Digital technology and tools - including big data analytics, Artificial Intelligence (AI) and automation -- are shaking entire industries to their core and all organizations must view themselves as digital businesses, said non-profit Harvard Business Publishing in its report titled "Leading for Today and Tomorrow: Capabilities for a Changing World".
Building digital fluency top the nine leadership capabilities. Leaders are striving to equip employees with skills in domains such as data analytics, AI, automation, and Blockchain.
"But digital fluency means more than being comfortable with technology. It also means being able to spot trends and seize the possibilities that new technologies can unlock for an organization. Leaders must guide their people through the most radical transformation that the workplace has ever seen," elaborated the report.
Enterprises will face shortage of 85.2 million skilled workers by 2030.
"Leaders can't afford to delegate development to HR or rely on dated talent management processes. Instead, they must play an active role in accelerating talent development across their teams,' the report mentioned.
The best leaders go beyond tapping into training programmes and help employees take advantage of opportunities to learn on the job - such as codesigning new roles that advance employees' development and organizational priorities; providing tours of duty in other departments; and helping employees practice new skills and expand their professional networks.
Leaders who can inspire others to deeply connect with the organization bring immense value as high levels of engagement translate into measurable business benefits.
Valuing differences lies at the core of diversity and inclusion.
"Diversity and inclusion aren't boxes to check off in a compliance programme -they're key components in an organization's overall business strategy," said the report.
Another key capability is to operate in a landscape that's more complex than ever.
"Complexity makes for a fluid, ever-changing competitive arena dotted with pitfalls that can blindside even the most conscientious leaders. Knowing how to navigate complexity can spell the difference between helping an organisation survive - and hastening its demise," the report elaborated.
Other leadership capabilities to follow are: Act strategically, foster innovation, leverage networks and develop personal adaptability.