In a foresight report released today, Hay Group, the global management consultancy, identifies the six most significant trends that will affect organizations, employees and managers over the next two decades, and the key competencies required of successful future leaders.
"Shifting trends indicate that the next generation of leaders will need to be adept conceptual and strategic thinkers, have deep integrity and intellectual openness, and find new ways to create loyalty among employees," said Georg Vielmetter, regional director, Leadership and Talent, Europe, at Hay Group and the leader of the report. "Managers will need to relinquish their own power in favor of collaborative approaches, both inside and outside their organizations. In some cases, this means abandoning many of the behaviors that propelled leaders to the top of their organizations in the first place."
The report, Leadership 2030, examines six global trends--globalization, climate change, demographic shifts, digitization, individualization and technological convergence--and their impact on leadership and organizations. Hay Group's findings on four of these major shifts, and the ways they are changing the competencies required of successful leaders, include:
1. Globalization 2.0: As
globalization accelerates, the new business world will be
characterized by increasingly diverse teams and declining loyalty
between organizations and employees. The balance of power will
shift to Asia, a global middle class will rise, and greater
inter-connectedness will result in greater volatility in the
economic markets.
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Leadership Impact: Companies
will need to be more agile and collaborative to manage the
global/local divide; their leaders will need to be flexible,
internationally mobile and culturally sensitive, and they must
have strong conceptual and strategic thinking capabilities in
order to manage risk and cope with the dangers and uncertainties
associated with globalization.
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2. Climate Change: Rising
emissions and temperatures will be further aggravated by growing
residential and industrial waste in developing nations. The
scarcity of strategic resources like water, minerals and fossil
fuels could trigger price hikes and violent conflict.
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Leadership Impact:
Organizations will be forced to lower their eco-footprint, adapt
to rising operational costs and restructure along sustainable
lines; leaders will need outstanding cognitive skills to balance
the competing demands of financial success, social responsibility
and environmental custodianship, and must act as change agents,
advocating environmentally responsible business practices.
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3. Demographic Shifts: As the
world population grows and ages, demographic imbalances are
emerging, leading to skills shortages in some areas and increasing
migration.
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Leadership Impact: For
organizations, fewer people means the war for talent will continue
to rage; leaders will need to attract, motivate and retain
increasingly diverse teams and find ways to develop and promote
the growing numbers of international migrants, women and older
people into leadership positions.
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4. Digital Lifestyle and Work:
Technology will continue to blur the boundaries between private
and work lives, will broaden generational divides, and will shift
power to employees with extensive digital skills--particularly the
rising class of "knowledge workers," who can work anywhere.
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Leadership Impact: As
organizations become increasingly virtual, leaders must recognize
and harness the critical skills of digital natives, foster
collaboration between them and traditional workers, and encourage
high levels of openness, integrity and sincerity to build
reputation in a more transparent world.
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"These trends are not only transforming our businesses, governments and societies, they are significantly impacting the characteristics we will associate with successful leadership in the decades ahead," added Vielmetter. "To thrive in the future, leaders will have to become more nimble and adaptable, guiding organizations to revolutionize their cultures, structures, systems and processes."
About the Report:
Hay Group carried out its Leadership 2030 research with the Cologne, Germany-based foresight company, Z-Punkt. For more information, or to arrange an interview, please contact Ben Weiss at ben@blisspr.com.
About Hay Group
Hay Group is a global consulting firm that works with leaders to turn strategies into reality. We develop talent, organize people to be more effective, and motivate them to perform at their best. With 84 offices in 48 countries, we work with over 7,000 clients across the world. Our clients are from the public and private sector, across every major industry, and represent diverse business challenges. Our focus is on making change happen and helping organizations realize their potential.
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