CEOs

Edelman Trust Barometer 2018

Screen-Shot-2018-01-22-at-22.28.58-768x373The World Economic Forum is Davos is always exciting. While economic and political elites are discussing what should be on the business and government agenda for 2018, the global communications community looks towards the results of the annual Edelman Trust Barometer.

Now in its 18th year, the barometer, which surveyed more than 33,000 adults across 28 countries, showed a big drop in trust. As a professional communicator my main takeaway is the increased trust in CEOs (first year in a long time!) and the decreased trust in “a person like you”. The latter is pretty big news, seeing as peer-to-peer communications had been the most trusted form of communication in recent years. Maybe we have realized we are living too much in echo chambers.

Social media companies have also lost trust, with 70% of respondents agreeing that they do not do enough to prevent unethical behaviors. With more than 30% of those surveyed believing that social media is not good for society it will be interesting where this opinion takes us and if the big tech companies will start to do some rethinking about their responsibilities to society.

It seems business is now expected to be an agent of change. Nearly two-thirds say that they would like CEOs to take the lead on policy change instead of waiting for government. As Edelman says: “There are new expectations of corporate leaders. Nearly 7 in 10 respondents say that building trust is the No. 1 job for CEOs, ahead of high-quality products and services.”

What’s the reality in your company? Have you noticed a decline in peer-to-peer communication? How can we tackle disinformation within companies? And what can communicators do to empower CEOs to become agents of change in today’s society?

 

You can read the full report here.

Advertisements

Who makes a better boss – men or women?

Gender doesn’t matter, talent does.  And when you know that between 2014 and 2016, only 15% of workers in Germany were engaged at work then it is more than urgent to take a look at the management culture and to not just hire for experience or skills but for the talent to truly work with and inspire people.

Read more in Gallup’s latest blog post.

So you want to be a CEO?

Adam Bryant has interviewed 525 chief executives through his years writing the Corner Office column for the NY Times. In his last column (unfortunately) he sums up what his takeaways are from what’s important about leadership, culture and the “men vs. women” question. A great read – this is my favorite takeaway from the article:
cornerlessons-top-superJumbo-v3
“You have to be open and alert at every turn to the possibility that you’re about to learn the most important lesson of your life.”

 

 

 

(Photo credit: NY Times)

Got change leaders?

kung

The digital revolution has long begun. And many companies are taking the first steps into their digital transformation. Everybody is talking about digital. Topics like big data, automation of processes, robotics, AI dominate the conversation….but many seem to forget that this change is not only about technology. It is foremost about corporate culture, structure and, of course, leadership.

 

For a company to successfully change its structure and culture, leadership needs to step up to the plate to convince employees why the change is needed and walk them down the path. But here is the sticking point: change is emotionally charged. It can emote fear, insecurity but also acceptance and inspiration. And at the end of the day it is only the individual who will make the decision if s/he wants to change or not.

 

That is why for companies to evolve and grow in this digital revolution it is imperative that they have leaders that are doers, who can generate enthusiasm in their employees, who embrace change and see it as an opportunity not as a challenge. But unfortunately I still see too many leaders who are blocking change. And because they are the only ones who can truly drive change, it becomes more and more frustrating for those around them who are ready to jump into all the opportunities that the digital revolution has to offer.  My recommendation? Weed out managers who prefer to remain in a comfort zone early.

Putting people first

Not a day goes by without most of us not hearing, reading or using the word “transformation”.

And while we may find it easy to transform ourselves, for leaders to manage change can be difficult. Why? Because no one likes change or having to adapt to new situations. I see it every day when working with clients. Too many times we are putting the focus on the magic words of “efficiency” or “effectiveness” or “process optimization”, almost forgetting the special magic word “people”.

By putting people first, organizational change can be much better navigated. After all, it is the people who will be transforming the organization, so as leaders it is your task to enable them to do so – from creating the right motivation to giving them the tools and helping them thrive.

Jim Hemerling, Senior Partner at BCG, in a recent TED talk summed it up nicely in his slide of the five imperatives for transforming organizations with one common theme: putting people first

bcg

Digital transformation dreaming

creativeThere is a huge pile of research reports and studies on my desk how digitization will change the way we do business. And I am sure there are similar piles in many managers’ offices. But what good are the best reports if you are unable to move the transformation forward?

Those that are succeeding in moving along their digital transformation have two things in common: one, they not only understand what digital transformation means, they also know that it means a fundamental change for the whole company. And two, they ensure that they have the right resources with the right expertise to transform their corporate culture to meet the upcoming challenges.

Digital transformation needs to driven by the CEO. Not your Head of IT. Not your Head of Sales. Not your Head of Something Something. It needs to be one of the top strategic priorities for the whole company driven from the top down.

Digital transformation is not walking down a straight path. You will need to be open for new business models. For new ways of implementing products and services. And your corporate culture will need to allow failure.

Digital transformation can be driven an internal facilitator like a Chief Digital Officer or even be outsourced into a new venture that can work without any “analog”disruption from the organization in form of resistance or doubts. But whatever way is chosen at the end of you will need a leader.

Digital transformation needs a leader who has a strong project management background, who is a multitasker, open to try new things. You will need someone who is impatient, a fast thinker , who plays well with others and is able to influence change within the culture of the board and with it the rest of the company. And you will need someone who is a strong communicator. Someone who can combine the “old” with the “new”.

That is why it is imperative for all organizations to start understanding what digital transformation means for their business and  how the digital competencies of new and existing directors will fit emerging strategies. And it is the CEO’s task to ensure that this journey is started on the right path.

Enabling (digital) transformation

filmNext week  I am joining a panel discussion about “Digital Transformation and Shared Economy – what family owned companies can learn from start-ups”as part of the Pioneer Festival in Vienna, a major event for future technologies and entrepreneurship.

The impact of digitalization presents unprecedented challenges for all companies – big or small.  Digitalization can not only extend the reach of organizations and improve management decisions, but most of all it can speed up the development of new products and services. But this can also mean that your traditional business model may become disrupted. Having a solid strategy for your digital transformation is therefore key.

For established companies working together with start-ups for their digital transformation can have many benefits. These range from having better access to new technologies to an increase in innovation as well as learning to be more lean and fast.

But what are the most important pre-requisites for a successful transformation? I know that there are a few but here are my top 4:

  1. The C-suite is boss
    Digitalization is a key change for any business model. But it will also mean changes in your corporate culture. Therefore it can only be successful if the transformation process is owned and backed by CEO.
  2. Startup mentality is part of your DNA
    If you want to be innovative and foster new technologies, you will need people that have an entrepreneurial mindset in your organization. And you will want to give them all the support they need. Digitalization means being hands-on, open to trial and error and being convinced of its success. And being given the space to to develop new business models will be key to get ahead in the process.
  3. Protect innovation
    Innovation, just like any change, can often fail if the organization does not embrace it. As mentioned above, it is critical that people working on digital transformation are given the (protected) space to create and develop new ideas and are able to test these in an agile manner. Give them the autonomy to go  and impact things.
  4. Truly understanding your customer
    The key word here is “customer centricity” – if you do not know who your customers are nor what they really need you will already have lost. Services and products should be developed with a focus on what the customer needs rather what the organization believes is needed. And ideally, this should be done as fast as possible to quickly meet the market demands.

 

But something we must not forget: digital transformation is not only driven by technology but also by humans and how they communicate this transformation.  I think the latter is often forgotten when we hear or read about digital transformation. But that is something I will focus on in my next article. Watch this space!