As the world slowly emerges from the pandemic and becomes more complex, many of the previously accepted assumptions regarding leadership and management are being called into question.
Is your organization prepared to support a shift from traditional to more progressive leadership practices?
Are you aware of the needs of modern day workers and able to support those needs?
Do you know what it takes to keep your employees motivated in the current climate?
We have outlined 7 things you need to be mindful of before you enter 2023.
1. The rise of emotional intelligence in the workplace.
Emotional intelligence is increasingly regarded as a key indicator of success in the workplace. In any professional setting, the ability to remain calm under pressure and resolve conflict constructively are essential skills. However, emotional intelligence encompasses more than just emotion management.
It also refers to the capacity to comprehend and relate to the emotions of others. This skill can be especially useful for establishing strong and meaningful relationships with team members and clients.
In a world where work is frequently performed remotely, the ability to form strong emotional bonds continues to be crucial in a professional setting. This has become especially relevant since everyone has gone through some kind of loss and trauma during the pandemic.
2. New leadership styles that emphasize compassion and collaboration.
Traditional forms of leadership based on authority and power are failing to produce the desired results. Therefore, companies are searching for leaders who can facilitate collaboration, communication, as well as reflective and compassionate leadership as they become increasingly aware of the significance of these qualities.
Greater complexity, remote modes of work, and shifting social and cultural perspectives make it necessary for companies to redesign how leadership is exercised. Management styles of the past may have produced short-term results, however, in today’s VUCA world, it might not work as efficiently.
Leaders are starting to turn towards new styles of leadership that emphasize teamwork, open communication, and authenticity. These leadership styles allow for a greater exchange of ideas and a greater understanding of each team member’s strengths and weaknesses, fostering a more positive work environment, which will boost morale and productivity.
3. Helping team members to thrive with a growth mindset.
The COVID-19 pandemic has made it even more important to take care of your people in all ways that matter. Working from home, for example, has been a mixed blessing: some people thrive on it, but others find it hard because they do not interact with many people.
In any case, the workplace has changed in a way that cannot be changed back. So, you will have to find new ways to make sure your teams are doing well physically, mentally, and emotionally.
This can only begin with leaders who have a growth mindset. Those who will continuously seek ways to “do things better”. Whether it is processes, support, or leadership, a growth-minded leader will ensure that they have done everything they can to help others thrive and inspire others to do the same.
4. Employee retention becomes a priority.
As the war for talent rages on, businesses must do everything possible to keep their best employees satisfied and engaged. One way to achieve this is to prioritize retention strategies. This involves identifying the factors that motivate employees to remain with the organization and then developing programs and policies to meet those needs.
It could start from providing flexible working arrangements to enhancing benefits and compensation. By making retention a priority, businesses can ensure they have the necessary talent to achieve their objectives.
5. The use of technology.
In recent years, the use of technology in management practices has increased dramatically. As companies strive to remain competitive in the global market, this trend is likely to continue. Utilizing technology in management and leadership has many benefits, including improved communication and collaboration, increased efficiency, and improved decision-making.
But increased reliance on automation and the possibility of human error also contribute to some of the potential disadvantages. The decision to use technology in management practices ultimately depends on the organization’s particular requirements. However, there is no doubt that technology can be an effective tool for business-improvement-focused managers.
6. Develop leadership within the company.
The quality of leadership within your organization is the single most important determinant of success or failure. Nevertheless, the majority of organizations underinvest in the development of their leadership capacity and (incorrectly) prioritize their investment by concentrating on individual leader development.
Organizations should instead examine the distribution and empowerment of leadership across the organization and engage in collective leadership development through team coaching and facilitation. This will allow for the development of leadership skills among employees across all levels.
7. Nurturing a coaching culture.
A coaching culture means supporting the personal development of every single employee. It is about empowering each team member to adopt a learning mindset, pursue continuous improvement, and take responsibility for their workload and health.
As your team acquires new skills, their productivity, performance, and employee retention will all increase. On a leadership level, as coaching encourages managers to better motivate their teams (and themselves) on a daily basis, a coaching culture starts developing within the company. This means:
- Teams are receptive to receiving and providing constructive feedback (or feedforward)
- Team members’ communication and support will be enhanced
- Fostering a supportive environment that is receptive to idea testing
- Challenge one another with honesty and compassion
Additionally, if followed up correctly with small, achievable steps, coaching should help create a stronger and happier company culture in general. When employees are happy and productive, you can anticipate better products (or services) and increased customer loyalty.
To quantify these claims, Gallup’s 2017 study of the management processes of businesses that had adopted a coaching culture revealed the following:
- Sales growth (10% to 19%)
- Profit increase (14% to 29%)
- Higher customer engagement (3% to 7%)
- Increase in employee engagement ( 9% to 15%)
- Fewer safety incidents (22% to 59%)
10 questions to ask yourself to improve your leadership effectiveness in 2023
- How effective is your current leadership?
- What are the barriers that have been keeping you from being effective?
- What have your stakeholders been saying and feeling throughout the year? (You can gain this insight from regular one-on-ones, a 360 stakeholder review, or simple conversations)
- What kind of leadership style have you been using and how can you improve on it?
- Have you been paying attention to your team’s overall wellbeing?
- What have you provided to retain your team members and how can you improve on it?
- What kind of technology can help improve your leadership effectiveness?
- What efforts have you taken to develop leadership skills and qualities for each and every employee?
- What efforts have you taken to nurture a coaching culture within your organization?
- What is needed from the leaders (and employees) within your organization to survive and thrive in 2023?
Here at Marshall Goldsmith Stakeholder Centered Coaching®, we help leaders improve their leadership effectiveness with the world-renowned SCC methodology.
Designed by the world’s #1 leadership thinker, Marshall Goldsmith, this quantifiable coaching process can help you attain sustainable behavioral change and improved leadership effectiveness.