I recently wrote a Special Report for leaders of highly skilled millennials on achieving peak performance. It is called Here Today, Gone Tomorrow.
So far, I have only shared it with some close contacts. The feedback has been excellent, so I’m happy to share an extract from the report here.
If you would like to access the full report and supporting emails, please click here.
Following on from the report are a series of tips, strategies and exercises that help you put the insight into practice in your own position with the team you lead.
It’s an exciting time in business for us all. Lots of change happening at a very fast pace. Make sure you keep ahead of the game where you can. Especially in the areas that you can control, such as your own mindset and your own leadership style.
Enjoy the extract. This is the first of four parts in the report called The Wider World of Change. The other parts are
- Motivating and Mobilising Millennials
- What Really Matters to You?
- The Power of Process
The Wider World of Change
Fast forward to 2020 and take a peek at the key trends that you think are likely to persist. Artificial Intelligence, Internet of Things, new media, social tools and global connectivity? You need to begin to prepare yourself now for the successive waves of technology and digitisation. The sooner you do, the better equipped you are. This doesn’t require you to become a digital guru, quite the opposite in fact.
Look at it as a day by day process: a focused evolution in developing your awareness (human and emotional intelligence) as to how to optimise opportunities created by tech advances. Given your age, exposure to tech and experience at the coalface, you’re perfectly poised to lead through this exciting period.
Just make sure you don’t rest on your laurels. If you’re not stretching and growing, then you’re stagnating. Or worse, you’re practising and perfecting that which is mediocre today and archaic tomorrow. You can’t afford to do that.
Alarming Stats – Did You Know?
￼Twenty years ago, Kodak had 170,000 employees and sold 85% of photo paper worldwide. Within a few years, their business model disappeared. Yet digital cameras were invented in 1975. Does this sort of time lag sound familiar? AI was a term coined in 1956. More than 60 years on, it is primed for an exponential impact.
Only 12% of the Fortune 500 companies from 1955 are still in business. Last year alone, 26% fell off the list.
￼￼The dawn of technological advances in one sector can have an unexpected and spectacular impact on other sectors. We have computer companies building driver-less cars and software companies dethroning the biggest hotel and taxi operators in the world.
One of the key warning signs for you is low productivity. Company valuations are increasingly being driven by IP and services, decreasingly by physical or capital goods. Sleepy businesses with low productivity become targets for acquisition and consolidation. Or worse, disruption and extinction.
When I worked in the City, low productivity wasn’t unusual. People worked hard and were busy, but nowhere near their peak capabilities. Productivity remains much lower in traditional city-based firms and industries than it should. The cause of it is easily identifiable: traditional and polar opposite leadership styles. One was the archaic concept of command and control. The other was a rudderless style of ‘sink or swim’.
Such approaches to leadership are now unravelling at the seams. They represent a collective mindset that succeeded in a different era. I still hear people say “it worked for me, that’s all the support I got”. Well, that may be the case, but the world has changed significantly. Traditional leadership styles worked in a more linear system. Business models were more streamlined. Teams and functions engaged silo mentalities.
￼￼As the recent, excellent Deloitte University Press, Global Human Capital Trends 2017 (GHCT 2017) report clarified, younger generations respond far more effectively to a different leadership style. Leading organisations today want leaders throughout their organisation. People who positively influence results all around them, not a select few hierarchically-minded old boys.
This is exactly why the opportunity for you is so great. You can get ahead of the curve. You can start to be the change your business needs today and for years to come. Great leaders develop leaders, not followers. The next section demonstrates that by focusing on motivating and mobilising your millennial talent, you’ll create space to add value in new ways and more often. That’s what is needed.