Nearly 40% of global CEOs think their organization will no longer be economically viable in 10 years’ time, if it continues on its current course.

Inflation, war, civil unrest, devastating storms, virtual worlds, board expertise, artificial intelligence, the leadership skills have never been more challenged as it is today. Decades-long trends that made for a predictable world are weakening and new ones are emerging. These trends for leadership in 2024 could be destabilizing; however, they can also be an opportunity that opens new ways to grow. Are we differentiated and fit for growth? Is our technology holding us back? Do we have the right portfolio of businesses?

Dylan Mulvaney, speaking at the Forbes CMO Summit, recently advocated for corporations to “choose people” over profit. While Mulvaney misunderstands that profit is the primary way to secure a company’s financial future, including the livelihoods of its employees, there are a multitude of ways a company can also humanely care for the wellbeing of its talent pool.

Leadership trends for 2024

The leadership legacy rests on the ability to lead the reinvention of organization to capitalize on change and deliver returns to stakeholders. To have effective leadership strategies. Accomplishing everything you envision calls for a new equation for how business gets done.

Know your superpower

Think of any company you admire, and you can likely rattle off one or two superpowers that make it uniquely successful. Toyota and its Toyota Production System. LVMH and its exquisite craftsmanship and the entrepreneurship of its brand leaders. Disney and imaginative customer experiences. A distinctive capability can lift a company out of the mire of clogged, commoditized markets and on to the high ground of outperformance. Exceptional implementation is part and parcel of building a new capability.

Rely on company values

CEOs often prioritize data in decision-making, but there are instances when a pivot is necessary in the absence of concrete data and the certainty it brings. In such moments, it becomes crucial to lean on company values for the clarity they offer in otherwise uncertain situations — guiding teams and charting a path forward.

Leading with clarity establishes a robust foundation for making the myriad small decisions required each day.

Beyond geography

As Niels Bohr once said, it’s very hard to make predictions, especially about the future. As CEOs watch the changes unfolding in the global geopolitical order, all agree with the sentiment. What comes next? One thing is for sure: events have an uncanny way of defying the expectations of experts. In the face of that, management teams and boards should consider black swans and gray rhinos in their scenarios and build geopolitical resilience that will serve them well, no matter which side of the coin comes up.

Exponential leadership strategies

Having a well-oiled, profit-making machine is good for today, but a poor strategic plan for delivering long-term value. Your choice is stark: either change the company to enable survival or risk having change forced upon it. Exponential leadership strategic thinking grounded in data-driven analysis can help you stay ahead of business model disruption stemming from innovation, regulations or new competitors.

Trusting employees

In 2024, the most effective approach to instill trust in your employees begins by prioritizing internal hires when expanding your team. Numerous studies highlight that internal recruits exhibit higher levels of loyalty, experience enhanced retention rates, and boast a remarkable 75% success rate in adapting to new job roles compared to their external counterparts.

Employ technology to give ROI

Leadership in 2024 should have technology at the core of business model reinvention. But for all of the leaps forward in computing, many companies struggle to realize return on investment (ROI) from technology. The leadership skill comes to play when one succeed at unlocking digital value and know how to employ technology that makes the difference. They are outcomes obsessed and view breakthroughs, such as generative AI, as a tool that can deliver specific financial targets.

Model self-awareness and flexibility

Self-awareness in the C-suite hinges on robust emotional intelligence, enabling adaptability to the evolving pace of work.

In the post-pandemic era, the CEO’s role has transformed into leading a reinvented workplace — a dynamic organization fostering personalized relationships with employees, embracing broad flexibility regarding when and where they work, and shaping a new company culture. Leaders are compelled to re-engineer how they connect, communicate, and collaborate.

“Leadership and learning are indispensable to each other.” John Kennedy

Prioritize profit and people

The most influential economist of the 20th century, and Nobel Prize laureate, Milton Friedman, staunchly asserted that “the social responsibility of business is to increase its profits.” Undoubtedly, the financial stability of a company is the linchpin for job security, extending assurance to the individuals.

However, work extends beyond its financial dimensions; it encompasses a profound human aspect. It is the place where individuals devote 40+ hours a week, uniting towards a common goal, product, or service. This shared commitment forges a distinctive relationship. And, as with any relationship, there is a fundamental need to care for the members within it.

What CEOs think about the trends to follow for 2024?

Chris McCarthy, CEO at Skillable

Promoting diversity and inclusion should be table stakes for all organizations today. But that should expand to personalizing the career experience for all people and their individual needs. This includes those with specific accessibility requirements, plus people with different neurodiversity, genders, races, and backgrounds. To create a seamless learning experience that meets everyone where they are, using skills data (that is, data collecting from their everyday work plus learning) can ensure you deliver personalized recommendations for courses, simulations, and content that match with each person’s learning preferences, levels, and interests.

Viviane Paxinos, CEO, AllBright

“2024 is about embracing diverse leadership styles. Prioritizing feminine leadership qualities like empathy, vulnerability and active listening will foster innovative and resilient organizational cultures.”

Katy Wright, CEO, FCB London

“Be prepared for change, be agile, be creative, be honest, be open, focus, create and embrace opportunities but most of all prioritize your people.”

Paul Newsham, CEO, Payroll Compliance Authority

“Talent droughts and enforced moves back into offices will swell the proportion of contractors in 2024. Leaders should review where their staffing risks lie.”

The post What Should Be the Leadership Trends for 2024? appeared first on Industry Leaders Magazine.

