IMF’S GEORGIEVA

We are emerging from the most challenging 16 months of our lives, yet the shadows of this unprecedented crisis remain. There is hope because millions of people are benefiting from vaccines and because the global economic recovery is under way. But too many lives and livelihoods are still ravaged by the pandemic, young people and women continue to bear the brunt of the crisis, and far too many face rising poverty, homelessness and hunger. If we are to lift these shadows, we must take the right actions now. We must work together to secure the recovery and build a more resilient and inclusive post-pandemic world. It is not going to be easy to transform our economies, but it will make a huge difference for the well-being of our society. On a personal note, I am reminded of another historic turning point. I was born behind the Iron Curtain in a world that no longer exists. Its collapse caused a great deal of pain to ordinary people – I vividly remember how hyperinflation wiped out in days my mother’s life savings. On the whole, the transition to a market economy was worth the pain, as it opened up access to opportunities and brought improvements in living standards for millions of people. But I wished back in those days more attention had been paid to the impact policies had on the most vulnerable people.

This experience, and my decades of work at the World Bank, the European Commission, and the IMF, have taught me an important lesson: policies must always be about people, and we always have to be mindful not only of the benefits they bring, but also of the potential negative impacts and how these impacts can be mitigated.

To lead the IMF at this pivotal moment is intense, humbling, and truly inspiring. Intense because never in our history have we delivered so much so swiftly: $110 billion for 84 countries to help them fight the crisis. Humbling because the horrific impact of the pandemic reminds us how interconnected and interdependent we are, and how dependent we are on Mother Nature. As we beat the pandemic, we must step up our fight against the climate crisis. Inspiring because I have seen first-hand how our membership of 190 countries has come together to seek a way forward. We are now preparing an unprecedented allocation of Special Drawing Rights of $650 billion which will boost all members’ ability to face adverse shocks.

Today we witness a two-track economic recovery that is increasingly driven by a two-track pandemic. A small number of advanced and emerging economies are powering ahead, while poorer countries are falling behind. That is fueled by the uneven distribution of vaccines across the globe. We know what has to be done: we must end the health crisis everywhere.

Ahead of the G7 Summit, the IMF published a $50 billion roadmap to accelerate the equitable distribution of health tools. With an aim to vaccinate at least 40 percent of the global population by the end of this year, and 60 percent by mid-2022, the plan is supported by the World Health Organization, the World Trade Organization and the World Bank. By boosting economic activity, this effort would lead to estimated gains of $9 trillion by 2025 – making it the best public investment ever.

Coming out of the frenzy of these last months one conclusion is clear – the urgent need to increase the world’s resilience. We know that the cost of being unprepared far outweighs the cost of investing in resilience. We know that coordinated efforts are critical. Just one example: we did not have another global financial crisis last year, partly because we had worked together over the past decade to strengthen our banking systems. Now we must do everything in our power to boost the resilience of our economies.

We need to fully embrace the concept of investing in people – in their health, social protection, and education, thus ensuring greater access to opportunities. We must build on the digital transformation that the pandemic has hastened. We must accelerate climate actions by implementing well-sequenced mitigation and adaptation strategies.

The good news is that a new momentum is building towards greener, smarter, and more inclusive economies. It is our common responsibility to seize this historic opportunity for transformation. As we work together to dispel the shadows of the crisis, we can build a brighter future for all.

If there’s anything that 2020 and 2021 taught us thus far, it is that it’s hard to predict what the world will hurl at us. From the pandemic, to climate change, to social unrest in several countries, to the galloping new advances in technology, it seems we’re facing a perfect storm of complex challenges. As a leader, many times you feel like you’re at the helm of a big ship in the midst of that storm, fighting to stay the course, gripping with all your might, hoping the rudder is effective and the mast holds. Good leaders are the ones who get after these challenges with courage and consistency using their moral compasses to find true north and stay the course. I want to share four leadership lessons I’ve learned over the years in the Navy, both at sea and ashore. The first is that leaders must be able to “see around corners.” While your teammates are focusing on today’s challenges, you have to “play tomorrow ball,” anticipating the issues your team must address in the coming weeks, months, and years. One of the ways I try to think ahead is by carving out time to stop, reflect, and write down my thoughts about the future – yes, I do believe in journals. Reading history is another important habit because you can always find lessons from the past to help you fight the challenges of the future.

