Executives rate talent management and leadership efficacy as their biggest challenges
According to the latest Global Leadership Forecast 2018, executives rate top talent and effective leadership as their biggest challenges. executives rate top talent and effective leadership as their biggest challenges. The research, which spans more than 1,000 C-level executives and 10,000 high-potential employees, includes 54 countries and 26 major industry sect, is a three-way collaboration with Development Dimensions International (DDI), The Conference Board, and EY.
The report summarizes dozens of practical, evidence-based recommendations for critical business issues. These range from digital transformation to gender and generational diversity to the roles of purpose and culture in building an effective, sustainable leadership strategy for a digital age. It found that developing “Next Gen” leaders and failure to attract and retain top talent are the main issues executives are grappling with. It found that only 41% of leaders believe that the leadership programmes they have in their organisations are of high or great quality. In terms of leadership assessment and leadership performance management programmes, 35% of the respondents said these were of high or great quality.
The research integrates data from 25,812 leaders and 2,547 HR professionals across 2,488 organizations. Not only are these perspectives numerous, but they are also diverse and highly representative of the business context facing global enterprises Our full set of leader demographics is depicted below.
The forecast contains 25 detailed insights, revealing the following six leadership megatrends:
1. Digital continues to impact the workforce
Digitally savvy leaders (pioneers) are more prepared for the developing business challenges. These leaders, who make up the top 25% of the respondents, in fact, outperform the rest of the respondents by 50%.
2. Data has a heavy influence on inclusivity, agility and fairness in the workplace
Big data is changing the business strategies of companies, connecting people analytics to business results and demonstrating how more leadership diversity – such as the inclusion of more women in leadership positions - has an impact on the bottom line. Leadership diversity also equips organisations to be agile in the face of disruption.
3. A diverse organisation with a culture inspired by purpose is critical
A clear purpose together with peer coaching, experimentation, psychological safety and diverse gender and generational views are solid cultural cornerstones that leadership strategies should focus on to drive leadership success.
4. Lone leaders do not thrive
Do it yourself leadership, does not create meaningful development. Leaders are increasingly expected to share their leadership and build relationships with mentors to be successful.
5. The search for leadership talent needs to be diverse
Organisations that take a broad view of potential and expand their definition of the kind of people who have leadership potential – including women – are more financially successful.
6. HR needs to be digitally ready
The reputation of HR has suffered of late, with many leaders believing that HR is more reactionary rather than anticipatory in its approach. Digital readiness is also a challenge for HR, which is failing to keep up with technology and skills development.
