In an Uncertain World, Top Advice From Today’s Leaders

If there’s one thing I’m certain about for 2023, it’s that there will continue to be uncertainty. Yet despite economic unpredictability and a wide range of possible headwinds, most companies are still investing for the future and focused on growth. I get the opportunity to meet with many CEOs to discuss business insights as they prepare for what’s to come, and the PwC Pulse Podcast is dedicated to doing the same for all of you.

Below I’m sharing some of the key lessons discussed by business leaders from the podcast. I think you’ll find there is a common — and really important — thread that links all of these topics: trust.

Lesson #1: Trust is the cornerstone of business strategy

Business will be challenged again and again on trustworthiness, and the issues are only going to multiply and intensify going forward. Leaders, especially trusted leaders, are needed now more than ever, and studies show that trusted organizations perform better.?

“Trust is the currency around which business foundations and the fabric of business occurs,” Ed Bastian, CEO of Delta Air Lines.?

“Stakeholders are turning to companies and looking for us to instill trust, that sense of confidence that things are going to be okay,” Carol Tomé, CEO at UPS.

As you build trust, determine the business priorities your organization will support, and make sure you’re communicating the why behind your decisions. Transparency and clear communication with your stakeholders is critical in continuing to build trust as you execute your strategy. Bring your stakeholders along on your journey — communicating what you're doing (or not doing), what you’ve learned, how you'll move forward. All of these actions will help build trust. And remember, any commitments made should be backed by taking action. Listen to the full podcast with Ed Bastian here and the full podcast with Carol Tomé here.

Lesson #2: Values-driven decision making goes a long way

The past few years have shown us that leaders are becoming seasoned in handling challenges, and one of the key ways leaders navigate challenges successfully is by making decisions that are aligned with their organization’s purpose and values.?

“At Liberty, we're aligned that every action we take will be guided by our values,” Melanie Foley, Executive Vice President and Chief Administrative Officer of Liberty Mutual Insurance.

Decisions that are rooted in values signal to employees and other key stakeholders that a company's values aren’t just words, but a guide and a way to do business each day. For example, when employees understand the purpose of the organization, the strategy for winning, feel valued and trust leadership, a stronger culture and client results are likely to exist. Listen to the full podcast here.

Lesson #3: Lead your people with empathy

Leaders are a critical component of an organization's survival in a fiercely competitive and quickly changing environment. The role of business leaders continues to evolve, as do the attributes needed by leaders as we move into the future.?

“The focus on talent is a fundamental change, and it represents a significant opportunity and challenge for us as leaders to think about our people differently, not just where and how they work, but how they develop,” Derrick Roman, Board Member for CommScope and WEX Inc. and retired PwC Partner.?

“Leadership and working with your team members is a full contact sport–you have to be very proactive in coaching your teams and looking ahead,” Steve Salata, General Manager at MachineQ–a Comcast Company.?

“It’s really critical these days to take a human centric approach to our leadership, especially when we think of the state of the workforce,” Carol Isozaki, founder and president at Strategic Brand Intelligence.

When I think about the quotes above, it’s clear to me that people are the pulse of an organization. As a leader, it’s important to ask ourselves how we can help our people get where they want to be. How we’re addressing this at PwC is called My+, and it’s our boldest reimagination of our people experience. My+ is changing the way we work, focused on using technology to personalize careers at our firm, all while keeping our clients’ needs at the center of everything we do.

Leading with empathy and understanding. Listening and taking action on feedback. These steps will show your people that you care and signal you are willing to meet them where you can. Just as the times change, the role of a leader changes too, and it's up to each of us to change with it—something employees trust leaders will do. Listen to the full podcast here.

Lesson #4: Enable your business through technology and innovation

Technologies are rapidly evolving, providing new opportunities for employee collaboration, customer engagement and growth. Innovation and upskilling are the way of the future.?

“It's true that no business is 100% resilient, but those that are fortified with some amount of digital capability are more resilient than others,” Judson Althoff, Executive Vice President and Chief Commercial Officer at Microsoft.

It’s important to determine how technology can improve your organization and business strategy. For instance, how can the metaverse help you reach customers in a new way? It’s important to be intentional about the way your organization approaches new technologies, as leveraging the power of technology can turn digital capabilities into business growth. Listen to the full podcast here.

Lesson #5: Differentiate your business through environmental, social and governance (ESG)

Stakeholders are looking for companies not just to make ESG commitments, but to take action. Taking action on important issues like climate can inspire not only your people, but also those around you.

“Your customers want to see you as a partner who's helpful to them. How do you help your customers meet their goals?” Beth Sasfai, Chief ESG Officer at Verizon.

Take the time to learn what’s important to your stakeholders, and then communicate how you’re moving the needle in that space. Are your customers climate-centric and does your organization have net-zero or other climate goals? Will you take action and be able to showcase through transparent reporting the difference you’re making? Listen to the full podcast here.

As we continue to weather the unknown, I hope these pieces of advice help you focus on a path ahead. Remember, successful leadership takes intentionality and hard work. Be prepared to regularly listen, learn, adjust, and lean into your organizational values on your journey. Even with the challenges that lie ahead, I’m optimistic as I look towards the future. With the right focus, organizations can earn the trust of stakeholders, differentiate themselves in the market and make a big difference.