It’s common knowledge that CEOs assume a long list of roles and responsibilities.
But in today’s world, more and more people rely on them to go beyond their day-to-day responsibilities and advocate for broader social change. In fact, a number of external forces are changing how leaders are now expected to behave.
How can leaders juggle these evolving expectations while successfully leading their companies into the future?
The New Rules of Leadership
This infographic from bestselling author Vince Molinaro explores five drivers reshaping our world that leaders must pay attention to in order to bring about real change.
How is the World Being Reshaped?
Leaders need to constantly stay one step ahead of the transformative forces that impact businesses on a broader scale.
Below we outline five key drivers that are changing what it means to be a leader in today’s world:
1. Transformative Technologies
Over the last number of decades, several technologies have emerged that could either accelerate the disruption of companies, or provide them with new opportunities for growth. According to KPMG, 72% of CEOs believe the next three years will be more critical for their industry than the previous 50 years.
For example, artificial intelligence (AI), can now provide companies with insights into what motivates their employees and how they can help them succeed. IBM’s AI predictive attrition program can even predict when employees are about to quit—saving them roughly $300 million in retention costs.
Leaders must accept that the future will be mediated by technology, and how they respond could determine whether or not their organization survives entirely.
2. Geopolitical Instability
Geopolitical risks—such as trade disputes or civil unrest—can have a catastrophic impact on a business’s bottom line, no matter its industry. Although 52% of CEOs believe the geopolitical landscape is having a significant impact on their companies, only a small portion say they have taken active steps to address these risks.
By being more sensitive to the world around them, leaders can anticipate and potentially mitigate these risks. Extensive research into geopolitical trends and leveraging the appropriate experts could support a geopolitical risk strategy, and alleviate some of the potential repercussions.
3. Revolutionizing the Working Environment
As the future of work looms, leaders are being presented with the opportunity to reimagine the inner workings of their company. But right now, they are fighting against a wide spectrum of predictions around what they should expect, with estimations surrounding the automation risk of jobs ranging from 5% to 61% as a prime example.
While physical, repetitive, or basic cognitive tasks carry a higher risk of automation, the critical work that remains will require human interaction, creativity, and judgment.
Leaders should avoid getting caught up in the hype regarding the future of work, and simply focus on helping their employees navigate the next decade.
By creating an inspiring work environment and investing in retraining and reskilling, leaders can nurture employee well-being and create a sense of connectedness and resilience in the workplace.
4. Delivering Diversity
Diversity and inclusion can serve as a path to engaging employees, and leaders are being asked to step up and deliver like never before. A staggering 77% of people feel that CEOs are responsible for leading change on important social issues like racial inequality.
But while delivering diversity, equity, and inclusion seems to be growing in importance, many companies are struggling to understand the weight of this issue.
An example of this is Noah’s Ark Paradox, which describes the belief that hiring “two of every kind” creates a diverse work environment. In reality, this creates a false sense of inclusion because the voices of these people may never actually be heard.
Modern day leaders must create a place of belonging where everyone—regardless of gender, race, sexual orientation, ability, or age—is listened to.
5. Repurposing Corporations
The drivers listed above ladder up to the fact that society is looking to businesses to help solve important issues, and leaders are the ones being held accountable.
With 84% of people expecting CEOs to inform conversations and policy debates on one or more pressing issues, from job automation to the impact of globalization, CEOs have the potential to transform their organization by galvanizing employees on the topics that matter to them.
For a long time, the purpose of corporations was purely to create value for shareholders. Now, leaders are obligated to follow a set of five commitments:
- Deliver value to customers
- Invest in employees
- Deal fairly and ethically with suppliers
- Support communities
- Generate long-term value for shareholders
Ultimately, these five commitments build currency for trust, which is critical for sustained growth and building a productive and satisfied workforce.
Lead the Future
If leaders understand the context they operate in, they can identify opportunities that could fuel their organization’s growth, or alternatively, help them pivot in the face of impending threats.
But organizations must invest in the development of their leaders so that they can see the bigger picture—and many are failing to do so.
By recognizing the new rules of leadership, CEOs and managers can successfully lead their organizations, and the world, into a new and uncertain future.
Charted: U.S. Egg Prices More Than Double in 2022
This chart shows the increase in the national average price of a dozen Grade A eggs in the U.S. in 2022.
Charted: U.S. Egg Prices Double in 2022
Eggs are a staple food for many countries around the world, and the U.S. is no exception. Americans eat between 250‒280 eggs a year on average.
Eggs are also easy to cook, protein-dense and supply many daily vitamins needed for healthy living, making them a popular meal or ingredient. So when egg prices rise, people notice.
MetalytIQ charted the rapid rise of egg prices in the U.S. during 2022, using data from the U.S. Bureau of Labor and Statistics (BLS).
Over the course of 12 months, the national average price for a dozen large Grade A eggs more than doubled, to $4.25 in December from $1.93 in January.
|Egg Prices Per Month (2022)||Price per dozen|
The biggest culprit has been an avian flu outbreak that resulted in 43 million chickens culled to prevent the spread of the disease.
This led to a severe shortfall in egg supply. Egg inventories in December had fallen by one-third compared to January. Combined with increasing demand during the holiday season, prices skyrocketed and empty shelves became apparent in some states.
This is not the first time avian flu has disrupted the industry.. In 2015, a similar outbreak pushed egg prices up 40% in nine months, reaching a high of $2.97 per dozen eggs in September 2015.
Will Egg Prices Drop in 2023?
Avian flu isn’t the only storm the egg industry has been facing in 2022.
In the near-term, egg prices are expected to remain high. Containing the avian flu outbreak will remain the biggest factor in determining the prices, but as suppliers increase production, prices may cool off a little in 2023.
Misc4 days ago
Visualizing the Odds of Dying from Various Accidents
Energy2 weeks ago
The Periodic Table of Commodity Returns (2013-2022)
Technology2 days ago
Infographic: 11 Tech Trends to Watch in 2023
Misc4 weeks ago
Infographic: The Longest Lasting Cars, in Miles
Politics2 weeks ago
Which Countries are the Most Polarized?
Energy12 hours ago
Visualizing the Scale of Global Fossil Fuel Production
Markets4 weeks ago
The U.S. Stock Market: Best and Worst Performing Sectors in 2022
Energy2 weeks ago
Visualizing China’s Dominance in Battery Manufacturing (2022-2027P)