Over the course of the last five years, the role of the CEO has significantly changed. We found that there were various reasons for this, but the key was shifts in the business environment.
Stakeholders have such high expectations from CEOs. If you own shares in a company, you're going to want to see these perform, and know that your money is safe. In order for this to happen, a key factor is a strong CEO. It's a big pressure to have on one person's shoulders.
Now even more so than last year, CEOs are under public scrutiny. With various scandals happening in different sectors globally, CEOs need to demonstrate strong personal and professional values.
But it's not just that, we want our CEOs to be flexible and agile enough to seize opportunities and embrace creativity. CEOs have to be aspiring figures. They need to think of the graduate who has just joined the company with the hope of leading it one day. They need someone that they can aspire to be, someone whose leadership they admire and whose qualities they wish to emulate.
With the world becoming faster and technology being the differentiator for many businesses, it is crucial that company leaders are seen to be using these advancements. The accelerated pace of change and expectations of fast results means that CEOs have to be seen to be moving the business forward and thus increasing business opportunities and profit.
CEOs must be aware of more dynamic communication methods. If they know that 90% of their employees use social networks to communicate, find out news and keep up to date with business developments, then they must be seen to engage on this level too. If CEOs know that their company has eight offices and over 3,000 members of staff globally, they can aim to create a method of communication that will build a unity within the company.
Communication is a key quality in life, and even more so in such an important role like a CEO.
Organisational boundaries have changed. There has been much external focus on business and the way they operate over the last year, particularly with the CEO role. There is a need to deliver constant or transformational change, whilst also ensuring stability and direction in unpredictable market conditions. Constant change requires versatility and here lies a real challenge for CEO's. They are required to lead with unclear boundaries between where the organisation ends and the external world begins. Companies now have to work in a more transparent culture than ever before, whilst maintaining a happy balance between stakeholders, staff and the general public.