In recent years, leadership has become much more collaborative and innovative and has moved away from an autocratic style that dominated the bygone years. With today’s world being driven extensively by commercial innovations and technology, it’s no surprise that leadership has become more creative, dynamic and flexible. In the modern workplace, whether that’s in the financial services or technology sector, there are a variety of challenges, so modern leaders need to be equipped and respond with the best solutions. Below, we discuss how leadership has changed as the business world has evolved, and the importance of good leadership for organisational culture.

The visionary leader

Traditional leadership has often been defined as a style that’s focused on control and authority whereas visionary leadership is vastly different and a much more modern approach to management. While the fundamental qualities of effective leadership haven’t changed radically as businesses still need leaders who can create clear goals and communicate outcomes, however, new styles have emerged. Visionary leadership is much more collaborative and focused on the growth of the team. It’s about empowering employees and providing them with the tools to succeed.

Focusing on well-being and motivation

In today’s modern workplace, with the rise of remote working, it’s now all the more important that leaders must invest in employee well-being. The pandemic had a huge impact on the role of leaders as many people’s attitudes towards organisations have changed. Remote working and the pandemic brought employee well-being into greater focus. There’s now an increased awareness of how well-being connects to employee motivation, business performance and overall productivity. Today’s leaders are more focused on well-being and creating a healthy business culture where people feel safe and comfortable at work. With the well-being of employees having a profound impact on performance, leaders need to find ways to consistently engage and connect with their team. Therefore, leadership has become much more supportive and collaborative, with a much clearer focus on the morale and wellbeing of employees.

Coaching-style leadership

The coaching leadership style creates collaboration and a positive relationship between the leader and all team members. Traditionally, leadership has often been more transactional where rewards and promotions are dependent on the performance of team members. However, a coaching style of leadership helps employees grow and develop both personally and professionally, and to build lasting strengths. As businesses continue to evolve, the new type of leader will need to improve their communication, enable creativity and encourage autonomy in their team, and ensure employees make the best decisions. Leadership has become more people-oriented and it’s evolved to become more flexible and adaptable. Modern leadership is all about empowerment, so the coaching style will certainly be at the forefront of businesses in the future.

What are the characteristics of a good leader?

While leadership has evolved, the core qualities of a great leader have remained intact. For example, leaders need to be self-confident, focused on developing others, decisive when making decisions, and have a strong understanding of the big-picture. The best leaders have a clear vision and understand the importance of continuous improvement, so they’ll be willing to help team members identify weaknesses and help them learn and grow. And let's not forget the growing need for emotional intelligence.

Great leadership is an essential part of any business and it will continue to change as companies and the demands of the market evolve.

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