Second, do your homework. When you have an important meeting or event you must attend, do your background research. Prepare to the best of your ability. When I worked for former Secretary of Defense Jim Mattis, I saw firsthand someone who always did his homework and internalized every memo and background document. If you expect your teammates to do their homework, you must also hold yourself to that high standard.

Three, stay hungry. Never stop learning. Keep your curiosity, your passion, and your drive. As you move higher up the professional ladder, it’s easy to rest on your laurels. Don’t get complacent – strive to be better each and every day. I try to surround myself with people who continually push me to grow and improve.

Finally, every leader must build trust within his or her team, but in order to do that, you must first look in the mirror and ask yourself “who trusts me?” The only way for any team to get things done is if each teammate can look to the left and the right and say, “I trust myself and my team and I believe they trust in me.” It’s up to the leader to facilitate a culture of trust, empowering teammates to carry out their tasks with determination, character, creativity and gusto.

See around corners, do your homework, stay hungry and build trust. I hope that, in the storm we call life, this advice serves you well on your own personal voyage to help you sail true north.

Admiral Craig S. Faller Commander, U.S. Southern Command

Since the start of the pandemic, we have seen how resilient the human spirit is. We have learned how to prevail in the face of constant uncertainty, we have dealt with an unfathomable amount of loss, and our normal routines have been uprooted. Yet, we have also learned to adapt and overcome. As leaders of tomorrow, it is your responsibility to embody that resilience and learn from the lessons the past year has taught us. Over the course of your careers, you will face many challenges, all of which will present their own unique set of problems, and it will be up to you to find the solutions. In my own role, I encourage my teams to put our customers at the center of everything we do – start with the customer, figure out their pain points, and think about how we can add value. The same is true for any problem. Work backwards, consider multiple perspectives, and think about what it is you’re trying to accomplish.

For all the devastation this past year has brought, I am hugely optimistic over what the future holds. For all the pain and suffering we’ve endured, we’ve also seen the very best of humanity rise to the fore. Our first responders, doctors, nurses, scientists and caregivers have all inspired me in moments of doubt.

I implore you to share that sense of hope, and live your lives in the knowledge that no obstacle is truly insurmountable. After all, it is you, the young, that continue to carry the torch on many of the world’s most pressing issues. From racial equality and human rights, to climate change and environmentalism, it is the young that continue to demand more from us and break down barriers that have never been broken.

The world needs your fight, deserves your passion and demands your courage. For there are plenty of problems left to solve.

Tami Erwin Chief Executive Officer, Verizon Business

This is a generation like no other in a century. In a short period of time, it had to overcome a global financial crisis and a pandemic. While every class is special in its own way, I believe that yours is particularly special. You are not only a symbol of humanity’s capacity to learn, improve and endure, but also to overcome. These times have reminded us of two unavoidable truths with which all generations, old and young, will have to live for years to come: firstly, that the nature of our most pressing challenges are global; and secondly, that it will be only through cooperation that we will be able to tackle those challenges. Centuries ago, the English poet, John Donne, put these unavoidable truths in more beautiful words, which I paraphrase: “No human is an island, entire of itself.” The magnitude of the current pandemic has made us all feel similarly vulnerable. While during the past months we have managed to appreciate the importance of collective global action, we have also witnessed the lack of it. We have learned that selfishness is not the way, it will only aggravate the global threats that humanity is facing. We will not be able to find the answers that we urgently need to our common problems in the exercise of freedom without responsibility and a strong sense of community.

The experience and knowledge that this generation of graduates has acquired over the past months are some of the most powerful assets that we can count on to tackle the most pressing global challenges. From avoiding new pandemics to fighting climate change and defending democracy around the world. From discovering new technologies to cure diseases to writing new international covenants and setting up the most promising start-ups. As I said before, this is a generation like no other in a century because of the obstacles they had to face, but also because they are one of the most educated and technologically-advanced generations of students in history. You are smarter and you are stronger.

