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The impact of Impostor Syndrome on CEOs

70% of millennials have impostor syndrome; it’s a growing trend in the modern world. First discovered in the 1970s, impostor syndrome is typified by a constant and persistent belief you are not as competent as you are believed to be. Understandably, impostor syndrome is most often found in those who have elevated or high-pressure positions: doctors, scientists, and, of course, CEOs. These are individuals who have received consistent accolades and success but still feel that it has been unearned. CEOs who suffer from this syndrome feel uncertain, anxious, and guilty.

As CEOs, you are often called upon to make difficult decisions that have widespread consequences for your employees, customers, and shareholders. Often you may need to make a decision that will have a negative impact on others, in the best interests of your organisation.

Exploring impostor syndrome and CEO guilt

If impostor syndrome is the cause, then CEO guilt is the effect. When you feel as though you are somehow unworthy of your appointment, any decision you make is going to feel that much dire. Consider a CEO with impostor syndrome who is forced to lay off a large number of employees. Due to their impostor syndrome, they may then be haunted by a number of questions:

  • If I were a better CEO, would I have been able to save those jobs?
  • Why should I still have a job when I’m clearly just pretending?
  • Could the company be headed towards failure because of me?

Of course, these questions are unfair: they are based on the premise that the CEO is not doing a good job and that they could have somehow avoided the situation. Most importantly, impostor syndrome means that you believe that you are not as good as other people think you are. It isn’t just that you feel incompetent; it’s that you feel as though you are a fraud.

The impostor syndrome impacts any successful demographic. Though it’s often been posited that female CEOs are the most likely to experience impostor syndrome, it’s actually fairly equally split over all genders and demographics. Anyone can feel like an impostor — but it may have a more negative impact on women and minorities, who may also have other factors working against them.

Triggers

A lack of confidence may actually be a major component of success, so it makes sense that successful people will find themselves in moments of self-doubt. Successful individuals are those who are never satisfied with themselves, those who are always clamouring for more. These are people who expect only the best from themselves — and are therefore harder on themselves in the wake of perceived failure.

The only way of avoiding this is learning to recognise (and react to) the triggers.

  • If you have recently experienced a professional failure, such as a mismanaged business acquisition, it may be easy to assume that you have finally failed enough to be found out. In this situation, failure is considered to be your default state — even if you have failed very infrequently — and you may feel as though it’s been a long time coming. You may feel as though all your successes were sheer luck but that the failure is evidence of your own incompetence.
  • Conversely, impostor syndrome can occur if you receive rewards or recognition that you don’t feel that you deserve. You may question why you’ve received this award and you may feel anxiety associated with accepting the reward; what if they realise they made a mistake?
  • On the path of career development, you may begin to feel impostor syndrome once you have completed a large project or accomplished something great. When the glow of success has worn off, you will be left contemplating your next project and fearful that it will not go as well.

CEOs in the Impostor cycle

Management

We now live in a world in which most people experience some level of impostor syndrome. But this type of self-doubt can be absolutely more crippling for you than it would be for an average individual. As a CEO, you need to be extraordinarily self-aware; otherwise, you may make emotionally led decisions rather than carefully considered ones. You can begin managing your impostor syndrome by not only identifying your triggers but also responding mindfully to allay their effects.

