Becoming a CEO: How to Step up in 2024

With the development of AI, the future of work, rising inflation and ESG concerns dominating leadership discussions, potential CEO candidates will need a breadth of expertise to succeed in 2024. From strong financial management to dealing with rising inflation and the threat of a recession, to adapting to geopolitical uncertainty and identifying investment opportunities, our experts in the UK, US and Canada take a detailed look into the skills and abilities of those wanting a place at the top of the Board.

Canada

Inflation, rising interest rates and tight labour markets were all in play for CEOs in 2023. However, the economists got it wrong that the world would be in a global recession. Canadian CEOs were bracing for that outcome - but it didn’t happen. Normally risk-adverse, Canadian CEOs braced for the worst and scaled back on many components of their businesses, e.g. hiring and product development, in preparation. They are still naturally cautious, expecting some semblance of a recession to occur. However, with general insecurity as to how the next year will play out, most are anticipating another year of continued volatility and unpredictability for the global economy.

Being a CEO has never been more taxing, lonely and complicated.

In addition to the standard CEO duties, they are now expected to have informed points of view on issues such as ESG, DE&I, AI, geopolitical shocks and macroeconomic uncertainty.

Those geopolitical shocks are creating significant uncertainty for CEOs, but there are positive signs, such as reductions in inflation, that are giving some hope that better days are coming. CEOs are required to spin multiple plates whilst dealing with the everyday issues of running an enterprise. It has never been lonelier at the top.

United Kingdom

Life as a CEO in 2024 is unlikely to be any easier than last year. Given the uncertain political landscape we will be dealing with, as approximately 50% of the world’s population faces a national leadership vote, the ability to remain calm through a period of change and disruption is vital for this role.

Similarly, bravery will be crucial. Companies face enormous opportunity as well as threat. The development of AI and the impact it will have on businesses and employees has enormous potential for increased profitability and productivity, as well as societal challenge through redundancies and retraining. How a CEO leads an organisation and workforce through these challenges will be critical.

Few will meet all of the criteria, but the choice between action and stagnation cannot be ignored. Leaders who are prepared to make decisions, drive action and manage the outcome will be prized.

Whilst there is concern for companies where the CEO is better known than the brand, there is much for CEOs to go public about. Environment, sustainability, government, shareholders, customers and employees are all topics which require leadership to discuss and external charisma to position. Certainly, from a UK perspective, as we look to rebuild confidence in our institutions from a shareholder viewpoint, leaders who inspire confidence will accelerate this process.

United States

There are a number of 2024 challenges facing current CEOs regarding near-term and long-term company strategies. In the near term, organisations are still working through the best ways to approach remote work versus in-office scenarios, especially as it connects to continuous employee engagement and maintaining company culture to create further internal employee stickiness and loyalty. In addition, all companies are focused on being nimbler in times of change by making real-time adjustments with the key focus on AI, better automation capabilities and the need for further market expansion which can include outside acquisitions or establishing new partnerships and alliances. This is compounded by the desire to acquire and keep the best management team that can bring an important diversification of experience and thought to help drive the key revenue metrics needed.

CEOs need to be seen as the voice of the company internally and externally, who share key company goals and strategy, and remain plugged in with the customer base to adjust as needed. They must juggle everything well, while prioritising the ones which focus first and be effective in working with their Board and key investors. It’s a lot.

In terms of prior experience, the longest-serving CEOs will be most sought after, especially if they come from a top-tier and successful company background. What we are seeing more of at this time, due to the speed needed for companies to adjust immediately to new market conditions, is a stronger desire for experienced CEOs that come from immediate competitors or with prior experience in key industry client sectors. As there is a lot of pressure this year to focus on revenue and market share growth, most of our clients are looking for earlier go-to-market and/or strategic revenue scaling expertise.

As market conditions are moving so quickly right now, the competition for the best and most experienced CEO talent is high, which creates an interesting challenge when recruiting for these positions.

Our advice to current clients is that they need to be open and ready to share both key strengths and areas of need, while also working with us to establish a streamlined interview and assessment process. Covering both points early in the process will help identify the right talent, faster. 

We provide our candidates with comprehensive support throughout the recruiting process, as well as continuing development, to step up and maximise their success. With over 60 offices in 32 countries, our dedicated search specialists have the global capability to find world-class leaders for our clients. 

Get in touch. Follow the links below to discover more, or contact our dedicated leadership experts from your local Odgers Berndtson office to discuss your CEO requirements.