Six megatrends changing the global workplace
A large international study of CEOs and HR managers identifies the key issues occupying business leaders' agendas. People strategies and talent shortages are their number one concern.
Top 10 leadership challenges today
Among the key findings in the global study of almost 26,000 leaders and 2,550 HR professionals across 26 industries is that only 14% of CEOs believe they have the leadership talent to execute their strategy.CEOs ranked difficulties in developing the next generation of leaders and failure to attract and retain top talent as their top two challenges by a significant margin.- Developing “next gen” leaders (64%)
- Failure to attract/retain top talent (60%)
- New competitors globally (48%)
- Cyber security (28%)
- Slowing economic growth in emerging markets (25%)
- Labour relations (24%)
- Global recession (22%)
- Income inequality/disparity (21%)
- Outdated/insufficient national infrastructure (20%)
- Global political uncertainty (18%)
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What are today’s leadership megatrends?
The Global Leadership Forecast 2018 authors add further insight around people management and development to the data by consolidating the 25 major insights from the data into six overarching themes.1. "Digital is reshaping the workforce" Digital pioneers – defined as the top 25 percent of organisations with the strongest digital leadership capabilities – financially outperform other companies by 50%, according to the GLF's analysis. The study showed substantial differences in leaders’ skills at organisations considered “digital pioneers”.“Leadership, particularly in the current digital era, is of critical importance to our clients,” said Adam Canwell, partner, People Advisory Services, Ernst & Young Australia. “It is a top agenda item for CEOs and boards, who are looking for insights on how to embrace disruption to connect people and possibilities.”2. "Data is creating a more inclusive, agile and fair workplace"Organisations with more women in leadership are 1.4 times more likely to have sustained, profitable growth, finds the GLF. Successful organisations rely more heavily on big data to inform business strategies, including people strategies.3. "A diverse, purpose-driven culture defines success"Culture emerged as a major driver of leadership success in the study. Purpose-driven companies outperform the market by 42%.The data also showed for leadership strategies to succeed, organisations must build solid cultural cornerstones, such as:- a clearly communicated purpose
- peer coaching
- experimentation
- psychological safety.
- be more financially successful
- feature stronger top leaders
- have more women in leadership.
Read more about the future workplace and leadership in the Winter issue of our magazine
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