  • Talk to others. Impostor syndrome is rooted in the idea that others have a perception of you that differs from reality. Talking to others directly and discussing your concerns is an excellent way to resolve impostor syndrome; after all, if they can recognise your faults but still believe you’re right for the position, then you aren’t ‘putting one over’ on anyone at all. You may also find that the person you’re talking to feels similarly.
  • Don’t consider imperfection a deal breaker. There is no such thing as a perfect CEO. Even the most successful CEOs in the world still make mistakes. Understand that any of your imperfections or mistakes aren’t deal breakers; they are learning experiences and opportunities to change.
  • Try to focus on the positive. There are areas where you surely realise that you are an expert or a specialist — and you know that you wouldn’t have gotten as far as you have without unique talents. By focusing on where you’re good at rather than where you’re bad at, you can feel more confident in your role.
  • Adopt a mindset focused on growth. Rather than focusing on your own shortcomings (either real or imagined), you should instead focus on the areas that you want to improve. This can radically reframe your methods of thinking: rather than being focused on getting caught, you can instead focus on being better.
  • Avoid the compulsion to downshift. One of the most insidious consequences of impostor syndrome is often the urge to downshift — to step down in your career plan and avoid responsibility. Before making any drastic changes to your career (such as stepping down as CEO), you must court other opinions.
Two types of mindsets that can be adopted by a CEO
Fixed vs Growth mindset

Managing impostor syndrome

Everyone has moments of feeling ill equipped to deal with the challenges that life has presented them with. A true leader and a truly successful individual can recognise these doubts and can still move forward in spite of them. Though you will undoubtedly have moments in which you feel as though you do not deserve your own success, these are just moments — and they will pass. For a CEO, it is simply important that you continue to keep moving, growing, and succeeding, in spite of your concerns.

Impostor syndrome and CEO guilt are best managed by reaching out to other individuals and talking about your concerns. It’s lonely being a CEO — but most of what you’re going through are more common than you think. Through TEC, you can gain access to a large network of accomplished individuals who are having the same experiences. Not only will you be able to request guidance from those more experienced and knowledgeable than yourself, but you’ll also be able to aid those who are still at the beginning of their journey. For more information, contact TEC today.

4 Insights into what great CEOs do differently

When less-than-optimal leadership costs businesses as much as 7% of total sales each year — what’s the difference between a good CEO and a great CEO? A good CEO is an important part of any successful business. A great CEO, on the other hand, doesn’t just lead — they inspire and contribute to an impactful business.

Here are the four key traits in particular that separate the good CEOs from the great ones. 87% of professional leaders, who either become or aspire to one day to become a CEO, deliberately develop the following four qualities. They may seem simple, but the key lies in the consistency of application that delivers the best results time and again.

1. Great CEOs make decisions with conviction

A great CEO understands that more often than not, it’s not about making the best decision possible — it’s about being decisive with conviction. It’s less about making the perfect decision and more about making decisions when they’re needed and acting without doubt.

A common trait among CEOs with the highest IQ is that they often struggle with making fast decisions as they’re much more likely to weigh the pros and cons of every situation. This leads to indecision and ambiguity, which invariably creates a bottleneck.

Great CEOs know that the expectation of ‘perfect information’ is an unrealistic one on the best of days; you need to make decisions quickly with conviction. If any signs of doubt are exhibited, employees will quickly start to lose faith in their leaders.

2. Great CEOs know how to measure impact

Regardless of the business you’re running or even in the industry you’re operating in, success more often than not comes down to your ability to deliver results. A great CEO never focuses too much on their vision without understanding the precise impact of that vision and which metrics will ultimately be used to measure its success.

To that end, it should come as no surprise that CEOs who are deftly able to engage their stakeholders’ needs are 75% more successful in their role than those who aren’t.

To be a great CEO, you need to be aware of not just the impact of what you want delivered — but also the impact you’re making when you deliver the results or engage with the people who have a stake in the game.

This idea even plays a role in how you interact with people on a daily basis. Remember that employees will always magnify your reactions. If you grimace when someone is telling you their ‘next big idea’, they might immediately think you hate it — or worse, think they’re being fired.

Along the same lines, good CEOs will allow employees to vote in the direction of the company. Great CEOs will allow them to have a true voice in the matter, albeit with the understanding that the consensus-driven decision is not necessarily the one that will be made. Knowing how to measure impact — in this case, the difference between listening to the input of employees because you’re afraid of being disliked versus making an unpopular move because you know it’s the best one — is something you’ll need to focus on if you want to move up to ‘great CEO’ status.

