Introduction

During the early stages of my career, I understood the importance of personal career management. It became evident that no organisation can effectively manage an individual's career, as the responsibility lies solely on the individual.

Out of many factors that shape one's career is the ability to adapt and upskill oneself with time. I will concentrate on a few trends in the future leadership skills that will affect one's career due to recent changes in the world.
 
Change is everywhere due to technological advances, evolving socio-economic scenarios, shifts in world trade demographics, the birth of new sectors or slowdowns in many economies. The organisations that did not even exist ten years ago are now giant corporations, and, on the other hand, long-lasting brands and organisations have taken a beating. Physical boundaries are disappearing at a faster pace with the advent of technology. Processes are changing and getting standardised.

The COVID-19 pandemic abruptly disrupted our lives, reshaping the world as we know it. It has accelerated existing changes and brought about unprecedented global challenges. But leaving it aside, many of the changes we see now have already been creeping up on us. Covid-19 may simply have sped up their adoption.
 

Top 3 Trends That Will Define the Future of Leadership

When I read many articles and studies on this topic, one of the clear conclusions is that we will work so differently from today. Three things that leapt out at me:

1. Technology will lead our way;
2. Virtual working will be on the rise, and
3. The workforce of tomorrow will be looking for flexibility, purpose and authenticity versus selling time to earn a mere salary.

And thus, the question arises: in light of technology's pervasive influence and our shifting ways of working, how can we ensure our relevance in the years ahead? Will the current workforce be able to lead the same way they lead today with their skill set?

What trends in leadership would we need to learn to manage our careers in the upcoming world? While I wrote this article as a general trend, I also included a few examples for the FP&A community in every section to help FP&A leaders understand what to expect.

My study says three distinct categories of leadership will emerge over time. They are all of equal importance, and an ideal leader will have internalised a blend of all these traits, manifested through three main approaches outlined below.
 

1. Leading through technology

These leaders embrace technology as part of their lives and look beyond today towards future possibilities, the visionaries. People look up to them for their futuristic thinking. Such leaders aim to automate mundane work and look at technology to make life interesting. They work to ensure the staff uses its intellect effectively and adds value to the job instead of running processes that can be done through machines. These leaders will foster a culture of innovation, inspiring individuals to think proactively and pursue personal growth.

Let us take budgeting as an example. A few years back, most of us experienced that many organisations would have spent around 5 to 6 months for the budgeting process. While the outcome would have been robust, such a long circle would have pressured the team and the business. Technology has enabled us to reduce the time for it and automate processes. Most importantly, the finance function now has time and insights to tell a story versus collecting data and information for the budgeting process.
 

2. Leading through processes

These disciplined, structured, and process-driven leaders can simplify complex problems and provide solutions. They are revered for their working methods and how they simplify, standardise, and systemise processes. These leaders facilitate delegation and decision-making at all levels of an organisation, keeping control through processes.

Again, if I take FP&A as a subject, streamlining processes has helped to provide more time for analysis and the right insights for the business. Many organisations are moving from country/regional FP&A to global FP&A processes, which is only possible when a process is leading and not individual brilliance.
 

3. Leading from the heart

For the new generation workforce, it is not about only work anymore. People are looking for a holistic life where they can find purpose and achieve balance. It is not about selling their time for a salary at the cost of missing out on the rest of life. People are primarily united in demanding that the world prioritise balancing life with work and profit with purpose. Most are in search of deeper meaning in their work.

These are the leaders who:

• put a person before a task;
• visibly care about others;
• show empathy & leadership driven from their hearts beyond the call of regular duty;
• care about the development of the team;
• do not judge people for their shortcomings;
• coach their teams and help them develop.

There is nothing particular or different for an FP&A team. Leading from the heart applies to everyone, as finally, we deal with people, and they make our processes efficient.

We need to have a balanced mix of these qualities to adapt to the future of leadership.

Conclusion

Let me close the article with simple words. The future is all about leading from the heart with the help of technology and processes. The big question: is the modern workforce ready?

It is the time for change as we need to adapt to evolve and shine. As Wilbur Wright said:

'It is possible to fly without motors, but not without knowledge and skill.'

It's time to upskill and outskill.