Energy leaders should be ready for ‘bumps and bends’ on the road to transition, embody emerging behaviours and mindsets, and integrate changes into core business activities and specific actions, according to a new McKinsey paper.
While being an effective executive delivering financial returns for shareholders continues to be a prerequisite, and detailed planning and working toward defined delivery is still important, McKinsey’s research found numerous respondents highlighted the importance of meeting stakeholder expectations, with growing pressure on energy firms beyond creating value for their shareholders, at a time of rising importance attached to sustainability and ESG.
Furthermore, there is clear recognition of the need for new leadership approaches to operate through shorter decision cycles and with greater experimentation, and to take advantage of market fluctuations and emerging and uncertain new-energy opportunities.
The paper highlighted five key ‘unlocks’ for leaders navigating the transition.
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