Executives often reach the C-suite after years of specialized managerial or technical training tailored to their role and industry. While this expertise is essential for climbing the corporate ladder, it can pose challenges once they reach the top.
The future of business belongs to leaders with diverse backgrounds, cross-generational ideas, and problem-solving skills, according to a recent study from Bridge Partners, an executive search firm. When asked about the most crucial abilities for leadership teams in the next five years, 56% of executives emphasized the importance of diversity in professional backgrounds (different industries, functions), followed by cognitive diversity (different ways of thinking and problem-solving) at 55%, and ethnic and cultural diversity at 33%.
To identify these diverse leaders, experts recommend that recruiters focus on soft skills during the hiring process, such as strategic thinking, agility, and effective collaboration. Companies should also be open to hiring candidates with unconventional backgrounds. For CEOs, this could mean considering candidates who have experience in various departments beyond the typical sales-to-C-suite pipeline.
“Future successful leaders have diverse experiences, having worked in different functions, organizations, industries, and even countries,” says Ryan Whitacre, a partner at Bridge Partners. “It’s these varied perspectives that we believe will be crucial in the next five years.”
Mary Barra, the CEO of General Motors, is cited as an excellent example of this approach. Despite her over 30 years of experience at the company, she has held roles in manufacturing, product development, operations, human resources, and even served as a plant manager, as indicated on her LinkedIn profile.
For companies looking to enhance the development of their existing leaders, one effective method is through rotational programs. This involves placing top talent on teams they are not familiar with for a limited period, exposing them to different parts of the organization.
“Organizations like GE have been implementing rotational programs for many years,” explains Whitacre. “They intentionally move individuals from HR to the business side so they can adapt and gain exposure to different areas of the company.”
Brit Morse
[email protected]
Today’s edition was curated by Emma Burleigh.
Request your invitation to Fortune’s premier event, the Fortune Global Forum, convening in New York City on November 11-12. Fortune Global 500 executives and international policy leaders will discuss managing workforces in an AI-powered economy, climate and energy issues, global trade, and the future of democracy. Request your invitation here.
Around the Table
A round-up of the most important HR headlines.
Santander is implementing a series of job cuts at its U.K. headquarters as part of cost-cutting efforts. Bloomberg
Spirit Airlines plans to lay off employees as the company adjusts its flight schedules and sells aircraft to remain financially stable amid pressures. WSJ
Beyond Inc., the parent company of Bed Bath & Beyond, will be reducing its workforce by 20%. Business Insider
Boeing workers on strike are demanding the reinstatement of a defined-benefit pension plan, indicating a desire for old retirement benefits that have largely been replaced by 401(k)s. Washington Post
Watercooler
Everything you need to know from Fortune.
Bullying and bickering. A new study reveals that general counsel staff at major companies are engaging in subtle sabotage, leading to mental health issues. —Ryan Hogg
Fumbled. A Shark Tank entrepreneur criticizes the “worst job application” she ever received in a TikTok video, pointing out ChatGPT prompts and proofreading errors. —Orianna Rosa Royle
Election plans. HR and workplace experts share insights on how employers should address political divisions in the office, from facilitating meaningful discussions to navigating tensions. —Sheryl Estrada
This is the web version of CHRO Daily, a newsletter focused on helping HR executives navigate workplace needs. Sign up to receive it for free in your inbox.