In the modern fast-paced world in which we live today, business and leadership are changing at a rapid pace. CEOs around the world are having to adapt to these changes or fall short of leading a business to success during their tenure. What do these challenges consist of and in what ways are successful CEOs implementing changes to ensure they are leading in the right way?
Generational shift in employment landscape
There is a lot of information about how the employment landscape has changed as a result of new generations entering the workplace. Millennials as a group have been analysed, discussed at length and pigeonholed by a set of characteristics that apparently define them.
However, just as company get to grips with Millennials, Generation Z (Gen Z) are entering the market. Gen Z is, at the moment, an unknown quantity. Defined as the group born after 2000 who have grown up with technology in the palm of their hands, they are tech savvy and comfortable with social media.
Both of these generations are believed to be independent and impatient. They have grown up in an on-demand economy and have almost a divine right that promotion and seniority is something that should be given to them from the outset. The challenge for CEOs in such a market is remaining a strong leader and adapting to the ever-changing nature of technology.
As well as that, CEOs or their senior managers need to be able to identify the talented Millennials that deserve the promotion and seniority as a young age. Sorting the chaff from the wheat in a technology driven market that a CEO doesn’t understand can be very difficult.
Technological change is creating a landscape where it’s much easier to do business than ever before. Emails and skype conversations allow business decisions to be made quicker.
As technology advances, it’s important that CEOs keep an eye on the horizon or their business may get left behind. A perfect example of this was how late Blockbuster was to the online market place. Without investing in online media, the company was left behind as technology and customer desires changed.
There is also a darker threat that CEOs face in the modern world. Cyber Security is becoming an increasingly important factor as companies and institutions around the world are found to be vulnerable. Every company is under threat, not just large and small and governments are beginning to implement harsh fines for companies that fail to protect customer’s data.
The changing nature of the political landscape is a key factor, particularly for companies operating globally. Increased nationalism in India, Europe and the USA will present challenges for CEOs looking to expand into new territories or maintain close relationship with existing clients.
In a previous update, we analysed how nationalism could, in fact, be the saviour of the global corporation in our update in February. Operating globally could be more of a hindrance if, for example, the Trump administration decided to increase trade tariffs on imports of certain products.
Ultimately, the primary goal of every business is to achieve commercial goals, deliver growth and protect the longevity of a company. The CEO is an integral part of adapting to change, creating a sustainable and competitive vision and executing it effectively. From managing staff effectively and positioning their focus towards a cohesive, company oriented safe, secure and technological foundation for the business, a modern CEO will be able to tackle all of these issues, whilst still positioning the business in the right direction for the future.