Do you have the right skills to thrive in today’s business world?

Business Impact: Do you have the right skills to thrive in today’s business world?

Do you have the right skills to thrive in today’s business world?

Business Impact: Do you have the right skills to thrive in today’s business world?
Business Impact: Do you have the right skills to thrive in today’s business world?

I still remember the observation made by my professor during one of my executive MBA residentials that “the fundamental objective of any organisation is only to make money.” All that mattered was a laser-like focus on customers, competitors and markets. Sure, the observation raised eyebrows for those students from the public and third sectors. For me, the professor’s remarks summed up how the learnings at many business schools are now built on a mindset that hasn’t adapted and instead, now risks graduates struggling to survive, professionally.

Stymied by tradition

There are a few leaps that professionals need to make in their careers for them to be successful, none of which are easy.  Middle managers, for example, are often confronted by an awkward realisation. While excelling in the employment of technical skills got them a bump up the ladder, they need to gain new skills that are more general managerial in nature for them to swim and not sink.

The higher up the ladder you seek to progress, the greater the importance of the skills taught in business schools. Countless careers have benefitted from aspiring senior leaders experiencing great MBA teachings and breaking organisations down into the ‘critical’ functions and assets that contribute to the creation of value. With an MBA, so the advertising often goes, you were assured of future success. However, there is a problem with that way of thinking. An existential problem.

Witnessing the storm

Don’t get me wrong, the skills acquired at business school have been extraordinarily important for many. Nevertheless, they were important for another time. For the glorious past.

Life inside and outside organisations is no longer as certain and uncomplicated as we’ve been educated to believe. The pace of change is frenetic and profound and it’s not just because of the seemingly unabated advancements in technology –  there’s so much more.

We are experiencing a storm of interconnected social, environmental, technological and economic challenges and opportunities. Issues that we have known of for years are only getting more problematic – so much so that PwC’s recent Annual Global CEO Survey highlighted that more and more CEOs are worried that their organisation will become extinct within 10 years if they remain on their current paths. Not only has normal left the building, but it has also kicked over the tables and violently slammed the door on the way out.

Consequently, many business school graduates are confronted by another awkward realisation: the skills and mindsets that successfully got them into senior roles won’t be the skills and mindsets that will help them to thrive in a world that is increasingly uncertain, complex and tumultuous.

Making the greatest of leaps

There is no panacea. However, here are five skills necessary if you are to thrive in the storm:

1. Sharing is daring: Traditional leadership styles are buckling. Leaders no longer have enough time, perspectives, or expertise to understand the context their organisation faces and make truly well-informed decisions. Leadership must now be collaborative, sharing control and power with respect to resolving your organisation’s biggest issues. Here, the benefits can be significant because innovative solutions regularly spring from a ‘collision’ of people with the same goals, but different perspectives, trying to find a way forwards. In addition, your teams’ level of engagement is likely to grow with the realisation that their expertise is valued.

2. The bigger picture: Thanks to business schools, we’ve excelled at breaking the bigger picture down into small, readily absorbable pieces. But like a racing horse with blinkers on, we’ve remained blinded to acknowledging the importance of all the pieces in the puzzle, as well as how these pieces are related. We need to be truly holistic in our thinking. Consideration not only of the market but also of today’s non-market social and environmental forces is just good risk management, provided that a multidisciplinary approach is taken rather than, say, just involving marketing and finance teams. In short, investing in systems thinking is important. Ask yourself how current or emerging political, economic, social, technological, legal and/or environmental factors, individually or collectively, affect your business?

3. Shaping the future: In general terms, we tend to be quite poor at planning for the future and place too much emphasis on what we see in the here and now, or what we deduce from the weight of history. Yet, the past is no longer a credible guide for how the future will pan out. That is why ‘future-thinking’ – or transformative foresight – has become so critical. This mindset allows us to anticipate, rather than predict, the possible future(s) that may lie ahead of us, allowing us to be better prepared. Furthermore, good foresight allows us to also confront whether our traditional thinking still has the right ‘fit’ with what is anticipated to come our way.

4. Faster, stronger: Just as we need collaboration to find direction in relation to our biggest problems, we also now need agility to implement the overarching direction. We cannot remain tied to a long-term delivery of initiatives in the wake of frenetic change; monitoring, evaluating and adapting must now take place at shorter frequencies than before. This is impossible to achieve in traditional organisational hierarchies – there just isn’t the time. Decentralisation and courage are key.

5. Ourselves: I know that resilience has become almost a cliché in describing the way we must bounce back from shocks, bumps and crises. However, it is important to accept that we need to transcend tradition and appreciate that ‘normal’ isn’t returning. I can’t imagine what pressures you may be facing right now, but I believe that we haven’t seen anything yet. For you to be the best for your organisation and your loved ones, truly looking after yourself is vital.  As is accepting that you may not always be superhuman.

