Source | LinkedIn | Janet Foutty
The leadership challenge of balancing short and long-term decision making is an age-old dilemma and doing so in an ethical manner with the greater societal good in mind is certainly not a modern-day phenomenon. Despite the current debate about corporate “social purpose,” there have been many forward-thinking business leaders throughout history who recognized that purpose and profit can co-exist, with varying degrees of well-documented successes and failures due to a multitude of reasons.
One thing that is different today is the velocity at which change, and disruption are affecting organizations. In fact, a recent survey report notes that only 14 percent of global c-level executives are highly confident their organizations are ready to fully harness the changes associated with Industry 4.0. The dynamic, disruptive environment in which businesses operate is upending traditional practices, redefining the stakeholder community, and extending responsibility and accountability.
In this environment, the stakes are too high to not be laser focused on fundamentally re-thinking a board’s composition and practices to not just manage through complexity in the short-term, but to implement a future-proofing approach for the long term, including keeping the best interests of an organization’s people, clients (and customers), communities, and other stakeholders in the mix.