What essential skills are required for the 'new reality?'.

• Author: Ladd, Scott
• Position: LEADERSHIP

More and more, boards of directors are seeking specific executive talents in their chief executives to help steer their enterprise through this year and beyond. What are those skills required for the "new reality" of corporate leadership? Leadership consulting firm Heidrick & Struggles suggests that executives should possess seven key managerial skills to reach maximum CEO potential.

1. Standing up to the executive stress test. Has the executive had to overcome personal and professional challenges, those events that toughen and inform the decision-making needed to thrive?

2. Having a well-tuned risk radar--another necessary characteristic--involves being able to detect smoke well in advance of the fire; it is a skill that could spell the difference between success and failure.

3. Fully understanding the global geopolitical ecosystem is also key. Without knowledge of different national political systems, regulatory networks and business cultures, an executive is working at a disadvantage.

4. A willingness to scrap old business models and adapt businesses to meet emerging market demands is vital.

5. Being able to innovate through productivity gains is important, and also a little tricky. With the economy starting to revive, leaders across all industries must figure out how to genuinely innovate in order to separate themselves from the herd.

6. Having a purpose, defining what...