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The spectrum of leadership has changed throughout and demands more combination of skills and approaches as the priorities are changing. People across the globe are aware of the importance of commercialization and the growing population of corporate entities. Advanced professionalism, management and overall governance are all part of the collective corporate purpose (Dike et al., 2015). The key is to drive profitability and market value as the constantly increasing competition has been threatening. Leadership is one such aspect that governs these corporates and facilitates the companies to accomplish their goals. Leadership is therefore an extremely multifaceted term that allows corporations to enhance their capabilities and smoothen their path of operational success. But the concept of leadership has changed over decades as the global demand and business approaches have changed (Linthorst, 2020). Especially considering the present state of world business, change has become indispensable.
Leaders are expected to adopt those changes through active understanding and competence development. Leadership role has become versatile and the conventional practices also require overhaul (O'Connell, 2014). Leaders of the future need to grow their acceptance and capacities to cope with the consistent change and demands so that they could lead better and accomplish more. In this discussion, the argument will be formed around the impact of the 6 megatrends that will change the approaches of the present leadership.
Hay Group and Z Punkt undertook pioneering futuristic independent research, which resulted in the publication of the breakthrough report, Leadership 2030 (Vielmetter & Sell, 2014). Among 20 worldwide megatrends, six were found to have the biggest impact on the corporate environment, according to the study's findings.
Globalization 2.0: Globalization 2.0 is distinctly separate from the original iteration. A new global order is taking shape. Asia is gaining economic clout. Because of the rapid growth of trade between emerging countries, the "old" economies are rapidly being left behind. Now, the East isn't only a labour camp for the West (Park, 2014). As a rising global middle class appears, fiercer competitiveness for a smaller number of niche sectors is becoming more common. Companies will have to keep an eye on local dynamics to avoid missing chances. In the age of globalization 2.0, relying on a single, centralized plan is no longer an option.
Climate Change: The indicators of climate change are alarming. Sustainability will become more important as the environmental problem intensifies. Firms will need to reorganize operations as the focus shifts from CSR to profitability (Tetri, 2021). Leaders must entrench sustainable cultures and explain the necessity for such significant transformation. The environmental catastrophe will need new strategic thinking.
Individualism and value pluralism: Millions of individuals will find new life and professional choices under Globalization 2.0. These people may decide based on ethics, rather than profits (Park, 2014). The importance of lifestyle, reputation, identity, and morals will triumph money. Companies can no longer expect consistency. A smart business will seek to grab the best talent; thus, leaders need to be visionary enough to retail the skilled employees.
Digital Era: Technology is displacing organisations and their leadership. Consumers may easily compare services and trade among themselves in the digital age. Employees may work from everywhere, at any moment, on any devices, dismantling conventional offices. Work and the workplace are becoming mobile, changing working patterns (Tetri, 2021). Dissatisfied people who vent their rage online might jeopardise a firm's image. Thus, strong leadership is prioritized to manage these aspects.
Demographic change: The world's population is ageing. Many Western civilizations are ageing and may soon start performing less successfully. An ageing population implies a diminishing global workforce, persistent skills mismatch, and labour competition. Returning migrants with new skills and needs may cause a brain cycle in underdeveloped nations (Vielmetter & Sell, 2014). Organizations will have to recruit, grow, and maintain an international talent pool. They will require institutions, mindsets, and practises that foster variety and individuality.
Technological convergence: Modern technology is transforming many facets of daily life. These technologies will revolutionise healthcare, telecommunications, commerce, energy, agriculture, and many other fields. The technological competition is constant (Vielmetter & Sell, 2014). The fusion of nano, bio, information and cognitive sciences will create new markets and eliminate others. Organizations must guarantee that short-term financial concerns do not overshadow long-term R&D needs. Innovation will need ‘big' cooperation — across departments, corporations, and whole scientific fields. Leaders will have to keep up with developments. They will have to accept uncertainty since NBIC innovation outputs are unexpected.
Skills Approach
The skills approach to leadership believes that particular talents, knowledge, and skills can be learnt or improved. This approach measures a leader's effectiveness by their accomplishments. This notion empowers everyone to be a leader rather than just a chosen few with the necessary attributes (Johnson & Hackman, 2018). As per this view, leadership qualities are technical, human, and conceptual. Leaders employ these three skills in various methods to improve their aims. In this concept, a leader's temperament and intellectual talents impact their learned skills and information used to resolve prevailing problems. Individual traits and skills are determined by prior work experiences, whereas contextual circumstances impact the leader's characteristics, abilities, and productivity de Waal, A., & (Linthorst, 2020).
