Time-tested fundamental skills of leadership: A Q&A with Keith Giarman
"Not only do today’s leaders need to be agile and innovative, they must be authentic, caring and empathetic," says Keith Giarman.
Times are changing and the industry is changing. But how is this translating to our leaders and their leadership styles?
Keith Giarman, president of Private Equity at DHR Global, an executive search and leadership consulting firm, believes that the fundamentals of leadership need a true reevaluation and reset.
What are your thoughts on today’s industry-wide call for “new leadership”?
This depends on what you mean by “new” leadership. There is certainly a need for C-level and senior leadership to be fluent in technology and data analytics. The world of technology and the industries beyond it are constantly evolving with disruptive business models and a vacillating economy – but what needs a true reevaluation and reset are the fundamentals of leadership in this new world.
Business is about people. People will follow the people that they trust. Not only do today’s leaders need to be agile and innovative, they must be authentic, caring and empathetic. Having a long-term approach to building a sustainable enterprise without losing sight of their moral compass to simply make a quick buck is critical.
Some people might argue that effective leadership is complex and ever-evolving. How would you respond to the idea that the “science” of leadership may be less complicated than we make it seem?
Prioritizing the appropriate leadership competencies and skills is crucial as our environment undergoes continual shifts. For example, during the pandemic, there was a widespread emphasis on leadership qualities such as grit, resilience, and other related attributes, alongside effective communication skills to craft a suitable short and long-term vision for the business. This was especially important as the circumstances were often daunting in the short term, but it was necessary to preserve employee morale and a sense of commitment throughout the organization.
That said, are the attributes of the leaders who were successful during the pandemic period different or more complex than they were 25 or 50 years ago during times of turmoil? I don’t think so. It’s true that a rapidly shifting landscape calls for leaders who can better deal with change, but at its core, the foundational aspects of a leader’s job – dealing with people and other fundamental issues – remain the same, although with a greater emphasis on swift response and adaptability.
Are there certain fundamental skills that every leader should have? If so, what are they? What makes these skills time-tested?
Yes, there are certain fundamental skills that every leader should possess. However, in today’s rapidly evolving landscape, these skills come with the caveat that leaders must also have more fluency in technology – particularly when dealing with newer technologies like artificial intelligence (AI) and machine learning (ML). While we may not expect CEOs to be expert technologists in most cases, they must be conversant and work closely with their teams when dealing with emerging and more disruptive technologies that are taking shape and affecting all aspects of business. Aside from proficiency in technology, there are four time-tested skills every leader should have:
Agility & awareness: The success of an organization depends on its ability to swiftly respond – and pivot – when faced with both favorable and unfavorable business conditions. Such thinking should begin at the top, with the CEO actively promoting and reinforcing this approach. Having a strategic mindset and the skill to pivot effectively goes in tandem with being proficient in data and technology.
Honesty & transparency: Again, business is about people, despite technology’s influence. By embodying integrity, authenticity and trust, others will follow. This is especially important in times of adversity. People turn to leaders who not only, ‘talk the talk,’ but ‘walk the walk’.
Articulate & believable: The ability of a CEO, and leaders, to inspire and motivate others is paramount to the success of the business. The best leaders communicate a clear vision for the future and convey it in a way that aligns with the values and beliefs of the organization. This doesn’t necessarily mean being charismatic, but a leader must effectively engage and gain buy-in from their followers.
Strategic & willful: Leaders who lack critical thinking skills that focus on the long-term health of their organization and a determined approach to achieve their goals will find themselves stuck. When a leader prioritizes the success of their organization and its people over their personal gain, they foster sustainability and durability within their company.
Can you explain the value of effective (and ineffective) leadership and the impact it can have on team members? Executives? The company?
Everyone is looking at the top leader running a business. Everyone. If they don’t “walk the talk” in terms of how they communicate and deal with employees, customers and other stakeholders, the negative effects filter down into the market, and will severely affect the economics of the business. This is why many companies have adopted an “employee-centric” approach to the way they conduct business. It makes sense to prioritize these constituents just as much as shareholders in pursuit of profit and excellence.
How can a front-line employee provide a stellar experience for a customer if they don’t feel good about themselves and their environment every day? How do you feel walking into a restaurant or retail store and being served by someone who is visibly unhappy, anxious or angry, and not focused on you and your experience? That’s where the company culture, driven by the CEO and the management team, comes in.
What advice would you give to a business leader who is struggling to navigate the current economic challenges, as well as other challenges the pandemic has given rise to?
As a leader it’s important to think long-term while navigating the short-term issues. While this may be an anxious and uncomfortable time for you personally, maintaining your composure and sense of who you are is key. While it’s okay to show some vulnerability, you must not let emotions cloud your judgment. You are the leader for a reason. Your people look to you. They need to see your grit and resilience, and while they will not necessarily expect you to have all the answers during difficult times, they will – and should – expect to be treated with respect. Your integrity must underscore every action you take.