When Singaporeans think about CEOs of leading global companies, they would probably not struggle to rattle off names. However, if they were asked to name a Singaporean CEO leading a global company, they might be able to name Shou Zi Chew, the charismatic Singaporean CEO leading global tech giant TikTok, and a handful of others.
Companies regard Singaporean managers as competent, honest, and hardworking; yet Singapore still has some way to go to produce more CEOs at global firms.
What it means to be a CEO of a global firm
The reality is that the to-do list for any CEO is now much larger than it was before. On top of the perennial tasks of leading an organisation—to set the vision, coalesce the organisation around a new or refreshed strategy, and manage the financials— CEOs must contend with a growing list of external risks, from economic jitters to geopolitical flare ups, and racial and social injustices.
Managing these immediate priorities comes at a time when leaders must also deliver on growing expectations to position their organisation for long-term growth. Every CEO today knows why they need to embrace tech transformation and sustainability. What is less clear is how to do it. These are complex issues for which there is no playbook and for which everyone is looking to the CEO for answers.
At the same time, in a world of multiple stakeholders, media, and social media scrutiny, CEOs can no longer only focus on what they do; they also need to focus on how it will be perceived. This can create a considerable tax on time, constraining your ability to properly solve issues and drawing away much-needed mental capacity for long-term decision-making.
What do boards look for in a CEO
When discussing the CEO role, it is imperative to factor in considerations of the board of directors, who wield the most power in appointing a leader to helm the company.
What boards look for in a new CEO is very dependent on the state of the business and the future objectives. If a business is performing well, then boards want a smooth transition and will often favour internal candidates provided the succession process has been well run. If a business is under performing, it is more common for boards to look externally to inject new thinking into the business, make the hard decisions and changes and arrest the declining performance.
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If boards could have their cake and eat it too – what they would ask for is the best on both internal and external. The ideal CEO candidate would be an internal candidate with a detailed understanding of the business, people, and culture, but with the objectivity and lack of attachment that an external candidate would bring.
The S-factor: Singapore’s advantage
Based on our observations from working with Singaporean leaders, institutional research as well as interviews with CEOs from Fortune 500 companies, we find that Singaporean leaders generally have four unique characteristics which could make them successful CEOs.
Firstly, cultural agility. Singaporean CEOs are perceived to be adept at navigating the cultural complexity and diversity of the region. This can give them a unique edge over their counterparts from other regions who tend to have built careers in markets that are of a size and scale that don’t always push them outside their cultural comfort zone.
Secondly, a sense of service. From our experience working with Singaporean leaders, they have a deep sense of loyalty and commitment to organisational purpose, due to a combination of factors. Singaporean culture places a high value on trust, respect, and loyalty; this emphasis on harmony and collective success reinforces a commitment to the organisational purpose. Singapore’s meritocratic cultural system, which values performance and results, often means that CEOs who reach the top in such an environment often do so through dedication and hard work, which naturally cultivates a strong attachment to their organisation’s purpose. They often see their role not just as a position of power but as a stewardship of the company’s long-term interests.
Thirdly, humility. The broader culture of Singapore tends to foster humility in its leaders as most born-and-bred Singaporean leaders have grown up in an environment where tolerance and inclusiveness have been ingrained. This typically lends itself to a style that champions a collaborative culture within organisations. It is especially important for CEOs taking over the reins to foster a collaborative culture, as forming strong relationships with the board and their senior leadership team are pivotal to the successful transition into their new roles. For example, our research found that the third most-common regret for CEOs around the world is the wish to have better engaged and collaborated with the board through transformation and change.
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Fourthly, geopolitical adeptness. Due to Singapore’s geographical situation and geopolitical sensibilities, there is also a tendency for Singaporean CEOs to better grasp the complexities of today’s multipolar world shaping business today. According to RRA’s Global Leadership Monitor, less than one in three leaders globally feel prepared to address geopolitical uncertainty, making geopolitical adeptness a much needed trait for CEOs as they are forced to take a proactive approach to manage geopolitical uncertainty today. This is where Singaporean CEOs typically have an edge over counterparts from elsewhere.
Finding new industry captains
The reality is that the CEO role is unique and has a disproportionate influence on so many lives. It’s never easy being a CEO, but those at the helm of global organisations today have it tougher than most. An aspiring CEO should get good support and counsel from people who have walked the CEO path before, and take advice on how to be successful, to avoid costly pitfalls and give themselves the best chance of success.
While Singaporean CEOs of global organisations remain a rare breed, there will undoubtedly be more of them in the coming years as we move into a multipolar world.
This article was co-authored by Miriam Capelli, Managing Director, C-suite Assessment, Succesion and Development, Russell Reynolds Associates.
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The post Looking for the next Shou Zi Chew: Moulding Singaporeans into global firm CEOs appeared first on e27.