What Matters Most?

With so much information coming at leaders about what they should be doing next, it can be difficult to distill what is actually important. Just released by McKinsey & Company is a very helpful comprehensive report that has surveyed and interviewed leaders and executive across the globe and spectrum of industries.

The ‘What Matters Most? Five priorities for CEOs in the next normal’ report (Read it here) notes that moving forward, it is obvious leaders “need to do more than fine-tune their day-to-day tasks; they need to be ready and willing to rethink how they operate and even why they exist.” Their advice to leaders is to “step back, take a breath, and consider a broader picture.” This is great advice. The report looks at the five priorities for the “next normal” as identified by the worldwide pool of leaders they spoke with.

This is quite a long report, but while being comprehensive, it is full of very practical ideas as to how leaders and executives may think about and implement these priorities. It is also important to understand that how these are implemented “will vary from company to company; some will me more important than others”, but the key is that mastering these five priorities will substantially improve the odds of success.”

As I read the report, I thought it would be a great discussion point for leadership teams over a series of strategy sessions. Each session could consider one of the priorities and how your organisation might impellent it best. Or it could form the basis of discussions during a leadership retreat. How is not important, what is most important is that you actually consider them.

The five priorities, with a very brief synopsis are:

1. Centre strategy on sustainability – “As sustainability becomes more of a strategic and operational imperative, executives must lead the way to set up a sustainability organisation that’s right for their companies.”
   
2.  Transform in the cloud – “Leaders need to accelerate their journey to the cloud in order to digitize quickly and effectively in the wake of COVID-19.”
   
3. Cultivate the talent of tomorrow – “The pandemic underscores the urgency for a more dynamic talent and work model. Human-resources leaders can help by focussing on identity, agility, and scalability.”
   
4. Speed as muscle – Speed and resilience are the key to the future.
   
5. Operate with purpose – “Consumers and society at large are expecting more from business.”

This report provides a blueprint for organisations that want to be prepared for the next normal. Ignore it at your peril.