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Key Skills for CEOs and Business Leaders by 2024
A study by Bumeran reveals that for 84% of Human Resources professionals, soft skills are the most sought-after, yet also the least common among candidates.
The business sector in 2024 will be marked by risks and constant volatility. Thus, CEOs and business leaders face the challenge of identifying and cultivating key skills that must become a priority to ensure efficient management.
Skills such as digital competencies have taken on an increasingly prominent role. As an example, we can mention digital banking, which has emerged as the new standard in how we interact with our finances. This shift has redefined the profile of the banking professional, demanding a set of skills and competencies that go beyond traditional financial knowledge.
Paulo Stoll, Executive Manager of Finance, Banking & Insurance at Cornerstone, notes that “the banking sector has become much more demanding in Peru, but the job market still falls short. Six out of every 10 candidates stop applying for a digital banking position after reading the requirements.”
Professionals must be comfortable working with digital systems, online banking platforms, mobile apps, and data analytics tools, as the ability to interpret large volumes of data and turn them into actionable insights is becoming increasingly important.
“Digital banking professionals must analyze trends, customer behaviors, and market patterns to make data-driven decisions,” he notes.
According to the analysis conducted by REF, these are the five key competencies every business leader should consider in 2024.According to REF’s CEOs and business leaders, success in the 2024 economic landscape will be determined by business leaders’ ability to master these five key competencies. “Those who manage to cultivate and apply these skills will be better positioned to face the challenges and seize the opportunities of the VUCA world,” says Julio Noriega, CEO of REF.
1. Strategic Thinking
This allows for defining the organization’s purpose alongside its vision and strategy. The crucial aspect lies in knowing how to align the long-term perspective with the management of short-term challenges and the demands of quarterly results. In this task, it is important to allocate resources efficiently and lead by example within work teams.
2. Digital Competence
Leaders must be prepared to assess the risks and opportunities of new technologies, for example, in the field of artificial intelligence (AI), which has generated much controversy, disruption, and opportunity.
According to a study by the IDB in partnership with the Ministry of Labor, 37% of companies in Peru have already incorporated AI into their processes, with the banking and finance sector being the undisputed leader in the use of these tools, followed by the retail and consumer goods sectors, which are incorporating AI primarily to personalize the shopping experience.
3. Diversity
Recognizing the richness that diverse perspectives bring, CEOs and business leaders must foster an environment that strengthens corporate culture by incorporating different viewpoints. According to the study “Boards of Directors in Peru,” conducted by EY, 83% of boards have independent members, recognizing the value they bring to the discussion table.
“Having profiles with distinguished track records in relevant economic sectors—individuals who have managed market-leading companies, navigated crisis situations, and can lead in a VUCA world (volatility, uncertainty, complexity, and ambiguity)—are highly valued by companies seeking to strengthen their leadership through their boards,” adds Noriega.
He also noted that at each meeting of their forums—similar to a board session—members benefit from the diverse perspectives that emerge from peer feedback, thereby identifying the essential competencies needed for this challenging environment.
4. Authentic Leadership
Leaders must be consistent between what they say and what they do. In English, this is well summed up by the expression “walk the talk.” When executives believe in the purpose, they manage to align interests with shareholders and the board, and engage the rest of the organization, creating a virtuous cycle.
5. Execution and Learning Capabilities
In the first instance, it is about having the ability to engage the entire organization toward a shared overarching goal. “People must understand the ‘why’ behind what they do and even assess whether they have the necessary skills to achieve it or if upskilling or reskilling is required. Some teams will be willing, while others will not,” adds Noriega.
Once this aspect is addressed, working with agile methodologies is a best practice for rapid delivery of products or services that are refined over time through iteration.
Regarding the second point, the CEO must stay at the forefront of all shifts and trends, which are changing at an ever-increasing pace. To do this, having a “growth mindset” rather than a fixed mindset (feeling that one has already learned everything) is the starting point.
Teamwork in software management
According to Bumeran’s “Most Sought-After Skills” study, 40% of Human Resources professionals identify teamwork as one of the most in-demand and least common soft skills among talent. In second and third place are leadership, at 39%, and empathy, at 38%.
Regarding hard skills or technical knowledge, 41% of HR experts say that software or computer program proficiency is the most in-demand skill, 39% believe that mastery of new technologies is the most sought-after, while 37% highlight the importance of speaking a second language.
84% of human resources professionals maintain that soft skills are the most sought-after, but also the least common among candidates.
It is worth noting that 787 human resources specialists from the region participated in the “Most Sought-After Skills” study: 165 from Peru, 229 from Argentina, 157 from Chile, 143 from Ecuador, and 93 from Panama.
“The study highlights the growing importance of soft skills in today’s job market. According to 84% of Human Resources experts, soft skills are in high demand but scarce among professionals. In this regard, teamwork tops the list of most sought-after skills, followed by leadership and empathy. This demand for soft skills is particularly relevant in a context where technological advancements and the growing integration of artificial intelligence are transforming work environments,” explains Dora Pinedo, head of marketing at Bumeran.
