{"id":3400,"date":"2017-12-14T15:34:04","date_gmt":"2017-12-14T15:34:04","guid":{"rendered":"https:\/\/www.walkme.com\/blog\/?p=3400"},"modified":"2023-05-02T15:42:36","modified_gmt":"2023-05-02T15:42:36","slug":"8-questions-ceos-2018","status":"publish","type":"post","link":"https:\/\/www.walkme.com\/blog\/8-questions-ceos-2018\/","title":{"rendered":"8 Questions Strategic CEOs Ask Themselves"},"content":{"rendered":"Every quarter, it’s essential for leaders to reflect on past goals, assess progress, and set strategy for the future. For CEOs, such introspection is not only a healthy exercise, it\u2019s a strategic imperative.\n\nRapidly developing technology, regulatory changes, a talent shortage, and other factors are challenging leaders to be more creative while they are building strategy.\n

Tackle any challenge head-on with WalkMe\u2019s change management support.<\/em><\/a><\/h3>\nTo define the most important goals, consider the following questions:\n

1. Are we investing in the right tech?<\/h2>\n\"technology\n\nEven companies with a high digital IQ understand that digital maturity is a moving target. According to PwC\u2019s 2017 Global Digital IQ Survey<\/a>, executives\u2019 confidence in their companies\u2019 digital capabilities is declining. 52% rated their digital IQ as strong in 2016, compared to 67% in 2015 and 66% in 2014.\n\nMoreover, 70% of executives responding to PwC\u2019s 2017 Global CEO Survey<\/a> identified the speed of technological change as a top concern.\n\nIn addition to the swift rate of technological progress, the sheer number of options available makes choosing which software to invest in a challenge. How does one determine which systems or tools will best fulfill their needs?\n\nThe first step to selecting the right digital system<\/a> \u2014 whether for human capital management, customer relationship management, enterprise resource planning, or anything else \u2014 is determining what pain points employees currently face.<\/strong> What problem or inefficiency do you want the new technology to solve? Also, consider your business projections for the future.\n\nDoes the system need to be scalable? Who will use the system, and how much support will they require? Are mobile capabilities a must-have? What is the budget for implementing new technology? The answers to these questions will help build effective strategy and ensure an informed choice for your next tech investment.\n

2. Are we providing employees with the tools they need to be productive?<\/h2>\n\"employee\n\nCompanies adopt software systems to enable employees to work smarter and more efficiently. However, complex interfaces, a plethora of features, constant updates, and ineffective training make using this technology a difficult and frustrating experience<\/a>.\n\nWhat was intended to improve productivity instead becomes a hindrance.\n\nSoftware use in on the rise. Instead of resisting digital change, companies should seek tools to simplify the user experience. WalkMe\u2019s Digital Adoption Platform (DAP) sits on top of any software and provides users with onscreen guidance<\/a> to help them navigate difficult interfaces.<\/strong>\n\nReal-time prompts provide tips and ensure users get the most out of available features<\/a>. The DAP leverages the power of machine learning and artificial intelligence to anticipate where a user might experience friction, and provide tailored support. Such tools safeguard your software investment and promote positive ROI.\n

3. How can we become more adaptable to change?<\/h2>\n\"change\n\nSucceeding in a volatile and unpredictable market requires a high degree of adaptability. To promote a culture of change, leaders must become more nimble, and look for employees who are flexible.\n\n\u201cSoft skills\u201d have emerged as some of the most important attributes when recruiting talent. According to the PwC CEO survey, the majority of executives identified problem solving as the most important employee skill, followed by adaptability.\n\nHowever, 61% of respondents described finding talent with these traits as somewhat or very difficult.\n\nTo ensure your candidates possess these traits, rank them high on your list of desired skills in job descriptions. Among current employees, provide opportunities\u2014such as games or simulations\u2014to gain meaningful experience problem solving and adapting to change.\n\nRemember: Change is a mindset.\n\nPeople resist change when they fear it will disrupt their workflow, or when they aren\u2019t convinced the benefits will outweigh the costs. Nip resistance in the bud<\/a> by being transparent about the reason for a given change, how it will affect people, and the expected benefits.\n

