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Stan Polovets, Genesis Prize Foundation co-founder, shares how he fosters resilience and drives positive change in organizations.
According to Forbes, a 2023 report from SAS (previously Statistical Analysis System) reveals that while 97% of executives acknowledge the importance of resiliency, fewer than half believe their organizations are truly resilient. In fact, only 25% of leaders worldwide feel they head highly resilient companies. Additionally, 46% of these leaders admit their organizations struggle with key issues such as data security, productivity, and technological innovation.
Effective corporate governance and resilient leadership are paramount for organizations to thrive in today's fast-paced and ever-evolving business landscape. Stan Polovets, an executive with a wealth of experience across various industries, has gained insights into navigating these critical aspects of successful leadership.
In recent years, businesses have faced a tough environment due to rising interest rates, inflation, supply chain problems, and global conflicts. As a result, corporate governance is under more scrutiny, with regulators, investors, and stakeholders calling for greater accountability and transparency from companies.
Polovets recognizes the crucial role of fostering an inclusive and empowering environment within organizations.“Listen more, talk less; take the time to hear what others have to say. Their perspectives are incredibly valuable and often reveal insights I might otherwise overlook,” he says. This philosophy cultivates a culture of open communication to ensure that diverse viewpoints are incorporated into decision-making, leading to more informed and balanced outcomes.
Stan Polovets: 'Care for Your Team'
Polovets' approach to leadership emphasizes the critical role of resilience in organizational success, particularly through his focus on team recognition, communication, and shared purpose. By prioritizing these elements, he cultivates a robust and adaptable organizational culture, underscoring the importance of acknowledging individual contributions and aligning personal aspirations with organizational objectives, key factors in building resilience.
Leaders like Polovets create a foundation for organizational resilience by fostering a supportive and nurturing environment. Team members who feel valued and understood are more likely to demonstrate flexibility, innovation, and perseverance in the face of challenges. This approach strengthens the collective ability to adapt and thrive amid change.
When team members share a clear understanding of their goals and feel connected to a larger mission, they are better equipped to navigate uncertainties and setbacks.
Moreover, Polovets emphasizes the importance of recognizing team members' value.“Care for your team members - respect their personal and professional goals, remind them that they are critical for the success of the enterprise and that I want what's best for each of them,” he says. By cultivating a supportive and nurturing environment, leaders can unlock the full potential of their teams and foster a sense of collective ownership and purpose.
Stan Polovets has had a distinguished career across various sectors such as biopharmaceuticals, energy, communications, and finance. He held the position of chairman at Anchiano Therapeutics Ltd., a Nasdaq-listed company focused on cancer treatment innovations. As CEO of the Alfa-Access-Renova Consortium, Polovets managed this private equity firm's substantial $25 billion investment portfolio in the global energy market.
He also served as chairman for Russia and Eastern Europe at Edelman, the world's leading public relations company. Additionally, Polovets has occupied vital roles in major organizations like ExxonMobil, KPMG, EY, and URALSIB Bank.
Beyond his corporate contributions, he's been actively involved in academia and think tanks, serving on boards at institutions such as New York University, Stanford University, and The Rand Corporation.
“Private and public companies are the proverbial 'night and day,'” he says. Each has contrasting approaches to transparency and information control. In private enterprises, openness and camaraderie are valuable assets, while public companies must stringently manage material nonpublic information to prevent issues such as insider trading.
Co-Founder of The Genesis Prize Foundation
Stan Polovets is also the co-founder of The Genesis Prize Foundation.
The annual Genesis Prize recognizes Jewish individuals who have achieved international fame in their fields, take pride in their Jewish heritage, care about the future of the Jewish people and Israel, and inspire young people to make a positive impact on the world. According to Polovets, the purpose of the prize is to help combat assimilation and antisemitism by encouraging open expression of Jewish identity worldwide.
Michael Bloomberg, the first laureate in 2013, started a tradition by donating the $1 million prize, which funded a social entrepreneurship competition for young adults called the Genesis Generation Challenge. Following his example, each subsequent laureate has chosen to donate the prize money to various philanthropic causes instead of accepting it.
Barbra Streisand is the 10th anniversary Genesis Prize laureate. The renowned singer, actress, director, and author accepted the award, honoring her exceptional artistic achievements and activism for social justice around the world. The Genesis Prize Foundation acknowledges Streisand's ongoing dedication to making a positive impact inspired by her cultural heritage. Over her five-decade career, she's championed causes like protection of the environment, empowerment of women, truth in media, and equal rights for the LGBTQ community. Streisand's philanthropy is deeply rooted in the Jewish principle of tikkun olam, which means“repairing the world.”
Stan Polovets states,“The entire world knows and adores Barbra Streisand as a singer, actress, and director. Yet, her important and passionate work to pursue social justice and fight discrimination and inequality is not as well known. Today, we celebrate Barbra's leadership in tackling some of the most important social problems our society has faced over the past five decades, her tireless activism, and her countless philanthropic endeavors, which are rooted in her Jewish values and upbringing.”
Resilience: A Cornerstone of Effective Leadership
Throughout his life and career, Polovets has encountered numerous challenges and pivotal moments that have shaped his perspective on resilience in leadership. The roots of Polovets' resilience and service commitment trace back to his formative years. Despite growing up in a poor immigrant family with scarce financial resources, his father seized every opportunity to help others. This lived experience profoundly shaped Polovets' own values and drive to create positive change.
“Things can change in a very short time. We need to adapt and not despair,” he says.“We have seen the same with The Genesis Prize Foundation. We have not had one year that was like a previous [one].”
Polovets' ability to embrace change and adapt to unforeseen circumstances has been a driving force behind his success.“From three canceled award ceremonies due to war in Syria, politics, and COVID, to significantly expanding the nominations and selection process to get global input, GPF has had to adapt quickly to changing circumstances from year to year. We've responded to world events probably better than any other foundation in our space,” he says.
Recognizing the invaluable role of partnerships and collaboration, Stan Polovets adds,“None of us can do this work alone. Every year we have partnered with individuals, organizations, and donors to achieve our goals. It truly is a 'two heads are better than one' approach.” This philosophy underscores the power of diverse perspectives, shared expertise, and collective efforts in overcoming challenges and driving innovation.
“By fostering strong partnerships, embracing collaboration, and encouraging resiliency, leaders can leverage the strengths of various stakeholders, tap into a wealth of knowledge, and amplify their impact, ultimately contributing to their organizations' long-term success and sustainability,” concludes Polovets.
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