3. Great CEOs adapt proactively

Everything about your business is changing regularly — from the marketplace you’re trying to serve to your industry to your organisation at a basic level. CEOs who are able to adapt to changing times and evolving needs are roughly 6.7 times more likely to succeed than those who do not.

For a great CEO, adapting proactively is less about being able to successfully handle today’s challenges and more about dividing your attention between short and long-term thinking. Devoting as much of your time as possible to thinking about the long-term direction of things makes it easier for you to not only recognise signs of change and mitigate risks ahead of time, but it also creates a business that operates with a growth mindset as well.

4. Great CEOs deliver reliably

Good CEOs make promises. Great CEOs keep them.

To be a great CEO, you need to demonstrate results. This means that you need to show you cannot only recognise what needs to be done to move a business forward, but actually do it. It should come as no surprise that CEO candidates who are twice as likely to deliver results than average are much more likely to actually be picked for that role.

To get better at this, learn how to set realistic expectations upfront. Focus on establishing business management systems including dashboards, accountability, performance monitoring, and more. All of this allows you to build a much more stable bridge between where you are today and what you promised you would do tomorrow.

One of the major reasons that CEOs sometimes don’t deliver expected results is because they don’t have the tools in place when they need them the most. In fact, 60% of CEOs make the rookie mistake of not having the right team in place quickly enough. Words are cheap — actions are more expensive. From the business management solutions you employ to the teams you surround yourself with, all of this helps you deliver what you need, when you need it, no exceptions.

From good to great

The fact of the matter is that the gap between a good CEO and a great one is often created less as a result of any one major move and more because of a series of small ones. Knowing how to make decisions with conviction, knowing how to measure the impact of actions both large and small, being able to adapt to a naturally fluid environment, and knowing how to deliver what you promised are all major leadership traits that you should be focused on.

If you’d like to find out more information about the major qualities of a great CEO, or if you’d like to learn more about similar leadership insight topics, please don’t hesitate to contact us today. 

5 Leadership styles and when to apply them

5 Leadership styles and when to apply them

An effective leader motivates and guides employees, targeting their strengths and weaknesses so that both the employees and the organisation can succeed. The relationship between leadership styles and employees, therefore, plays a crucial role. Despite of this, surveys have shown that 75% of employees voluntarily leaving their positions leave because of their bosses, leading directly to issues of talent retention and churn.

Surprisingly, 36% of organisations don’t have a formal leadership development strategy — considering that to be a good and effective leader, one needs to be highly adaptable. Depending on a project, the environment, and even the psychology of the employee involved, leaders may find themselves switching between leadership styles quite frequently.

It all starts with a solid knowledge of the five major leadership styles.

Facilitative leadership

Facilitative leadership is a people-centric leadership style that puts the work process and company culture first, ideal for creative and high-pressure environments.

A facilitative leader works to build trusting relationships between leaders and employees in order to achieve their mutual goals. Facilitative leaders learn as much as they can about their employees and how they work, give clear expectations of their employees, and encourage them as they achieve these goals. Facilitative leaders are positive and motivational.

Ideally, employees should feel that they are valued and that their work matters; they should feel as though they are being listened to and that they know what to expect.

Facilitative leadership is often used best within creative and skill-based industries, in which a more rigorous or structured type of leadership style could lead to roadblocks and stress. Facilitative leadership puts people first and thus ties very strongly into people-first company cultures. It is best used when employees are already invested in producing the best work that they can for the organisation.

Laissez-faire leadership

Laissez-faire leadership is a hands-off leadership style that puts all members of the team in control, ideal for exceptional employees and self-motivated teams.

In a laissez-faire leadership, a leader provides very little guidance to their team. Instead, they trust that their team understands their own roles and will be able to perform their best. Statistically, laissez-faire leadership is often considered to be the least productive type of leadership — but this is usually when it is improperly applied. When applied correctly, laissez-faire leadership actually reduces much of the red tape surrounding organisational administration and can produce very rapid and effective results.