I dearly hope that you use that knowledge wisely. That you use it to create and not to destroy. To share and not to accumulate. To include and not to exclude. I am confident that whatever you decide to do in the future, you will carry with you the spirit of hard work you forged in these adverse conditions and the lessons you learned on the importance of cooperation among human beings as a condition for their survival.

In sum, that you can realize the truth that “no human is an island, entire of itself.” In sum, that you can realize the truth that “no human is an island, entire of itself.”

Laura Chinchilla Miranda Former President of Costa Rica Former President of Costa Rica

Even prior to COVID-19, many parts of the world were facing a multitude of serious challenges including high unemployment, political instability, and humanitarian crises. As we face these and other challenges going forward, we must ensure that youth in every corner of the globe are given greater access to hope and opportunity. First and foremost, we need to be honest with our youth, and that means finding creative ways to prepare them for a world in which many of the jobs of today will no longer exist, and the jobs of tomorrow will not be built to last anywhere near as long as the jobs of yesterday. We also need to think about education as a way to equip youth with means to identify and pursue their own strong sense of purpose, rather than simply as a way to prepare them for the labor market. The key to building resilient societies is not just to ensure that people have access to jobs, but also that people have purpose and meaning in their lives. One of the most immediate things that we can do to help achieve this, and this applies to all regions of the world, is to help create more connected communities, and this begins at the neighborhood level. It may seem obvious, but when people, especially the young, feel like they are part of something bigger than themselves, it becomes easier for them to connect with one another in the pursuit of common interests and goals. Education has an important role to play in this process, but so do businesses, the government, media and other institutional stakeholders in our society.

With education, many of the old models of educating are simply no longer fit for purpose. We therefore need to develop new models of education that are more human-centric, focused less exclusively on developing technical skills and more on developing people. We need to place greater emphasis on mental health, selfconfidence, cultivating empathy and compassion, critical thinking, and equipping people with soft skills that will serve them well no matter what happens to one particular industry or another. As long as there are humans walking the earth, these skills will be in demand.

My advice to young people is simple: if you’ve got an idea for a business or social project, go for it. We have no shortage of talent and creativity in the world, and I would encourage more people to pursue their entrepreneurial spirit and grasp meaningful opportunities wherever they see them. This applies during a pandemic just as much or even more than it ever did. You may not succeed at first – the capacity to fail, and learn from failure, is a critical part of the entrepreneurial journey. What is important is that you fully embrace the journey, and wherever possible live and breathe the problems you are trying to solve. You spend 99.9 percent of your life working on the path, and 0.1 percent experiencing the euphoria of success or the disappointment of failure. If you’re not fulfilled by the journey, you’re wasting your life.

Don’t be afraid to regularly question why you are doing something in order to ensure it is aligned with your sense of purpose and values. And wherever possible, create opportunities for others to put their energies and passions into, as this is the most effective way of building a great team.

Finally, never forget to send the elevator back down. Success without giving back and helping others achieve their potential is not true success.

Badr Jafar Chief Executive Officer, Crescent Enterprises

We all have at our fingertips the work of many researchers, scholars and specialists who develop excellent theories and write wonderful books about leadership. My contribution, then, will focus on my experience and spring from what I have lived and live in my daily activities. I have occupied managerial or executive positions in many different organizations. I have been an executive with IBM in my native Argentina and with Telecom, where I was the CEO of the then third largest company in my country. From there I moved to the multilateral world and became COO of the World Food Programme in Rome, to later be appointed as Under-Secretary-General in New York in support of the United Nations Peacekeeping Operations worldwide. I then finished my career in the United Nations as Chief of Staff (called “Chef de Cabinet” in the UN), a position that I left to become Minister of Foreign Affairs and Worship of Argentina. Today, I am Dean of the School of Global and Public Affairs at IE University in Madrid. I am also one of the founders of GWL Voices for Change and Inclusion, an organization whose members are 54 women who have occupied important positions in the national and international arenas and whose purpose is to advance multilateralism and gender equality in the world.