Business Impact: David Ross

David Ross is an international strategist, founder of Phoenix Strategic Management and author of Confronting the Storm: Regenerating Leadership and Hope in the Age of Uncertainty. He is an executive MBA (EMBA) graduates of the Australian Graduate School of Management (AGSM), part of the University of New South Wales (UNSW) Business School

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Balancing hard and soft skills to succeed in management

Business Impact: Balancing hard and soft skills to succeed in management

Balancing hard and soft skills to succeed in management

Business Impact: Balancing hard and soft skills to succeed in management
Business Impact: Balancing hard and soft skills to succeed in management

In management, it is now widely known that technical expertise and hard skills alone are not sufficient for success. The landscape of effective leadership has evolved and the importance of soft skills can no longer be overlooked. In today’s fast-paced and interconnected world, the ability to balance both hard and soft skills has become a crucial factor in achieving managerial excellence. Find out more about the importance of soft skills below, as well as how possessing the right combination of hard and soft skills can lead to long-term success.

Hard skills: the foundation of competence

Hard skills are defined as the abilities, capabilities and aptitudes that can be learned and taught to other people. These skills are often acquired through education, training and experience. In management, hard skills encompass a range of capabilities, including financial analysis, strategic planning, data analysis and industry-specific expertise. They provide a foundation of competence that managers rely on to make informed decisions and drive organisational progress.

Hard skills are undoubtedly valuable and serve as a passport to entry in many managerial roles. However, relying solely on hard skills can hinder one’s potential for growth. As organisations become more complex, managers face a myriad of challenges that demand a multifaceted approach. This is where the integration of soft skills becomes crucial.

Soft skills: the catalyst for effective leadership

Soft skills are defined as being more interpersonal than their technical counterparts, relating to qualities that enable individuals to interact effectively with others, navigate complex situations and inspire their teams. These skills are often intangible and include communication, emotional intelligence, adaptability, empathy, conflict resolution and leadership abilities. While hard skills may get you in the door, soft skills are what help you build strong relationships, influence others and create a positive work environment.

In management, soft skills play a pivotal role in leading teams, fostering collaboration and driving employee engagement. Effective communication allows managers to articulate their vision, set clear expectations and ensure that everyone is aligned with organisational goals. Empathy and emotional intelligence enable managers to understand and support their team members, fostering loyalty and trust. Adaptability helps managers navigate uncertain situations and lead their teams through change. By honing these soft skills, managers can inspire their teams to achieve greatness.

The power of balance: harmonising hard and soft skills

Today, it’s clear that to excel in management, it’s not enough to possess exceptional hard or soft skills in isolation. The key lies in striking a harmonious balance between the two. A manager with strong hard skills but lacking in interpersonal finesse may struggle to motivate their team or handle conflicts effectively. Conversely, a manager with exceptional soft skills but a lack of technical knowledge may find it challenging to make informed decisions or gain the respect of their team.

When hard and soft skills are in balance, the result is a well-rounded manager who can navigate complex challenges, drive results and cultivate a positive work culture. By leveraging their hard skills, managers can provide strategic guidance and make data-driven decisions, ensuring the organisation stays on track. Simultaneously, their soft skills allow them to lead with empathy, inspire their teams and effectively communicate their vision.

Developing a balanced skillset

Achieving a strong balance of hard and soft skills is an ongoing journey of personal and professional development. Here are a few steps you can take to cultivate a well-rounded skillset:

  • Self-assessment: reflect on your current skillset and identify areas that require improvement. Are you strong in hard skills but lacking in soft skills, or vice versa? Understand your strengths and weaknesses to create a plan for growth.
  • Continuous learning: engage in both technical and interpersonal skill development. Take courses, attend workshops, read books and seek mentorship opportunities that address both hard and soft skills.
  • Seek feedback: actively seek feedback from your peers, superiors and team members. This will provide insights into areas where you can improve and help you understand how your skills impact others.
  • Practice and application: put your skills into action by seeking opportunities to lead projects, mentor others and actively engage in team collaborations. Practice helps reinforce your skills and enables you to finetune your approach.

In the modern world of management, the importance of balancing hard and soft skills cannot be overstated. And achieving this complementary blend will distinguish exceptional managers from the rest. So, embark on the journey of personal growth, embrace continuous learning and let your balanced skillset shine.

Lauren Wakeling is general manager for course comparison websites, Allcourses and CoursesOnline.

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How can business schools help students balance academics and real-world experience?

Business Impact: How can business schools help students balance academics and real-world experience?

How can business schools help students balance academics and real-world experience?

Business Impact: How can business schools help students balance academics and real-world experience?
Business Impact: How can business schools help students balance academics and real-world experience?

Students with strong technical skillsets are confronted with an ever-changing atmosphere in today’s rapidly growing digital era that necessitates striking a fine balance between reaching their academic goals and getting hands-on experience.

