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Imagine this: You're an HR leader facing yet another challenge. Maybe it’s a high turnover rate that just won't seem to drop or a workforce development strategy that has stagnated. You've tried increasing benefits, tweaking your hiring processes or revamping learning and development programs, but nothing seems to work.
Instead of seeing this as another setback, what if you approached it with the mindset of a confident CEO? Confidence, when paired with action, can be the difference between stagnation and transformation for CEOs and the companies they lead.
According to the latest Global CEO Confidence Index from EY, confident CEOs are not only steering their organizations with clarity but also creating opportunities where others see challenges. The research found that 87% of confident CEOs are optimistic about their company’s ability to achieve growth in the next year.
What can HR leaders learn from confident CEOs to transform their own people practices?
Confidence Is Transformative
Confidence, as EY defines it, is the assurance corporate leaders have in their capabilities as an organization and their optimism about the future. When that state exists, CEOs and boards feel comfortable enough to make bold, strategic and proactive decisions that shape their organizations. For example, EY's survey found that 72% of confident CEOs are ready to invest in innovation while 59% are planning acquisitions.
What does confidence mean for talent leaders? Confident leadership means moving beyond the routine firefighting of the role and pushing for initiatives that truly transform the workforce. It could be rethinking how you foster talent development or introducing fresh approaches to employee experience that challenge the status quo.
Confidence requires making decisions decisively, even in the face of uncertainty, and being willing to adjust based on what you learn.
Related Article: 13 Common Leadership Styles — And How to Decide Which to Use
Turn Obstacles Into New Paths
Confident CEOs view obstacles as opportunities to innovate and push the organization in an uncomfortable but needed new direction. It’s about redirection, not resignation to a doomed status quo.
Imagine a scenario where, instead of seeing high employee turnover as a problem that needs to be solved with quick fixes, you see it as a chance to step back and reshape your organizational culture to make lasting improvements.
Using exit data as a guide, you could rethink your employee value proposition and address the underlying reasons why people leave. These can be difficult considerations. Do your benefits align with what employees truly value? Are your growth opportunities appealing enough to retain top talent? How can your company better meet the needs of its workforce, not just in terms of salary but also in providing a sense of purpose, recognition and career growth?
By reframing challenges from reactionary to confident strategy shifts, HR leaders can uncover unique opportunities to create a more future-forward workforce. Engaging employees in conversations about what they need, anticipating wants and implementing employee feedback can create a powerful sense of ownership and belonging while providing a new, less reactive path forward.
Related Article: Balance Intuition and Data to Master the Art of Decision-Making
HR Leaders Should Make Big Bets With Data
EY’s research shows confident CEOs invest in innovation to stay ahead, even when times are uncertain. It’s the sort of bet that can feel strange in the moment and may even get some criticism. People may ask, “Why are we investing in this new initiative when we are struggling in the here and now?”
But these bets aren’t random. For CEOs, they are made across the natural silos in an organization. In the people business, they are built on understanding. It’s knowing what your people need, what drives them and how to meet those needs effectively.
The great news: People leaders have more access to data than ever before, and using it effectively can improve your decision-making, strengthen the workforce and, ultimately, position HR as an influential partner for the organization.
Of the confident CEOs polled, 81% say data analytics is crucial for their actions, providing them with the ability to anticipate challenges and make informed decisions swiftly. They use data to evaluate market trends, employee performance and potential opportunities, to back their strategic moves with solid evidence.
By turning data into action, HR leaders can not only solve immediate issues but also contribute to long-term strategic planning. Thinking like a confident CEO, let data pinpoint challenges and use it to shape how to respond to those challenges. Technology is there to serve you in your role, but we still need people to make decisions.
Related Article: 3-Step Guide to Data-Driven Decision Making in Business
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Shape Your Future With Confidence
HR leaders have a unique opportunity to shape the future of their organizations by embracing the same confidence that makes CEOs successful. Learn from their best traits. Take bold, data-backed actions, stay resilient in the face of uncertainty and lead with purpose.
By adopting these qualities, HR leaders can leverage the work of those good CEOs and improve the workplace, too.
