Written by Jonathan L. Tedesco, Managing Director
While a best-in-class CEO is situational, tailored to the needs of an individual organization, here are 10 responsibilities and attributes of a well-rounded CEO, which can serve as a framework for measuring CEO effectiveness and/or CEO readiness. If you are a current CEO, stay strong in these 10 areas. If you are aiming to be a CEO, look for development opportunities to round out your skills in these areas. If you are a Chief Human Resources Officer or on the Board of Directors, utilize the below framework for your next CEO and CEO succession performance assessment, gap analysis, and 360 degree feedback session.
Vision and Strategy: A CEO should articulate a clear vision for the company and develop a long-term strategy to achieve that vision. This involves setting ambitious yet achievable goals and defining the path to reach them.
Effective Communication: Communication skills are crucial for a CEO. They should be able to inspire and motivate employees, shareholders, and other stakeholders with their vision, and effectively communicate the company's mission and values.
Building a Strong Team: CEOs should focus on assembling a high-performing leadership team. Hiring talented individuals, delegating responsibilities, and empowering team members to make decisions fosters a culture of collaboration and trust.
Stakeholder Management: CEOs must manage relationships with various stakeholders such as employees, customers, investors, partners, and the community. Balancing the interests and expectations of these groups is essential for the long-term success of the organization.
Continuous Learning: Successful CEOs recognize the importance of lifelong learning. They stay informed about industry trends, seek feedback from mentors and advisors, attend conferences, and invest in their personal development to stay ahead of the curve.
Ethical Leadership: CEOs should lead by example and set high ethical standards. Promoting integrity, transparency, and accountability throughout the organization helps build trust and maintain a positive corporate culture.
Adaptability and Innovation: The business landscape is constantly evolving, and CEOs need to be adaptable and open to change. Embracing innovation, fostering a culture of creativity, and encouraging risk-taking can drive growth and keep the company competitive.
Performance Tracking: CEOs should implement effective systems to monitor the company's performance and track key metrics. Regular evaluation of progress against goals enables course correction and ensures accountability at all levels.
External Engagement: CEOs should actively engage with external networks, industry associations, and thought leaders. This helps in staying connected with industry trends, fostering partnerships, and leveraging collective wisdom.
Work-Life Balance: While CEOs often face demanding schedules and high levels of responsibility, it's important to prioritize work-life balance. Taking care of personal well-being and maintaining healthy relationships can lead to better decision-making and overall success.
The above responsibilities and attributes serve as a place to start, but each CEO's approach may vary depending on the industry, company culture, and the needs of the business. It's crucial for CEOs to adapt and evolve their practices based on changing business environments.
If you would like more details, including formulating specific metrics tied to business outcomes, J. Tedesco & Associates can help you design and navigate a thorough CEO effectiveness and/or CEO readiness performance assessment process.