In today’s multi-complex business environment where shortened product life cycles and strategic forecasting have taken on a whole new level of meaning, the ability to adjust and adapt one’s leadership style has become a necessity for both individual and organizational survival.
From our research, which includes direct contact with 50 individuals in global organizations spanning four continents, we’ve learned that a systemic and recurring corporate challenge is to identify individuals who have developed sufficient self-awareness to successfully lead teams through exceptional change.
In this article, we discuss five global trends influencing deep organizational change and how to leverage these trends to drive market leadership.
Global Trend 1: Population Growth Rate
According to the World Fact Book, the global population is 7.1 billion, the current growth rate is 1.14% and estimated to be less than 1% per year by 2020. Why is this important?
Population growth rate plays a significant role in determining the burden imposed on a country by the changing needs of its people for infrastructure, resources, and jobs. Awareness of these trends, and the rapid transformation in global labor supply, enables the astute global business leader to anticipate the impending pressure that will be placed upon their organization to design sustainable frameworks for attracting, developing, and inspiring a non-traditional workforce.
Global Trend 2: Shifting Demographics
According to Dan Schawbel, Managing Partner of Millennial Branding, demographic changes are shifting at an accelerating pace with five generations currently in the workforce and 75% of the global labor supply estimated to be in the millennial generation by 2025. Why is this important?
Global leaders who adapt their work environments and align their engagement strategies to meet multi-generational and multi-geographical needs will drive market leadership by unleashing full organizational power to create sustainable value.
Global Trend 3: Emerging Economies
According to PWC Economics, we are experiencing an unprecedented shift in global economic power, indicating the world’s emerging economies are set to grow at a faster rate than the G7 by 2050. China, the United States, and India are forecasted to hold the top 3 positions over the next four decades. Why is this important?
The rise in global competition for harnessing growth opportunities is driving demand for skilled talent. Multinational corporations that excel in attracting, developing, aligning and mobilizing diverse talent populations will sustain a competitive edge.
Global Trend 4: Technology and Innovation
According to the International Telecommunications Union (ITU), almost 40% of the world’s population (2.7 billion people) are now online. Instant access to information, at any time, and from any location, has become a basic human right and is accelerating the need for innovation. Technology costs are in decline, while global demand for translation technologies, “all-in-one” tech devices, and real-time transmission of information are on the rise.
At no other point in history has there been more global investment in R&D and a vast distribution of innovation among countries. This poses the challenge of organizations being efficient at how well they adapt their workforce to this rapidly changing environment. Why is this important?
Leveraging the advanced skills and passion for technology in the workforce, at all levels, will unlock the innovation potential required to create sustainable organizational value.
Global Trend 5: Workplace Transformation
According to the management firm Towers Watson, companies are operating 21st century businesses with 20th century workplace practices and programs. This dichotomy has resulted in an exciting movement towards the elimination of the conventional 9 to 5 workday, reverse mentoring between generations, flat hierarchies, shared workspace, and the increased focus on teamwork and collaboration. Why is this important?
Successful leaders are creating more flexibility in workplace practices and developing Intrapreneurial mindsets within their organizational culture; a person or group within a business who takes direct responsibility for turning an idea into a profitable finished product through assertive risk-taking and innovation.
Summary:
The evolution of technology compounded with shifting global demographics, developing populations and expanding social networks are accelerating the requirement for global leaders to make quantum-speed strategic choices that mobilize advancement in their respective organizations.
Today’s successful leaders require a strong foundation of self-awareness and change adeptness to navigate the emotional, cultural and personal drivers of both themselves and their teams. The ability to be resilient, innovative and to not have to rely on traditional styles of leadership are critical to organizational success in the 21st Century– from small start-ups to multinationals.
A business leader who can inspire, energize and mobilize teams, foster engagement, and create a collaborative and connected working environment based on trust will be a valuable asset to any organization in the future.
Continued Success!
Ann Marie MacDougall
President, LeaderBoom
