Navigating Leadership in Turbulent Times: Strategic Priorities for Modern CEOs

Today’s ever-evolving world requires CEOs to constantly examine their organization’s priorities, looking beyond immediate challenges to envision what the future of business might look like. Modern CEOs need to remain agile yet hyper-focused on their organization’s strategic initiatives. By continuing to emphasize action on forward-looking strategies, including growth, technological advancements, and regulatory shifts, CEOs can successfully move progressive initiatives forward while safeguarding their enterprises against risk.

Deloitte keeps its finger on the pulse of business leaders globally to gauge their sentiments seasonally. These insights can help educate and inform leaders as they navigate change and make decisions for their organizations. As executives continue to lead their organizations through turbulence, we have identified six strategic priorities to keep in focus throughout 2024:

Manage growth in uncertainty  

While CEOs expect to be held accountable for their company’s growth, the volatility characterizing today’s environment presents a new task: managing that growth in turbulent times. The Summer 2024 Fortune/Deloitte CEO Survey found that, while CEOs expressed confidence in their organization’s growth, they also identified ‘managing growth’ as a top concern, underscoring this tension. One respondent noted that the biggest obstacle is “navigating growth challenges in business in 2024 and preserving long-term investments.”

A great example of this is how many CEOs reconfigured their supply chain after contending with unprecedented disruption brought on by the COVID-19 pandemic. The survey found CEOs prioritized investments that embedded resiliency within their supply chains, with nearly 30% of respondents in the Winter 2023 Fortune/Deloitte CEO Survey ranking the supply chain as their top investment priority.

As geopolitical tensions and economic concerns remain top-of-mind for many stakeholders, CEOs need to demonstrate their ability to contend with these challenges while maintaining a growth mindset. Nascent technologies like artificial intelligence (AI) could help support that mandate.

Articulate a vision for AI  

In support of their growth mindset, CEOs actively identify and implement new technologies into their business models, such as Generative AI (GenAI), to help increase efficiencies and accelerate innovation. For leaders to derive the most significant value from their technology ventures, it is essential to create a leadership culture that prioritizes long-term investments and develop a clear strategy for tech integration.

According to the Summer 2024 survey, CEOs are taking a pragmatic approach to GenAI, with the number of respondents who reported using the tech to create value and drive innovation remaining fairly flat from the Winter 2024 report. As GenAI becomes widely adopted, CEOs can maximize its benefits by establishing a designated team of data to capitalize on opportunities at scale. This, in turn, can unlock transformational possibilities for growth within the enterprise. In fact, according to Deloitte’s State of Generative AI in the Enterprise report, 79% of leaders expect GenAI to drive substantial organizational transformation within the next three years.

Elevate your talent experience  

Despite changes in the labor market dynamics, attracting and retaining, talent remains a priority for CEOs.

Fifty-eight percent of respondents according to the Summer 2024 survey believe their organization’s commitment to purpose and social impact contributes to meaningful workplace and leadership experiences. These findings underscore the increasing importance of culture as a primary driver for talent retention and recruitment.  As CEOs shape what a meaningful workplace looks like, they should consider what their leadership style communicates to internal and external stakeholders.

Tell your story as a leader  

Stakeholders, including employees, expect CEOs to connect authentically with their audiences. CEOs should consider going beyond an elevator pitch, especially in times of constant disruption, as only they can offer a vision of the organization projected into the future.

According to a Deloitte report, leaders who share their personal stories demonstrate a commitment to authenticity, setting an example for the broader organization. Among the top priorities for CEOs, 76.7% identified internal communication and storytelling as a priority, indicating how expectations for leaders have shifted to emphasize interpersonal connection and their personal brand.

Shape sustainability strategy  

As global regulatory bodies publish and enforce climate and greenhouse gas (GHG) guidelines, sustainability should find a home on CEOs’ agendas. Modern leaders should work to develop a sustainability strategy that can balance the organization’s commitments with long-term shareholder value.

Over a third of surveyed CEOs report efforts to reduce emissions by suppliers and customers, indicating a careful management of commitments and shareholder expectations. This priority can become closely integrated with traditional business strategies.

Prepare for regulatory shifts 

Policy and regulatory changes stemming from the current political climate and the upcoming U.S. election are expected to weigh heavily on CEOs’ list of concerns. The Summer 2024 survey revealed that 46% of CEOs expect the upcoming U.S. elections to substantially impact regulation regardless of the outcome. Regardless, CEOs should be mindful of the political climate, consider regulatory differences between administrations, and engage in scenario planning to prepare for different outcomes.

In the face of these diverse and complex challenges, the role of a CEO has never been more dynamic and demanding. By fostering a culture of innovation, resilience, and authenticity, CEOs can lead their organizations through uncertainty, drive sustainable growth, and inspire their teams to achieve beyond their capabilities. As leaders navigate the evolving landscape, their ability to adapt quickly, communicate effectively, and make strategic investments will be crucial to set their companies up for long-term success.

Written by Benjamin Finzi, managing director, Deloitte Services LP, and leader of Deloitte’s CEO Program.

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