Investors are scrutinising environmental, social and governance (ESG) metrics before awarding capital and company boards are being sued for failing to disclose or mitigate against climate change risks.
The quest to win stakeholder trust is one that 66% of Australian and New Zealand CEOs strongly agree will be an increasing part of their role – just 30% of global CEOs say the same. Those that do so successfully, can take the opportunity of now to drive true change. In fact, the ability to foster trust and build stakeholder confidence, in addition to a focus on diversity and purpose, will be key to forging ecosystems and expanding ASEAN investment.
COVID-19 showed us that fundamental changes can be made, literally, overnight, that we are all connected and exposed to risks such as climate change, and that those companies that focus beyond compliance can create opportunities to truly transform.
Closing the gap between intention and execution
As Australian and New Zealand CEOs lead their organizations beyond the crisis of COVID-19, they have a new opportunity to create a future enterprise, led by purpose to both lift short-term performance and create the long-term value that will drive true prosperity for organizations, the working world and society. Digital transformation will be integral to successful change but, as our CEOs realise, successful change must be human centred, embracing radical customer centricity with nurturing and progressive cultures, to enable genuine innovation at scale and realise the full potential of technology at speed. Closing the gap between intention and execution is now the challenge. Creating a concrete action plan by considering some tough questions can help CEOs bridge this gap:
- How do we capitalise on the realisation that we can collectively and rapidly drive change?
- How do we align human-centred intention with execution?
- How do we reframe today’s challenges on transparency and trust to become tomorrow’s opportunity for co-creation, innovation and collective growth?
- How do we ground our decision-making in asking how it will impact our customers, employees and community?
- How do we adopt a future-back approach to developing our strategy, using our corporate purpose to guide the necessary capabilities for long-term resilience?
- How do we ask the uncomfortable questions across the organisation that challenge the status quo to seek continuous improvement?
- How do I drive a transformative and human-centred mindset across every aspect of our organisation?
Further perspectives on how to close the gaps between intention and execution to progress transformation to the future enterprise will be shared in future articles.