In this extract from the next edition of ‘Being The CEO’, Michael Pain sets out 7 steps through which CEOs can achieve successful change management; and why change begins with the CEO and board, but must always conclude as a shared story of collective effort.
Change. It’s a familiar term. Indeed, in 2024, it’s one that has a particular resonance given that it won the UK general election. It’s a word that can conjure up hope or fear – depending on the context and the audience. And, as we’re so often told by management gurus, change is the only constant!
In many ways, they’re not wrong. Change is an inevitable and integral part of leadership in 2024. Whether it is adapting to the agenda of a new government; responding to the rapidly evolving landscape across issues such as technology or workforce dynamics; or managing local change such as a turnover of board members, leaders or staff. This is why, as CEOs and executives, you need to be extremely mindful of the need to approach change with intentionality and care. More than ever, it is a core component of Being The CEO.
So, what are some of the key considerations for CEOs around managing change, and what kind of principles can we operate to?
A CEO must practice active open-mindedness and strategic prioritisation
A CEO must be clear on what is not going to change
A CEO’s strategy for change must be informed by external wisdom and networks
A CEO’s strategy for change must be informed by internal experience and perspective
A CEO must communicate, communicate, communicate through change
A CEO must ensure project management capacity and expertise is in place
A CEO must ensure change concludes with a ‘shared story’ of collective effort
