Let’s talk SMB Leadership
We are living in an age of disruption. Since the onset of the pandemic, businesses have had to think on their feet; leaders have been kept on their toes. Today, even as the dust settles, CEOs face new challenges that have emerged in the post-pandemic times. The onus of guiding their company through this ‘new normal’ lies with the leadership, and here is a quick low-down on the seven Things CEOs Should Know as Leaders that should be at the forefront of your mind as a CEO of a small to mid-sized business.
1. Embrace Technology Quickly
The start of the pandemic saw us all scrambling to make the best of all the tech at our disposal while adopting new tech even as we went along. As a CEO, it would be your job to keep that momentum going. According to McKinsey & Company, 27% of business leaders now report that at least 5 percent of earnings before interest and taxes are attributable to AI. This means the impact of technology on the bottom line is growing. You are already at the right place, at the right time, all you need now is to adopt the right technologies for your business.
2. Invest in Human Capital
It is time to get creative and build the workforce you need. Invest in your team with the same rigour and intensity as you would in any other capital expense for your company. Turn your company into a coveted workplace, and hire based on skills rather than educational qualifications. Partner with HRTech platforms like ZingHR and open the doors to modern, focused, data-driven hiring systems that improve both your recruiting experience and efficiency.
3. Automate to Improve Human Experience
When you use automation effectively, you give your people a chance to work on projects and tasks that matter to them. Be that tech-friendly CEO who understands that technology and automated processes can ease pressures felt by your employees while improving your output efficiencies manifold.
4. Adopt a Growth Mindset
Change is a given. In just the past three years, workplaces have changed and transformed in ways we never imagined. As a forward-looking CEO your ability to adopt a growth mindset will set your business’ ability to cope with all the change. Be open to new ideas and suggestions, foster a culture of constant learning and improvement. These aspects are crucial for CEOs to know as Leaders.
5. Empower your Team
CEOs who trust their team, are more capable of motivating them to come up with creative solutions and make smarter decisions for the company. Lead from experience and with authenticity. In these times, your business brand story and purpose are as important to your employees as to your customers. Inspire your team to feel proud of being a part of what they are building together with you. Give them the permission to use their capabilities without restraint and stay committed to a goal of inclusion and upliftment.
6. Hire to Retain
Post pandemic, attracting and retaining talent has been the main consideration within the workforce sphere. According to Gartner, 15% of senior executives cited this as one of their top three concerns. Develop a strong retention strategy together with your HR team and implement it for your workforce. For e.g. ZingHR has many tools and tech-enabled solutions
targeted at better Workforce Engagement, Performance Management and Rewards & Recognition that can become a part of your talent retention strategy.
7. Up your ESG Game
Environmental issues have emerged among the top 10 concerns for businesses and companies over the last year. CEOs and business leaders are under pressure from customers, investors, regulators and employees to do more on environmental sustainability, compliance and social responsibility. With this in view, ESG has become a significant discussion point in the company C-suites as more and more leaders recognise it as an opportunity to drive business efficiency and revenue growth. In short, the focus of good leadership in 2024 has to be how you will lead your business into the future, build a happy, engaged workforce, and set goals that drive your profits but give back to society and the planet at the same time. These considerations are essential Things CEOs Should Know as Leaders.