Although academic achievement is the cornerstone of technical education, it is the real-world application of concepts and exposure to real-world situations that mould a student’s preparation for the job market. It enables them to build critical problem-solving abilities, create effective cooperation and collaboration and exposes them to market practices and trends while also helping them grasp the practical implications of their education. Additionally, practical experience gives students the opportunity to present their skills, develop a professional network and prove that they are prepared to contribute to the rapidly changing technological scene.

To get an edge in the employment market, students must now possess a broad range of abilities beyond academic knowledge and be able to integrate theory and practice. With this in mind, here are some strategies designed to help technical-minded students juggle their academic obligations with worthwhile real-world experience. They encompass project-based learning; internships; research and development assignments; hackathons and competitions; involvement in professional organisations and student clubs; pursuit of side or freelance projects; and the development of crucial soft skills. These techniques and initiatives allow students to improve their skillsets, increase their employability and position themselves as sought-after candidates in their chosen professions.

Project-based learning

Project-based learning is a powerful tool for closing students’ knowledge gap between the classroom and the actual world. Grounded in real-world challenges, the format offers practical experience, develops problem-solving abilities, and promotes cooperation. Students get to apply theoretical knowledge to real-life situations and acquire insights into business practices through active engagement.

Internship opportunities

Internships are a great way for students to get real-world experience and exposure to the working world. Summer internship schemes or, similarly, co-op opportunities and part-time jobs facilitated by a business school, enable students to learn about a particular field, hone their skills and broaden their professional network. Additionally, they give students knowledge of market trends and allow them to make more informed decisions about their future career direction.

Research and development

A research and development assignment gives students the opportunity to explore innovative ideas, push the frontiers of knowledge and make a contribution to their chosen professions. Students will also get a better grasp of subjects and industry that relate, or are affected by, the project and benefit from exposure to cutting-edge technology and processes by working with academic or industry specialists.

Hackathons and competitions

Business plan competitions and hackathons provide students with a platform to demonstrate their talents, ingenuity and problem-solving abilities. Students can apply their theoretical knowledge in a competitive setting, work with peers and receive recognition from professionals in the sector by taking part in such activities. Additionally, hackathons frequently feature real-world difficulties and promote creative thinking, which fuels the development of practical experience further.

Professional organisations and student clubs

Students that are strong on technical skills but short on practical experience stand to benefit immensely from joining student clubs and professional organisations in their field of study. As well as offering talks and seminars that complement academic learning, they offer rich networking opportunities and industrial insights. Students can also use these initiatives to participate in debates, attend conferences and pick the brains of seasoned experts, improving their comprehension of the real-world applications of their knowledge and growing their professional networks.

Freelance projects and ‘side hustles’

Students can work on their abilities outside the constraints of their academic coursework by taking on ‘side hustles’ or freelance tasks. Working with customers, meeting deadlines and taking on real-world problems are all opportunities provided by freelancing that can help them develop a diverse range of skills. These projects might also become useful portfolio items for future job applications.

Soft skills’ focus

Developing soft skills is just as vital as having technical knowledge. Today’s employers continually emphasise the value they place on competencies that include flexibility, problem-solving, communication and cooperation. These crucial skills help students communicate successfully with peers, clients and stakeholders and can be developed through extracurricular activities, volunteer work, or involvement in student organisations.

**

Embracing practical learning methods and initiatives helps students bridge the knowledge gap between academic settings and the real world. The skills they acquire in the process will leave them better equipped to handle the demands of the labour market, adapt to new technology and make significant contributions to their chosen fields. For this reason, it’s essential that business schools allow students to strike the right balance between academic studies and practical experience.

Dr Hemachandran K is director of the AI Research Centre at Woxsen University in Hyderabad, India.
Dr Raul Villamarin Rodriguez is vice-president at Woxsen University in Hyderabad, India.

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Mind over matter: why business leaders should study psychology

Business Impact: Mind over matter: why business leaders should study psychology

Mind over matter: why business leaders should study psychology

Business Impact: Mind over matter: why business leaders should study psychology
Business Impact: Mind over matter: why business leaders should study psychology

Becoming a manager with impact is the dream of many young students of management but, as providers of business education seek to support these aspirations, we can sometimes forget to teach them that being a manager also means being able to cope with stress. This is all the truer in today’s turbulent and uncertain world.

Communication with, and responsibility towards, stakeholders, employees and the public, together with day-to-day business tasks, development of strategies and the coaching of key people, can bring a great deal of inner satisfaction and self‑esteem. However, it is a demanding lifestyle much of the time and the ensuing pressures felt by leaders can lead to poor physical and mental health.

This is a reality of contemporary business and it is therefore becoming increasingly important to ensure that the next generation of leaders are suitably prepared. As well as ever-changing market conditions and contexts, students need to be ready for the psychologically challenging situations they will have to face in their future careers. This entails developing strong, integrated, self-reflective, self‑confident and psychologically skilled people with deep psychological literacy.

