Business leaders today feel better equipped to make decisions quickly, think strategically about long-term objectives, adopt new technologies, and develop more empathetic and trusting relationships with both customers and employees.
Yet, many companies are facing a sense of strategic uncertainty. Two-thirds of business leaders (66%) say the pandemic had exposed weaknesses in strategy, while 60% say they struggle to act decisively in response to new market opportunities.
These were some of the findings from a survey of 600 global C-suite executives that Verizon Business commissioned to Longitude, a Financial Times company.
Titled Business Reimagined - Are you really ready to lead the workforce of the future?, the study also reveals a disconnect between intent and execution when it comes to technology adoption.
For example, improving customer experience comes out as the top strategic priority (74%). However, only slightly more than a third (38%), say they have accelerated the use of data analytics to improve customer experience with even fewer harnessing automation to better serve customers.
While there is no one-size-fits-all solution, the report recommends business leaders to take the following steps to steer their organisation into the future:
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- Navigate a clear path through a deeply uncertain business environment
- Understand the importance of building resilience and delivering change through partnerships Unite the workforce with a clear purpose
- Drive innovation through experimentation and fear-free risk-taking
- Unlock the potential of the whole workforce through inclusive cultures
“The big lesson we’ve learned over the last few years is that there’s not a single right way to lead, build a culture or execute a strategy,” says Sampath Sowmyanarayan, chief executive officer at Verizon Business Group.
He adds: “This is why we also see many organisations attempting to adopt a ‘bias to yes’ as a guiding principle. They are increasingly giving employees the freedom to challenge the status quo and openly ask questions such as why a deployment may take so long, or why can’t their business deliver on their customer needs.”
