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Building leader the new Leadership challenges of the future revealedAccording to Hay Group’s Leadership 2030 researchthe leaders of the future will need a host of new skillsand competencies if they are to succeed >>
ContentsIntroduction 21 The global balance of power is shifting 52 Climate change and scarcity of resources is a mounting problem 63 The war for talent rages on 74 Accommodating growing individualization 85 Embracing the digital natives 96 Harnessing technology to innovate 10Conclusion 12
Individualization Digital lifestyle Demographic change Technology convergence Globalization 2.0 Changing working Climate change patterns Corporate environment Organization Personal and team level LeadershipOrganizations will have to radically adapt to manage through influence rather thantheir cultures, structures, systems and authority, which may not come easily toprocesses in order to survive the new many. Indeed, the demands the dramaticallyworld order – and managing in matrix changing business climate will have onstructures, where information flows around leaders at a cognitive, emotional andthe organization and around the globe in behavioral level will be unprecedented.a way that renders traditional hierarchies We summarize the megatrends, and theirand reporting lines redundant, is one of organizational and leadership implications,the biggest challenges. Leaders will have on the following pages.
1 The global balance of power is shiftingIncreasing globalization is a given, with international competitionlikely to grow fiercer and markets even more diversified.Yet the nature of globalization is changing making, having more culturally-diverse(hence the term ‘globalization 2.0’), largely leadership teams and encouraging more cross-due to a shift in the global balance of power country and cross-functional collaboration.to Asia and to the rise of a global middle class. They will also need to be more agile, as theAsian management practices and models will best global companies operate like a flattenedbecome more influential; emerging nations are matrix, where information and authority flowincreasingly trading between themselves; and, in all directions.despite the rise of a global middle class, regionalmarkets are behaving more idiosyncratically, The strategic thinking and cognitive skillswith local ‘re-regionalization’ a feature of the leaders will need to navigate this newnew world order. What’s more, the global world order are unprecedented. Goodbusiness world is getting riskier: greater inter- implementation and execution are no longerconnectedness creates greater volatility, making enough – if, indeed, they ever were. Also, thefinancial crises, pandemics and cyber-terrorism task is so enormous that it is beyond the powerincreasingly likely. of one single individual to accomplish, making Food for thought collaboration among a range of different peopleWhile globalization is unstoppable, therefore, essential even at the stage of conceptualizing In the West theits progress won’t be smooth. Organizations challenges. What globalization 2.0 makes number of jobs isneed to be aware of and sensitive to the abundantly clear is that the days of one or two falling; in the Eastchanging political and economic sensibilities ‘heroes’ at the top of organizations dictating leaders are having toin different countries – particularly emerging strategy are well and truly over.and developing economies – which could learn how to managereduce global interdependence and accessibility, So, as well as being multilingual, flexible, in new markets asat least in the short term. What’s more, while internationally mobile and adaptable, and Eastern companiesconsumption patterns among the new middle culturally sensitive, leaders will also have to expand westward.classes are converging, the values of those in be collaborative and good conceptual and How is acceleratingemerging nations may differ widely from those contextual thinkers. Additionally, they will need globalization affectingin the West. the ability to lead diverse teams over which they may have no direct authority and to find your home market?In practical terms, this means that international new ways of engendering personal loyalty in an How are government,companies need to adapt their global strategies environment where the old loyalties between your company and youfor local markets – a process that will be helped employer and employee are declining due to personally responding?by fostering local participation in decision- the distance between them.
