In 2024, the focus for the c-suite and board looks to turn more attention to their people strategies. Businesses are now noticing that their leadership strategy may not be currently benefiting them in a way which is driving company development and success.
With talent retention and the development and training of the next generation currently noted as one of the core challenges for the modern CEO, more managers are now looking to implement improved leadership training to improve retention and boost skill levels.
A recent Global Leadership Forecast study found that only 14% of CEO’s believe that their current leadership talent is effective enough to execute an adequate people strategy within their business.
This lack of leadership capability is apparent across all industries and rarely negates any particular sector, with digital disruption causing ripples in workplace transformation but also creating a massive leadership shortage across the board.
There are a number of key trends which look to change the landscape of leadership within the workplace in 2024, that all CEOs should be aware of.
Digital transformation
With the top 25% of organisations who exercise digital leadership capabilities effectively, financially outperforming the rest by around 50%, it is now critical for all businesses to embrace digital and ensure that those in leadership positions are doing the same.
Digital savvy leaders are crucial for driving forward any business within this technologically focused world. They will find alternative ways to collect and communicate ideas and utilise digital in order to reduce the risk of disruption in connecting with people.
Diversity through data
Research has revealed that an organisation with a better balance of genders within leadership roles are more likely to see sustained and profitable growth. Through integrating wider data into business strategies, including their people strategy, can align analytics with profit.
Moreover, this allows management to understand how diversity within leadership can positively affect all aspects of the business, from the bottom line to the capabilities of the business in handling disruption.
Nurturing leadership across all levels
Businesses which not only invest in their senior leadership but leadership at all levels are overall 4.2 times more likely to financially outperform their competitors who only nurture their board-level leaders.
Traditionally, businesses have not invested in leadership talent at all levels and refined this investment to a small group of people.
However, taking a broader approach to leadership development can result in revealing more individuals with potential for future management and senior roles and offer opportunities to a broader spectrum of people, across a wide range of demographics.