Adaptable, willing to learn and, above all else, globally-focused—these are the traits of the next generation of leaders, according to panelists at the George Washington University School of Business master class “Leadership in a Disruptive Century,” a precursor to the FORTUNE Global Forum.
The forum, a premier, invitation-only conference for top CEOs and business leaders, took place last week in San Francisco with GWSB serving as FORTUNE’s education partner for the forum.
GW School of Business Hosts "Master Class" with Leaders of FORTUNE, McKinsey& Co, the Charles Schwab Foundation and Marketto from The George Washington University on Vimeo.
The George Washington University School of Business hosted a pre-conference “master class” Nov. 2 in San Francisco to kick off the 2015 Fortune Global Forum, Fortune magazine’s bi-annual, invitation-only convening of CEOs and leaders in business, technology and emerging markets.
FORTUNE Editor Alan Murray led the master class panel discussion, which featured GW School of Business Dean Linda Livingstone, McKinsey & Company Global Managing Director Dominic Barton, President of the Charles Schwab Foundation Carrie Schwab-Pomerantz , M.B.A. ’87, and CEO of Marketo Phil Fernandez. The panelists participated in an intimate discussion about the opportunities and challenges of preparing the next generation for the workforce in a dynamic economy.
“We are really honored to partner with FORTUNE for an event like this,” GW President Steven Knapp said during a welcome address. “One of the ways we make history is by convening important discussions like the one you are about to hear.”
The wide-ranging conversation included an exploration of shifts in industry due to technology, how to best prepare students for the workforce and how to create a diverse and inclusive environment.
(L-R) CEO of Marketo Phil Fernandez, GW School of Business Dean Linda Livingstone, FORTUNE Editor Alan Murray, GW President Steven Knapp, President of the Charles Schwab Foundation Carrie Schwab-Pomerantz , M.B.A. ’87 and McKinsey & Company Global Managing Director Dominic Barton. ( Stuart Isett/Fortune Global Forum)
View highlights below from the discussion selected by George Washington Today.
Changing industries
Mr. Murray said several CEOs shared with him in recent conversations that they feel compelled to evolve or to be left behind. Change, he said, is happening from top to bottom of every industry, from how a company is organized and managed, what it produces and how it distributes to consumers.
Mr. Barton said that biggest change is the shorter life cycle for companies. It is now about 18 years rather than 90 years.
Ms. Schwab-Pomerantz said that the much shorter cycle has changed the way that companies recruit, a process that is now “beyond the resume.”
It also has changed how students seek out potential employers. She said that Charles Schwab has launched skills-based volunteering because 55 percent of millenials are influenced to take a job after talking with a company employee about a firm’s values and corporate causes.
“In the old days, it was about credentials,” Ms. Schwab-Pomerantz said. “Today, we look more for personal characteristics such as drive, passion and wanting to make the world a better place.”
Preparation for 21st-century jobs
It starts with understanding what companies need. According to Mr. Barton, leaders in the 21st century are defined by their “North Star,” or sense of purpose—and the same principle holds for students.
Dr. Livingstone said a perspective valuing social benefit alongside profit informs how GW School of Business prepares students to be successful. The process is focused on helping them make “better choices” when business threatens their values.
“ You want to prepare them to continue to adapt and learn,” Dr. Livingstone said. “And build in them a sense of ethical, societal and corporate social responsibility. We have to make a profit but do it in the right way, and do it in a global way.”
Diverse and inclusive workplace
The modern company requires “entrepreneurs” within the organization who can work independently and successfully collaborate when necessary, according to the panelists. However, diversity of opinion, gender and race are also critical in building a company with a global outlook.
Panelists championed an organic method of mentoring that nurtures potential high performers across the company.
“The whole notion of inclusion of ideas up and down the organization and sideways—that’s a millennial thing,” Ms. Schwab-Pomerantz said. “You hear things you may not want to hear, but you get your best ideas.”
Characteristics of a leader
Each of the panelists weighed in on the final question of the morning: What advice do you have for aspiring leaders?
Mr. Fernandez said it is important to learn to manage your energy rather than your time. Ms. Schwab-Pomerantz advised future leaders to realize everyone has something important to contribute. Dr. Livingstone echoed her point that it is important to remember that people in the organization are the ones who “get it done.”
But the consensus came back to having a sense of purpose in how business affects the world.
“Leadership is a pure thing, and none of it is changing from any of this, it is about having a true north,” Mr. Barton said.