What it takes to be a CEO in the 2020s
The role of the Chief Executive Officer has evolved considerably over the last two decades, mainly because of increased expectations for today’s CEOs. With the rise of social media, the public image of a company can be damaged by the first hints of a corporate scandal and a crisis can arise within days. This puts huge pressure on the CEO to be responsive at the right time and to create and maintain a good relationship with the firms’ stakeholders. During a crisis, it is more essential than ever for business’ leaders to focus on ethics, transparency, fairness, and more importantly, to communicate with their workforce and customers. When the company’s values and culture shift from top to down, it requires the CEO to communicate and to deliver the core message clearly to the internal and external environment. Communication is an important means to manage a firm’s reputation as well as his/her reputation during a crisis. Where the division between a CEO’s private life and business life vanishes, the role of the CEO has evolved into a 24/7 job. Which leadership strategy suits best during an organisational crisis? And how can this strategy be communicated with the company’s workforce and customers?