Yet many argue that the emerging generations of professionals currently have poor levels of resilience and stress management. Sceptics also say that younger managers tend to turn to sabbaticals too frequently as they seek to prevent potential burnout, refusing deeper responsibility by opting to stop working when they feel like it as opposed to when situations allow.

The need for a change in approach

That’s why management education must be enriched with psychological education and training. This will provide emerging leaders with good levels of immunity to fragility and against any vulnerability to stress and the complex requirements of their roles.

From my European perspective, the need to make changes in our approach to management education is even more acute because of recent research. A series of reports and projects on mental health in the region have demonstrated a significant increase of ‘psychosocial’ risks [that is, risks associated with one’s psychological development in, and interaction with, a social environment] in the workplace over the past 15 years, such as the 2014 European Risk Observatory report, Calculating the cost of work-related stress and psychosocial risks.

These reports have confirmed that impaired mental health or poor levels of coping with stress among managers and their key people can significantly influence team performance, results, income and KPIs. They also point to the existence of an alarming number of people who suffer from work-related mental health issues which impact the business and economy of companies and states negatively.

It is worth noting here that it is common to find that indirect costs to businesses, such as loss of productivity, absenteeism, presenteeism, social benefit payments, early retirement, reorganisation of teams, slowdown of work productivity, staff turnover and so on are much higher than any direct costs. In fact, the effects and consequences of mental health problems among our employees translate largely into indirect costs. There may be some direct costs that can be divided into medical and non‑medical costs in relation to treatment, medications and therapy, for example. However, it is crucial to point out that the indirect costs described above will always account for a larger sum of money than the direct costs.

When the psychosocial risks that are present in today’s workplaces (see boxout) cause mental health problems, they often result in poor performance or in employees taking sick leave from work. However, they can also influence our personal lives and the people close to us. As the aforementioned European Risk Observatory report observes: “There is evidence that workplace stress is related to a decline in the quality of relationships with spouses, children and other family members.” It is clear, therefore, that psychosocial risks and their associated effects on health affect organisations and societies, as well as individuals.

In financial terms, individuals with mental health concerns are likely to have higher insurance costs and lower income. At the organisational level, we lose productivity, effectiveness and performance. At the societal level, meanwhile, health problems lead to a reduction of economic productivity and GDP.

The cost of stress-induced illnesses

Work-related stress was found to be a major concern for close to 80 per cent of organisations in the EU, according to 2015 figures from the European Agency for Safety and Health at Work, yet fewer than 30 per cent already had procedures in place for dealing with workplace stress.

To illustrate the severity of stress-related illnesses at work in greater detail, we can consider the estimated financial impact across individual countries and Europe as a whole.

Take Denmark, for example, where the annual cost of sick leave caused by the pressures of work has been calculated at between DKK 1.4 and 1.5 billion (approximately €200 million). In France, in the year 2000, workplace stress was estimated to cost between €1.17 and €1.97 billion a year, while the cost of depression due to high work demands was estimated at between €650 and €752 million. Seven years later, the estimated total cost of the pressures of work in France was set at between €1.9 and €3 billion.

In the Netherlands, the total cost of employee absence in 2005 was estimated to be worth €1.3 billion, of which 40 per cent was attributable to psychosocial health issues. In Spain, a 2002 article written by José Ignacio Pastrana Jiménez estimated that workplace bullying alone was costing the economy €52 million per year.

In Switzerland, researchers calculated the cost of work-related stress to be approximately CHF 4.2 billion (approximately €4.2 billion) annually in 2003 and the equivalent of 1.2 per cent of the country’s GDP. Meanwhile, in the UK, the Sainsbury Centre for Mental Health estimated that the cost of sickness absence due to stress, anxiety and depression amounted to approximately £1.26 billion a year. More recently, Labour Force Survey suggested that the total number of cases relating to work-related stress, depression or anxiety accounted for 39 per cent of all cases of work‑related illnesses.

A recent study conducted by Matrix estimated that the total cost of work-related depression across the EU’s member countries was almost €620 billion per year – a significant increase on the previous estimate. The total represented the sum of employer costs relating to absenteeism and presenteeism (estimated at €272 billion), loss of productivity (€242 billion), healthcare costs (€63 billion) and social welfare in the form of disability benefit payments (€39 billion).

The need to act now

In the context of increasingly alarming data, it seems clear that we need to act now to protect the future of business. In the short term, we need more evidence on the cost-effectiveness of training and other professional interventions that are focused on stress and other psychosocial risks at work. It is also clear that we need to implement workplace interventions, programmes or peer‑support initiatives.

The Calculating the cost of work-related stress and psychosocial risks report concludes that “appropriately planned and implemented workplace interventions focusing on preventing stress, improving [the] psychosocial work environment and promoting mental health are cost-effective.”

However, in the longer term, we need to do more to educate our future leaders in applied psychology. This will better prepare them to implement strategies and make crucial decisions with a healthy level of resilience to psychosocial risks. It will also help leaders to coach others effectively and develop teams with good coping skills and resistance to stress.

