LEADERSHIP IN CRISIS
Organisations are in crisis: a crisis of leadership. 84% of companies expect to experience a shortfall of leaders in the next five years and Learning and Development practitioners have identified leadership development as a key challenge for 2020.
LEADERSHIP IN CRISIS
What are the talent pipeline questions keeping CEOs, HR Directors, and L&D leaders up at night?
The ‘Millennial’ Question
If you’re under 40, or work with someone under 40, you’ll probably know that the idea of a career has changed. Since the Industrial Revolution until the dawn of Industry 4.0; from the age of speed and simplicity to the age of the experts (for more on this, read our white paper Fragile to Agile) people have seen value, security and status in having a long career with a single company.
As we enter the Fourth Industrial Revolution there has been a seismic shift, both in the nature of work and the expectations of emerging talent in the work force.
Sometimes people say, “Millennials don’t stick to same job for long”. We suggest it is less about a ‘Millennial Mentality’ and more about the transformed nature of the world of work. The nature of a job has changed, and Millennials and Generation Z are masters of adaption and agility. There’s a lot that can be learned from them.
If you want your emerging talent to stay with you for longer, you need to keep them engaged. To do this, first and foremost, you need to understand their motivation.
The Engagement Question
In his book “Drive”, Daniel Pink identifies three extrinsic motivators:
- Autonomy – Desire to be self-directed
- Mastery – the urge to get bester skill
- Purpose – the desire to do something that has meaning
Notice that financial reward does not feature in these extrinsic motivators. As long as people are paid what they consider to be fair, there is little motivation to be gained from higher pay. Therefore we need to look beyond remuneration packages when seeking to retain talent.
How can we provide leaders with autonomy, mastery and purpose? By giving them opportunities for development, because when people have the space and the resources to grow, they feel motivated and engaged.
The Uncertainty Question
The changes to the world of work discussed earlier make it more important than ever that organisations find ways to retain their top leadership talent.
In his book, The Virgin Way, Richard Branson quotes Lao Tzu who said “leadership is the ability to hide ones panic from others”. In Industry 4.0, panic, self-doubt and confusion are the day to day experience of leaders in organizations.
To combat these powerful emotions, leaders need to adopt positive habits and build their resilience by focusing on their health. These personal tools and techniques to overcome uncertainty, as with the cerebral and behavioural elements of leadership development, can be cultivated through a focus on professional development.
The challenges of leadership, therefore, require a different skill set and a more holistic approach to leading self, leading teams and leading organisations.
We call this Leadership 4.0:
- A resolute focus on leading with the Head and the Heart in equal measure
- A determination to look after one’s self and one’s team by thinking about Health in its broadest sense
- And a focus on building the positive Habits which enable leaders and teams to operate at their best in uncertain times
We share more on this in our forthcoming White Paper, which we are launching on March 3, 8:30-10:30, at The Academy, Google’s dedicated learning space in Victoria London.