A tightly connected team full of self-starters may thrive under laissez-faire leadership. All individuals need to be personally motivated and highly competent. Laissez-faire leadership is best used when each individual member has an expertise and skill set that the leader themselves may not necessarily grasp. In this situation, over-managing employees could become more disruptive than helpful.

Coaching leadership

Coaching leadership creates a give-and-take atmosphere that puts a heavy emphasis on two-way communication, ideal for developing long-term and stable communication.

Sports teams are an excellent example of how a well-balanced coaching leadership style is put into effect. In a coaching leadership, the leader sets out clear goals and responsibilities for their team. However, the leader also listens to their team and provides constant communication. Leaders will provide feedback regarding an employee’s role and accomplishments and will listen to any concerns that employee has. This fosters a very strong employee-and-leader relationship, which is more likely to yield stable and consistent results.

When competent and capable employees don’t seem to be giving their job the attention that’s needed, a coaching leadership can be used to delve into their psychology and to inspire and motivate. Coaching leaderships drill down to any potential issues within a team and inspire the team to work together. They are best used to develop long-term team structures and goals.

Authoritative leadership

Authoritative leadership is essentially a dictatorship that puts the leader in complete control, ideal for undisciplined or high-stakes environments.

Authoritative leadership is one of the least preferred by employees, but nevertheless, it can become necessary in a variety of situations. In authoritative leadership, a leader makes all the decisions and rarely considers the opinions of team members. Team members may rebel against this type of leadership style unless they feel that the consequences of rebellion outweigh the benefits. All the team’s goals, initiatives, and strategies will be developed solely by the team leader, with very little input. The psychology of authoritative leadership can be a bit rough, with employees feeling devalued and ignored.

Though it may sound like a bleak atmosphere, authoritative leadership can become necessary when there has been a complete breakdown in structure. During times of transition or crisis, an authoritative leadership style may be necessary to make rapid-fire decisions and to keep a team together. Authoritative leadership is generally not intended for long-term use but instead as a short-term tool.

Democratic leadership

Democratic leadership is a type of leadership that puts an emphasis on the free exchange of ideas, ideal for most balanced working environments.

This is one of the most versatile types of leadership style. In a democratic leadership, team members are consulted regarding major decisions and projects. Communication consistently occurs between leaders and team members, and input from every individual is considered valuable.

Many teams have a tendency to default to some form of democratic leadership policy. However, it isn’t without its flaws: a democratic leadership process does take longer, and projects and teams can be stalled by a weak link.

Democratic leadership works best in strong, homogenous teams of accomplished and competent individuals. This is a solid ‘default’ leadership style, though it is particularly useful when time is not at a premium. It may need to be abandoned in times of crisis or looming deadlines.

All about the balance

There is no one leadership style that is going to carry you through all the teams, projects, and environments that you will encounter. Instead, the ability to effortlessly switch between these leadership styles as necessary is what makes for an effective leader. A business with satisfied and motivated employees will be able to retain the best talent and experience limited churn.

But merely knowing about these leadership styles is not enough: you also need to be trained in them. Contact TEC today to get started.

How important is emotional intelligence in leadership?

How important is emotional intelligence in leadership?

Leadership isn’t just about IQ or technical skill – in fact, these are the entry-level requirements for executive positions. When 58% of all success in jobs are accounted for by emotional intelligence, it’s a clear sign that emotional intelligence has a vital role in the workplace. It has also been discovered that people with a high degree of emotional intelligence make an average of $29,000 more per year than people with lower degrees of emotional intelligence.

What is ’emotional intelligence’?

In the 1990’s, psychologist Daniel Goleman coined five main components of emotional intelligence that affect leadership:

1. Self-Awareness
Self-aware leaders have a clear picture of their strengths and weaknesses. This skill also allows them to be aware of how they’re perceived by others. Having this knowledge, better equips them to respond in a way that delivers the results they need.

2. Self-Regulation
Self-regulation allows leaders to control their emotions when making decisions or responding to certain situations. Leaders with self-regulation rarely verbally attack others; make rash decisions or compromise core values.

