Are your Organizational Leaders Future Ready?

The amount, pace and type of change continues to multiply exponentially and is forever changing the business landscape. For organizations and leaders to thrive, they must determine what significant and strategic shifts they must make now.  Where incremental, small, safe moves may have worked before, that approach now is likely to result in being left behind. 

Consider the following points that illustrate the significant change and challenges organizations face.

• Over $1.2 trillion was invested in digital transformation in 2019, yet only 13% believed their organizations were ready to compete in the digital age (Wharton article)

• Automation is being used by 62% to eliminate transactional work and by 47% to augment work practices.  (Deloitte study) This includes Artificial Intelligence (AI) and Robotic Process Automation (RPA)

• By 2030, globally there will be shortages of labor with the needed tech skills that will result in $8.452B in unrealized output (Korn Ferry study)

These stats can make the future look exciting, overwhelming or both for organizational leaders.  Are your leaders ready to stretch to succeed in the future?  Do they have the competencies needed to thrive?

New 21st-Century Leadership Competencies

Leading the business and organization has always been a big and complex role for executive leaders.  The above numbers and the continued volatility and uncertainty is only increasing the role’s complexity and expanding the number of critical leader competencies. According to a recent Deloitte Global Capital Trends survey, 80% believe that 21st-century leadership has new requirements critical for success.  The top four abilities the survey noted are the ability to:

• lead through more complexity and ambiguity

• lead through influence

• manage on a remote basis

• manage a workforce with a combination of humans and machines

What does this mean from a leader development standpoint?  Given the increased complexity and fast pace, leaders must be more open, inclusive and collaborative across disparate stakeholders and networks.  Leaders must be constantly learning and all must be more tech savvy. Emotional and Social intelligence (EI) skills must be further developed.  This is in addition to the traditional strengths in strategy, financial management and operational excellence.

Accelerate the readiness of your organization

While reviewing the overall culture of your organization to determine if it needs to shift considering the future horizon, there are some immediate steps that can occur in parallel.  These practical steps can help you lean into the future now.

1. Assess - your team and yourself.  There are several market 360-degree tools that you can employ to gain insights on competency strength. You should do this at an individual level and at a team level.

2. Shift Players – your leaders that come out strong in the new skills can be shifted now into your change initiatives.  Supplement them with a coach to accelerate their impact.

3. Develop – With skilled labor shortages predicted to increase, hiring to fill gaps may not be a best option. Invest in your leaders that are already continuous learners and culture champions.  Add to their skills with training, intentional experiences and coaching.

4. Hire Forward – Update your hiring criteria so that you are hiring toward the future skill needs of the organization.

Successful organizations continuously assess and develop their leaders

The most successful organizations spend focused time on defining what skills and competencies are most needed to meet today’s goals as well future ones. Integrating this activity into the business strategy and plan cycle will better position your team to adapt and thrive in the face of increased market volatility and uncertainty.  Making this a priority for your organization is a great step in ensuring your leaders are future ready.  MBM ELEVATE is ready to come along side you and meet you where you are in this conversation.  

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Mary Beth Molloy

Certified Executive Coach and Business Consultant, she delivers uncanny focus on the intersection of your business vision and goals and the leaders you’ve entrusted to achieve them.

She knows what it takes to accelerate and elevate business results through leadership development and performance. It’s her powerful blend of these experiences together with her practicality, purpose, and positivity that drive our value.

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