The landscape in the business world has changed dramatically over the past five years. We’ve seen the rise of DEI, disruptive innovation, big data analytics, virtual work, and more. As a result, businesses need to adjust their leadership styles and professional development programs to keep up with this rapid change. In this blog post, we’ll look at how these changes have affected business leadership by examining three trends:
Adjusting to Virtual Work
Since the pandemic, more and more companies have shifted to remote models of work to accommodate the needs of their staff and open up opportunities for more skilled workers outside of their physical area.
The shift from in-person to virtual work has been seamless for some and a struggle for others. Learning to communicate effectively with someone online is essential for remote work and can be difficult at first. Trust, transparency, and positive company culture are imperative for success in this new world—you need people who are willing to learn and grow as leaders.
The Importance of Tools and Technology
Since the rise of remote work, many new business tools and software have been created to assist remote teams in project management, communication, and other workflow operations. Tools like Slack and Zoom are becoming more popular amongst businesses today because they allow for professional communication outside of traditional email, an alternative way for teams to share ideas or ask questions when needed quickly. Due to remote work, other business management tools such as Google Suite, Microsoft Office, and Adobe programs have become widely popular. Along with the rise of this software comes the need for training employees, another essential function of remote businesses. As more companies adopt new tech, they are also training their teams on best utilizing each tool and resource. Training and technology are great opportunities to improve workflows, find efficiencies, and offer new opportunities to employees.
Diversity, Equity, and Inclusion (DEI)
DEI is not just about race, gender, and sexual orientation. It’s also about age, disability, and veteran status. Leaders who embrace diversity and inclusion – genuinely understanding what it means – will be better leaders for their team members.
The business landscape is changing as DEI becomes more important to customers and employees. We have seen a shift from male-dominated work environments to more inclusive places where people feel they can be themselves at work and with each other—and this has positively impacted how businesses operate. Creating more inclusive workplaces encourages skilled workers of all backgrounds to engage with and potentially join your company. Further, DEI initiatives directly impact innovation within companies as more diverse perspectives are brought to the table.
Revenue Shifts
The revenue landscape is changing. As you move your business forward and decide where to go and what to do, you need to understand the factors causing these shifts.
You may have heard of Sasan Goodarzi, CEO of Intuit, who wrote an article called “The Evolution of Business Leadership.” In this article, he identifies three significant differences between leadership in 2019 versus previous years:
- people care more about how things are done than about what is done
- people care more about working for a cause than for money
- people care more about learning new skills than being told what to do
Understanding these leadership ideas can help you improve your team and boost your bottom line by focusing on what matters and how best to support your employees.
Customer Acquisition and Retention
Customer acquisition and retention is one area where business leadership has been dramatically impacted. Because of the increased focus on customer experience, companies are working harder to establish themselves as leaders in their field. With this new focus comes an increased need for strategic leadership that can be used to plan out how an organization will act to meet its goals and objectives.
The business world is constantly changing, and there are endless opportunities to learn from leaders in the space and other successful enterprises. As the work landscape transforms, companies must keep up with the latest trends and technologies to remain competitive. Managing a successful team and operating a growing business in the modern marketplace requires innovation, creativity, diversity, and a sharp eye for efficiency. Stay on top of the latest business trends can seriously impact your and your team’s success.