3. Self-Motivation
Motivation is passion that goes beyond the material of money and status. This is about being fundamentally driven by a purpose deeper than something that might not last. Self-motivated leaders consistently work towards their goal with a high standard for the work they produce.

4. Empathy
Leaders lead people. Empathy is the ability to successfully manage a team of people by understanding their drivers and emotions. It’s through empathy, that a leader can help develop the people on their team, challenge them and give constructive feedback.

5. Social Skills
Social skills relate to conflict resolution, communication skills as well as forging strong relationships with others. Leaders with strong social skills are good at managing change and set an example to others with their behaviour.

Aside from these five core characteristics, there is also: charisma, confidence, the managing of relationships, and the regulating of one’s own expectations. These all fall under the banner of emotional intelligence. To be truly inspiring and memorable, a leader has to be able to display these characteristics.

How Jeff Bezos (Amazon) displays emotional intelligence

In 2015, Amazon found itself in the cross hairs of The New York Times, following the publishing of a lengthy critique about its rigorous employee standards and harsh working environment. It may have gone even further, if it wasn’t for the swift intervention of CEO Jeff Bezos.

Jeff Bezos was able to use the opportunity to turn the criticism around, by announcing changes within the company and directly addressing the concerns that had been raised. Rather than fighting the claims, he leaned in, and was able to deliver the changes that his employees and the public desired.

How Larry Page and Sergey Brin (Google) display emotional intelligence

 One of the best examples of overall emotional intelligence comes from Larry Page and Sergey Brin, the two initial founders of Google. Now one of the largest organisations in the entire world, Google still reflects the atmosphere of a spunky start-up. Much of this has to do with their emotional intelligence. As a business grows, it’s often normal for the culture to dilute or change radically. It’s only through emotional intelligence – an understanding of the drivers of their employees, of the context of the business – that Google has been able to retain their playful company culture.

Well-known for their corporate code of conduct, “Don’t be evil” Google has developed an entrenched reputation as a well-meaning and forward-thinking corporate entity. The success behind their strategic initiatives also relates back to the emotional intelligence of their executive team and their ability to be ‘ahead of the curve’.

(Since the inception of Alphabet, Google’s motto has been replaced by “Do the right thing.”)

Do you possess emotional intelligence?

Emotional intelligence may very well be the line in the sand that separates a “boss” from a true leader. Through emotional intelligence, CEOs and entrepreneurs are able to inspire confidence and motivate others to follow in their footsteps. And, just like any other skill, it can be learned.

With over 21,000 members, The Executive Connection has turned the development of emotional intelligence into a science. Contact us to find out more.

Authentic leadership and what it means for culture

Authentic leadership and what it means for culture

Authentic leadership: An approach to leadership that emphasises building the leader’s legitimacy through honest relationships with followers which value their input and are built on an ethical foundation. Authentic leaders are positive people with truthful self-concepts who promote openness.

Authenticity has been at the centre of the leadership conversation for some time now. So much so, that the Harvard Business Review (HBR) dubbed it ‘the gold standard for leadership.’ However, HBR notes that when we simplify our understanding of authentic leadership we can reduce it to something that is counterproductive.

Yes, authenticity is about remaining true to yourself and your principles but it doesn’t mean a complete lack of growth. It means you will evolve and adapt new leadership skills and practices that are in-line with your core values – it’s a more authentic growth.

We know what authentic leadership is and what it is comprised of but we don’t always explore how it affects bigger picture items – namely culture. At the annual All TEC Day event this year, we had a chance to explore not just authenticity but its role in shaping culture and what this means for businesses.

How does it affect culture?

The short answer is that authentic leadership has a very strong positive effect on culture. When an organisation is led by a leader who not only talks the talk but walks the walk, the staff is more engaged and more creative.