In all those positions, with different responsibilities and resources, I have always performed as a manager to the best of my capacity. I have planned according to my goals, my resources, and the reality of the environment in which my organization developed its actions. Sometimes the environment was mainly determined by the marketplace, the available technology, the competitors and the regulators. Other times, the fundamental conditions were dictated by political realities, by humanitarian priorities or by the stipulations defined by donors. I have always carefully allocated the available resources to optimize execution. I have established feedback mechanisms and systematic controls to be ready to adjust plans and allocations as needed. Most importantly, I have paid close attention to my staff to understand where in the organization their contribution would be optimal, where they could best complement my own skills and what type of support, coaching and training they required to continue developing. Thus, in my role as a manager, the best possible scenario is that my plans would materialize without major disruptions. As a manager, I am an advocate for stability.

As a leader, in spite of achieving or exceeding our goals, I always feel uneasy about what we are doing. I suspect that we can do things at a completely different level, that we can engage with our “constituents” (customers, beneficiaries, policymakers, etc. depending on the organization) at an absolutely new level. It is a vision that says that we can take our organization to act at a superior level that was never tried before. As a leader, I am an advocate for change.

The vision becomes clearer the more I listen to the people I work with and it not only becomes clearer for me, it becomes clearer for all involved - it becomes our shared vision, one that we can all put our best efforts to achieve. As a leader, you are not the enlightened visionary. You have the passion to move things to a new, significantly higher level, and you have the humility and the patience to listen seriously, because it is from that listening and learning from multiple people that your strength comes. Real innovation comes from allowing people to freely express their views to create the material from which new ideas can be constructed.

That strange master of irony and leadership who was Niccolo Machiavelli wrote in The Prince: “It ought to be remembered that there is nothing more difficult to take in hand, more perilous to conduct, or more uncertain in its success, than to take the lead in the introduction of a new order of things.” Regardless of what degree of validity you assign to this statement, it certainly reminds us that leaders needs to enlist their people to become committed agents of change. The only way that this can be achieved is by spending time understanding people’s ideas and experiences and listening openly and with a disposition to change your own views. As a leader, you are passionately committed to take your group to a higher and better status for the good of the organization and of the individuals, but you are not committed from the start to the specific details of how this new status will look like.

Leaders have the passion, the capacity and the humility to work with their people to foster positive change in their organizations. However contradictory these two roles – as manager and as leader – may often appear, to be able to nimbly and deeply take on both is a fundamental trait of successful individuals and organizations.

Susana Malcorra Dean of the IE School of Global and Public Affairs and Former Minister of Foreign Affairs and Worship for the Republic of Argentina

First things first, I believe in you. I know you’ve spent the year isolated. You’ve stood six feet apart from everyone around you, wearing a mask and navigating what seemed so unpredictable during the worst pandemic in a century. But let me tell you: Have faith. You’re going to be OK.

At High Point University, I often tell our students that your present circumstances don’t determine where you go. They merely determine where you start. So, see this time as a recess to reassess. To start, ask yourself three questions: • Where have I been?

• Where am I now?

• Where do I want to go? Write down your answers. What you come up with will help you figure out where you are and where you want to go, who you are and who you want to become. Your answers will represent the goals you want to set in your life, and they will be based on the values and beliefs you hold close. Map your progress and you will find the moral compass of your life.

Your path forward can be confusing, even daunting. You know that. But remember, whatever life throws you, whatever situation you’re in, your values and beliefs can point you in the right direction. Think of it as a math equation. Your beliefs lead to your behaviors, and your behaviors lead to your results. If you don’t like the results, don’t fuss about your behaviors. Examine your beliefs and realign them. When you know what you value and what you believe, you will be laser-focused on the things that matter to you. Those things will anchor your life.

Next, talk to people you trust. Ask them about their life. Hear how they came to be and heed their advice. They can help guide you because they can share the journey they took, not the destination they found. It is one of the most important things you will ever learn. I call it “relational capital.” Life is all about connecting with other people and those connections will help you understand the power of two words: influence and impact. Influence is not about power or control. Influence is about collaborating with others, sharing your passion and being trustworthy. When you do that, you build your credibility with others, and the impact you make will affect you and those around you for years to come. That is what makes life beautiful and your existence on this Earth so valuable.

