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Getting better feedback. During periods of uncertainty, soliciting feedback from direct reports may be the furthest thing from business leaders’ minds. But correcting mistakes makes it easier to adapt and pivot in response to changing conditions. It also makes teams feel trusted and supported. Having a go-to, open-ended question (such as “Is there one thing I can do to better support you?”), embracing the discomfort that comes with receiving criticism, and sharing with teams what actions bosses will take can go a long way to creating a trust-based culture. [HBR]
Turnover in the C-suite. Nearly 170 CEOs in the US left their jobs in February 2023, more than in any other month since early 2020, a Chicago-based executive outplacement business has found. At the same time, more women are filling these roles: in January and February 2023, a record 31% of newly appointed CEOs at American companies were women. Faced with economic uncertainty fueled by the COVID-19 pandemic, worker shortages, and the “Great Resignation,” companies may be looking for a new type of leader to manage ongoing transformations, one talent expert said. [Fast Company]
Executive readiness. Nowadays, CEOs need to focus on more than the bottom line: they also need to consider employee health and well-being and the ability to manage through uncertainty. Since the role has evolved, so have the best ways to prepare for it. McKinsey senior partner Celia Huber and colleagues distill lessons learned from the McKinsey Leadership Forum, attended by about 300 C-suite leaders since 2006, with 88 participants becoming CEOs. These include how to measure CEO readiness against six key elements of the job, such as setting the company’s direction and engaging the board.
New path, new role. A natural byproduct of the CEO’s changing role is that there are now more pathways to becoming one. In addition, there’s a bigger emphasis on personal, emotional, and psychological preparation. Many CEO participants of the forum said that they thought they were ready for the job, only to realize that it demanded new expertise. “There were a lot of things that I didn’t know, so many things that I’d never worked on,” said one participant. Explore eight key lessons for help preparing for the CEO role or simply becoming a better leader.
— Edited by Gwyn Herbein, editor, Atlanta
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