Navigating the Digital Marathon: How CEOs Can Thrive in a Rapidly Evolving World
Life may be a marathon but innovation is a never-ending series of sprints. As 2022 progresses, companies are sprinting into a much-changed, ever-changing world. Technologies like Web3, NFTs, and cryptocurrencies present opportunities for early adopters and threats to traditional thinkers. The pandemic continues to complicate office standards, and geopolitical unrest raises fundamental questions about sovereignty and interconnected global markets.
The overarching question for modern companies: How can you keep pace in a world so constantly rocked by major changes? The full answer will look different for every company, but at its core, every response begins with 'know thyself.' There has never been a better moment for an organization-wide temperature check. What are your strengths and how can you amplify them? What are your weaknesses and how can you develop them? What kind of force do you want your company to be in the world and how are you going to make that happen?
Key Questions for Every CEO in 2022
1. Is My Team Fully Aligned on Where We’re Headed and How We’re Measuring Success?
Total alignment creates a shared vision and purpose. It means everyone, regardless of seniority, is pulling their oars in the same direction. Does everyone in your organization share the same vision of success, and do they know how to measure it? To achieve alignment, consider the following steps:
Establish clear vertical and horizontal communication: Ensure that everyone has access to information and feedback. Develop a culture of peer collaboration, not competition: Encourage a collaborative environment where everyone works toward common goals. Reveal and address misalignments: Identify and address any disparities in understanding and goals. Solicit feedback and include it in statements of company purpose: Incorporate employee feedback to refine your mission and goals. Celebrate wins: Recognize and reward team achievements to boost morale and unity.2. Do We Have a Concrete Plan in Place for Remote/Hybrid Work?
Nearly three-quarters of U.S. companies now have or will have a permanent hybrid work model. COVOD made it a necessity, and many now prefer it. There’s no one-size-fits-all remote/hybrid work plan. To develop an effective plan:
Figure out what tasks need to be done in-person: Understand the critical roles that require physical presence. Understand when leaders are most needed: Leaders should be accessible when needed, especially for remote teams. Create consistent one-on-one meetings: Ensure meaningful interactions with remote employees. Develop accountability metrics: Use both quantitative and qualitative measures to assess performance.3. What Are Our Knowledge Gaps and What Are We Doing About Them?
Knowing what you don’t know—and what you need to do better—is higher-order business thinking. No single organization can possess all competencies. To address these gaps:
Identify knowledge gaps: Define your objectives and assess necessary tools for success. Determine how to fill the gaps: Explore five key methods: hiring new people, investing in internal skill-building, contracting freelancers, redeploying employees, and releasing employees. Examples in the medtech industry: Medical device contract manufacturing is projected to grow significantly, especially among startups and medical giants.4. Are We Actively Working to Create a Culture that Reflects Our Values?
A strong company culture is integral to success. A healthy culture is like clean air, while an unhealthy one is like noxious fumes. To define and embody your values:
Identify common traits and values: Recognize the high regard in which your employees hold certain traits. Unite your team members: Develop a shared language and organizational behavior standards. Develop concrete procedures: Bring your organizational principles to life through clear guidelines and practices.A world in flux will leave companies behind that don’t proactively adjust. Remember: You got where you are because you wanted to work at the speed of the world—if not stay ahead of it. As you prepare for your next sprint, take your pulse, rehydrate, stretch, and get ready to put your feet back on the starting block.