Authentic leadership breeds an environment where people know they are empowered to take their own paths. When people are allowed to comfortably be themselves and work in their own ways they are more willing to go above and beyond the call of duty.

Think of it this way – are people more drawn to confident self-assured people or individuals who can’t quite find their footing? We’ve all had friends who are one way around you and then act completely different around others. It’s not an attractive energy.

When a business is run by a leader that is open, honest and strong in their convictions, the culture follows suit. Not only is the company stronger for this reason but it created an inherent competitive edge – no one can duplicate your unique brand of authenticity because they don’t have the same staff members with the same unique skill sets to create your particular flavour of success.

How do you consciously promote an authentic culture?

So, how can you consciously promote authenticity as a leader? It all starts with defining authenticity as a main pillar of your company culture. Be open and honest with your team about what authenticity looks like. Vocally encourage and praise out-of-the-box solutions to solidify that creative means are supported through your organisation. Instil accountability in your team, let them know how their individual position helps push the company’s bottom line forward. This kind of responsibility helps promote authentic investment in the business.

Above all else, trust your team. Authenticity stems from honesty and conviction. You cannot support an authentic culture without having complete faith in your team and their skills. Let them know you believe in their work and success will follow.

Leaders should aim to be the most authentic version of themselves when they are steering their organisation in any direction. When a company breeds this type of authenticity it allows people to remain true to themselves while working towards a common goal. Authentic leadership is the pathway to an authentic culture which ultimately leads to an engaged workforce and a successful business. This is the ideal pathway for success.


Helen WisemanBy: TEC Chair, CEO mentor and coach Helen Wiseman

 

What does CEO stand for

What does CEO stand for?

Chief Executive Officer. It might only be three words, but these individuals play a massive role in the success of businesses across the breadth of Australia.

Tasked with keeping customers, employees, boards, stakeholders and regulatory bodies, CEOs must be many things to many people. However, this is all part of the juggling act for CEOs who have to craft their own leadership style and traits to meet the requirements of a business.

As such, the qualities and traits shown by a CEO in the early 2000s, could be completely different to the demands of a business in 2015. Trends shift so CEOs must always be looking to improve their own performance.

Are you creative enough as a CEO?

In 2010, IBM conducted 1,500 interviews with CEOs around the world. Encapsulating both corporate heads and public sector leaders in 33 industries and 60 nations, the survey highlighted what the most important traits were for CEOs.

While it might not come as a surprise, creativity was the most common response – as 60 per cent of CEOs noted this was the most important leadership quality to hold in the coming years. This was followed by integrity (52 per cent), global thinking (35 per cent), influence (30 per cent) and openness (28 per cent).

At the time, a manager at IBM Global Business Services Steven Tomasco said he was stunned at the result. He stated that it was ‘very interesting that coming off the worst economic conditions they’d ever seen, [CEOs] didn’t fall back on management discipline, existing best practices, rigour, or operations. In fact, they [did] just the opposite.’

Taking on more creativity

As the visionary light for the business, CEOs have to set the tone and vision. However, as the competitive landscape of corporate Australia strengthens, creativity will play a much bigger role on the agenda of CEOs.

‘Companies are being forced to blow up their traditional processes and reinvent themselves as more agile organisations.’

This was recently the subject of Microsoft Australia’s premiere episode of Modern Workplace. In the show, author Ekaterina Walter highlighted that many Fortune 500 businesses only dominate markets for around 15 years – compared to the 70 in the past.

‘Companies are being forced to blow up their traditional processes and reinvent themselves as more agile organisations. And those that don’t adapt? Well, they risk being left behind or in some cases, failing completely,’ Microsoft said in a statement.

While the ‘C’ in CEO isn’t going to change to mean ‘creative’ anytime soon, it is something that all CEOs will have to think about in more depth moving forward.

Which skills do leaders need

Which skills do leaders need?

Determining which leadership qualities to promote and nurture among future leaders is an area all businesses will need to address at some point.

