Let's consider some Management Trends that were forecast for 2024 in December 2022. Data is courtesy of The University of Navarra. The data took into account the pandemic, ongoing wars and rumors of wars, rising inflation and consequently tightening interest rates the collapse in the prices of tech stocks, and newsworthy layoffs in major tech companies. What was forecasted was an impending recession.
It's what that understanding, The University of Navarra, took a stab at Management Trends for 2024. In the past, we have explored the characteristics of Adaptive leadership that are required during times of uncertainty. According to the article, the 4 essential power skills for managers in 2024 are values-based power skills:
1-negotiation,
2-playfulness,
3-fostering a shared reality and
4-boosting decision-making.
Values-based leadership instills a common set of values in all employees, improving their cohesiveness and willingness to work. It's based on the philosophy that people motivate themselves through the implementation of their personal values in their daily lives. A values-based leader, will apply value-based power skills. Today, let's consider the top 4 value-based power skills.
Negotiation: The power of creating value
Negotiation is widely recognized as a useful component of every leader’s toolbox. Professor of Leadership Guido Stein, stated, "it is often overlooked as “only” a soft skill — when in truth it is a core skill." Stein maintained, "amid the geopolitical and economic difficulties of 2024 and after the suffering of the Covid pandemic, Stein says it is time for leaders to use negotiation not only to increase the slice of the pie for their own side but also to bake a bigger pie."
Playfulness: The power of engagement
A playful attitude at work doesn’t mean you’re not serious about getting results. In fact, it’s the opposite: a playful attitude can unlock better results. From a management perspective, a playful leader fosters the same spirit of engagement and creative improvement in others. That attitude has wide-ranging benefits including increased flow, lower stress and more creative synergies in work collaborations — all especially important in 2024.
Shared reality: The power of belonging
The experience of having the same thoughts and feelings as another person about the world around you, says Prof. Maya Rossignac-Milon of IESE’s managing people department, is known as a “shared reality” and fostering it is an essential power skill for 2024.
Colleagues who share realities — for example, thinking the same way about a project — have been shown to feel more engaged, perform better, and be less likely to burn out, which improves talent retention. For leaders to bolster this synchronous thinking among their teams, Rossignac-Milon suggests creating rituals in the workplace. Fostering connectedness and shared realities in the divisive and stressful world of 2024, especially when communication is largely online, is essential for companies.
“Social bonds are the glue that hold organizations together. So if leaders can allow human connections to thrive in this way, that’s the next stage of leadership.”
Decision-making: The power of boosting
We all want people to make good, autonomous decisions but sometimes it’s difficult. People make mistakes. Boosting is the art of fostering competence: identifying the skills or knowledge people lack then making a targeted intervention to help them develop competence instead of intervening in their decision-making. A hierarchical structure in which the CEO does strategy and everyone else simply executes is not optimal here. Instead, everyone should be involved in searching for the organization’s future strategic direction and be capable of making good decisions on their own. This is the boosting approach for 2024.
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Warm Regards,
CeeCee
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