Leaders must think beyond the products that they want to provide while focusing on the needs of the customers.
FREMONT, CA: Effective leadership can dictate the difference between failure and success in a transformation effort. However, the rapid transformation in technology and market has left the organizations confused. Businesses must think beyond the products that they want to provide. They should focus on the solutions that respond to the needs of customers.
Factors that can boost the leadership development in an organization are:
1. Leadership Competencies of the Future
Amidst the chaos and volatility characterizing the business world, leaders need to define a clear direction and purpose for every individual in the organization. Innovation is a clear differentiator for several companies today. The second key competency of leadership is to lead from the front and generate outcomes. The rate at which new challenges arise holds leaders more accountable. The best leaders even join their team in trenches to solve bottlenecks outside as well as within the organization resulting in positive aftermaths.
Securing talent pipeline is the third key imperative to leadership. A talent management development plan should make individuals aware of their performance and the alignment of their values to that of the company. Companies are facing challenges from leading start-ups and digital innovators such as Facebook, Google, Uber, and other disruptive businesses in hiring tech-savvy millennial. Talents are increasingly getting interested in a company’s values and employment brand. Leaders are required to be more innovative about communicating their value proposition to talents and employees. They have to be more aware of how their companies fare on social media platforms where the present generation decides which firm and career they will pursue.
The fourth leadership skill is the alignment between an organization and that of a leader’s personal values. It’s an important aspect as when the leader does not reflect the values or culture that he expects from his organization, and it is unlikely that the subordinates will respect them. However, here are the six major themes that have arisen amidst the latest industrial revolution:
2. New Technologies
New technologies have resulted in unique customer expectations and segments, and competitors. Instead of eyeing technology as a threat to individual jobs, the focus should be on its potential to enhance business and create new skills and roles for the individuals. For instance, big data is allowing the agriculture industry to increase efficiencies and reduce costs for distributors from the tailoring and mix products to farmers needs in accordance with crop season.
With connected technology piece, businesses can hire talent for roles that didn’t exist five years ago. Such nature of work will continuously evolve as more aspects of industry become digitized. With formal education providers evolving slowly, companies are required to take an active role in upgrading employees for new roles.
3. Constant Change
Transformations in the business world are continually happening and at a more frenzied pace. It requires more agile responses to developments such as the emergence of new technological discoveries, new competitors, the addition and change of distribution models for consumer goods and the increasing sophistication of consumers which includes millennial. Multinationals are easing bureaucratic tendencies by encouraging local leaders in the APAC region to make quicker decisions, depending on a more intimate knowledge of competition and local market.
4. Collect and Collaborate
The conventional style of hierarchy, alpha management, and traditional command-and-control structure are paving the way for shared leadership styles of employee empowerment and open communication, disrupting cultural stereotypes. Current leaders are in favor of an environment that encourages the sharing of ideas among various industries and business disciplines. Further evolutions such as call on leaders who embody the major traits: being proactive in planning for and anticipating potential risks much ahead; and living the core values of the organization, externally and internally. Such a leadership provokes critical thinking: asking questions, challenging people, and empowering them to participate in thinking through challenging business situations actively.
5. Markets and Competition
Against the previous industrial revolutions, industry 4.0 is turning the competition multi-directional and fiercer. The focus has shifted to value-to-customer rather than the product. The growing diversity in both competition and markets is demanding the leaders to update as per the trends continuously. Teams must also be more collaborative, both externally and internally with other channels and share information while taking advantage of opportunities.