Strategy leaders now take on additional functions like sustainability and digital leadership.
Having a clear mandate and aligning with key stakeholders is crucial for strategy leaders to drive impact and improve company performance.
Deep dives
Expanding Responsibilities of Strategy Leaders
The podcast episode discusses how the responsibilities of strategy leaders have evolved over the past decade. With increasing complexity in their mandates, strategy leaders often take on additional functions like sustainability, transformation, and digital leadership. The episode emphasizes the need for strategy leaders to define their roles and priorities and align them with the CEO and key stakeholders. It also highlights the importance of resource reallocation in turning strategy into action. The episode provides insights from McKinsey's research and surveys, revealing that strategy leaders face challenges in driving company performance and often desire restructuring their teams.
Defining a Clear Mandate for Strategy Leaders
The podcast explores the significance of having a clear mandate for strategy leaders. It emphasizes the need for strategy leaders to align their roles and responsibilities with the CEO and key stakeholders to drive impact. McKinsey's research shows that strategy leaders with a clear mandate are more successful in running strategic processes efficiently and impacting company performance. The episode also discusses the importance of setting up strategy teams effectively, focusing on quality rather than size, and restructuring teams based on priorities to improve impact.
Role of CSOs in Different Industries
The episode highlights the varying roles of Chief Strategy Officers (CSOs) across different industries. It reveals that industries such as financials and tech media and telecom have seen rapid growth in CSOs focusing on customer strategy. Energy companies have been leading in strategy and sustainability roles. The episode emphasizes the relevance of industry-specific capabilities and insights for CSOs, depending on the strategic challenges and opportunities unique to each industry.
Characteristics of Successful Strategists
The podcast sheds light on the qualities that contribute to the success of strategists. It suggests that successful strategists are adaptable and possess a deep understanding of their organizations' strategic challenges. The episode encourages strategists to prioritize resource reallocation, as it plays a crucial role in transforming strategy into measurable impact. It also discusses the importance of strategy formulation, business development, and transformation sponsorship as key areas where strategists can drive value.
The chief strategy officer’s role has expanded significantly over the past decade. We look at what it takes to be a successful strategist today.
In this episode we discuss the ways in which strategy leaders’ responsibilities have expanded significantly over the past decade, with many adding other functions to their roles. Sean is joined by Emma Gibbs, a partner in our London office who leads our Strategy and Corporate Finance Practice in the U.K., Ireland, and Israel. Emma serves institutions in highly regulated industries, helping develop strategies at the interface of the public and private sectors. Na'ama Alpert, a consultant in our Southern California office whose client experience spans private equity, technology, and electric vehicles. And Whitney Zimmerman, an associate partner in our London office. Whitney leads our research on the role of the chief strategy officer and strategy organizations. He helps client CSOs define their role and mandate.
