CEOs Struggle with Rapid Change: Korn Ferry Survey
A Korn Ferry survey reveals that global CEOs and board directors are grappling with rapid changes and increased risks. Cultural resistance to change tops organizational roadblocks, with 31% of leaders citing it as their main challenge. Meanwhile, confidence in managing future threats is low, with only 11% feeling fully prepared.
In the face of rapid change, labor shortages, and the need for swift adaptation, particularly in tech-driven industries, executives are struggling. The interplay between innovation, quick decision-making, and emotional intelligence is crucial for retaining talent and maintaining engagement. Long-tenured CEOs are also grappling with the convergence of risks, with nearly two-thirds reporting a dramatic increase in the last year.
To navigate these challenges, CHROs must redefine leadership competency frameworks and become change catalysts. Tech-savviness has emerged as the most critical leadership trait for the next three years, with 69% of CEOs and boards agreeing. However, driving employee engagement is considered essential by only 20% of CEOs and boards. Despite massive investments, confidence in AI's ROI is low, with only 8% expecting meaningful returns within three years. Leaders expect AI to replace less than 20% of their workforce in the same timeframe, but confidence in managing 2025's biggest threats remains low, with only 11% feeling fully prepared.
The Korn Ferry survey underscores the urgent need for global CEOs and board directors to address cultural resistance to change, build confidence in managing future threats, and prioritize tech-savviness and employee engagement in their leadership strategies.
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