Trending Near You: The ‘Megatrends’ That Are Transforming Global Business
February 26, 2014 - Philadelphia, United States
A new book published this month reveals the six ‘megatrends’ that are fundamentally transforming the global business environment.
The book illustrates the dramatic impact these megatrends are having on companies and on their markets, cultures, systems, and processes. It sets out a compelling vision of how firms will need to be structured and led in the future.
Leadership 2030: The Six Megatrends You Need To Understand To Lead Your Company Into The Future is written by Hay Group consultants Georg Vielmetter and Yvonne Sell, and published by Amacon Books. It is the first business book to analyze the six megatrends – in isolation and in combination – and explore their implications for organizations and leaders.
Based on unique foresight analysis, Leadership 2030 pinpoints the following megatrends that businesses and their leaders will need to address in the coming decades:
- Globalization 2.0: Asia dominates the global economy, and a new middle class emerges.
- Environmental crisis: Sustainability moves from CSR initiative to business-critical imperative.
- Individualism and value pluralism: Freedom of choice erodes loyalty and overhauls employee motivation.
- Digitization: Work goes mobile, and the boundaries blur between private and professional life.
- Demographic change: Aging populations intensify the talent war.
- Technological convergence: Powerful new technologies combine to transform many aspects of everyday life.
Georg Vielmetter, European head of leadership and talent at Hay Group, comments: “These are changing times. We wanted to get a clear grasp of exactly what is changing, what the future will look like, and how business leaders need to adapt to cope.”
The authors also identify five combined consequences of the megatrends (‘reinforcers’) for businesses to tackle:
- Stakeholder proliferation: A multiplication of the vested interests leaders need to consider.
- A power shift: Away from leaders and toward stakeholders.
- New working practices: The emergence of a new ‘social practice’ of work.
- Cost explosion: Due to the scarcity of talent and natural resources and use of new technologies.
- Ethicization of business: A demand for the highest ethical standards from firms and their leaders.
Leadership 2030 highlights how the business leaders of tomorrow will need to be very different to those of today. Conventional styles of leadership will prove inadequate in a world shaped by the megatrends.
The vast complexities of the global business landscape will demand what the authors call ‘altrocentric’ leaders: individuals whose primary focus is on others, not themselves, and who see themselves as a part of the greater whole.
The book sets out a model for the skills and competencies of the altrocentric leader. Essential attributes include empathy, maturity, integrity, openness and self-awareness; impeccable ethical standards; complex strategic thinking; and the ability to create meaning for employees.
Georg Vielmetter comments: “Traditional, command-and-control leadership will fall short in the face of the megatrends. The future will demand a new style of leader: one who instinctively understands the subtleties of leadership, and knows that he or she cannot navigate the complexities of the business environment alone.”
Altrocentric leaders will also realize that new kinds of organizational structure will be needed to allow their firms to adapt as the landscape evolves.
Increased complexity will demand tighter management and co-ordination, yet employees will want greater flexibility and control over their work and lifestyle. Leadership 2030 therefore calls for leaders to create ‘bounded autonomy’ – autonomy defined by a clear direction and defined boundaries – to empower and guide employees in an individualized and digital world.
Yvonne Sell comments: “Organizations typically struggle to provide autonomy and to create boundaries. Yet bounded autonomy will be the greatest weapon in the war for talent, and a vital enabler of innovation in a megatrend-driven environment.”
To purchase a copy of Leadership 2030, or for more information on the book, the megatrends and the implications for organizations and their leaders, please visit Hay Group’s microsite at: www.haygroup.com/leadership2030.
To arrange an interview with the authors, please contact Mitch Kent at firstname.lastname@example.org or on +1 (215) 861 2315. Alternatively, the authors may be contacted directly at email@example.com / firstname.lastname@example.org.
About the authors
Georg Vielmetter heads Hay Group’s European leadership and talent practice, and is regional director for the consulting practices across Europe. He has a master’s degree in sociology, economics, and psychology, and a Ph.D. in philosophy and social theory. He has published works on leadership, culture, and philosophy, and is a regular keynote speaker at management conferences in Europe. You can follow him on Twitter @GVielmetter and on LinkedIn: http://de.linkedin.com/in/georgvielmetter
Yvonne Sell is head of Hay Group’s UK & Ireland leadership and talent practice, and a member of the core European leadership and talent team. She has a Ph.D. in industrial and organizational psychology, retains a keen interest in practical leadership research, and has published numerous articles on leadership. She is a regular speaker at conferences in the UK and Europe. Connect with her on LinkedIn: uk.linkedin.com/pub/yvonne-sell/12/ba9/6b9
About the megatrend research
Hay Group conducted extensive foresight research and analysis in partnership with Z_Punkt. The unique program initially examined around 20 megatrends, identifying those with the greatest impact on the business environment, organizations and leaders. The authors then analyzed Hay Group data on thousands of global employees’ views about their companies’ leadership practices, and conducted hundreds of conversations with business leaders and academics about the megatrends. They also examined the impact of the six megatrends in combination, to fully understand the consequences for business. Based on this exhaustive research, the authors were able to identify what leaders need to do for their organizations to survive and thrive in the future.
About Hay Group
Hay Group is a global management consulting firm that works with leaders to transform strategy into reality. We develop talent, organize people to be more effective and motivate them to perform at their best. Our focus is on making change happen and helping people and organizations realize their potential.
We have over 3000 employees working in 87 offices in 49 countries. Our insight is supported by robust data from over 125 countries. Our clients are from the private, public and not-for-profit sectors, across every major industry, and represent diverse business challenges. For almost 70 years, we have been renowned for the quality of our research and the intellectual rigor of our work. We transform research into actionable insights. We give our clients breakthrough perspectives on their organization, and we do it in the most efficient way to achieve the desired results. For more information please contact your local office through www.haygroup.com. Twitter: @haygroup LinkedIn: http://www.linkedin.com/company/hay-group
CONTACTS : Hay GroupMitch Kent, +1-215-861-2315www.haygroup.com
Source: Business Wire India