As the business world changes with increasing pace, leaders need to develop a new set of core skills if they are to keep up, write Louise Axon, Elisa Friedman and Kathy Jordan for the Harvard Business School of Publishing.
The business environment is more complex and volatile than ever before thanks to:
- Globalisation. More top companies will soon be based in emerging markets as will the next wave of affluent consumers. 50 per cent of Fortune 500 companies will be based in the emerging world’s cities by 2025, according to a McKinsey Global Institute study.
- Technology. Social media has transformed the way business talks with its customers; crowdsourcing and crowdfunding mean products can now be created by, or co-created with, consumers.
- Shifting demographics. Workers can connect from anywhere in the world. Different generations in different countries work alongside each other with varying values and expectations.
To thrive in today’s complex and rapidly changing business environment, you must be able to: