ICYMI

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Through Bob Pickard (‪@bobpickard.bsky.social), I discovered this McKinsey article, crafted by a group of its consultants (Blair Epstein, Julia McClatchy, and Kurt Strovink, along with Eric Sherman) on “How the best CEOs cultivate enduring stakeholder relationships.”

“CEOs’ journeys to the top position seldom provide adequate opportunities to refine their capacity to connect with groups holding diverse and occasionally conflicting interests,” remark the authors, referencing Microsoft CEO Satya Nadella, who states that prior to taking on the role he was unaware of “how multi-constituent the world truly is. It involves shareholders, your team members and employees, customers, and governments.”

The authors reference McKinsey research, indicating that “58 percent of CEOs in one survey identified external affairs as a top priority, yet only 12 percent of those same respondents considered themselves adept at engaging with government, regulators, and broader communities.”

They proceed to outline a leadership model termed EDGE: “An Expanded perspective of the CEO’s role as the organization’s connection to the external world, a Distinctive story with the CEO as the principal storyteller, a Growth-oriented attitude that enables a team of internal and external advocates to express the company’s vision, and an Engaged approach that consistently enhances stakeholder ties and equips the organization to navigate unavoidable crises.”

All of this is likely to resonate with senior communications experts, and implies a crucial function for CCOs in particular to assist their CEOs in comprehending the ecosystem of stakeholder interactions; the expectations of these varied groups; the messaging that will bolster essential relationships; and the mediums those stakeholders utilize for reliable information.

However, it also opens a door for seasoned communications practitioners. There should be a creation of an academy for aspiring CEOs to focus on preparing them for a significant facet of their responsibilities that, as Nadella points out, most are not sufficiently equipped for. Typically, CEOs don’t receive training in the essentials of stakeholder relationship building during their education (as PR remains largely taught within journalism or marketing programs) or through the financial and operational positions where they dedicate most of their time.

I’m not sure how many would see the necessity for this type of preparation—but I firmly believe it could foster a generation of improved CEOs.