C-suite positions usually come with big paychecks and plenty of perks, but these benefits are frequently accompanied by huge accountability, mammoth stress and seemingly impossible time constraints.
To quote the Harvard Business Review: “…the skills that help you climb to the top won’t suffice once you get there.”
How can you prepare to manage your new position successfully? In this series of three posts, we’ll explore what you need to succeed at the top:
- Essential skills of a successful chief executive
- Importance of communication and collaboration
- Significance of a global mindset
Advanced C-suite skills by title
Executives find they must rely more on the understanding of business fundamentals than they did prior to occupying the C-suite. Top execs also find themselves in the position of providing input on key decisions.
According to the Harvard Business Review report mentioned above, C-suite occupants should strive to achieve the following:
- Chief Financial Officer — Understand the meaning of risk and how to balance it with performance. A global rather than regional approach to finance is necessary, as is a firm grasp of the role of technology.
- Chief Information Officer — Possess a universal understanding of the business. He or she must be comfortable with organizational design, be able to process information analytics and know how to use ROI to plan future departmental expenses.
- Chief Marketing Officer — Know how to use new marketing channels as they emerge. He or she must be prepared to be the CEO’s contact point for marketing, sales and e-commerce.
- General Counsel — More important today because of intensified attention to risk management. The GC should have the ability to negotiate with regulatory agencies and industry watchdogs and should have knowledge of environmental regulations.
- Chief Human Resource Officer — Has evolved way beyond administrative functions. The CHRO must understand cultural differences and shifting demographics, excel in change management and take the lead in attracting and developing top talent.
Important skills for all C-suite occupants
If you’ve risen to the C-suite, chances are you’ve already mastered some of the essential executive skills. Now you have to adapt these skills to meet the more rigorous demands of a senior leader. For example:
- The ability to prioritize is one of the most important abilities a C-level executive must possess, especially in the face of colossal time demands. Only by prioritizing will you be able to focus and devote time to your most important tasks.
- All C-suite executives must be able to lead transversally, or across the entire organization. This enables executives to accomplish company objectives in partnership with other teams.
- C-suite leaders must be able and willing to adapt quickly to changing economic and customer environments.
Personal qualities for chief officers
In addition to the business skills needed to navigate the C-suite successfully, Forbes identifies the personal qualities essential to executive leadership roles:
- Displaying genuine empathy decreases stress and increases morale
- Listening in a way that invites others to share
- Being motivated by what is right rather than what the market demands
In addition, communication skills are critical in the C-suite. According to the Wharton School of Business, “Persuasion and influence are powerful skills for any executives and should be reflected in all aspects of communication.”
That includes asking for help when you need it. Whether it’s coaching to improve your presentation skills, a crash course in the industry if you’re new to it or objective third-party advice on operational matters, remember: You’re expected to be smart, not superhuman.
Editor’s note: We discuss the importance of effective communication in more depth in Part 2 of this C-suite series.