In 2019, the European Agency for Safety and Health at Work’s Third European Survey of Enterprises on New and Emerging Risks (ESENER) showed that organisations are still afraid to speak openly about psychosocial issues and lack the professional knowledge and support to handle them. Notably, some 44 per cent of respondents reported a lack of awareness of these issues among management.

In the 21st century, it is particularly disheartening to find that, in 25 out of 33 countries polled by ESENER, the most common reason cited by respondents when asked why it has been difficult to implement organisational policies in this area is the reluctance to speak openly about mental health and psychosocial risks related to work. There is a strong business case for targeting these problems at business school because of the impact our future leaders can have in the organisations they go on to join. 

Benefits of incorporating psychology 

Psychological skills have become as necessary to modern business life as the English language or basic financial literacy. Fast-track courses and short‑term training in related soft skills will slowly be replaced with more rigorous and in-depth knowledge of connections and relationships between psychosocial phenomena, personality, mental health and job performance, productivity and profit.

Previously, the benefits of studying elements of psychology during a business degree were linked largely to giving students a greater understanding of how consumers behave or think and, therefore, how to sell products that serve their needs. However, possessing knowledge and practical skills relating to psychology has benefits that are far wider than this and can help managers and leaders to protect themselves and key people against burnout, depression, presenteeism, absenteeism and other unwanted psychosocial risks that affect business strategies and performance.

In addition, it will facilitate and support organisational change, while protecting against unwanted change relating to performance, strategy, relationships, co-operation and partnerships. It can also help leaders understand themselves better as well as those in their teams, making them better placed to mediate conflicts and provide team members with effective coaching.

Such knowledge can then be used to recognise unfavourable and unwanted behaviour, including potentially unfit individuals for our teams, projects and business goals as well as working environment, organisational culture and reputation. This will allow our future leaders to build organisations with good mental health and, in turn, contribute towards developing and supporting a healthy society.

The challenge of creating management education curricula that will prepare students adequately for the needs of 21st-century managerial roles is defined by a number of factors. These include societal changes, calls for more evidence-based approaches to teaching and changes in our understanding of multiculturalism, as well as a desire for greater inclusion of under-represented groups. However, the acceleration of psychological problems in organisations and the rise in mental health concerns among employees must also be central considerations.

We need innovation in the industry. As part of the trend towards connecting sciences and professionals from different, yet in reality interconnected, fields, there is strong evidence in support of incorporating psychology and its applications to business and management when educating and training tomorrow’s leaders.

This article originally appeared in the print edition (Issue 2 2023) of Business Impact, magazine of the Business Graduates Association (BGA).

Daniel Tuma

Daniel Tuma is the founder of the Made in Czechoslovakia business school based in Prague, Czech Republic. He has 20 years’ experience as a university lecturer and coach for CEOs and managers. 

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How to focus on trust and adopt a growth mindset

Business Impact: How to focus on trust and adopt a growth mindset

How to focus on trust and adopt a growth mindset

Business Impact: How to focus on trust and adopt a growth mindset
Business Impact: How to focus on trust and adopt a growth mindset

How do you talk about yourself? Would you describe yourself, for example, as “good at maths”, “a natural athlete”, or “honest”? A lot of people think that these traits are a fixed part of your personality and an intrinsic part of your identity that can’t be changed. These thoughts are the product of a ‘fixed mindset’, according to acclaimed Stanford psychologist Carol Dweck, but it doesn’t have to be this way.

A person with a growth mindset is far more likely to embrace new information and challenges, see effort as necessary, be inspired by other’s success and learn from criticism, but leaders must consider that it’s almost impossible to adopt this mindset across your team if there is no foundation of trust.

Building trust in a team translates to more energy, less stress, fewer sick days and less burnout – all crucial elements when it comes to forming a healthy, efficient and stable team who are willing and able to adopt a growth mentality. Leaders who know they can trust those around them and that they can trust you in return enable everyone to enjoy the freedom to try new things, innovate and create new ways of approaching problems.

Chemical reactions

Our emotions and behaviours change when we build trust with the people around us; it literally affects our brain chemistry and it is up to leaders to adopt strategies that build this type of culture, if a business truly wants to be resilient and attract the best talent in the industry.

This isn’t a new phenomenon. There are biological reasons as to why we act the way we do when we trust another person or group of people and it all comes down to oxytocin, otherwise known as the trust chemical. However, when we experience negative stress, we produce the cortisol hormone that elicits a fight, flight or freeze response. When we are stressed, we have no need to be trusting.

While the workplace hopefully doesn’t pose that level of threat, a toxic culture, rife with negative stress leads to the same cortisol response, inhibiting oxytocin and leading us to be on high alert and less likely to trust.

Ultimately, it will protect a company’s bottom line if its people are in an environment where they can thrive. One of the biggest challenges facing business today is the oncoming tsunami of stress and burnout that we will see in the coming years because people look set to be returning to the hamster wheel, post-pandemic.  