While some individuals are born with greater inherent leadership capabilities than others, everyone has the capacity to guide and everyone should learn how to lead. This is significant because, regardless of inherent leadership ability, everyone will be required to lead at some time in their lives. To attain or solve any challenges, this concept teaches individuals how to leverage their particular traits and decision-making abilities (Wikaningrum & Yuniawan, 2018). Considering the importance and constant impact of the megatrends, it can be said that having a skills approach is necessary as the requirement for consistent talent and skills is visible and leaders need to invest in skill development to be able to align themselves with the changing circumstances.
Relational leadership approach
Relational leadership is a leadership style that emphasises a leader's capacity to build strong connections inside an organisation. It also describes the process of collaborating to create a larger good or a beneficial workplace transformation (Uhl-Bien, 2011). Relational leaders utilise compassion to encourage their staff to improve existing talents and learn new ones. A relational leader's purpose is to foster professional progress in their staff via good social engagement. Especially in light of the changing global trends and integration of megatrends, leaders need to focus on human assets and keep building their stability, commitment and enhance integrity to maintain a sustainable and proactive workforce.
Enhances morale: Inspiring workers to make them feel appreciated and important to initiatives and business objectives (Craps et al., 2019). Teammates become committed executives who are invested in the organization's growth.
Builds teamwork: Relational leadership encourages people to work together to achieve a common objective.
Increases change: Relational leadership accelerates transformation by establishing a framework for workers to cooperate toward a shared purpose.
Although the concept of remote working seems interesting and productive for many, their visible difference of opinion exists when probed specifically into the subject. There is evidence that many managers are unable to effectively manage employees who work from home, leading to many employees feeling untrustworthy and micromanaged by their superiors. As reported by BBC Work-life in July, a staggering 72% of US managers now managing remote workers would like all employees to be present (Hickman & Robinson, 2020). On average, managers anticipated personnel to be in the office two to three days per week, according to a Chartered Management Institute (CMI) survey in June. The lack of communication and face-to-face interactive relations have impacted workers and leaders. In this scenario, it is necessary for the leaders to make sure their team spirit is high and the employees are motivated to the extent that they will positively collaborate and engage in the work so that no miscommunication and disinterest grow.
The entire discussion has unfolded a set of ideas that have become integral to the global business context. It is understandable that the anticipation and expectations from leaders have grown and thus their ability to increase their level of commitment and approaches is necessary. Proper alignment of skills and mindset will set the foundation to embrace change and dynamism in the commercial sphere making the competitiveness more aggressive yet optimistic
Considering the focus on morale, self-identity and individual wellbeing in the commercial arena, it can be anticipated that leaders will need to become more humanistic and pay more attention towards human feeling, recognition and empowerment rather than pushing them to the edge of the inhumane act of corporate dominance. Employees need to be valued and managed in a respectful manner, regarding their worth and accomplishments. Therefore, the leaders will have to master the skills that will allow them to enhance their potential to deal with employees in a rational yet compassionate manner (Mumford et al., 2000). No matter how futuristic human visions of the future may appear, the most successful companies, non-profit groups, and governments will be led by people who can adapt to and meet the challenges of the changing, integrated, informed, and fast-moving world. According to my perception future leaders must enhance three basic skills such as,
Emotional Intelligence: In terms of human interaction, emotional intelligence is a feature that machines and AI-powered devices can't yet grasp. Competent communicators who understand their people and can synthesis their expertise will be capable of making sound business choices and responding properly to changes (Drigas & Papoutsi, 2019). They may inspire their employees with a personalized connection.
Cohesive Collaboration: To maintain group spirit high, potential leaders will have to motivate and accomplish with conviction. Therefore, mastering the skill of leadership as a social activity with outstanding people management is crucial. In a competitive market, tomorrow's leaders need to be able to unite and make individuals feel valued (Mumford et al., 2000). In a world economy, executives must be able to collaborate across domains to influence the changing conditions shaping their enterprises.
Novel And Adaptive Thinking: In order to succeed in today's fast-changing business environment, leaders will need to have the ability to think intuitively and come up with new and unique ideas (Dunn, 2020). Additionally, one must be able to show how an out-of-the-box idea has a financial benefit, either by making money or saving money.
I personally have not gained any of these skills yet but I wish to obtain these kinds of abilities to make sure that I am future-ready and able to lead rationally if I am given that responsibility.
Specific: A vague idea of the target will not be attainable or the results will be unworthy. I have set the goal to enhance my emotional intelligence within the 18 months goal as I am poor in managing and controlling my emotions which can restrict y leadership capacities.
Measurable: I will take regular emotional intelligence measurement tests to assure that I keep monitoring my growth.
Attainable: Emotional intelligence can be attained if I stay motivated and consistent with my measures. Thus, I feel that in this 18-month period I will be able to grow my emotional control.
Realistic: Having the right emotional construct and approach is necessary and attainment is relevant. I have access to the internet, books and other resources which will allow me to attain my goal realistically.
Timely: I have set an 18 months’ time frame to accomplish my goals.
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