10 Takeaways From World Economic Forum
The 54th annual meeting of the World Economic Forum was held in Davos, Switzerland, in January. The meeting focused on the importance of trust and the fundamental principles driving it. Global management consulting firm McKinsey & Company reported ten key takeaways from the meeting.
- Speed is crucial to outperformance. Compared to peers in slow-moving companies, leaders in fast-moving organizations experience higher operational resilience, financial performance, growth and innovation.
- Cooperation can coexist with competition. Through the practice of “coopetition” leaders can advance shared interests in specific areas, even if they disagree elsewhere.
- The generative artificial intelligence revolution is just beginning. This emerging tool has the potential to transform roles and boost performance in sales and marketing, customer care and software development, unlocking trillions of dollars in value.
- Sustainability is a business imperative. Companies that navigate the increasingly complex net-zero economy can accelerate value creation and gain a competitive advantage.
- Investing in better women’s health can lead to economic prosperity. Addressing the women’s health gap could boost the global economy by $1 trillion annually by 2040.
- A comprehensive approach to transformation is most effective. By incorporating will, skill, rigor and scope, leaders can outpace the competition in times of disruption and change.
- Matching top talent to the highest-value roles is essential. Skills-based hiring can help organizations access new talent pools.
- The best CEOs leave companies in better shape than they found them. The key is creating distinct value and avoiding complacency.
- Performance and diversity are not mutually exclusive. The business case for diversity remains strong, even in a rapidly changing business landscape.
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