One in five top bosses are so confident of their ability that they never doubt their decisions despite admitting they need to navigate their businesses through dramatic changes such as the sudden drops to the oil price and dramatic shifts in the foreign exchange market.
One chief executive interviewed in a report by the Saïd Business School at the University of Oxford and headhunter firm Heidrick & Struggles said: “Every day we have a missile pointed toward us. We don’t know where it will fall. I can’t control everything but I can remind each us of where the risks are.”
The report found that top bosses were concerned about the pace of change and also operating in a world where their decisions could be analysed by searches on Google.
At the report’s launch event in Davos, Klaus Kleinfield, chairman and chief executive of Alcoa, said: “I don’t like doubt. It’s a negative emotion. I would call it the power of the question.”
While 20% of bosses refused to acknowledge any self-doubt, 71% said they did doubt themselves. One said: “If you don’t doubt yourself in a constructive, positive way, your are borderline dangerous for your company”. Another 10% denied having doubts but then went on to detail how they reduce uncertainty – which the researchers said was an effort to reduce doubt.
Despite not wanting to admit to self-doubt, the business leaders wanted to be able to seen as more human – approachable and caring – than they had in the past. “The best leaders are human beings first and foremost,” said one boss.
Saïd Business School interviewed 150 bosses. One oil executive said his industry faced a talent gap because of the cutbacks which took place the last time oil prices fell. “The whole industry has a lot of people will more than 25 years’ experience and a lot of people under 10, and not much in between,” the unidentified boss said.
Another said he ran his business from 35,000ft. He told researchers that he “hovered” about his business. “I get a bird’s-eye view, scanning the horizon and context without clutter,” he said, adding that he let his executive team handle day-to-day business.
Another said she tried to “anticipate the pros and cons of all the options ... so I always feel slightly anxious.”
The top bosses also talked about the importance of trust, which challenged their decision making. Chief executives also reported experiencing mixed emotions about social media.
