Digitization may be necessary for many businesses’ continued success, but in our increasingly complex world, what companies really need to do is build new forms of competitive advantage and transform themselves for the future. And that requires fundamental changes in their top leaders—not just in individuals’ capabilities but in the way they collectively steer the ship.
Drawing on their research at 12 prominent global firms, the authors note the contradictory-seeming skills that leaders are expected to have—being both great visionaries and expert executors, for example. But in this article they focus on the urgent imperative to improve leadership teams, arguing that CEOs should:
- Identify the roles that are needed at the top to reimagine and then deliver on the company’s purpose
- Fill those roles thoughtfully, assembling a diverse group of people who think boldly and work together harmoniously
- Focus the team on driving transformation rather than managing the current business
- Take ownership of the team’s behavior, fostering trust, collaboration, and a commitment to leading the company forward rather than dwelling on personal advancement