The World’s Most Successful Companies Outline the Future of Leadership with FOUR KEY INSIGHTS
February 28, 2023
On February 1st, Powers Resource Center’s (PRC) CEO Tara Powers attended the Brandon Hall HCM Excellence Award Conference where she accepted the Gold Award for “Best Advance in Managing a Remote Workforce” in the Future of Work category, as well as the Gold award in the Leadership Development category for “Best Advance in Leadership Development” as well as the Bronze award for “Best Unique or Innovative Leadership Program” in the same category.
The conference was attended by top leading companies like PepsiCo, Medtronic, Estee Lauder, Visa, HP, Raytheon, IBM, Salesforce, Adobe, World Bank, and many more. At the conference, several top leaders of these companies spoke about new leadership trends within their businesses, and what steps they are taking to develop success in the future.
Here are the TOP FOUR insights revealed by executives in learning and development that show how roles, methods, and behaviors are changing over the next couple of years within the largest and most successful companies in the world, and how you can bring your business up to speed.
Large organizations are transforming from a “performance management” culture to “talent optimization.” Performance management focuses on the past and uses tactics like annual performance reviews. Companies are now throwing these rating systems out the door and are moving toward more future-focused performance conversations.
One powerful method they are using in this new talent optimization culture is creating regular “micro-conversations” between managers and employees. Employees are providing managers with conversation questions on topics such as their well-being, goals, and career aspirations to discuss during one-on-one meetings. These frequent conversations are driving performance and psychological safety and are nurturing future-focused growth.
Companies are shifting to more ecosystem thinking. They are collaborating to create leadership that is more integrated and comprehensive by helping leaders package their skills in a dynamic way, depending on the situation and context they are dealing with. This is done through experiential training methods such as simulations, role-playing, feedback, coaching, and mentoring, also referred to as building “deep capabilities” in a leader. Building these deep capabilities has become a focus and priority as companies recognize it supports their teams in becoming more robust and resilient to constant change.
When we think about artificial intelligence (AI) and virtual reality (VR), there can be fear around embracing these new technologies. Hi-tech solutions like Chat GPT can learn and are capable of performing numerous tasks such as debugging computer programs, writing essays, holding conversations, composing music, and more. Despite apprehension, companies are beginning to recognize the need to focus on teaching their managers how to work with and lead through emerging technology and thrive in this new high-tech landscape.
The future of work is human. Humans are the center of our tech environment. New AI and VR technology is giving us the space to get back to doing what we do best, which is building relationships.
In a survey done by Brandon Hall Group, 94% of all companies said that team leadership is the top priority for development over the next two years. But the methods that have been used so far for development have not produced great results. They identified the top three reasons why:
- Leadership training is not set up as a continuous learning journey, but more of an event.
- Companies are not agreeing on a leadership model that is consistent and teaches all leaders how to show up and act like a leader within their respective organizations. However, for the first time, 53% of organizations say they have an organization-wide leadership model that defines leadership values and behaviors, so the tide is turning.
- Companies are not building their high potentials or newer leaders in the organization. Most training has been focused on upper management.
The most important leadership attributes that need improvement based on their survey results are:
- coaching skills;
- team development;
- emotional intelligence;
- providing constructive feedback; and
- building trust.
Kate Brown from S&P Global, one of the large corporations transforming its leadership development approach, said during the conference, “manager attention is the single greatest driver of performance.”
The survey also showed that leadership development needs to change focus over the next two years. 86% of respondents identified the most important leadership development areas to focus on are:
- team leadership;
- how to coach and mentor;
- emotional intelligence; and
- inclusive leadership, business acumen, and remote leadership.
These key insights show us that Learning & Development teams are facing new obstacles and opportunities to prepare their workforce for the future of work, but are not prepared to develop the skills needed for the near future. PRC has the solution.
PRC’s award-winning Build Up Done-for-You Workshops address all the pressing training needs outlined by the Brandon Hall Group survey. This powerful workshop training content is delivered to you quickly and effectively with repeatedly proven success. There is no need to reinvent the leadership training content wheel when a successful, dynamic strategy and all associated training materials have been created FOR YOU to build deep capabilities in your leaders. These packages can be delivered with your branding to fit your unique needs.
Currently, our Build Up Done-for-You workshop content is being offered with introductory pricing NOW. Receive 15% OFF if paid by March 31, 2023. START HERE to begin building up your company to the leadership standard of the future.