The workforce of today isn’t going to stay in a role for 20 or 30 years, so the organisations that are more adaptable to the latest needs and ideas are the ones that are going to last and that will attract the brightest and best new talent. Without the best people, you’ve lose a competitive advantage, so working to address issues with trust and mindset now is not only a good move for your people, but one that is also vitally important to your bank manager, board and investors.

Encouraging a growth mindset

Productivity and resilience are the product of a workplace culture based on trust and a growth mindset. So, what can leader start doing today to encourage these behaviours within their team?

Invest in positive relationships: According to neuroscientist Paul Zak, having a caring habit and cognitive empathy is your best bet for increasing oxytocin and building trust. If you do nothing else, work on your active listening as a starting point for relationships that will help both you and your team to thrive.

Be present: Get rid of distractions – don’t text or send emails while you are having a conversation. Look your colleague in the eye and listen with an intent to understand, rather than an intent to respond right away. Ask questions that show you are interested in what they are saying and pay attention to non-verbal cues, such as them looking excited about a project or nervous about what they are about to tell you.

Empower your team: When people feel safe and supported, empowering them leads to great things. Show your team that you trust them to do the big things and explain to them that while you will always have their back, they have shown you that they are more than capable of managing this piece of work on their own.

Ultimately, we need to commit to building environments that celebrate when we succeed, but that also give team members the space to be honest with leaders when they are struggling, or something hasn’t gone to plan.

Ivan Hollingsworth is the Founder and Director of Centric Consultants

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Management manga books target accessibility

Business Impact: Management manga books target accessibility

Management manga books target accessibility

Business Impact: Management manga books target accessibility
Business Impact: Management manga books target accessibility

A manga-style graphic novel series for covering business and self-development has been launched by the research and education publisher Wiley.

The six Manga For Success books cover a range of topics as the following titles indicate: Managing Change; Marketing; Resilience, Confidence and Positive Thinking; The Psychology of Personal Growth and Better Relationships; Business Problem-Solving and Strategy; and Leading Meetings and Teams.

‘Manga’ is the highly illustrated, emotionally compelling Japanese graphic novel format that has captivated millions of English-language readers around the world.

Originally published in Japanese by the JMA Management Center (JMAM), a leading Japanese publisher of business-oriented manga books, the Manga For Success series aims to combine highly visual manga stories with sophisticated explanations of the most important principles and concepts. They are primarily targeting younger career professionals looking for a fun way to learn the basics.

In Toshinori Iwai’s The Psychology of Personal Growth and Better Relationships, for example, a 28-year-old area manager of a retail chain meets the ghost of psychologist Alfred Adler, who gives her various advice and strategies for transforming the way she interacts with store managers and her supervisor. The result is a huge improvement in her communication skills and the birth of new relationships of trust that allows her career to move forward smoothly.

Widening reach and decoding complex topics

As with some other existing English-language manga titles from other publishers, these books are also structured to match the Western way of reading – i.e. from left to right across the page. Manuscripts were also carefully reviewed to make any necessary cultural adaptations to ensure the stories resonate with a Western audience in the same way they would the original Japanese audience.

Sales of manga books in the UK are now thought to worth more than £25million in the UK and more than $250million in the US, according to Neilsen BookScan Data 2021/22 and 2021 figures from the Anime News Network, respectively. With its coverage of business and management, this series is aiming to widen the format’s reach by appealing not only to existing manga fiction fans, but also new non-manga readers and people who just want an enjoyable, different and emotionally compelling way to learn about important topics and develop their skills.

The overriding aim is also that Manga For Success can make what are often considered intimidating topics easy and fun to understand. The format is highly approachable and is designed to help readers get a grasp on difficult concepts quickly from the detailed explanation of core concepts in each story. All six titles publish in print and eBook formats in April 2023.

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Going for green

Business Impact: Going for green

Going for green

Business Impact: Going for green
Business Impact: Going for green

In 2002, the then French President Jacques Chirac uttered the phrase, “notre maison brûle et nous regardons ailleurs” to open his speech at the Fourth Earth Summit, held in Johannesburg. This translates as, “our house is burning and we are looking elsewhere”.

Fast-forward 20 years and his words are finally sinking in. For too long, we have treated Earth as an infinite resource to plunder. In very recent years, however, humanity seems finally to understand that, without urgent action, we are heading for environmental catastrophe.

Since its inception, CEMS (formerly, the Community of European Management Schools and International Companies) has been committed to preparing responsible leaders capable of innovating and driving change within global organisations. Responsible leadership is deeply embedded within the CEMS culture, curriculum and ethos.

In 2021, a survey of 4,206 alumni from 75 countries told us that the environment is the greatest concern facing modern-day business leaders. We decided to harness the resources of our unique global community to combine insights from the corporate and the academic world into how we might tackle this challenge and develop the critical skills needed.

