The pandemic’s dual role as a catalyst for transformation and multiplier of disruptive forces has amplified CEOs’ top concerns. As a result, CEOs have good reason to pause and reflect on their organization’s future trajectory. Although confidence in revenue prospects has rebounded, as the global economy recovers, there’s still a great deal of anxiety about a future filled with disruptions and uncertainties.
Currently, CEOs are looking to invest in capabilities to increase their organizations’ resilience, helping them thrive long after the crisis. So let’s look at what is keeping business leaders up at night. Here are five of the top concerns of CEOs.
1. An Upskill Battle
The war for talent is gearing up as the pandemic recedes. People are getting vaccinated, and workers are returning to the office. Consequently, the global economy is set for a hiring boom. In addition, the ongoing digital transformation is already making it difficult to find talent who have the right skills, which is driving firms to upskill. CEOs will need to be more strategic in recruiting and retaining top talent to create A-player cohesive teams in a competitive environment, including offering development and training opportunities, like BOAR’s NextGen Evolution.
2. Uncertainty Is the New Normal
CEOs want to build companies on a foundation of certainty, look for predictable patterns, strive for compliance, and avoid situations that risk losing revenue, security, or status. Yet, the “return to normal” is filled with volatility, uncertainty, and complexity. One strategy in dealing with uncertainty is to embrace the discomfort of not knowing or having the right answers all the time. In turn, this mind shift from know-it-all to learn-it-all can help CEOs develop the practice of reaching out to their network and beyond for insight and perspective to address this uncertainty, so they don’t have to go it alone.
3. Maintaining a Competitive Edge
In today’s hyper-competitive market, CEOs’ top concern is to gain an edge over the competition. To turbocharge innovation, companies will have to accelerate their digital transformation pace to improve their service delivery speed to meet growing customer needs and demands. CEOs should look for ways to lower costs and improve cash flow. These factors will provide a competitive edge while increasing resilience and adaptability in an uncertain business environment.
4. Cybersecurity Concerns
Digital transformation isn’t all benefits and no risks. Cybersecurity has been a growing concern in recent years. Not only are cyber breaches monetarily expensive, costing companies millions of dollars each year, but they’re also increasing in frequency, and the sophistication of the attacks is gaining ground. As a result, companies will have to increase their cybersecurity budgets to address this challenge.
5. Rapidly Changing Client Relationships & Expectations
What does it mean to be customer-centric in 2021? Nowadays, consumers expect the companies they support to be socially and environmentally responsible. It’s no longer enough to provide high-quality goods and services; consumers pay more attention to a brand’s social responsibility efforts. As a result, some companies are looking to rebrand, which brings its own set of risks.
BOAR Understands the Top Concerns of CEOs
Leading an organization can be difficult even in the best of times. CEOs need to embody qualities such as pragmatism, decisiveness, and a keen eye for risk if they’re to guide their organizations through these concerns.
Are you looking for more guidance on how to solve your top concerns as a CEO? Our comprehensive approaches can help you address these challenges, so you manage your organization more effectively. Contact us today to schedule a consultation to learn more.