If you were to write a list of attributes you would like a CEO to have, what would be on it? Drive and determination? Flexibility and the ability to adapt? Approachability? Ruthlessness? When we look at some of the most well-known CEOs in the business world, one thing is clear – a mixture of attributes appropriate to each company will play an instrumental role when it comes to choosing the right CEO for the job.
We were interested to see the results of a survey carried out by the Savannah Group, who, in 2020, asked 85 chairs and FTSE and private equity-backed companies which characteristics they considered the most (and least) valuable over the next 3-5 years when it came to CEOs.
In at number one was “agility and adaptability”, in other words being able to be flexible and change direction where required. It’s easy to see why this characteristic came out on top, especially with the COVID pandemic still very fresh in all our minds when this was survey was carried out back in 2020. However, with the benefit of hindsight, when COVID struck, businesses were forced into unimaginable situations, and it was the businesses which were able to adapt quickly which were best able to cope with all the new regulations that were put into place. A CEO that was rigid and stuck in their ways could be more liable to fail, thus detrimentally impacting the business as a whole.
The second characteristic was the “ability to inspire others”, followed closely by “strategic vision”. A CEO that motivates and encourages creates a more positive and uplifting working environment, whereas being able to see a situation for what it is and then being able to look past current circumstances to see the best way forward is undoubtedly a key skill of any CEO. Whilst it is impossible and unfeasible to expect any CEO to have all the answers to all the problems, experience in managing a range of circumstances will stand any CEO in good stead for the future.
The article also explores the desired feature of “resilience” in a CEO. Any CEO will need to be able to deal with failure, but most crucially, be able to find working solutions to eventually result in success. A CEO unable (or indeed, not prepared) to deal with the inevitable complications which arise when running a business is probably not a CEO that will steer your company to triumph and victory.
It is also interesting to look at those traits that were not considered the most important. Second from the bottom was “low ego” followed by “diversity of career experience”. These are interesting as they are often attributes sought during recruitment processes.
On that basis, reviewing person specifications, role profiles and recruitment processes is worthwhile to increase the quality of candidate you may be recruiting for. In times were retention is especially important, ensuring that you recruit candidates who will have longevity with your business is vital. And perhaps more importantly, is recruiting or supporting those already in the business to grow into leaders with
characteristics your employees want to be led by. This increases engagement, retention and your plans for succession within your own business.
As always, if we can be of any support, please let us know.
With thanks to the Savannah Group for conducting and publishing the results of this survey.