4. How can we better attract, recruit, and retain top-tier talent?<\/h2>\n\"employee\n\nFilling the ranks with the best talent is one of the biggest challenges facing executives. Although 86 percent of leaders responding to PwC\u2019s CEO survey said they plan to increase headcount over the next 12 months, 77% of respondents identified the availability of key skills as one of their top concerns.\n\nHere are a few general best practices for attracting the best talent. Start with a detailed job description that outlines the exact requirements of the position, as well as a description of the company culture. Doing so will help potential candidates decide if they could cohere with those they would work with. Take advantage of professional networking sites to tap recruits, such as LinkedIn.\n\nOne cannot confront the task of recruiting without acknowledging how competitors attract candidates.\n\nSet yourself apart by emphasizing the positive aspects of the job. These might include unique benefits, the ability to work remotely, location, or company culture.\n\nAlthough it may be tempting to conceal the less desirable parts of the job, don\u2019t. New hires will inevitably discover these drawbacks. Those who feel misled are more likely to underperform and even quit. Being upfront about aspects that may seem unappealing to some will help you weed out candidates who won\u2019t be a good fit in the long run.\n\nMany factors influence a company\u2019s ability to retain customers, but training and onboarding<\/a> has an outsized effect on retention. Invest time and resources in creating a formal onboarding process. Doing so will lay the foundation for higher employee satisfaction, better performance, greater understanding of roles and responsibility, and less turnover, according to the Society for Human Resource Management<\/a>.\n

5. Does the culture promote employee well-being?<\/h2>\n\"organizational\n\nThe importance of company culture cannot be overstated.\n\nCulture affects everything from company reputation to retention to employees\u2019 health. For example, companies with high-pressure, high-stress cultures generate nearly 50% higher healthcare expenses than other companies, according to a study published by BioMed Central<\/em><\/a>.\n\nStressful work environments also lead to higher levels of disengagement. According to Gallup\u2019s 2017 State of the American Workplace report, just one-third of American workers are engaged in their jobs, while 16% are actively disengaged and 51% are \u201cjust there.\u201d<\/strong> Lack of engagement is a significant challenge to employers, as it results in reduced business outcomes and lower employee satisfaction.\n\nYou can foster a culture that promotes employee well-being by encouraging greater communication between managers and direct reports; redesigning performance management in a way that motivates employees; allowing for greater flexibility, such as the option to work remotely; and offering benefits that support healthy lifestyles, according to Gallup.\n\nCEOs who encourage employees to take care of their mental and physical health will have the most engaged and loyal workforce.<\/strong>\n

6. What emerging trend will have the most disruptive force, and how can we build effective strategy?<\/h2>\n\"technology\n\nAlthough the pace and direction of change varies across different industries, CEOs must always \u201caim high\u201d down the road and anticipate which trends, technological developments and other disruptive factors will influence their business.\n\nBeyond staying up to date with industry trends, leaders need to consider the so what<\/em>? How will new trends, technologies, regulations, or other factors affect the way your company does business? Will changes present operational or cost barriers? Will they require you to hire more employees or create an entirely new department? Will it become necessary to invest in new technology? Constantly asking these questions will help decision makers be more nimble and forward thinking.\n

7. Are we secure?<\/h2>\n\"cybersecurity\"\n\nAs companies race to implement new technologies and grow their data and analytics capabilities, the threat of a security breach rises. To protect their assets, reputation, and trust, companies must protect themselves from cyberattacks.\n\nHowever, many businesses have not adopted key processes for identifying security risks, according to The Global State of Information Security Survey<\/a> 2018 by PwC. For instance, less than half of survey respondents (45%) indicated their companies have conducted vulnerability or threat assessments. Just 42% have done penetration tests, while 48% have active monitoring\/analysis of information security intelligence.\n\nNo company is completely immune to the threat of a cyberattack.<\/strong> However, organizations can\u00a0build effective strategy to fortify resistance. In addition to adopting security technologies, employee education is key to thwarting a breach. Make sure your workforce knows basic security best practices, such as how to identify a phishing scam and not to open links and attachments from unfamiliar email senders. They should know how to connect to the company\u2019s virtual private network, and how to escalate issues to the IT department before they get worse.\n

8. How can we gain an edge on the competition?<\/h2>\n\"customer\n\nIf your company\u2019s brand isn\u2019t already solid, look for ways to strengthen your image and resonance among your target demographics. Never let customer service<\/a> be anything less than ideal. Admit it when mistakes happen, and take meaningful actions to correct them. Keep innovation at the forefront.\n\nWhile companies are primarily accountable to their customers and stakeholders, they are increasingly stepping into roles of corporate and social responsibility. Consumers today care about what a company stands for, not just what they sell.<\/strong>\n

Instantly strengthen your organizational strategy with the help of a Digital Adoption Platform.<\/em><\/a><\/h3>","protected":false},"excerpt":{"rendered":"Every quarter, it’s essential for leaders to reflect on past goals, assess progress, and set strategy for the future. For…<\/span>","protected":false},"author":246,"featured_media":4010,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"mobile_image_id":0,"tablet_image_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[89],"tags":[],"class_list":["post-3400","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-digital-transformation"],"acf":{"__coauthors":""},"yoast_head":"\nBuild Effective Strategy: 8 Questions CEOs Need to Ask<\/title>\n<meta name=\"description\" content=\"Amid rapidly developing technology, regulatory changes, and a talent shortage, success will require company executives to be deliberate about their goals.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.walkme.com\/blog\/8-questions-ceos-2018\/\" \/>\n<meta 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