Future of Leadership in the Digital Economy
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Great leaders build amazing communities. They do so in a variety of ways and over an extended period of time. One of the most effective tools to accomplish that is to shape and articulate powerful narratives of what’s possible. Effective leaders share stories about what great leadership looks and feels like when individuals come together as teams, and teams come together as communities, with a unifying sense of purpose and collective ambition.
This insight has emerged from both survey data and dozens of C-suite-level interviews as part of a major global study, Future of Leadership in the Digital Economy, that MIT Sloan Management Review is conducting with Cognizant. In this new world of work, where being connected and resilient are of paramount importance, 82% of our global survey respondents and virtually all of those interviewed indicated that an individual in the digital world would need a certain level of digital savviness to be an effective leader. Yet, when asked what skill or behavior was the most important to leadership effectiveness, the answer was being able to articulate a clear sense of purpose, vision, and strategy. What at first seems old is new again: Clarity of communication in a hyper-speed world is a key difference maker in the eyes of current managers and leaders from around the world.
To gain a better feeling of the texture that forms the fabric of this insight, consider this comment from Susan Sobbott, former president of American Express Global Commercial Services: “In the digital economy, physical presence can’t be mandatory to be an effective leader. You have to be able to lead people from many different cultures, in many different locations, and often with imperfect information because things are moving so fast,” she says. Her simple and elegant solution to this decades-old challenge reflects the power of a clear leadership narrative. “You have to be able to see a story emerging and to articulate that story in a way that has meaning and inspiration for a wide range of people. You have to convey your passion and beliefs through a powerful narrative.”
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Why Finding Your Leadership Narrative Is Important
We analyzed our survey responses from more than 120 countries and conducted a sentiment analysis and heat-mapping exercise to identify the most important leadership behaviors in this new economy.