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The power shift of the new CEOs
The traditional CEO has their marching orders. The world of corporate power bosses has changed and changed forever. In the door walks the new power set, the new CEO.
With a combination of low organisational trust and the internet, the world has reached a tipping point where crowd driven influence is the new power set. They are having a dramatic impact on the performance of a company.
Organisations are rapidly realising to be successful they need to engage with the crowd, and power should not lie with one individual. In these days of social media the "voices of the people" have a huge platform to spread the word on business performance - good, bad and ugly.
So who exactly is the new CEO?
Consumers (anyone who buys from you)
Employees (past, present, future)
Others (government, regulators, partners, suppliers, communities)
The way business has been done for decades is changing, and the new CEOs influence and power is profound.
In studying the work of Lisa MacCallum & Emily Brew in ‘Inspired Inc.’ (2019) we learn the choice for traditional CEOs and companies is to bring these people onside and share the power or ignore them and risk further detriment to their brand and organisation.
Let’s break down the ‘it crowd’ further.
Consumers- a valued customer is a company's best asset. Businesses who put the customer at the forefront of their strategy and decision making are high up on the leader board of inspiring organisations. A continual focus on all aspects of the customer journey in an effort to maximise a positive impact for clients is key. The power of positive WOM - 'word of mouth' cannot be underestimated and if it could be bottled and sold would sell for a small fortune. It is the magic silver bullet for brand exposure, client loyalty and reputation. Engaging with, listening to and taking on board feedback from clients is the best health check a business can have and should shape all decision making. A client focus first and foremost today is a key ingredient to an inspiring organisation. They are bigger than the CEO, the brand, and the PR machine.
Employees - Most organisations like to think they are an employer of choice. But do they actually know what it takes to be the place their team members actually want to be a part of?
Have they asked them? Employees are the fabric of business. If you attract and recruit employees that have the right behaviours and capability for the role and align with company values and then retain them by engaging, empowering, developing and supporting them to be the best they can be - you will have the dream team. A team that will perform time and time again in the pursuit of success as they feel valued, have clarity on the business vision and their part in achieving it. Do not underestimate the power of your people - they are the key players in overall performance and inspiring organisations know it.
Outsiders – do your business partners put you first, are you looked towards for thought leadership, do you add value? From regulators, governments, suppliers, through to investors, media, social and community groups, are they in for the long haul or short haul, are they helping take down walls or putting them up? What story do they tell, what beliefs do they have about your organisation? Do they willingly open their help?
Getting to know the crowd, bringing them in, building meaningful relationships is now the backbone for an organisation, their strength, and their performance. CEOs who recognise that their power is now shared, will gain benefits through increased revenue, margins, loyalty, green light corridors, and employee performance. All critical for long term sustainable performance.
We are also seeing that the COVID world has amplified the 'new CEOs' power, with trust and meaningful relationships being even more critical to organisations.
92% of people read online reviews before making purchasing decisions - making sales referrals more valuable than ever (1)
75% of consumers will back out of an intended transaction because of a bad experience (2)
67% of consumers use social media to get customer service - meaning their interactions are public and your customer service teams cannot contain what they once could (3)
Over 50% of consumers will share a negative experience with friends, family and on social media, while 56% will share a good experience - making customer experience more important than ever and ensuring there's nowhere left to hide (4)
The 'new CEOs' want to be listened to, participate, and collaborate. It is likely that performance will differ dramatically into the future between companies who include customer and employee engagement and health as part of their key performance measurement drivers, versus those who focus their business around financial performance primarily. What will be your next steps in building a roadmap to become a more inspired company?
Exerts, concept, insights - Lisa MacCallum & Emily Brew ‘Inspired Inc. - Become a company the world will get behind.' Published 2019 www.inspiredcompanies.global.
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