You will have to navigate many unknowns in your life. Don’t turn away. Face them. Then, ask yourself three more questions: • What is the best thing that can happen? • What is the worst thing that can happen? • What is the most likely result?

If the most likely result will take you toward where you want to go – and if you’re willing to deal with the worst in exchange for what could be the best – take the leap and watch what happens. You will overcome your fear of failure, leave your comfort zone behind and discover a path toward something even more purposeful, more aligned with the passion that excites your life. Fear will sap your passion and doing nothing will get you nowhere. Put yourself out there because no one else will put you out there – but you.

So, do your homework. Ask yourself a handful of questions and look within to see what’s in your heart. You’ll find what matters to you. Then, follow the advice of my mom. She had a fourth-grade education, a PhD in common sense and a knack for being profound. “Who you spend time with is who you become,” she told me. I do believe that.

As you head out of the pandemic, believe in the art of the possible. You have the power to be the architect of your future. Design it well and embrace it with enthusiasm. It will spark your creativity and give you the insight you need to become who you want to be.

Here’s to your next step in your life. God bless you on your journey.

Dr. Nido R. Qubein President, High Point University

The last year has not been easy for anyone. Many have mourned the irreparable loss of a beloved person. Others have suffered the enormous burden of disease in their families, the loss of their jobs, the closure of their business, the cancellation or indefinite delay of important personal and professional goals. In difficult times like these, true leaders need to refocus on the basics: people and values. As I often say to my team: a company will be as good as its people, and its people will be as good as its leaders. But being a good leader is no longer the same as having big titles or the best qualifications. Competence is important, of course, and you should keep striving to become better at what you do, always paying attention to detail and quality. What will make the difference in your professional and personal life is the example you set with your actions. People will hear what you say, but if you want to inspire them to join your vision and plans for the future, you need to walk the talk. What you think, what you say and what you do, all of these need to be aligned so people can really trust you. Trust is the foundation of any healthy relationship. If there is no trust among its members, no family, community, company nor nation can thrive and succeed.

Doing the right thing is easier when the stakes are not high. However, as any experienced leader would tell you, doing the right thing, even at a personal cost, is the real measure to build character as an ethical leader. You will identify those key moments when a difficult choice has to be made - your stomach aches because you are worried sick. At those moments, breaking the rules or taking a shortcut could seem to be the easy way to avoid some damage or get a quick gain. That path leads only to more pain and higher costs. Take a deep breath and always choose the ethical solution. You will find out that, in the end, no one regrets acting with integrity.

Finally, leaders need to have a vision for a better future and show commitment and discipline to make it real. A good leader is someone who has a clear vision of a better tomorrow: a cleaner planet, a society where human dignity is respected, and a world with no hunger nor disease. A very outstanding leader will be the one who, through the power of example, inspires others to share that vision and brings people together to achieve it.

My father used to say that “even in the most adverse of situations, one can find opportunities for work and growth, you just have to keep your eyes and mind open.” In addition, I urge you to keep an open heart to become the leaders who will transform global challenges into global opportunities.

I wish you all the best.

Daniel Servitje Chairman and Chief Executive Officer Grupo Bimbo

Throughout history, pandemic diseases have represented some of the biggest challenges to mankind. COVID truly spanned the globe, resulting in the death of over 3.5 million people worldwide and counting, increasing poverty levels and confining us to social isolation. It could have crushed us. Yet we somehow overcame it. Our COVID experience reminds me of one of my favorite poems by Tagore, who says, “Faith is the bird that feels the light and sings when the dawn is still dark.” A positive outlook, and faith in what we can achieve together, is our greatest asset. If there’s one thing I’ve learned throughout my career, it’s that raising your hand, rolling up your sleeves, trying new things, believing in yourself, and working hard with the people around you will carry you farther than any technical skill. The pandemic has proved this to be true. Let us embrace the spirit of optimism – in our progress, in our abilities, and in the fact that we can learn, grow and achieve. We’ve shown we can persevere in the most difficult of circumstances. Each of us goes through our own challenges in our careers and in our personal lives; pick yourself up and keep going. If there’s one thing the pandemic has also shown us, it’s that we are not alone. We need each other. So, ask questions, ask for help when you need it, play your part on the team but help others to play theirs too, as this will ultimately serve everyone well.

