Editor’s Note: Nearly fifty years ago, a young Ram Charan was brought in by GE to create a Crotonville playbook for their managers on how to lead through that period, as they hemorrhaged cash amid soaring inflation. Now, nearly two generations of managers have literally no idea what it’s like to operate in an inflationary environment. 

And that has Ram, one of the world’s best-known and most widely respected advisors to C-Suites and boards deeply concerned. What follows is his exclusive primer, prepared in partnership with Chief Executive Group, on what leaders in your company must do in this new environment. We hope you find it useful. — Dan Bigman, editor