Six priorities for CEO’s in 2024 – McKinsey research
Companies face an increasingly complex landscape characterized by rapid technological developments, geopolitical uncertainties and changing societal expectations. We translate the priorities from the comprehensive report, “What matters most? Six Priorities for CEOs in 2024.”, into bite-sized insights.
01
Leveraging Generative AI for scalability and innovation
Generative AI has evolved from a fascinating proof of concept to a crucial business tool that CEOs cannot ignore. There is huge potential to transform every aspect of business and the industry landscape. Use the roadmap below as a guide.
02
Outcompeting with technology
03
Navigating the energy transition
The urgency of the energy transition has increased and the need to create new green technology companies is becoming more and more apparent. It is up to CEOs to guide their companies through this transition and balance investments in sustainable technologies with ongoing operational demands.
By taking some strategic steps now, early decision makers can benefit. Think cost and carbon reductions, green premiums, … Players who choose to take it slower may fall behind.
04
Growth remains the most important objective
CEOs must leverage technology to boost their core business, explore new markets and increase sales. The key lies in understanding the nuanced rules of growth and applying them skillfully in the unique business context of 2024.
However, mastering the rules of value-creating growth is only one part of a holistic growth recipe. Develop a clear growth ambition: a quantum leap, far greater than normal growth, develop a coherent set of growth paths, and provide the capabilities and model to execute this growth strategy with excellence.
05
Developing “superpowers”
Identifying and cultivating a company’s superpowers – its unique differentiating capabilities – is more important than ever. These can range from advanced manufacturing systems to unparalleled customer experiences. Developing these capabilities in a superior way, is essential for sustained outperformance.
Ask yourself the following 3 questions: (1) What is the one superpower (or at most two) that will determine your company’s success over the next three years? (2) Are you aligned as a top team around this superpower, with a vision of what it should become? (3) Do your efforts conform to the VECTOR approach? Do you go deep enough into each dimension to build something that is differentiated and sustainable?
06
Appreciation of middle managers
Middle managers, often overlooked, prove to be pivotal to organizational success. Companies must recognize the critical role these people play in operational continuity and innovation and give them the support and recognition they deserve.
How can you make sure you offer your most valued managers the right rewards? Here’s an idea: ask them! Some will appreciate a salary increase; others will appreciate more time off. Still others may want a coveted assignment or a chance to travel. Align your rewards with your managers’ priorities.
McKinsey’s report contains eight priorities, but here we deliberately take the first six. The last ones are on a different level, geopolitical and macroeconomic. The reason we discuss this report is quite simple. At Lemento, we help companies with strategic advice, HR tools and digital support. Some of the priorities lean close to our business. Interested in this report? Download it here! If you’d like to discuss it, book a meeting.
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