Have you ever seen a “Wanted — New CEO: $750,000/yr” job ad? No. They’re not a thing. Corporate searches for chief executives are discreetly handled by headhunting firms in a hush-hush process that has created a longstanding headache for scholars. Until recently, it was nearly impossible for them to know what skills are in demand for CEOs.
Chief executives themselves have been analyzed for three decades, with researchers cataloging their personality traits and work habits. But researchers understood little about what firms actually want in executives. Charisma? Strategic brilliance?
“It’s all private data, because headhunting firms run these operations,” said co-author Stephen Hansen, an associate professor of economics at Imperial College Business School in London. “The logistical challenge was how to get ahold of this data in the first place.”
He persevered and eventually acquired job specifications from 4,622 C-suite executive searches at 3,794 companies through one top-five headhunting firm. With two colleagues, he algorithmically mapped the descriptions of each role. The descriptions of ideal candidates said things like:
- Sincerely interested in people, and respect and value the opinions of others
- Values listening, treating people fairly and cares about individuals and their progress
- Inspires others and understands what motivates different people
- Willing to listen to various opinions on issues
Yes, empathy is in for CEOs. Companies want leaders who listen and collaborate and, well, care about feelings.
“The biggest surprise for me was the fact that ‘hard’ skills, like operational and administrative skills, appear to be losing out in comparison to social skills,” said co-author Raffaella Sadun, a professor of business administration at Harvard Business School. “Soft skills are especially in demand in tech-intensive firms, which suggests that very human skills may serve as a complement to technology.”
Here are useful tips on how to get snagged as the next great CEO.
Focus on soft skills. Prioritize active listening, social perceptiveness (awareness of others’ reactions and understanding why they react as they do), conflict resolution and coordination (adjusting actions in relation to others’ actions). You need to emphasize them, because typical business programs teach “hard” skills like balance sheet analysis and market condition evaluation.
Practice listening and empathy. “These are skills that can be in part formed,” said Sadun, even at business school. “Business training can play a role. For example, when MBA students take part in a case discussion, they also develop the ability to listen and persuade others, which is an aspect of social skills,” she said.
Become a persuasion ninja. It’s a key ability, consistently sought by executive hirers. One CEO job description said: You have effectively influenced the thoughts and actions of others, winning concessions without damaging relationships. Another said: Is accustomed to negotiating with an ability to create win-win situations by listening and understanding others’ motives and views.
— Rate.com/Tribune News Service
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Ambitious? Learn what companies actually want in a CEO - Boston Herald
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