The need for collective leadership

Our new report, Leading for the Future of our Planet contains interviews with four global corporations – L’Oréal, Kearney, United Overseas Bank and ABB – and four leading academics from the University of Sydney Business School, NUS Business School at the National University of Singapore (NUS), the Norwegian School of Economics and the University of Cape Town Graduate School of Business, outlining current challenges, thinking and practice from around the globe.

Many of our contributors agreed that we need to move to collective leadership. “We cannot leave the solution to grand environmental or societal challenges to governments or global corporations. Every one of us can make decisions that influence the world for future generations. It takes all of us to succeed, every single day,” comments Heidi Robertson, group head of diversity and inclusion at ABB.

“For an organisation to make a meaningful impact, I believe we must shift from hierarchy to an ecosystem-oriented modus operandi,” Robertson continues.

“In ABB, we operate in a decentralised model where empowerment and accountability are key principles. Each of us comes together as pieces of the puzzle to drive the company, environment and community forward. Younger generations, in particular, thrive on this bold approach. There is an expectation and a desire to influence change, not to be part of a pattern of directive leadership. That is why I am so positive about the next generation – there seems to be an innate courage to take real and decisive steps.”

Double skillsets

However, contributors also highlight a current skills gap. As Lars Jacob Tynes Pedersen, head of the centre for sustainable business at the Norwegian School of Economics, points out: “Many organisations are quite open when it comes to saying they have a competency gap when it comes to sustainability. I believe in having a combined set of skills and competencies – a double competence in business and sustainability. While you can hire people with sustainability skills to do specific sustainability jobs, we need people who understand how they can impact the sustainability agenda to effect real change.

“We need to integrate competencies and skills from the core fields (accounting, finance, strategy and marketing) with sustainability competencies and skills. In this new reality, we must enable financial institutions and markets to operate in a way that supports the green transition, and marketeers need to enable and encourage consumers to buy greener products.

“We must also have reporting that speaks to the sustainability footprint of the company, as well as its economics. I’m seeing graduates with this double skillset being fast-tracked as the current generation of managers were never taught these skills.”

Leading for the Future of our Planet includes actionable takeaways for young professionals to equip themselves with the skills required. As the decision-makers of the future, they will be key to driving change. 

Actionable takeaways for students

  • Balance academic study with intelligent networking and try to understand the business environment through interacting with corporates
  • Explore environmental topics and issues deeply
  • Seek internship/work experience opportunities with companies of all sizes in different industries that are working on the sustainability agenda
  • Understand that having sustainable business on the curriculum provides a competitive advantage and use this to specialise and/or fast-track your career
  • Bring your voice and knowledge of environmental issues into the workplace
  • Bring fresh perspectives to the table – but be patient, it takes time to turn a tanker
  • As a global citizen, bear witness to the impact environmental issues are having
  • Invest in self-awareness and understand your purpose and values

Nicole de Fontaines is the executive director of CEMS, an alliance of 34 of the world’s leading business schools and 70 corporate partners who together deliver the CEMS Masters in International Management.

This article originally appeared in the print edition (November 2022) of Business Impact, magazine of the Business Graduates Association (BGA).

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With great power comes great resiliency

Business Impact: With great power comes great resiliency

With great power comes great resiliency

Business Impact: With great power comes great resiliency
Business Impact: With great power comes great resiliency

“Anyone who stops learning is old, whether at 20 or 80. Anyone who keeps learning stays young. The greatest thing in life is to keep your mind young.” Henry Ford.

At the start of a fresh year, your thoughts may have turned to the learning you can achieve in 2023. Whether that’s learning a new skill for a hobby, or to further your career. In the past, learning may have centred on a technical, digital, or ‘hard’ skill – a new language, code, or tool, for instance. But times are changing and I want to draw your attention to power skills. These describe skills that can be transferred from role to role, project to project; skills that give you the power to shape your career and build a more responsive and agile workforce.

Business-critical skills

Power skills are becoming more critical as businesses grapple with ever-changing markets and emerging technologies. For individuals, cultivating your power skills can give you broader career options both inside your current organisation and externally.

That’s why power skills regularly rank in the top 10 skills being developed and searched for on upskilling platform, Degreed. The top 10 skills for November 2022, for instance were:

  1. Leadership
  2. Data analytics
  3. Change management
  4. Project management
  5. Machine learning
  6. Design thinking
  7. Microsoft Excel
  8. Problem solving
  9. Agile development
  10. Entrepreneurship

Seven out of the 10 skills on this list would count as power skills (and conversely, you could also argue that a skill like using Microsoft Excel and being able to do data analysis also carry across multiple roles and departments).

The importance of learning agility

I would add an additional skill to this list, that is learned while you’re upskilling in these (and other) skills. It’s called ‘learning agility’ and it describes a mindset and habit towards learning that means you are continuously learning and able to adapt to change. This skill is vital in today’s economy, because the half-life of skills is around five years and dropping fast. In the future, you’ll be expected to grow new skills at an increasingly rapid pace. What you use and know today will be out of date in just a handful of years.

