The Canadian Media Directors’ Council (CMDC) and The Globe Media Group have released their 2023 Leadership Study. The survey represents the largest of C-suite marketing and media leaders nationwide. In its second year, over 200 executives have participated.
The study examined the leadership traits that are most important for navigating economic uncertainty and the commercial outlook for 2023. It also explored the role of diversity, equity and inclusion in the workplace and the continued evolution of the future of work. Overall, the results show a media and marketing landscape that is optimistic and focused on collective impact. Results indicate that despite economic concerns, most leaders intend to maintain or increase their budgets compared to 2021.
Shannon Lewis, president of the CMDC, explains that the Leadership Report is a true reflection of the unwavering dedication of the CMDC and The Globe in inspiring leaders in today’s fast-paced media industry. Lewis says it was amazing to see the data and the difference in what it takes to be a leader today in comparison to three or four years ago. “It’s totally different, a different skill set. What we have seen in our research in today’s climate is not just about technical expertise or traditional wisdom. It’s also about developing soft skills such as empathy, transparency, openness and inclusion. These are skills that are equally essential for effective leadership.”
Key findings about the media landscape include that 24% of leaders see themselves as adaptors, able to make rapid decisions and pivot directions as priorities change. Nikki Stone, president of Zenith, says, “Leadership today is more challenging than it has ever been. To inspire, guide and drive success, leaders must embody the traits of a mentor, trailblazer and advocate, as well as a business strategist. This requires an open mind, and a hunger for personal growth in both industry knowledge and emotional intelligence.”
Other findings are that the Canadian Media Manifesto, a CMDC initiative in support of local media, is seen as important by leaders, with 33% already signing it and 99% of senior marketers saying they see benefits in supporting it. Looking at work models, two-thirds of leaders plan to maintain a hybrid model this year. Their leading business concern this year is the attraction and retention of staff. Like most Canadians, economic uncertainty and a potential recession are also top of mind as 71% of leaders are worried about the effects of those variables on their business.
In addition, a majority of companies surveyed (91%) have taken action to increase diversity, equity and inclusion initiatives. Erica Cheah, EVP, media director for Saatchi & Saatchi, says, “Equity is all about seeing employees or colleagues as unique and individual people. We end up with a stronger, more interesting organization that can appeal to different clients and ways of working. It not only pushed employees to let their individualism come out, but also pushed leaders to look at the work in a different way.”
Another positive outcome of the research surfaced when senior marketers were asked about their trust in media agencies over the past six month. Their responses showed a net increase in trust. While agencies and clients had similar scores on the marketing index in 2021, this year, clients’ confidence levels are higher than agencies’ at 7.8 versus 6.8 out of 10, respectively.
The report concludes that a growth mindset is necessary, that confident leadership is critical in today’s volatile marketplace and that executives must learn to thrive within uncertainty and disorder.
Lewis adds, “Business is changing rapidly, and leaders need to adapt to new challenges and opportunities. Our leadership report provides valuable insights into what it takes to be an effective leader in today’s evolving Canadian media ecosystem. It identifies the key traits that are essential for success including adaptability, resilience, integrity to cultural intelligence.”
