India in its eighth decade of independence is at a crossroads. On the one hand, the country is in the throes of a digital revolution and simultaneously grappling with socio-economic disparities. Indian economy has surpassed $3 trillion and continuing its present course, it can cross $5 trillion by 2034. Linear thinking will prove to be insufficient to achieve these national ambitions.
Future of the Work Model
PWC’s study “The Future of Work in India” showed the national economy will be characterized by competing and conflicting priorities between different components. These include the company, CEO, employees, and HR. The survey revealed the following:
- Changing Company Expectations
Fast-paced technology-driven innovations will occupy one end and the other end of the spectrum will comprise collaboration, sustainability, and value consciousness. Almost 58% of the respondents think the future workforce will comprise people assisted by technology platforms.
- Changing CEO Roles
CEO will not be an executive officer but will assume the role of a chief enablement officer. They will have to achieve a balance between people and machines to meet future needs. Approximately 64% of the respondents think the single most important contribution will be constantly developing their capabilities to remain relevant.
- Changing Employee Expectations
Roughly 31% of the respondents feel that future employees will seek meaning and purposeful work. Routine tasks will become automated and organizations will demand super specialists and pay higher remuneration for such talent. 50% of respondents say pivotal super specialists will earn better rewards in the future.
- Changing HR Roles
The current form of HR as the functioning manager will cease and future HR will be the brands’ guardians. They will have more influential positions with the Head of People and Productivity being inducted onto organizational boards.
Future Leadership Development Directions and Trends
The top five leadership capabilities for future success include:
1. Disruptive Envisioning
The changing business environment is challenging and complex and organizational growth will no longer be driven by usual management styles. Leaders will need to unlearn and relearn new practices to emerge successful in the disruptive, unstable, and uncertain business environment. Disruptive envisioning challenging the status quo, cutting through the noise, and having the vision to connect variables for multiple scenarios will be needed. Leaders must have the ability to zoom into a different and hazy future, gaze into the possibilities, and balance these to stay relevant. They need leadership courage to take a leap of faith and lead their companies into the future.
2. Multi-dimensional Sense-Making
Leaders can no longer claim expertise and know it all. Several variables like AI, demographic changes, diminishing geographical boundaries, and regulatory changes are continuously evolving. Making sense of the chaos and the ability to view patterns and different data points will become crucial for future leaders.
3. Institutional Building
Future growth will need to balance short-term and long-term goals while keeping the companies at the center. This requires moving towards a defined mission and sustainability. An institutional building mindset needs leaders to simultaneously manage several variables and prioritize organizational success over their success.
4. Multi-Dimensional Diversity
Managing the younger workforce by working with technology platforms will be needed by future leaders. This means that they will have to manage and work with a different workforce from today. Future teams will be heterogenous comprising members from different cultures, ages, and ethnicities. 72% of the respondents ranked multi-dimensional diversity as an important capability for future leaders who need to embrace team diversity while driving unbiased and unconditional inclusivity.
5. Personal Credibility
Today’s leaders recognize that past experiences will have limited bearing on the future in the fast-paced changing business environment. Amidst open communication channels and evolving employer-employee relationships, leaders will be closely watched by various stakeholders. Leaders will need to build personal credibility, which includes three elements. First, they must show consistency in their actions and words. Second, making credible and sustainable decisions in challenging situations in fast-evolving environments. Lastly, deep communication and connecting with multiple stakeholders.
Leadership is not about the present but thinking about the future. A reliable corporate leadership development program will help leaders to acquire super specialties to stay relevant in the talent war driven by machines taking over several human tasks. Additionally, the training equips leaders to attract talented people who will no longer be loyal to one company and seek new opportunities offering growth.
Take a break, reflect, and return to becoming more aware. Enroll for PLI’s corporate leadership training to practice, reflect, change, and learn to become successful in the future. Lead your organization into the future with Pragati Leadership. Explore the latest trends in corporate leadership development and stay at the forefront of innovation. Contact us to transform your leadership journey.