3 The war for talent rages onThe world population is growing and ageing, but there aredemographic imbalances. In the industrial countries of the Westand China, for instance, life expectancy is rising but populationsare stagnating or declining, whereas populations in developingcountries are booming.Industrial countries will suffer skills attract, integrate and develop internationalshortages and pressure on the welfare migrants, older people, women and otherssystem, and migration will increase – not with ‘caring’ responsibilities. This willjust from the more to the least populous mean introducing family-friendly andcountries, but also as a result of armed age-appropriate employment models, alongconflicts, disasters and environmental with educational and development programsproblems. However, the ‘brain drain’ will – not least those designed to transferincreasingly turn into a ‘brain cycle’ as knowledge between different generations.growing numbers of migrants return homeand use their new skills to accelerate local Leaders will need to understand, lead,development. But talent will continue to be integrate and motivate teams of increasinglyat a premium and retaining employees with diverse employees. Fostering inter-generationalkey skills will be a challenge. and inter-cultural teamwork is essential, as is finding ways to engender commitmentIndeed, for organizations this means that and loyalty among people of different ages,the ‘war for talent’ will continue to rage, from different cultures and with differentwith knock-on effects on their innovation values. Leaders will also have to adaptcapability. But they have an unprecedentedly their organizations in order to encouragediverse pool of potential employees to more women and other ‘minorities’ intodraw on, and will have to work hard to leadership positions.Food for thoughtWill ‘jobs’ as we currently understand them exist in the future? Or will we allbe contractors? What’s more, neither the young nor their older colleagues arelikely to be interested in working 12-hour days for very much longer
5 Embracing the digital nativesNew media will continue to blur the boundaries betweenprivate and working lives.Individuals are ‘always on’, more and more seniors. However, while technological prowessbusiness is conducted ‘virtually’, and power is can aid innovation, digital natives’ over-shifting to employees – particularly the rising reliance on technology and their lack of socialclass of digital knowledge workers, who can skills equip them poorly for leadership roles.work anywhere and forge large numbers ofloose digital connections with both personal Leaders will have to learn to lead remotely,and business contacts. but must guard against relying purely on virtual communication. Combining virtualDigital knowledge is fast becoming the and face-to-face contact is important forpowerhouse of the global economy, its both effective decision-making and fosteringinstantaneous exchange facilitated by the motivation and loyalty.internet. Digital tools offer cheap, easy and fastcommunication, co-operation, organization and In an increasingly digitized world, powerproduction, and workplaces are no longer tied shifts towards the digital natives, who are ableto bricks and mortar locations. to share information – positive and negative – instantly with a global audience via theLeaders must embrace the creativity, curiosity, internet. This makes integrity and sincerity ofand open minds of ‘digital natives’, but offer paramount importance in organizations. Asframeworks and guidance where needed. They such, leaders have to provide ‘digital wisdom’must also foster collaboration and knowledge – clear, transparent and practical guidance toexchange between them and older workers to using new digital technologies – as well as role-bridge the information gap. At first glance, the modeling and fostering high levels of openness,digital natives’ mastery of technology might integrity and sincerity to preserve corporateappear to better qualify them to lead than their reputation in a more transparent world.Food for thoughtIf you find and keep digital natives who work from home, will that put youahead of the curve in terms of reducing travel costs and office overheads and,in turn, reducing your environmental footprint?
Actionable knowledge of complextechnologies will become a keybusiness competence
12 Building the new leader | Leadership 2030 Conclusion Organizations and their leaders face a tough, but not insurmountable, challenge, as those companies already adapting or preparing to adapt to the new world order demonstrate. And, as ever, the ‘Best Companies for Leadership’ are in the vanguard of post-heroic leadership approaches. For example, the Top 20 are looking and ensure their employees are able to strike everywhere for leadership, innovation a good balance between work and the rest of and ideas – not just up the hierarchy. their lives. They are becoming more effective by ensuring the diversity of their leaders and But even their journey has just begun. workforces reflects the growing diversity in Adapting to a world being rapidly reshaped by their markets. And they are improving their these six megatrends is like entering uncharted cross-cultural leadership and collaboration territory. But organizations have to push on: accordingly. They are also more socially and there is no alternative. Old structures and environmentally responsible than their peers, leadership styles just won’t cut it any longer. Unlock the future of leadership – for more content, visit HayGroup.com/Leadership2030 or scan the QR code
New leadership competenciesThe new business world order will challenge leaders on three levels: cognitive,emotional and behavioral.CognitiveLeaders need new forms of contextual awareness, based on strong conceptual andstrategic thinking capabilities.They need to be able to conceptualize change in an unprecedented way, again based onconceptual and strategic thinking.Leaders need to exhibit new forms of intellectual openness and curiosity.EmotionalOverall, leaders will need to be much more sensitive to different cultures, generationsand genders.They will need to demonstrate higher levels of integrity and sincerity and adopt a moreethical approach to doing business.They must also tolerate far higher levels of ambiguity.BehavioralLeaders must create a culture of trust and openness.As post-heroic leaders they must rethink old concepts such as loyalty and retention andpersonally create loyalty.Collaboration – cross-generational, cross-functional and cross-company – will betheir watchword.They must lead increasingly diverse teams.
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