Report: Mindsets of The CEO
A psychological study of how COVID-19 has influenced CEO mindsets in relation to making good strategic decisions about the future and guiding their companies strengthened through the pandemic.
In April and May 2021, we conducted a study of 17 CEOs and their mindsets in making decisions related to organisational durability following COVID-19.
The study identifies and qualifies how the worldview and outlook of CEOs have changed during the pandemic and how these changes are reflected in the mindsets and strategic decisions about the future as CEOs. The findings of the study provides a rare view into the changes and change strategies that can be expected to take place in companies and organisations looking forward. In addition, it offers a framework for understanding the frustrations along the way.
The study was made with semi-structured analytical psychological and qualitative conversations with 17 CEOs living in Denmark. The study has been done across sectors and industries, including e.g. financial institutions, insurance companies, hospitals and pharmaceutical companies, retail chains, environmental agencies, and entertainment and media providers. The contributing CEOs come from major Danish and international companies, including several from the C20 index.
Findings
The study showed that CEOs thrive being in a ‘COVID-19 state of emergency’ and that there is a very close relation between a CEO’s personal mindset and the decisions that were and are made in their organisations. Furthermore, the Danish government’s way of handling the management situation during the pandemic has provided inspiration for how the individual CEO has chosen to lead their organisation through COVID-19’ turbulent waters.
The study also identified that CEOs have become more humanist in their world views with a strong focus on societal wellbeing, employee vulnerability, mental wellbeing and the importance of being part of an authentic community. This includes a strong focus on creating transparency in relation to their own authentic positions as CEOs.
Additionally, the study identified increased risk of developing tunnel vision and a gap between the CEO’s personal mindset and the organisation’s real need for change.
The study concluded that there has been a dramatic shift in the Danish management style during COVID-19 in Denmark and elsewhere. Danish management is characterised by trust, inclusion, delegation and trusting that good employees and managers make good decisions on their own.