskilling leaders and managers is one of the key HR trends.
In this article, we’ll explore the most important leadership competencies to focus on and how to develop them within your organization.
What are leadership competencies?
Importance of leadership competencies
Types of leadership competencies
– Competencies for leading the organization
– Competencies for leading others
– Competencies for leading yourself
How to develop leadership competencies
Redefining leadership excellence: A call to action for change in 2024
RESEARCH TRIANGLE PARK – There is nothing “traditional” about leadership excellence in today’s constantly evolving business landscape. Actually, 2023 has placed the spotlight on ideas that would have been considered far outside the norm as little as five years ago. I don’t have a crystal ball to tell whether we are in a new, defining moment as we rush headlong into 2024, but I am sure that the way we look at leadership has changed for good.
As I look back on the past year, I believe that we have redefined the fundamental characteristics of great leadership. The lens is now on things we used to label “soft skills.” Rather than an afterthought, we now understand that it is the employee as their full self that is at the heart of organizational success.
The 10 Essential CEO Skills for Leadership Excellence in 2024
2023 has the potential to be one of the most pivotal years to date for chief executive officers (CEOs). Coming off a global pandemic, 2023 possess the perfect opportunity for you to ramp up and put your business on the map. While the new year comes bearing opportunity, there are also numerous challenges that must be overcome to achieve success. In this article, we’ll detail 10 skills that CEOs need to have in 2023 to succeed. Keep reading to see if you have what it takes!
10 skills the top CEOs need to have
The impact of a CEO
10 skills the top CEOs need to have
The ability to attract and retain employees
Market and customer knowledge
Strategic thinking and decisiveness
The ability to delegate
Attention to detail
Creativity and innovation
The quality every leader should have to succeed in today’s world, revealed
As the world changes at rapid speed, people and organisations must change with it in order to succeed in the new status quo.
Leaders who survive through turbulent times usually set themselves out from the rest by way of qualities, such as courage, resilience, forward-looking prospection or simply by harnessing exceptional talents of others.
The World Economic Forum’s Innovators Community share one characteristic they believe every leader should possess to succeed in today’s world.
A Greek philosopher Heraclitus is famously quoted as saying, “change is the only constant in life.” Though change is inevitable, the speed with which the world is changing from multiple perspectives is fast and accelerating daily.
We asked leaders of the World Economic Forum’s Innovators Community, a group of mission-driven start-ups and Unicorn companies, to share one characteristic they believe every leader should possess to succeed in today’s world.
The CEO moment: Leadership for a new era
Challenged by the global pandemic, CEOs have made four shifts in the way they lead that hold great promise for both companies and society. Will they build on this unique moment, or return to the ways of the past?
COVID-19 has created a massive humanitarian challenge: millions ill and hundreds of thousands of lives lost; soaring unemployment rates in the world’s most robust economies; food banks stretched beyond capacity; governments straining to deliver critical services. The pandemic is also a challenge for businesses—and their CEOs—unlike any they have ever faced, forcing an abrupt dislocation of how employees work, how customers behave, how supply chains function, and even what ultimately constitutes business performance.
Confronting this unique moment, CEOs have shifted how they lead in expedient and ingenious ways. The changes may have been birthed of necessity, but they have great potential beyond this crisis. In this article, we explore four shifts in how CEOs are leading that are also better ways to lead a company: unlocking bolder (“10x”) aspirations, elevating their “to be” list to the same level as “to do” in their operating models, fully embracing stakeholder capitalism, and harnessing the full power of their CEO peer networks. If they become permanent, these shifts hold the potential to thoroughly recalibrate the organization and how it operates, the company’s performance potential, and its relationship to critical constituents.
Only CEOs can decide whether to continue leading in these new ways, and in so doing seize a once-in-a-generation opportunity to consciously evolve the very nature and impact of their role. Indeed, as we have written elsewhere, part of the role of the CEO is to serve as a chief calibrator—deciding the extent and degree of change needed. As part of this, CEOs must have a thesis of transformation that works in their company context. A good CEO is always scanning for signals and helping the organization deliver fine-tuned responses. A great CEO will see that this moment is a unique opportunity for self-calibration, with profound implications for the organization.
We have spoken with and counseled hundreds of CEOs since the pandemic first hit. It is clear to us that they sense an opportunity to lead in a new, more positive and impactful way. If a critical mass of CEOs embraces and extends what they have learned during the pandemic, this CEO moment could become a CEO movement—one that is profoundly positive for the achievement of corporate, human, and societal potential. As Rajnish Kumar, chairman of the State Bank of India, reflects, “This will be a true inflection point. I think that this pandemic, in terms of implications, will be as big an event as World War II. And whatever we learn through this process, it must not go to waste.”
