February 05, 2024
The repercussions of the pandemic, fluctuating financial markets, social upheaval: the underpinnings of our world and our workplace are not what they used to be. So how exactly do you go about being a leader against a backdrop where the only constant is change? Réal Jacob has four key strategies to help you keep your eyes on the prize.
“The business context is increasingly complex for today’s leaders and leadership teams,” says Réal Jacob, a management professor emeritus at HEC Montréal. For a business to prosper in today’s economy and society, resilience is more important than ever.
1- Leverage innovation to manage change
Jacob contends that businesses are dealing with things that nobody gave a second thought to only a few short years ago: the disruptive influence of artificial intelligence, for one, cybersecurity attacks, for another, not to mention global health crises. Add to that the greater expectations in terms of customer experience, turnaround, flexible work conditions (e.g., remote work), and employee engagement, and that puts an enormous amount of pressure on executives’ shoulders.
The findings of a recent survey of CEOs show that they have doubts about their C-suite team’s readiness for the topsy-turvy years on the horizon, especially given the new and complex challenges that come with emerging environmental, social and governance (ESG) concerns. “If the people at the top aren’t preparing for these complexities, it’ll be a bumpy road ahead for the troops on the ground.”
A strategic, forward-thinking and adaptable mindset is crucial. Fortunately, there are lots of tools available to leaders to support them in their efforts to embrace innovation and collaboration, to bat around ideas and to tap into the power of collective intelligence, all of which tends to go underutilized and underexploited in many organizations.
2- Go with the (work)flow
This wave of change is also affecting our work culture. Jacob cites issues such as equity, diversity, inclusion, talent attraction, employee retention and mental health as being equally daunting challenges for senior executives and board members. Wellness at work has never been so “front and centre” as it is now.
Business leaders are having to take a long, hard look at how they deal with their people. Jacob likes to quote Henry Mintzberg in this regard: “An enterprise is a community of human beings, not a collection of human resources.”
3- Keep the mental health of your top brass top of mind
The pandemic drove home just how important mental health is, especially at the leadership level, where it can be “lonely at the top.”
“The issue of mental health at the upper echelons of any organization is critical,” says Jacob. “And yet so many people are reluctant to admit to a problem, for fear of losing their jobs. When you put 70 hours a week in, you tend to pick up quite a few bad habits along the way. And that can spill over to your team.”
The book Paroles de PDG, which Jacob co-wrote, emphasizes that the most even-keeled CEOs are the ones that look after their own physical, emotional and social health. Balance is something that has to be focused on from a broader perspective. Their wellness will inevitably shape their success as a leader. It’s simple, says Jacob: “Change within an organization starts with change within yourself.”
4- Empower tomorrow’s leaders to succeed today
“Some 68% of newly minted CEOs say they would’ve felt readier to take the leadership reins had they spent more time building up their hard skills, but even more say they should’ve developed better soft skills — how to lead and how to avoid common pitfalls that can throw you off track,” says Jacob. “Because when you think about it, there are two separate things expected of you in a leadership position: delivering certain results in terms of strategy, operations, innovation, financial performance and so forth, and actually being a CEO — embodying the philosophies, values and attitudes that inspire, that X factor that transcends definable skill sets.”
Now, more than ever, developing the potential of our future leaders is vital in building their credibility, fostering their wellness and preparing them to face the management, growth, transformation and globalization challenges ahead.
Making sure they have the tools and support they need is paramount to navigating the choppy and fast-changing seas that are the norm rather than the exception in the current business environment.
How to make the leap
Recent studies show that a quarter of CEOs believe that their business won’t exist a decade from now if their organization doesn’t adapt. One of the roles of a leadership team is to usher in the changes required to survive and thrive.
To get the ball rolling in 2024, companies need to invest in their executives — the ones in place now, and the ones waiting in the wings. What’s the best way to guide their development forward? “An approach that combines hands-on learning (e.g., a special project), formal instruction (e.g., experts, executive trainers) and peer interaction,” says Jacob.
But to embrace innovation, you need to start by challenging your existing beliefs. You have to be open to new things, to working with other people and to finding solutions that let you strike a balance. These are all ingredients in the formula for success for organizations and the people who breathe life into them.
Ascension program: learning from the best
The Ascension program, exclusive to Executive Education HEC Montréal, has been developed specifically to meet the needs of the leaders of today and tomorrow. The structure is built around the contemporary challenges they are called upon to face. The innovative approach features an immersive five-day program led by respected experts from the business and academic worlds.
Every day will focus on strategic thinking, innovation, change leadership, case studies, best practices, peer discussions and self-management exercises, making it a tangible investment in leadership growth and development.
Participants will leave inspired, with fresh new insights to draw on, an expanded circle of contacts to refer to and a new toolbox they can leverage to make the foundations of their organization stronger and more durable.
Réal Jacob
Faculty Administrator
Ascension Program
Learn more about the Ascension - program for current and aspiring executives.