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We are in a time of hyper growth, rapid innovation, and technological disruption. Navigating this fast-changing world can be both awe-inspiring and anxiety inducing. Leaders now face the question of how to balance the effects of disruption with their responsibilities to employees and the communities around them. During the Fortune CEO Series at the World Economic Forum Center for the Fourth Industrial Revolution, over 80 CEOs convened to explore these dilemmas.
In the discussion involving more than a dozen CEOs centered around growth, very few even mentioned the word. Instead they focused on ways to create a positive and inclusive culture that inspires employees to innovate. One CEO said, “Growth isn’t the priority. It’s the outcome of trust.” So as CEOs focus on growth, many are asking themselves: “How can I build trust with my team?”
“Transparency is the single most important ingredient in the recipe for trust,” said one CEO in the food industry. In turn, several CEOs agreed that identifying a company’s purpose is the first step in creating a transparent culture.
One company leader said, “Purpose isn’t something you make up with an agency. It’s something people have in their hearts.”
An authentic purpose allows employees to connect around shared values and common goals. Establishing such a purpose-driven platform allows leaders to be more transparent with stakeholders and share any news — good or bad. Growth Key Insights of employees are worried that emerging technologies could replace the need for their skill sets in the near future.
Several CEOs participating in the Fortune CEO Series reported that in the next five years, technology may replace 30% of their companies’ current jobs, while creating new jobs that are difficult to foresee. One CEO said, “There is a role for humans in an autonomous world — we just might not be able to imagine it today.” Company leaders are realizing that business growth depends on addressing this disconnect. Many employees may already be asking themselves, “Will my position survive the transition to an automated world?” A “survivor mentality” of that kind tends to promote self-preserving workplace behaviors that erode trust and collaboration. As the Fourth Industrial Revolution unfolds, investing in training and education will allow company leaders to re-skill and upskill their teams to prepare for the future. Effectively evolving the education system will require bringing together both business and government.
To learn more about how CEOs are taking action read the full report Fortune CEO Report.
To read more insights from the C-Suite, check out the Executive Insight Exchange where this article was originally published.
