Uncertainty is the new norm - Management Challenges!

(“The secret of change is to focus all of your energy not on fighting the old, but on building the new” – Socrates)

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The past few years have clearly shown that we are living in uncertain times, and it will continue, so the leadership requirements now must be different. Uncertainty is the new norm.?But what else has changed?

This article talks about changes today and going forward which will give top managers many sleepless nights.

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1.??Demographic Shift.

?Among the most significant challenges to managers are the demographic changes occurring around the world but especially in Canada. There is an aging demographic that’s retiring, and life expectancy is improving, so people are living longer. There is a declining birthrate in most parts of the world, so going forward there aren’t many people coming up through the ranks.

2.??Technology is Accelerating Change.

Is digitalization an option? Not, anymore now it is a necessary mode of survival. Those organizations will thrive who embrace this change, which brings increased pressure on today’s managers to keep up as technology continues to evolve. AI is the new game in town which will help but will also affect many jobs.

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3.??Gender Inequality – A Reality.

Half the world is unemployed – women - and that is practically everywhere in the world. Women who are working find the going tough because of this inequality that still exists. According to the World Economic Forum, Future of Jobs Report, reasons include lack of work-life balance, unconscious bias amongst managers, lack of female role models, lack of qualified incoming talent, and even women’s confidence and aspirations. The fact is that gender inequality is a reality around the world and this needs to change.

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4.??Diversity & Inclusion are Necessary.

This is one of the biggest challenges faced by today’s organizations. Diversity in the workplace focuses on respecting and appreciating all employees for their differences (e.g., ethnicity, age, religion, education, gender, disability, etc.). Inclusion, on the other hand, focuses on ensuring that all employees feel valued and supported as individuals, irrespective of their physical or cultural differences.

McKinsey?has been able to show that companies with a more diverse workforce perform better than other employers. Because now of remote working this becomes even more challenging.

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5.??Top Talent Recruitment.

Organizations face increasing pressure to innovate, digitize, and compete for people with the skills to lead change. Talent acquisition strategies need to be re-examined, in view of attracting top talent. Attracting top talent means:

a)??having the right employee value proposition.

b)??getting compensation right and,

c)???access to and supply of the right talent.

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6.??Managing a Remote Team.

The effects of globalization are occurring so rapidly and regularly that managing a remote team is becoming challenging. This is very different from managing a face-to-face team.?Many managers have received?little or no training?in how to effectively manage a remote team.?Acknowledge that virtual communications are different and don’t assume that people automatically know how to operate with virtual communications — or are comfortable working in that environment.?

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7.??Changing Customer Expectations.

Customer preferences have changed since the pandemic and now they have much higher expectations. They want more proactive services, personalized interactions, and connected experiences. They also expect data protection. Seamless interaction is now more important than the brand name.

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8.??Fierce Online Competition

The new marketplace is online. Companies need to look for emerging trends and talking points that can engage a customer. May also have to work on a brand personality that will appeal to the target audience. Ensure an AI chatbot that can engage the visitors and keep them on the page longer. Traditional advertising media is outdated now.

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9.??Superior Customer Service.

The customer service team is the face of the brand as they speak directly to customers. Customer service can break a company’s chance to turn a potential customer into a loyal customer. Customer service is a key player when it comes to building your brand image and brand loyalty. Nearly?three out of five report that good customer service is vital to feel commitment toward a brand.

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10.??????????????????Cultivating Robust Agility

Agility helps businesses stay competitive and buffers against sudden jolts in the environment. A vast majority of executives believe that agility is vital to organizational success, yet there is a lack of clarity on how businesses can create an agile working environment, with agility engrained in the company’s culture, employees, and systems.?

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These challenges and many more happens in every organization, so leadership becomes important. As Vince Lombardi said,?great leaders aren’t born — they’re made.

Bill Gates sums it up nicely: “As we look ahead into the next century, leaders will be those who empower others”.