The global business landscape has undergone a significant amount of transformation over the past decade or so. Without a crystal ball there is no real way of predicting what changes lie in store for businesses in the next five years.
This is an issue that’s keeping many of Australia’s C-Suite leaders awake at night, according to the results of Lighthouse’s inaugural Organisation Development Leadership Survey.
We’ve taken the pulse of Australian CEOs and Leaders to glean insight into the state of leadership and organisational development into 2020 and beyond to embolden business leaders to identify opportunities in their own leadership development pathways.
What we found is that 23% of leaders are concerned with where their industry will be in five years from now, and how they can shape appropriate strategies to prepare for this.
Staying ahead of change – or at the very least anticipating it and growing with it – is critical for long-term viability. There have been many stories in recent years of large, established companies collapsing after they failed to keep up with change or being blind-sided by disruptors to their industry. It used to be that such worries were confined to the domain of start-ups or small-to-medium sized enterprises. Now it’s something even the biggest companies in Australia and the world must be mindful of and ready to combat.
Digital transformation is a major source of disruption across industries. It’s therefore no surprise that 18.% of leaders surveyed said that the greatest challenge facing their organisation was being digitally prepared.
But all the leaps and bounds in technology are only half the battle: it’s still abundantly clear that you need good people to steer the ship now and into the future, and invest in them to ensure the ongoing success of a company.
Getting the best talent and keeping those people was the biggest challenge for 18% of the leaders surveyed. Having the right people in the right roles, and investing in their training so they reach their potential is necessary in order to effectively compete in the marketplace.
Developing the right behaviours and mindsets for effective leadership both now and in the future is also critical for ongoing success.
Almost a third of the business leaders we surveyed (28%) said they agreed with the statement that “if you want to achieve a different result you need to change your behaviour.”
Ownership and accountability (23%) was seen as being the most important mindset and behaviour to foster in an organisations in order to build its capabilities for the future.
It’s clear that leaders demonstrate accountability and take responsibility for the outcomes of their decisions and actions set the performance and behavioural benchmark standards for others to emulate. In other words, great leaders don’t just “talk the talk”, they also “walk the walk”.
When organisations invest in developing the capability of their people they gain a competitive advantage and improve overall business performance.
It’s important to think beyond the C-Suite when determining the population within an organisation’s workforce to develop for future success. Employees at all levels in an organisation are potential future leaders as they work their way through the ranks.
Coupled with embedding an appropriate framework within the organisation with the necessary supports and structures in place, real cultural change can be achieved to set up an organisation for the future.
It shouldn’t take an extraordinary event or crisis to happen before investing in leadership capability and change services – it should be embedded in an organisation’s daily business.
We know that organisations that lack strategic framework for leadership capability building often don’t have a strong internal culture, lack strategic direction and are more likely to lose their top talent to other companies that offer more.
Lighthouse works with Australian businesses every day to provide face-to-face leadership strategies and training that focuses on building the capabilities of senior people with our patented Leadership Pathway.
We know that for businesses to succeed and thrive in a rapidly changing world, good leadership is necessary. To achieve successful outcomes, it all comes down to changing behaviours.
Start a conversation with us today to find out how we can empower your leaders to deliver exceptional results, now and into the future. 1300 244 373 [email protected]