During the COVID-19 pandemic, business leaders faced multiple challenges, especially regarding the shift of work practices. Fortunately, thanks to the current digital age, organizations globally have successfully overcome this challenge and have adapted their operations. However, that does not mean that companies do not face obstacles in growing and expanding their business. Therefore, the main question is, what challenges do executives face?

Generally speaking, among the main challenges executives face today, we find managing cultural change and teamwork within the organization, alongside other challenges such as optimizing costs and processes, increasing productivity, and defining a business strategy.

In other words, the primary skills and traits nowadays required for an executive are the following: knowledge of the company or sector, efficient and clear communication, personnel management, and a high level of responsibility.

In the energy sector, we find that executives face challenges related to the following issues:

  • Identification of new business opportunities.
  • Improvement of working conditions.
  • High demand and scarcity; differentiation from competitors.
  • Job automation.
  • Product and service customization.
  • Equal opportunity and diversity in a volatile industry.

Considering that these factors occur in a volatile and interdependent global marketplace, senior executives must also be committed to motivating their staff, adopting a learning mentality, and having self-criticism for conflict resolution. They must also have integrity and the ability to plan for, prevent and mitigate adverse situations. Employees want to work with an optimistic executive, who knows how to manage time, has available resources and information, and delegates tasks to achieve in a precise manner.

Even though different aspects such as leadership style and personal experiences influence the leadership role, the leader’s primary goal is to fulfill its leadership role and have the ability to determine the future of the organization itself, shareholders, and stakeholders.

In today’s energy sector, executives must consider the value of improving their sustainability practices and adopting technological innovation. The speed of technological change provides an opportunity for companies towards a profitable and sustainable future. From that perspective, we can deduce that the sector’s digital acceleration and business leadership skills are key to a company’s growth looking into the future.

by info@nakasawaresources.com