Accepting uncertainty — a growing philosophy for CEOs — has sparked increased preparedness for business leaders across the globe.
Leaders are embracing more agile and adaptive approaches to foster resilience, with many considering those elements fundamental to long-term success, according to a new global survey of over 1,200 executives.
According to the report, The CEO Response, from global leadership advisory firm Egon Zehnder, a resounding majority of leaders (92%) believe they must cultivate a level of adaptability “beyond anything previously imagined” within themselves and within their teams. In response to a question featured in the survey two years running, the CEOs’ collective level of preparedness for complexity more than doubled from last year.
Reaching new peaks of resilience now requires more leaders to come off script, survey respondents said. Over half see agility and adaptability (59%) as the main ingredient for maintaining business success through unprecedented levels of uncertainty, in addition to trust and relationships (21%) and innovation and creativity (18%).
“The resolve of these leaders is stunning: They are rolling up their sleeves to transform their organisations — and in many ways the world itself — all in an environment of massive unpredictability,” the report said. Four in ten executives surveyed believe they have a responsibility to help shape global prosperity and stability by engaging outside of their business.
However, despite enthusiasm, the turbulent business environment is creating a balancing act of short- and long-term objectives for CEOs, with short-term goals taking precedence for many, the report said. Consequently, for most CEOs, the prospects for global prosperity are moderately decreasing (44%) — though some are slightly more encouraged (20%).
In response, leaders are becoming more proactive in their transformation efforts, signalling clear intent to step into change, the report said. To advance growth and prosperity for their organisations, the top three areas CEOs are prioritising are innovation (53%), artificial intelligence (AI) investment (44%), and talent development (42%).
Moreover, global leaders view curiosity and open-mindedness as key components for effective leadership. Nearly all respondents (99%) highlighted those components as essential for navigating complexity, a news release on the report said. Those traits, according to leaders, are imperative for addressing challenges those leaders rated as “critical” or “extremely critical”, such as economic uncertainty (88%); geopolitical instability (87%); talent acquisition and development (85%); AI (83%); and market disruption (81%).
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