Here is an excerpt from an article written by Yvonne Sell and Georg Vielmetter for Talent Management magazine. In it, they explain why a business landscape transformed by today’s global megatrends will require a different kind of leadership. To read the complete article, check out all the resources, and sign up for a free subscription to the TM and/or Chief Learning Officer magazines published by MedfiaTec, please click here.

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It’s hard to escape the feeling that we live in changing times. Societies, industries and organizations are evolving at an unprecedented rate.

Of course, changing times mean a shifting business environment. It’s difficult to grasp how to adapt.

At Hay Group, we analyzed what’s driving change, what the future might look like and how business leaders will need to respond.

Our three-year research program pinpointed the six global megatrends behind such deep-seated change.

Megatrends are long-term, transformational processes with global reach, broad scope and dramatic impact.
The first megatrend, Globalization 2.0, is the shift in economic power from West to East. It is creating a new global middle class, fragmenting markets and intensifying competition.

The second is the environmental crisis, a destructive combination of climate change and the growing shortage of natural resources. This is likely to push sustainability to the top of the corporate agenda.

Individualism and value pluralism are a consequence of the freedom of choice that comes with growing affluence. This erodes customer and employee loyalty and turns workplace motivation on its head.

Next, digitalization is blurring the boundaries between private and professional life, as work and the workplace increasingly go remote.

Demographic change is aging the world’s population, reshaping the global workforce and intensifying the war for talent.

Finally, technological convergence is merging with nanotechnology, biotechnology, information technologies and cognitive science applications. These are potent innovations that promise to transform everyday life.

Each megatrend will generate challenges for organizations. Combined, their influence is compounded, with powerful consequences for business leaders and human resources.

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Here is a direct link to the complete article.

Yvonne Sell and Georg Vielmetter are directors of global management consulting firm Hay Group’s Leadership and Talent practice. They are also co-authors of Leadership 2030: The Six Megatrends You Need to Understand to Lead Your Company Into the Future. They can be reached at their firm.

To read my review of Leadership 2030, please click here.