Do you have what it takes to be a Chief Executive in a COVID world?

The pandemic has changed the way we work and engage but the fundamentals of leading as a Chief Executive remains timeless.

Wexford Hayes has advised numerous boards on Chief Executive appointments and what has become apparent is that there is no uniform formula that determines high performance. Instead, a blend of industry and company environmental factors assist in determining the skills and behaviours important to success. As well as the traditional elements such as focus on results, strategy, stakeholder value creation, and leadership the following can also assist in shaping the success of a Chief Executive.

Transparency

Instilling transparency assists in building alignment across a company which in turn ensures that everyone is on the same page. By being transparent about company goals and providing the opportunity to offer feedback employees are likely to take ownership on supporting the company to achieve its goals and navigate periods of uncertainty.

 Collaboration

Today’s workforce has a more collaborative and integrated approach to work when compared to previous generations. Chief Executives will need to consider moving away from complex pyramid structures and “dotted” reporting lines to flatter structures that foster fluid collaborative teams with defined goals that achieve specific objectives.

 Accountability

Employees take their cues from the Chief Executive and therefore the Chief Executive must lead by example. It is the job of the Chief Executive to hold every team member (including themselves) accountable, ensure they understand the expectations of team members and their specific role in the strategy, and make certain they have the tools to deliver results.

 Storyteller

A Chief Executive needs to influence and persuade like never before. People relate to companies through stories that resonate and align to their own values and aspirations. The best Chief Executives can get their message across through storytelling rather than corporate jargon and with stories they can better motivate their employees, align themselves with investors and communities and engage more effectively with customers.

 Self Confidence and Reflection

The role of a Chief Executive Officer was an emotional roller coaster even before the time of COVID. High performing Chief Executives typically have a strong level of confidence and are particularly good at self-reflection which allows them to work through how they can improve and what their team needs from them.

 Game Changer

Innovation has always been a priority but with the pandemic it is even more critical as many companies have been able to accomplish innovation feats in weeks rather than months. One of the key leadership strengths to emerge has been the ability to swiftly identify, innovate and seize opportunities under intense pressure.

 Culture

Workplace culture has changed significantly but as the threat of COVID recedes, a Chief Executive is likely to find themselves in the dilemma of how build culture in a time of increased workplace flexibility. Culture is not just about physical presence in an office with consideration to mindset, values, collaboration, diverse & inclusive workplaces, and well-being being important to the development of company culture.

 Succession

The pandemic has reinforced to boards and Chief Executives the importance of succession and the need for an emergency succession plan to respond to those situations where the regular plan cannot be executed.