Now days, global economic change rapidly, especially with change of technology. Most leaders are worried about increasing risk of regulations, customers expectation, complex projects, right talent, and use of technology. In other side, consumption level of customer is decreasing since oil price jump to lower level. Also add with increasing interest rate of FED and BREXIT. All of these aspects increase level of unpredictable. How can you manage leadership where the future demands are you planning be unpredictable? Some of leader would have budget limitation, and know when you positioning the right investment at the right time.
Okay, think in lower level, its your family. Let say in the first year of marriage, both of you were plan and dreams to buy a house, a car, 3 children, few investments, great education, and great pension plan. Assume it’s fine and like a dream in the first 5 years. Then, local economics change due to change of global condition, like now. Of course, if you had prepare all of those dreams at first time, you still have an urgency funds and few investment that could help you to stay and recover to. But, what about if the family only dream and have no mitigation plan on long term situation. I bet the family would be fine on short term but would be suffer in long term.
Those different view have a similar aspects that need for the leader of company or family. The leader need to prepare with growth, leadership, risk management, and strategic trends.Successful leader need to grow up with current change, especially technology, financial, and regulatory concern. This visionary leader must become a coach and mentor for lead a cultural change. Its not an obligation of CEO but to all leader in company, across a multitude of disciplines. On company side, based on research, attracting new talent is more challenging compare with retaining top talent and transforming organization culture.
So, how to deal with this? Importantly, how to manage leadership on unpredictable global market? Here some tips for you which also deliver on my coaching season of risk management and leadership.
- Think outside the box. In Indonesia, the trend of insurance companies are attracting new talent from banking and consultant industry. They said that a fresh idea from them, would help company with new think to expand the new business or the way to do the current business. It can revitalize and make the company compete with that industries. It also happen in start-up company which build by young generation under 30 years old. Or new technology from different industry which come from global. They have a fresh ideas that somehow in future can compete or even put in danger an establish company. Let say GRAB dan AirBnB, put in danger of local taxi company and hotel. I always give these example when conduct coaching on Risk Management.
- Benchmark. Sooner or later, you need to have someone fill-in new position, can be from within or from outside talent. If you want a high standards and the goal is becoming #1 company, don’t just pull a talent from within. Ask your self, its a proper candidate? It similar situation on your products and process/policies. Do an annual benchmark for peoples, products, and process. It would help to to compete with unpredictable global changes. Especially on companies which have a situation to merger, acquisition, change of top management, streamline, etc. We will discuss these subjects on another paper.
- Foster multiple ability. In current condition, a talent, need to have a multiple ability to get a new view and thinking. E.g. legal officer, need to know about financial, technology, and project management. The combination would create a better understanding on legal opinion, manage stakeholders effectively, re-branding the team. It also help to support company with better view. Boost the ability to think outside the box. It also similar when your children ask you to get them on several course in one time. E.g. they asking to join on course of music, sport, language, etc. These ability would help them to get new perspective.
- Tell to the world. In the new technology area, the budget of marketing would be shift from traditional to digital marketing. Beside marketing, involve on global/big project, new invention, new paradigm, would boost the branding to get a best talent, investor, and revenue.
- Alignment with business goals. Leader need to make an alignment between daily activity into business goals. There are some best practices, like balanced scorecard and strategy maps. Its like an army in a war, they need to be inline with commander command. Maybe you remember about movie “300”, it similar situation.
- Create global sponsorship and network. It would increase a global view and anticipate risk in future.
Change is the law of life and those who look only to the past or present are certain to miss the future – John F. Kennedy