This video covers the leadership challenges of the 21st century due to a multitude of macro changes. Because of the fast changing business environment, Barton proposes three general recommendations for leadership which are important and relevant. However, I feel that those alone are not enough, and there are additional ways future leaders can adapt to the multiple changes faced. As such, what exactly is needed of future leaders?
The first recommendation of needing a long term view is good in that the leadership ability to create an effective vision, and hold on to it through short term volatile changes, is vital for an organisation’s survival. Disruptive technologies are getting increasingly prevalent. As such, an effective leader needs to look to the future, and visualise how the business can value-add to society and its customers in a sustainable way. An exemplary leader with a strong future outlook and vision is Elon Musk of Tesla Motors, who has the vision for environmentally friendly electric cars for sustainable transportation.
However, is not this trait one that is important in the past as well? Besides, I believe that global thinking in leaders is as equally critical in today’s interconnected world as well; rarely does business not involve any global aspect to it. With the exception of really small businesses that are inappropriate for overseas activities, even leaders of SMEs are feeling the increasing pressure for overseas related activities, including nearby regional expansion. This is due to extensive e-commerce and increasing competition from foreign firms, especially in emerging economies for the latter. Not to mention that leaders of MNCs also need to better understand multi-country trade and formulate their role in the global supply chain management, in order to gain competitive advantages. These point to the need for a greater global perspective in future leaders.
Furthermore, the highly diverse marketplace also means that global leaders need strong cultural intelligence, to be able to effectively handle the company’s culturally diverse workforce, and various stakeholders of the value chain, including partners, suppliers, and customers. Being able to appreciate cultural diversity is important in leaders, who want to effectively understand and motivate employees of various cultures, as well as build closer ties with stakeholders for greater competitiveness.
Secondly, Barton’s advice that companies should develop a network of leaders to handle the various changes is commendable as no one person is able to handle the macro changes and business concerns plaguing an organisation. However, Barton’s advice of a network of leaders lies within the organisation itself, which I believe is insufficient in today’s quick-changing market. What would be a better extension of such an approach is for leaders to build partnerships and alliances with other organisation through establishing and growing an ecosystem. The benefits of this lie in preventing their offerings from becoming obsolete, achieving breakthrough innovations for partners through greater idea and technology synergies, as well as better risk management. Besides that, companies with various competencies will be able to tap on the other’s expertise, which leads to improved effectiveness. As discussed in class, the future role of leaders involve being the conductors in networks, bringing employees from different companies together to work collaboratively for the greater good of all partners involved. A relatively new term to describe this form of doing business is co-opetition, which leaders need to embrace to enable their organisations to reach their full potential.
Not only is openness to working with other companies important, a good future leader also needs to increasingly share leadership with employees. Empowering workers to be leaders in their own work is crucial for better organisation performance as the future employee is evolving as well – to become talented knowledge workers who are more skilled at what they do compared to their leaders. Similar to the above point, leaders need to adapt to being connectors – they are no longer telling their employees what and how to do something; instead they need to bring other skilled people together, to accomplish greater collaborative results. Trusting one’s employees with sharing leadership will enable employees to take work ownership, which propels them to feel a greater sense of motivation and engagement in their work.
Finally, leaders also need be technologically savvy to stay relevant in the future global market. Lots of new and upcoming technology hold the potential to revamp workplace productivity, including enterprise wearable technology. A leader being open to new innovations and enterprise solutions breakthroughs will better position the organisation to enjoy greater workflow efficiency, productivity and long-term profitability.
In all, roles and expectations of future leaders are different from that of the past. Only when future leaders step up to the plate and fulfil the new roles required out of them, will their organisations stay relevant and even thrive in the evolving world.