Transformational change process in a large corporation – case of a prominent Indian public sector undertaking
- Literature survey
- Company profile
- Pre-transformation scenario
- Reasons necessitating transformational change
- Diagnosis and planning
- Implementation of change process
- Revival and implementation of change process
- Post-implementation phase
- Organization today
- Insiders’ observations and sentiment analysis
- Concluding remarks and points to ponder
This study aims to discuss what prompted this organization to embark on the journey of transformational change, challenges faced strategies adopted to overcome challenges, leadership role and outcomes.
The descriptive approach is used to comprehend the transformational change process in this gigantic public sector undertaking (PSU). To have an idea of the effectiveness of the change process, the pre- and post-change performance of the company was taken into account through collection and analysis of physical and financial parameters. However, focus of this paper is concentrated on the transformation process and its chronological sequence only. Human resource productivity trend and organization development interventions adopted over the years were also observed along with conducting a sentiment analysis of the employees who lived through this entire change process in the organization.
The case study describes how this Indian PSU went through the process of transformational change management and leaves the reader to assess the degree and extent of success of the approach and strategy of the company in this regard. There may be many what-if situations and contingencies in this case for readers to explore for suggestions and solutions and finding new possibilities.
IBM Study: CEOs Embrace Generative AI as Productivity Jumps to the Top of their Agendas
Half (50%) of CEOs surveyed report they are already integrating generative AI into digital products and services, but more than half (57%) of CEO respondents are concerned about data security and 48% worry about bias or data accuracy
Fewer than one in three CEOs (28%) surveyed have assessed the potential impact of generative AI on their workforces, and 36% say they plan to do so in the next 12 months
ARMONK, N.Y., June 27, 2023 /PRNewswire/ — A new global study by the IBM (NYSE: IBM) Institute for Business Value found that nearly half of CEOs surveyed identify productivity as their highest business priority—up from sixth place in 2022. They recognize technology modernization is key to achieving their productivity goals, ranking it as second highest priority. Yet, CEOs can face key barriers as they race to modernize and adopt new technologies like generative AI.
The annual CEO study*, CEO decision-making in the age of AI, Act with intention, found three-quarters of CEO respondents believe that competitive advantage will depend on who has the most advanced generative AI. However, executives are also weighing potential risks or barriers of the technology such as bias, ethics and security. More than half (57%) of CEOs surveyed are concerned about data security and 48% worry about bias or data accuracy.
There is also a disconnect between CEOs and their teams when it comes to AI readiness. Half (50%) of CEOs surveyed report they are already integrating generative AI into products and services, and 43% say they are using generative AI to inform strategic decisions. Yet, just 29% of their executive teams agree they have the in-house expertise to adopt generative AI; only 30% of non-CEO senior executives surveyed say that their organization is ready to adopt generative AI responsibly.
“Generative AI can reduce the barriers to AI adoption and half of CEOs interviewed are actively exploring it to drive a new wave of productivity, efficiency and quality of service across industries,” said Jesus Mantas, Global Managing Partner, IBM Consulting. “CEOs need to assess their company requirements around data privacy, intellectual property protection, security, algorithmic accountability and governance in order to plan their deployment of emerging use cases of generative AI at scale.”
Key study findings include:
PwC’s 26th Annual Global CEO Survey
Evolve or die, say 4,410 chief executives in our 2023 CEO Survey. But are they spending enough time on business reinvention? Many tell us no.
Forty percent of global CEOs think their organisation will no longer be economically viable in ten years’ time, if it continues on its current course. That stark data point underscores a dual imperative facing 4,410 CEOs from 105 countries and territories who responded to PwC’s 26th Annual Global CEO Survey. Most of those CEOs feel it’s critically important for them to reinvent their businesses for the future. They also face daunting near-term challenges, starting with the global economy, which nearly 75% believe will see declining growth during the year ahead. We’ve organised this year’s survey summary into nine tough questions—which naturally fall into three groups—about what it takes to operate in our dual-imperative world:
The race for the future: The first three questions reflect the race that CEOs must run to stay ahead of longer-term threats to their companies, to society and to the planet itself.
Today’s tensions: The next three questions speak to day-to-day tensions that leaders are facing as macroeconomic conditions deteriorate, uncertainty rises and inflation hits levels not seen in decades.
A balanced agenda: The final three questions epitomise the balancing act that CEOs must perform to deliver on their dual imperative.
The data we’ll present shows that CEOs are already wrestling with these questions, though sometimes without fully recognising it. By making the questions explicit, we hope to help leaders zero in on their biggest possibilities and vulnerabilities. Along the way, we also suggest CEO priorities for action, based on PwC’s research and experience helping global leaders with all of these issues. The dual imperative facing today’s CEO is a challenge of the first order, but it’s also an opportunity to lead with purpose and help business play the role needed so desperately by society—a catalyst of innovation and a community of solvers that plays for the long haul.