One of the most important questions companies and senior managers will need to address is how to identify and promote individuals who have the right skill sets. After all, there are many qualities that leaders need in order to be effective – adding another layer of complexity when individuals approach further leadership development.

One recent study from McKinsey & Company has attempted to identify the skills leaders need, especially when they are working in management positions on the frontline of a business.

The research compiled 20 key traits that leaders need and then asked a variety of respondents to rank how important each quality was for their daily work. Those who took part in the survey revealed four qualities that leaders need to possess, and these accounted for 86 per cent of the difference between effective and ineffective managers.

The four qualities were:

  • Being supportive
  • Seeking different perspectives
  • Solving problems effectively
  • Operating with a strong results orientation

Each of these categories contained a range of different aspects. For example, seeking different perspectives involves encouraging input from staff members, as well as understanding the issues that are currently affecting a company and incorporating this insight into a leadership style.

While these four categories accounted for a large share of the difference between effective and ineffective leaders, McKinsey stressed that this doesn’t mean there is one perfect leadership style. Instead, they suggested that different situations will call for a specialised skill set, with these qualities treated as a core skill set that can then be augmented for individual positions within a business.

Do different levels of leadership require unique skill sets?

Modern businesses hinge on specialisation – as individuals will often make the greatest contribution to an organisation when they are operating in a niche area where they have specific skills.

A 2014 study from the Harvard Business Review tested whether this same approach was true of managers – whether different levels of management should focus on skill sets that match their levels, rather than developing a broader skill set.

In particular, the research aimed to test whether or not specific management functions are best carried out by specialised levels. For example, should middle managers focus more on execution, while CEOs and other senior executives focus on developing effective strategies?

The research found that the skills that make a good manager remain remarkably consistent over time, regardless of the level. When asked to rank the skills that managers needed, the results were steady across different levels.

Top of the list of skills that managers need, regardless of level, was the ability to inspire and motivate others, which 38 per cent of respondents felt was a crucial component of all management positions. Other high-ranking areas included displaying integrity and honesty, problem solving abilities (both 37 per cent), being results driven (36 per cent) and communicating effectively (35 per cent).

Although there are some variations based on the level of leadership – middle managers ranked problem solving higher than all other categories – the top seven skills were consistent across all levels.

At the same time, there were some skills that didn’t perform well. Among the lowest-scoring skill sets were issues like establishing stretch goals (12 per cent), connecting to the outside environment (12 per cent) and championing change (16 per cent).

Finally, the report suggested that even if a job doesn’t necessarily require a certain skill set, developing it can still be useful for demonstrating leadership potential. Although a middle management position may not require developing a strategic perspective, individuals who ignore this skill set will find themselves struggling when they move into higher-level management positions.

For senior executives, honing these skills and developing them if they are lacking is an important area for companies to address. However, among the first challenges companies need to face is determining exactly which skills the employee is lacking and then making moves to address these weaknesses.

Are you identifying your own skill gaps?

When CEOs look at their own skill sets, it is just as important for them to consider any potential gaps in their own abilities.

The problem is that these leadership gaps can be hard to identify oneself, which is one of the main reasons individuals pursue leadership coaching.

However, research from the Center for Creative Leadership suggests that CEOs are actually over-investing in some skills, while failing to invest on other, more important areas. The research compared the skills CEOs were prioritising against those they ranked as being points of weakness.

The research revealed that some skills, like building and maintaining relationships, were actually being over-invested in by CEOs, with the level of attention given to these skill sets actually outpacing their value for a company.

On the other hand, skills like change management and strategic planning are areas where leaders are aware of their own weaknesses, but are also finding it difficult to implement further training.

Finally, some skill sets fell in the middle, with skills like resourcefulness deemed to be areas where the amount of training CEOs were undertaking was suitable for the level of responsibility that comes with the positions.

For business leaders, managing their own skills, identifying areas where they can improve and having the right foundation of competencies is going to be a crucial part of ongoing development. By prioritising these areas, CEOs will be well placed to drive future growth across their businesses.