In this interview, we delve into the leadership strategies and insights that have made Eduardo Dávila a formidable force at Aon. From his unwavering commitment to authenticity to his ability to empower and motivate his team, Dávila’s approach to leadership has proven to be a game-changer.

Through candid interviews and real-life examples, we explore the key lessons that Eduardo Dávila teaches us about leadership. Whether you’re an aspiring CEO or a seasoned executive, the wisdom shared by Dávila will undoubtedly leave a lasting impact on your approach to leadership.

Industry Leaders: How would you define authentic leadership, and how does it manifest in your role as the CEO of Aon EMEA?

Being a leader requires focus and patience. However, to be an authentic leader you have to really know yourself, your strengths and weaknesses, where you shine and how you can bring out the best in others. It’s also crucial to take the time to get to know those around you. Listening is the ultimate leadership skill. Good listening helps you to navigate challenging situations, find solutions, and provide support when it’s needed most.

These are all important lessons that I learned in a very different setting as a golf caddie for Severiano Ballesteros. I learned how different people need different types and amounts of information. Some clients like a wealth of information and then filter it whereas others are more selective and will ask when they are unsure of something. This is actually more challenging because you need to be prepared for their questions. Being helpful, respectful, patient and providing the right information at the right time are all skills I honed thanks to Seve.

Industry Leaders: You also have experience in the professional sporting world. How do you draw on that experience when leading your team at Aon EMEA, and what lessons have you brought from the sports arena to the business world?

My leadership philosophy is deeply rooted in sports management and my practical experience in the world of golf. Formerly a golf caddie, I have translated the skills and experience from the golf world into my role at Aon, caddying for my clients and reinforcing a culture of partnership and guidance.

When you think about the role of a caddie and what they do for the player, they are responsible for thinking about where the wind is coming from, where the bunker is, and the position of the green. Aon’s role with clients is similar to the caddie’s role – a close-knit partner who is reading the environment, scanning for challenges and providing guidance on the best way forward. Aon helps clients make a better shot. One of the ways we do this is by harnessing data and everything we do around risk capital and human capital. Our clients make the decisions and play the shot but we both have responsibility for the outcome.

Industry Leaders: What specific qualities or characteristics do you believe are essential for an authentic leader, and how do you cultivate those qualities within yourself and your team?

Being respectful, proactive, having patience and being a good listener are all qualities I believe are critical to authentic leadership, and are all skills I strengthened thanks to my time on the golf course. As a leader, you need to know when to share advice at the right time, and have the courage to do so.

Not only is it vital to know yourself, knowing when to go fast and slow, and when you need help, but it’s equally important to get to know those around you. The team around any leader is critical to their success. I ensure I take the time to foster relationships with existing colleagues, supporting them to deliver their best work and motivating them through the good times and the bad, as well as bringing diversity of thought to the table. I firmly believe we can all learn from each other, whether that be experience, knowledge, style or decision-making.

Industry Leaders: Building trust is a crucial aspect of authentic leadership. How do you establish and maintain trust within your organization, particularly in a fast-paced and ever-changing business environment?

Amid economic turbulence and global uncertainty, employees are increasingly looking towards their employers as a source of truth. Leaders play a crucial role in building trust within their organization and set the tone for culture and establish behavioral norms.

For me, building trust is about championing authenticity, empathy and humanity. Trust has to be earned, and it comes from a conscious effort to align behavior with purpose and values. Once lost, it can be very difficult to recover. As a leader I take steps each and every day to ensure we have trust within the team, from encouraging collaboration between colleagues, providing regular team feedback, to highlighting successes within the team.

Industry Leaders: Authentic leaders often value open and transparent communication. How do you ensure effective communication within your team and across different levels of the organization?

Open and honest communication should be at the heart of every team. My approach to this is to have a very human leadership style. In practice, I assume a position with those that I lead which encompasses the role of mentor and teammate.

Our team is more than a group of colleagues, it’s almost a family. We talk openly about everything and have created this feeling of a team that is striving for the same thing beyond the professional. This to me is hugely rewarding.

Faced with the many challenges Covid and now the high inflationary environment have thrown at us, I have had to adapt the way I communicate and build trust with others. We have all had to learn how to be emphatic through the screen and how to build relationships when unable to physically be together.

Industry Leaders: In your experience, how does authentic leadership contribute to employee engagement and overall organizational success?

Authentic leadership is essential to employee engagement and organizational success. It promotes stronger collaboration and communication between employees which contributes to a positive work environment where employees openly celebrate successes and identify challenges that need to be addressed.

In my experience, when employees can feel and see that their leaders truly care about their physical and mental health, they are more productive, engaged and stay in their roles for longer. Creating a positive work environment, therefore, where employees can thrive, grow and be challenged, as well as enabling them to make their own mistakes and learn from them is key.

Industry Leaders: How do you balance the need for authenticity with the demands and expectations of stakeholders, such as clients, shareholders, and employees?

It’s not a balancing act. In my view, you have to bring your authentic self to every situation as a leader. Consistency as a leader is key and that includes how you turn up each and every day. This means building meaningful relationships with all of your stakeholders, and allowing your strengths and passions to be known and understood.

Bio: Eduardo Dávila is Chief Executive Officer for Europe, the Middle East and Africa of Aon plc, a leading global professional services firm providing a broad range of risk, retirement and health solutions. He is also a member of the company’s Executive Committee, the Executive Leadership Team and co-chair of Aon’s Global Inclusive Leadership Council.

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