Bill Gates, Mark Zuckerberg, Jack Ma and Jeff Bezos are just a couple of the most renowned leaders worldwide who have made significant contributions to the business world and continue to inspire future generations.
They are proof that strong leadership accelerates the success of businesses and greatly impacts setting the tone of your company culture.
However, a recent report by DDI suggested that leadership quality around the world is on the decline, resulting in the absence of skilled leaders in organisations.
The pandemic is one of the main reasons for this decline, which has led to more and more cases of burnout along with other factors such as changes in the job market and a lack of leadership development programs.
Effective leadership skills are needed more than ever to revive this decline in modern workplaces.
Let’s evaluate the importance of good leadership skills for business success and how you can develop them.
Details on the Study into the Decline of High-Quality Leaders
DDI released the Global Leadership Forecast 2023 which reveals alarming stats on the decline of highly skilled leaders globally.
The research surveyed 1,827 HR professionals and 13,695 leaders from more than 1,500 organisations globally. The survey covered 24 major industries from more than 50 countries around the world.
The study reports a 17% drop in the number of people who believed their company had highly skilled leaders. This is a sharp decline from previous years and comparable to the lowest levels in 2007-2008 recorded during the financial crisis.
DDI’s forecast report also points out a 60% increase in employee burnout since the pandemic.
What is noteworthy is that 72% of senior leaders feel exhausted every day. With a severe lack of programmes and tools to prevent burnout, the leadership quality will deteriorate further along with the rise of strained relationships in the organisational structure.
Why Are Leadership Skills So Important in Business?
Leadership skills are the driving force behind employee satisfaction and the successful running of any organisation. From interpersonal skills to making strategic decisions and setting SMART goals, a true leader leads the way by creating a culture of togetherness and profitability.
A highly skilled leader engages employees and stakeholders to meet the challenges that lie ahead and comes up with strategic decisions that help tackle any problems along the way.
Here are five leadership skills to acquire to help you navigate challenges in the workplace and achieve success in the future:
How to Develop Your Leadership Skills
Developing effective leadership skills is a mixture of self-awareness and continuous learning.
The most important step to becoming a good leader is to understand your leadership style. To do this, try some self-evaluation exercises to identify your strengths and weaknesses.
This can help you improve on the areas you need to work on and build a unique leadership style for yourself.
Focus on building strong connections with your employees and working together as a team. Work on building relationships on a foundation of trust and respect and make sure to recognise their hard work.
Understanding your co-workers and gaining their trust is significant to your success as a business leader. Empowering others and creating opportunities to grow their talents is a great step in the right direction.
Having a high level of emotional intelligence is another good indicator of a highly skilled leader. Someone with this quality is able to regulate their emotions while having a positive impact on others’ emotions as well.
You can manage your emotions through self-awareness practices which will allow you to value your employee’s emotions, leading to a better relationship in the workplace.
This can also help you to be adaptable and flexible under pressure which is one of the most valuable qualities of a competent leader.
Incorporating these techniques will make you a great leader who is driven by business success and employee well-being.
Always keep in mind that being a successful leader is a perpetual learning process. There's something new to learn and a new perspective to gain almost every day.
If you want to develop your leadership skills, the best way is to enrol in a business and management bachelor’s or master’s study programme at a university. Check out the various business programmes offered at the University of Europe for Applied Sciences (UE), Germany to make a big difference in your career.
UE offers programmes in business and management, sport and event management, business administration, marketing management, innovation and technology management, shipping and logistics and diplomacy which are structured according to the evolving demands of the global market. These programmes will help you acquire essential leadership skills that can make you an asset to any business organisation.
You can choose from a wide range of programmes and gain deep knowledge in a particular business area to steer your career dreams forward. Enrol in a business and management programme today.
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28.02.2023 | By Anu Augustine and edited by Candice. | Category: Students