Try everything. In the buffet of life, take advantage of every opportunity. Life is about balance, but as my father always said, “time is elastic.” We can always find the bandwidth and the energy to invest time in what we are most passionate about – the things that breathe life into our souls and inspire the best version of ourselves are worth the extra time. And as cliché as it may sound, remember that failure is sometimes the most important ingredient to success. When we deny ourselves the opportunity to face potential obstacles that inevitably come along with our highest aspirations, we submit ourselves to drawn-out mediocrity. If met with a choice between staying in bounds or taking a risk, I urge you to pick the latter.

So believe in yourself and in others, remember none of us are alone, be comfortable with failure as a stepping stone to success, and know you can find moments of light even in dark times.

Dr. Kathy Bloomgarden Chief Executive Officer, Ruder Finn, Inc.

What you have lost during the past year is immeasurable. What you face in the coming year and the years beyond is unknowable. How you respond is as yet undetermined. But look at it this way: You’ve earned your degree under the most challenging circumstances of any college students of the past century. You’ve done all the hard work and you’ve made all the sacrifices that are a common part of earning a degree, but you’ve done it during a pandemic. It may not feel that way now – in fact, you may feel discouraged and unsure of yourself. But the experiences you’ve been through and the milestones you’ve reached have made you and your generation tougher, more resilient and more determined than any college cohort in recent memory. In military terms, you are battle-hardened.

Keep that thought uppermost in your mind as you enter the post-COVID world. The restrictions have mostly been removed as I write this, which is obviously welcome news. But enormous challenges lie ahead, big changes are in the works, and the world that will emerge will be significantly different from the one we knew before. It’s going to take a lot of flexibility, adaptability and creativity to function successfully in this changing environment, but those are the characteristics that have pulled you through the past year and a half. To put it in the simplest, most direct terms, you have what it takes. Even when it seems hard, believe in yourself and your future.

That’s advice for the long term as well as the immediate future. It’s possible to reach the heights in this life and then plunge into the depths. I say this from personal experience because I went from CEO of one of the hottest corporations in America to a less than positive position. What kept me going through all of it was the advice I was given many years ago to never lose at whatever I do, but to win or learn no matter what. And now I’m back on my feet.

I don’t imagine that anything like that will happen to you – not even close. But I do expect you are going to encounter your share of failures, rejections, missed opportunities and painful disappointments because that’s just part of life. And again, speaking from experience, I can tell you that as long as you reach down deep and tell yourself that you’ve overcome adversity before and that you’ll do it again, you can adapt and carry on. That’s the COVID cohort advantage you have. You’re just starting out and you’re already battle-hardened.

As Winston Churchill said, “Success is not final, failure is not fatal. It is the courage to continue that counts.”

L. Dennis Kozlowski

Congratulations! You have achieved something that more than 80 percent of Americans never accomplish. You have a credential that will last you for decades to come. Use it wisely. Now think about this: We have tremendous challenges in this country and so we need to rekindle the intellectual and innovative fires that made the U.S. what you and I enjoy today. The vast majority of Americans want urgently to come together and they long to see the kind of leadership that will make this happen. So, whatever you can do to advance the concept of leadership in this country will be important. Leadership starts with integrity. Everything else is in second place. As you read this, the leaders in our country seem to have no interest in coming together. You can change that by calling on them to talk things through with both their colleagues and their opponents to find universal solutions that take our country forward.

How can you do this?

Make phone calls to your local public officials. Reach out to your elected state representatives. Send your Congress person and senator letters. Give a talk on leadership before an organization in your community. Send a copy of the speech to your representative and senator. Publicize it in the press. Put it on social media.

If you do these simple things, you will be making a remarkable contribution to our country that could have an impact for decades to come.

Go for it!

Robert L. Dilenschneider Founder and Principal The Dilenschneider Group, Inc.