The world has changed massively in the past twenty years and businesses need to adapt to these changes. Today, there is no question that we live in a VUCA (Volatile, Uncertain, Complex and Ambiguous) world. To survive and thrive in this environment, as individuals as well as organizations, we need a certain set of specialized skills and mindset. With the gig economy gaining momentum and companies becoming leaner, it is essential that organizations value good leadership. Every organization’s focus today is or ought to be to hire and nurture good leaders. 

Contemporary leaders are expected to be visionary, albeit detail-oriented. Employees want to work for organizations that offer purpose even if it is at the cost of lower pay in certain cases. They want to work with leaders that can coach them, understand them, empathize with them and most importantly mentor them. In the past, companies could rely on attracting top talent by paying high salaries. Today, that is no longer the case.

Qualities needed in Modern leaders

Customer Centricity

Customers’ loyalty these days is not limited to a Brand. In today's socially hyper-connected world, brands can be built quickly, and brought down even faster. Millennials are happy to interact on social media in myriad forms, including feedback, criticism, and recommendations. 

Organizations need to pay constant attention to this online chatter and be nimble to respond with agility to these inputs. Today, value is created by engaging with each customer as an individual - what they want, where they want, when they want, and how they want it! Customer-centric leaders achieve success by quickly changing systems, processes and building capabilities.

Tech savviness

No company can thrive in the digital age without digital transformation! Today’s CEO cannot afford to be a tech novice. This does not mean he or she needs to be a tech wizard, it just reflects the need for them to possess a clear concept-level understanding of how technology works within their industry. Leaders with high TQ (Technology Quotient) possess an agile mindset that helps them pivot and strategize in accordance to the latest data, feedback, trends, and innovations. 

Speed and Agility

Speed is King, and this has never been more true than in today’s business world. These days, leaders are faced with challenges like never before; lack of brand loyalty, lack of employee loyalty, the rapid pace of technological innovation, and globalization among other factors. 

The life cycle of products in the digital age is shorter than ever. Leaders need to be humble and realize that if something is not working it needs to be changed quickly. It is important to fail, learn from those failures and quickly apply those learnings in the next iteration.

Data-driven mindset

There is an abundance of data today – possibly more than any human being can understand individually. Understanding patterns and micro-patterns in that data is what makes a leader stand out today!  While taking decisions, today’s leader cannot rely on just his or her gut instinct. The proverbial leadership intuition  needs to be backed by relevant data trends. Data leaders are expected to have a strong understanding of the business, their industry, their data and what that data represents.

Empathy

Research shows that only 54% of employees feel that their leaders know what they do at work. A mere 26% feel their leader encourages collaboration. Only 59% believe their leader values them. These numbers are just not sustainable to succeed in today’s hyper-competitive talent market. Leaders that give employees an environment wherein they feel empowered to take calculated risks are highly valued. Empathetic leaders help build trust and stronger teams. They are open to opinions and ideas and prove to be better decision makers.

Inter-Disciplinary and Collaborative

Leaders should be able to work for and with others by fostering a rich inter-disciplinary environment. Siloed initiatives are doomed to fail. Consistency and reusability of data and processes enable organizations to create well-rounded products. 

Effective interdisciplinary teams enable breakthrough thinking and out-of-the-box solutions. It is critical for a leader to be able to bring all groups together and bind them to a common goal. By drawing on diverse cultures, such teams embrace a more agile posture that results in faster connections and rapid learning.

Leadership capability & leadership development is certainly not keeping pace with the ever-changing complexities posed by the digital age. Organizations today have to invest in creating leaders that are more agile and digital-ready. If leaders are able to display the skills and mindset listed above, their probability of succeeding in this VUCA environment is significantly higher. We certainly need to discover and tap into that part of ourselves to rethink, reimagine, reinvent & reset ourselves to be agile, empathetic, technology-friendly, & futuristic to deliver consistent value, business results & velocity for customers in the digital economy.

High IQ (Intelligent Quotient), EQ (Emotional Quotient) and TQ (Tech Quotient) form the performance tripod of the modern leader. These are the essential attributes of strong leadership that will determine who thrives in this new economy.