If you are a leader or looking to increase your leadership skills, this article is for you. In today’s evolving world, it’s important to be informed about the latest leadership trends.
The Nulab study revealed that 61% of all leaders got promoted due to strong leadership skills. This shows that good leadership skills will increase your chances of promotion. So, how do you build these skills and what are the top leadership skills companies look for?
Based on another study of 300,000 leaders, the following skills were found to be most effective and highly-valued in the industry: (Source: Inc)
- Innovation and risk-taking e.g. willing to pursue new developments
- High levels of integrity and transparency
- Initiative to help others develop
- Driven by results and performance
- Demonstrate expertise and have excellent communication skills
- Good people skills and ability to build relationships
- Strategic mindset
As we move through 2024, new paradigms are emerging, reshaping the way leaders navigate challenges and opportunities.
This article delves into the top leadership trends for 2024, while answering questions like, what is leadership, how to develop essential leadership skills, and the significance of leadership values in building a thriving workplace.
5 top leadership trends in 2024:
- Emphasis on authentic leadership: Authenticity emerges as a cornerstone of effective leadership, with leaders encouraged to align their actions with their values genuinely. Transparency, integrity, and vulnerability foster trust and resonate with today's workforce, encouraging loyalty.
- Remote leadership mastery: The popularity of remote work ever since COVID-19 has brought a new type of leadership approach. Leaders must adeptly navigate virtual environments, be able to use technology to create collaboration, maintain team unity, and cultivate a sense of belonging among distributed teams.
- Purpose-driven leadership that has an unmovable focus: In an era marked by societal and environmental challenges, purpose-driven leadership gains prominence. Leaders who articulate a compelling purpose beyond profit inspire employees, customers, and stakeholders, driving sustainable growth and societal impact.
- Adaptive leadership that embraces industry changes: Flexibility and adaptability emerge as indispensable leadership qualities in a rapidly changing world. Leaders must navigate uncertainty with calm while embracing innovation like the Artificial Intelligence and Machine Learning revolution, and pivot strategies swiftly in response to dynamic market forces and disruptive trends.
- Inclusive leadership: Diversity, equity, and inclusion move to the forefront of leadership agendas. Cultivating an inclusive culture where diverse perspectives are valued and respected fosters innovation, enhances decision-making, and drives organisational success. One must be sensitive to how to manage the personal opinions of subordinates and team members when managing them.
What is the salary of corporate leaders?
Today, good leaders are paid around $30,000 to $250,000 in Europe, for roles like Manager, Team lead, director, project head etc. (Source:beincrypto)
In the corporate world, effective leaders are much in demand. This holds even for 2024. Corporate leadership is one of the main factors behind any corporate’s success and the demand for good leaders is only rising.
Forbes mentions in one of their recent studies that leaders are not easy to come by in the world. They mention that only a small percentage of all the people of the world are natural leaders.
Forbes goes on to say that 40% of all new leaders fail within the first 18 months of deployment. Only 5% of all individuals have the natural ability to plan strategically and execute plans as leaders. (Source: Forbes)
What is leadership?
Leadership is the art of inspiring and guiding individuals or teams toward a common goal. It forms the foundation of every action, purpose, organisation, and establishment.
It goes beyond hierarchical authority, emphasising influence, vision, and effective communication. In essence, leadership is about empowering others to unleash their potential and achieve collective objectives.
One example of leadership can be in our relationship with ourselves and the discipline we enact in our day to day. Remember that idea that came to you when you confronted a problem and came up with the best solution? Or maybe you could refer to an event that you had to manage in the past. Every day, we are led by thoughts and desires and at every moment our minds are calculating the best path to take. This is an example of taking leadership in your life.
The ability to manage and direct a person or group of persons towards a desired outcome is the core achievement of leadership.
How do you develop leadership qualities?
In the Nulab study, most women (69%) believed that leadership is a trait that cannot be learnt. While most managers (71%) believed that it is a skill which can be learned.
So, if you are not a natural leader, it could be due to many factors such as life circumstances, upbringing, education etc. You can learn some of the most important leadership skills through the best leadership courses available today. Nearly 65% of all managers in the study had to take management training.
That said, developing leadership qualities is a continuous journey of self-discovery and growth. It begins with self-awareness, and understanding one's strengths, weaknesses, and core values.
How do you apply leadership skills?
Applying your leading abilities involves translating theoretical knowledge into actionable strategies that drive results.
Effective communication, delegation, and empowerment empowers leaders to inspire and motivate their teams effectively.
Setting clear goals, providing constructive feedback, and fostering a culture of accountability are essential practices in applying leadership skills.
What are leadership values?
These values represent the guiding principles and ethical standards that underpin a leader's decisions and actions.
Integrity, empathy, accountability, and humility are hallmark values that define exemplary leadership. Upholding these values creates a culture of trust, respect, and integrity within organisations, ensuring sustainable success.
In conclusion, the corporate and business sector has changed and is still undergoing these changes. Companies have become more inclusive, workers now prefer working remotely, managers have had to evolve into emotionally intelligent managers, and much more.
What leadership will mean for you when you graduate and start job-hunting can be very different from old-school ideas of leadership.
If you wish to obtain relevant training to be able to thrive in this changing landscape, the leadership course from IBAT can be a worthy pick.
This course aims to prepare students for a launch into leadership and management roles within their industry of choice. The degree is recognised across the world and comes with great study perks. With efficient faculty, industry experts and real-life applications of leadership skills within the course, you can get a great start on your career.
Consider enrolling today!
A blog post written by Rebecca Paulraj
FAQs:
- Is management and leadership the same thing?
No. While both share similarities, they are distinct roles and functions. Management focuses on planning, organising, and controlling resources to achieve predetermined objectives, whereas leadership emphasises inspiring and guiding individuals toward a shared vision.
- Why is good leadership important?
Good leadership is important for organisational success as it encourages employee engagement, drives innovation, and cultivates a positive and hope-filled work culture. Effective leadership inspires confidence, fosters collaboration, and propels teams towards achieving collective goals.