An insightful summary from a recent survey of C-level executives undertaken by The Association of Executive Search and Leadership Consultants.
For the C-suite executives who have an eye on the future, and not just on today, there are 5 key things they must focus on if they are to have a fit, healthy and future proofed organisation.
1. Lack of Diversity
A diverse workforce brings so much more to the table but it is not a tick box exercise to keep stakeholders happy. Think of diversity as opening up so many more opportunities to you for superstar employees and leaders that you may have so far overlooked.
2. Lack of Leadership Successors
Succession planning is a long-term strategic activity and in no way describes entering the market for a superstar to fill a gap now. It is a well thought through process of preparing your organisation at all levels to enable individuals to develop and progress into the roles that fulfil them and allow the business to achieve its vision.
3. Competition for Talent
The global economy is in a good place, unemployment is low and, therefore, talent can decide what it wants to do and who it wants to work for. Recruiting talent goes way beyond offering the biggest package as candidates now look a lot deeper into potential employers to see if they will deliver their personal vision and purpose. Attraction based on a high salary will create a revolving door.
4. Mismatch of Current Talent and Future Strategies
Don't hang on to employees if they are only good for the past. A hunger to develop themselves is critical and so is attracting individuals with skills and expertise that your organisation needs to be relevant to your future strategy.
5. Need for Digital Expertise
Digital transformation is critical for every business if you want to survive in the long term. You can't ignore it. Your competitors won't, therefore the consequences will be grave.
Leadership today is more complex than ever. The growth of technology has ushered in an unprecedented rate of rapid and constant change. Today’s business environment is global and interconnected, demanding culturally aware and digitally fluent leaders who can both manage diverse teams and resonate with a diverse customer base. The best leaders today combine agility and emotional intelligence with innovative thinking and an inclusive mindset. They must be adaptable and able to pivot quickly with sudden market changes in an uncertain economic and geopolitical climate. The demanding variables of today’s global business can become overwhelming, leaving business leaders feeling like simply keeping their businesses operating on the day to day is a feat in and of itself, leaving little planning for strategically tackling the challenges of tomorrow.