A new report by Chief, a leading organization for women executives, and Wakefield Research explores the top challenges anticipated by C-suite leaders in 2024 and identifies key skills for their success in the coming years.
The New Era of Leadership Report is based on a survey of 600 U.S. C-Suite executives at companies with a minimum of 500 employees. Three-quarters of respondents were men, and one-quarter were women, roughly representative of the current gender gap among high-level executives at S&P 100 companies1.Among its many insights, the report revealed that 54% of CEOs expect leadership to be more challenging in 2024.
Top List of C-Suite Challenges
From the rise of AI to continued economic uncertainty, 51% of leaders agree that factors outside of their control will have a greater impact on their company’s success in 2024 than internal factors. The top five challenges they anticipated were almost equally divided among the below:
- Changing worker expectations, including compensation and culture (33%)
- Cybersecurity threats and data privacy concerns (32%)
- Difficulty identifying and training the right talent (30%)
- Keeping up with AI and other disruptive technologies (30%)
- Maintaining productivity amid layoffs or hiring freezes (29%)
Executives Must Move Fast and Decisively
In the face of balancing organizational performance with effective leadership, executives are resolute in the fact that they must movefast and decisively. The report showed that executives recognize the need for nimble and inclusive leadership when navigating the challenges that lie ahead in 2024. When asked to rank the top three leadership capabilities needed in 2024, executives selected:
- Ability to navigate changes quickly (42%)
- Building high-performing teams (40%)
- Understanding and promoting diversity, inclusion, and access (40%)
As the largest network of senior executive women, Chief will leverage these insights to further equip their network of business leaders with the skills they need to effectively respond to the pressing challenges facing their companies including through a new Roundtable series, one-on-one Executive Coaching, and tailored programming.
“This research shows that for executives, it’s not only lonely at the top but also more challenging than ever to be an effective leader,” said Carolyn Childers, Co-Founder and CEO, Chief. “The data shows that in the face of economic uncertainty, emerging technologies, and changing workforce expectations, executives are turning to new skills to navigate their organizations and achieve success in 2024.”
To review the full report as well as insights from experts on how leaders can prepare for this New Era of Leadership, view here.