The modern business landscape has seen significant changes in recent times which are only expected to continue into the future thanks to ongoing technological advancements. Keeping pace with and capitalising on these changes can only be achieved, however, when changes in leadership styles mirror them.
The nature of everyday jobs will continue to change as artificial intelligence and digital infrastructure take over countless manual duties. The future workforce will be more tech-savvy and responsive to technology. Therefore, existing leadership styles might become redundant.
Today’s business leaders have a lot of responsibility in their roles. They need to be expert mentors, capable crisis managers and motivational coaches all at the same time. Let’s delve into the types of business leadership styles to understand what could be the future of business leadership.
Future leadership styles:
The growth of a company extends beyond meeting sales and revenue targets. A well-developed company has motivated employees who are committed to their organisational and professional goals.
Cultivating the right company culture is largely dependent on the leadership styles adopted by senior management. These styles dictate how the managers implement plans, provide guidance to the employees and oversee internal operations.
A good leadership style will enhance employee satisfaction and maintain a positive work environment and enjoyable company culture. Take a look at some suitable leadership styles that can bring results.
- Transactional style
- Transformational style
- Democratic leadership style
- Servant leadership style
- Coaching style
- Charismatic style
What kind of business leadership trends can we expect to see in the future?
The way business leaders operate today won’t bring the same results in the future. Here are a few leadership trends in 2022 that you can expect to be carried into the future.
- Business leaders will be expected to be effective virtual facilitators: Employees in the corporate domain are fast disassociating from an autocratic leadership style and want more autonomy and independence in their work. Therefore, business leaders in the future would be expected to connect people with ideas instead of telling them how and what to do.
- There will be a significant shift from competency to empowerment: You can also expect to see a massive shift from ‘checking employee competency’ to ‘trusting and empowering them.’ Leaders will trust and encourage employees when they take risks and experiment instead of evaluating their competency in specific duties.
- Emotional intelligence and neuro leadership will become increasingly important: Neuroleadership as a leadership style has gained a lot of attention while it is still in its early days. This leadership style focuses on the connection of the human mind to productivity and work efficiency. Human psychology and neuroscience advancements can be expected to guide work relationships and leadership skills in the future.
- Leaders will be expected to ask the right questions instead of knowing all the answers: There is an increasing focus on the importance of imagination and creativity in the workplace, which can be stifled in the quest for one right answer for any problem. Future leaders will be asked to encourage their teams to be more curious and ask questions.
- Leaders will have to integrate a culture of disruption: All the successful businesses in any industry have been those who have disrupted the market by standing out from their competition. Future leaders will be expected to be innovative and disruptive in the face of uncertainty. They will also be creative with their ideas and have the courage to work on imaginative ideas.
Skills required to be a good business leader in 2022
A successful and future-proof business leader should understand that they need to keep adapting their leadership skills and style as per the industry trends. Here are the most important leadership qualities that would be expected of you if you want to be a business leader.
- Strength and humbleness
- Emotional intelligence
- Compassion and sensitivity
- Motivation and transparency
- Drive towards a purpose or goal
- Resilience and flexibility
- A global perspective and a sense of community
As a business leader, you will need to be able to adapt in light of dramatic changes such as the recent pandemic and derive important lessons from them.
A well-built management programme or business degree like an MBA can help you acquire all these skills in a relatively short time. It can also equip you with people management expertise to help you lead your organisation more effectively.
The IBAT College Dublin offers a great full-time MBA programme associated with the University of Wales. This programme will familiarise you with the latest leadership traits and managerial styles as well as up-to-date market insights needed to progress your career.
Additionally, the programme helps you understand the complexities of a managerial role and join the ranks of successful managers and CEOs in the business industry. You also solidify your understanding of business operations, business ethics and the importance of good company culture.
Click here to upgrade your existing leadership skills with the MBA programme from IBAT College Dublin today.
This article was written by Sweha Hazari.