Work/life balance is at best an elusive ideal and at worst a complete myth, today’s senior executives will tell you. But by making deliberate choices about which opportunities they’ll pursue and which they’ll decline, rather than simply reacting to emergencies, leaders can and do engage meaningfully with work, family, and community. They’ve discovered through hard experience that prospering in the senior ranks is a matter of carefully combining work and home so as not to lose themselves, their loved ones, or their foothold on success. Those who do this most effectively involve their families in work decisions and activities. They also vigilantly manage their own human capital, endeavoring to give both work and home their due—over a period of years, not weeks or days.

A version of this article appeared in the March 2014 issue of Harvard Business Review.