Decoding 2024 Leadership: Challenges, Opportunities, and Strategies
Being a leader has always been challenging but I’d argue that it’s now more challenging than ever before as we’re facing more complexity, more uncertainty and of course, consistent change which comes with a new set of challenges and opportunities. Since the way we work, act and live is changing, we also need to rethink leadership, reprioritise their contribution and focus on skills required to navigate this landscape. This is exactly what we cover in this blog.
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Today, we take a deep dive into the evolution of leadership in this ever-changing landscape as it certainly has changed a lot especially for the 80’s kids amongst us who grew up with very authoritative leadership (or maybe it was just an Austrian thing? Who knows).
What we do know however is that in this digital age we are in now, we are seeing a new era of leadership is required, which demands a different skill set and mindset.
As organisations embrace digital transformation, leaders need to navigate the complexities of technology while getting the team on board and maintaining the core of the business.
This has been quite a popular topic lately as especially more traditional organisations are concerned about losing its identity when they innovate too much and this will impact their business in a bad way. It may be fear of the unknown or the lack of knowledge how to stay relevant whilst staying authentic but in the end, it comes down to the leadership team and how they handle this challenge.
According to a recent study by [Research Organization], leadership priorities have shifted. Adaptability, emotional intelligence, and a global mindset are becoming increasingly crucial. Today, we'll explore the skills that will define the leaders of 2024.
The Rise of Digital Leadership
Covid has fast tracked the trend of working remotely and thanks to tech, organisations and teams can work collaboratively from anywhere. This means that the role of digital leadership becomes paramount because it goes way beyond the physical presence and checking boxes. It’s about creating and honing in on effective virtual asynchronous communication, a sense of belonging without having everyone in the office all the time, implementing and learning new tools and systems and of course, navigating new conversations and situations like ‘who is responsible when you pour hot tea on you at home but it’s your workspace and you want to claim it as work incident?’.
I see it with my executive coaching clients that they are overwhelmed and often struggle with what to do because we haven’t seen those kind of challenges and situations before. There is no ‘paint by numbers’ approach as every situation is different. I always say ‘control what you can control’.
That means
being aware of yourself, understanding your responses and coping mechanisms,
evaluating your habits and routines to see if they're helping or draining you, and
focusing on your professional and personal development.
This includes building skills beyond your current role, expanding your network beyond your organisation or industry, and actively participating on platforms to boost your authority and influence, going beyond just your job title.
Communication has certainly reached a new level of importance and we are joined by Mel Kettle on the show who’s specialised in working with leaders on cut-through communication strategies which also includes setting healthy boundaries which often is a challenge.
2. Profit and purpose need to go hand in hand
Working with some of the most forward-thinking and innovative leaders for years now, it’s nothing new to me but a trend that has now evidence beyond my observation is a recent McKinsey study that found out that profit and purpose need to go hand in hand to ensure longevity of the business as “today’s organizations must go beyond profits and seek to maximize value and impact for all stakeholders, including contributing to society and a healthy planet.”
What It Means for Leaders:
**1. Visionary Leadership: Leaders are now challenged to be more visionary and go beyond managing day-to-day operations but envisioning a future where the organisation's success aligns with positive contributions to society and a healthy planet.
**2. Balancing Profitability and Impact: Profitability remains essential, but it is no longer the sole metric of success. Leaders must find a delicate balance, ensuring that every strategic decision not only contributes to the financial health of the organisation but also aligns with broader social and environmental responsibilities.
**3. Stakeholder-Centric Approach: Leaders need to broaden their perspective on stakeholders. It's not just about shareholders; it's about considering the impact on employees, customers, communities, and the environment. A holistic approach that prioritises the well-being of all stakeholders is now a hallmark of effective leadership.
**4. Commitment to Sustainability: Organisations are now expected to contribute positively to societal and environmental well-being. Leaders play a pivotal role in shaping strategies that reflect a commitment to sustainability, acknowledging that a thriving business is intricately connected to a thriving planet.
**5. Navigating Complexity: When leaders aim to combine making money with doing good, it adds a layer of complexity to their decision-making. They're in a position where they need to make choices that not only help the company financially but also fulfill its responsibilities to society. This isn't straightforward; it demands a sophisticated understanding of how the business is linked to the broader world. In simpler terms, leaders need to figure out how to run a successful business while also making a positive impact on the world around them. It's like juggling two important goals at the same time.
3. Personal Branding as a Competitive Advantage
I know what you’re thinking—of course, I had to add this one here since it’s my bread and butter, but hear me out! Who would you rather hire? Someone with a lot of social proof, who feels familiar, and whose thought process you understand, or someone you have never come across?
I bet I know who you’d choose—the person who I feel I know and, with that, like and trust. For years, company brands have tried to humanize themselves, leveraging influencers and celebrities who align with their values. Now, with so much noise and competition in the market, having a personal connection to someone becomes the competitive edge. We are still human beings, making decisions based on emotions and our sense of alignment.
I may have mentioned it in a previous podcast, but last year was the first time in 10 years that, out of the blue, a candidate sent me a LinkedIn message after a bunch of their staff from a Crypto company had been laid off. He sent me a kind of shopping list in terms of what he’s looking for, stating that working for a leader with a strong personal brand is important to him. Is this normal? No, not yet, but I was both shocked and positively surprised by this statement as I had never heard it before.
Think of Alex and Leila Hormozi. Both are investing heavily in building their personal brands across all channels because they have realized that it fast-tracks their company’s success. Taking your personal brand seriously and building a presence on relevant channels and platforms gives strangers an opportunity to get to know you. And, you guessed it—trust you. So, when an opportunity arises, they think of you first. This is what branding is all about—occupying space in people’s minds. The advantage of building credibility and trust becomes evident, especially when faced with challenges or unexpected situations. Having relational capital established through your personal brand can be a saving grace in times of uncertainty.
So there you have it - the 3 leadership changes, challenges and opportunities that are ahead in 2024.
I'd love to hear from you!
What are your thoughts on the future of leadership in 2024? Have you observed any trends or challenges in your leadership journey? Reach out to me on social media and share your insights. Your comments might be featured in our next episode!"
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