Leadership disrupted: Pushing the boundaries
“The biggest risk is not taking any risk. In a world that is changing really quickly, the only strategy that is guaranteed to fail is not taking risks.”
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Leadership development is viewed as a current and future priority. Despite efforts to produce and nurture new leaders, only 7 percent of senior managers think that their companies develop global leaders effectively. Around 30 percent of US companies admit that they lack enough leaders with the right capabilities.
Many training initiatives assume that the same group of skills or leadership styles are suitable without considering the strategy or organizational culture of a company.
An excellent leader in one situation does not necessarily perform well in another. Focusing on context means equipping leaders with two or three competencies that will make a distinction to performance, rather than a list of leadership standards that is of no specific benefit.
Companies face a challenge when it comes to planning the program's curriculum. Adults typically retain only 10 percent of what they hear in classroom lectures, but nearly two-thirds when they learn by doing.
The answer seems straightforward: tie leadership development to real on-the-job projects. While it is not easy to create opportunities that simultaneously address high-priority needs, companies should strive to make every major business project a leadership-development opportunity as well.
Digital leaders don’t have to do everything themselves, but they must be able to spot the areas of their organization that need improving. Moreover, they need to be able to hire and develop the best talent to not only fill roles but also drive the business forward to greater success.
Sudden changes in the industry can disrupt the status quo, potentially derailing the success of your organization. In these situations a leader must remain flexible and adaptable, ready to make the quick decisions that can keep the company on track with minimal negative impact.
Putting speed and innovation ahead of tried-and-tested business practices often makes leaders cautious. However, in a fast-changing world, the only strategy that is guaranteed to fail is not taking risks.
For a start-up, the risks can be even greater but innovation is impossible without risk. And if you can’t take risks, you may not be cut out to be a digital leader.
By 2030, up to 30 to 40 percent of all workers in developed countries may need to move into new occupations or upgrade their skill sets. Skilled workers in short supply will become even scarcer. Any company that doesn't join the early adopters and doesn't address its underlying talent needs may fall short of reaching its goals.
The pace and scale that technology disrupts is a social, political and business challenge.
Employers are best placed to make a positive societal impact, for example, by upgrading the abilities of their employees and equipping them with new skills. Employers will also reap the greatest benefit if they can successfully transform the workforce in this way.
Talent is the largest barrier to the successful implementation of new strategies.
Many leading businesses realize that it is quicker and more financially prudent to look internally and develop the talent they already have. Yet only a third of global executives report that their organizations have launched any new reskilling programs.