A new Korn Ferry Institute report reveals the emerging trends among CEOs and their boards.
Pandemic fallout, divisive politics, global conflict, and social unrest have all put the spotlight on how organizations handle the unexpected. Suddenly, companies found themselves under pressure to perform while simultaneously putting out fires, as crisis after crisis upended business—and life—as they knew it.
These organizations had to confront the harsh reality of disruption, and whether they were prepared to adapt accordingly. Some pivoted in the face of instability; others couldn’t navigate through the storm. In many situations, though, managing these challenges was a matter of survival.
Without a doubt, these compounding crises have underscored the need for leaders to continually reflect on their transformational capabilities. After all, beyond the outbreaks and the unrest, the fundamentals of how we do business have started to change. This means organizations will not only need to be well positioned for the next crisis, but to also transform—and transform quickly—as the new economy dictates.
In its new paper, ‘Activating Transformation,’ Korn Ferry outlines those critical factors that make transformations flourish in the midst of a disruptive, hyperchanging landscape. Over the course of two years, the firm analyzed over 1000 public companies, along with Korn Ferry proprietary data, to understand what differentiates great transformations and drives extraordinary, sustained growth. And what Korn Ferry found is as simple as it is complex: highly transformative organizations are ready to pivot at any time, for any reason.
Of course, disruptions can force changes with little to no warning. But, as this new Korn Ferry report highlights, to handle these disruptions, good or bad, organizations and their people must be agile and adapt quickly. Or, put another way, they must disrupt before being disrupted.