How to build power skills

There are a range of ways to build power skills and many of them are outside traditional, classroom-based learning. For good reason, you cannot learn something like ‘leadership’ effectively if you’re dictated its theory by a glassy-eye professor at the front of a class.

The best way to learn a power skill is through hitting it at different angles. There are many different learning opportunities that forward-thinking organisations are offering their people including peer learning, academies, experiential learning (on-the-job opportunities) and online learning pathways.

Practising a power skill

Combining theory with practice will enable you to learn the basics about a power skill first and then stretch that skill through practical implementation. My colleague, Degreed’s chief learning and talent officer, Kelly Palmer, has a brilliant example of this from her time as CLO at LinkedIn. Her team created a peer-learning programme called Conscious Business that focused on building power skills.  

One of those skills was the ability to have difficult conversations. In the peer-based environment of the programme, colleagues were able to bring examples of difficult conversations they had recently had and learn from each other. One participant, John, had an example where a teammate, Mark, had missed some deadlines. During the conversation, Mark became defensive and John left it feeling awkward and with little progress made. Sharing this with the peer-learning group allowed John to find new solutions based on similar experiences from his peers, and the entire group learned techniques on how to better handle difficult conversations.

Measuring your power skills

For business leaders, another important aspect to building power skills in your organisation is to measure them effectively. Unlike hard skills that can be easily measured with an assessment or credential, power skills are slightly more nuanced. I would recommend that business leaders broaden the way they measure someone’s skills, based on any stretch assignments, academies, or peer-learning programmes that they have completed. Alongside this, peer and manager feedback, as well as self-ratings, can add more insights into someone’s skill level.

For individuals, I would suggest collecting evidence of you building and practicing a particular power skill. Make a note of any practical experiences you have, including stretch assignments, temporary redeployments to another team, side gigs, volunteering, mentoring and peer learning (and teaching others). Additionally, curate any theoretical learning into a skills profile, including any books you’ve read, podcasts or videos, online courses, blogs and articles. This gives you leverage when going for a career move internally or communicating your skills during the recruitment process.

Evolving alongside careers

Learning is no longer contained to the classroom nor your early years. It will be your partner, evolving alongside your career. That’s what makes power skills worth focusing your efforts on, as they give you more longevity and resilience when compared to a technical skill that will expire in a couple of years.

Annee Bayeux is chief learning strategist at upskilling platform, Degreed. She has 20+ years in L&D, M&A, Talent, and HR Technologies with Global 2000 companies, such as Bosch Automotive, Alstom, General Electric, and Danone.

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How to prepare yourself for taking on your first management role

Business Impact: How to prepare yourself for taking on your first management role

How to prepare yourself for taking on your first management role

Business Impact: How to prepare yourself for taking on your first management role
Business Impact: How to prepare yourself for taking on your first management role

Taking that first leap into management can be daunting, especially if you will be managing others for the first time in tour career. However, with the right preparation, it needn’t be. Often, the worry we have when taking a step up in our career is largely down to not knowing what to expect, or being afraid that we won’t know what to do. That’s why taking these preparatory steps before you begin your management job are vitally important.

Consider the manager you want to be

Before you plan your course of action as a new manager, take some time to think about what type of manager you want to be. There are four main management styles, and which one you are depends on the team you manage, the organisation you work for, and most importantly, your personality and values. The four management styles are:

  • Autocratic: These managers take charge of their team, making decisions and offering a clear structure for the plan of action. With little input from the team, autocratic managers take charge of the team’s objectives and responsibility for how they achieve them.

  • Democratic: Democratic managers, as the name suggests, work on a more democratic basis. Although guidance is provided by the manager, everyone in the team has a say and is encouraged to put forward ideas during the decision-making process.

  • Laissez-faire: The laissez-faire leadership style is also known as the ‘leave alone’ approach and is a very hands-off management style. These managers delegate work to each member of their team, and it is up to each member to decide how to approach their tasks and meet their objectives.

  • Persuasive: Persuasive managers make the ultimate decisions for the team, but use persuasion to get the rest of the team on board. Persuasive managers have excellent communication skills and encourage the team to ask questions and understand the reason for decisions being made.

Each of these styles has its advantages or disadvantages, so consider which style appeals to you. Consider managers you have had and what style you responded to best. Which style appeals to you? How do you think your team would respond to each of these methods? Note down the pros and cons of each and see which one (or elements of each) would be the best approach for you to take and apply best to your management skills.

Recognise that your objective has changed

For roles not in management, the focus is always on the job that you as an individual are doing. Are you hitting your targets? What is your workload like? What is your output However, managers’ targets are for the team they manage. First-time managers need to be aware of how your focus shifts in your new role from simply being about your own work to overseeing what others are doing. Supporting your team means being able to manage the workload and output of each member and seeing how every team member affects the work of the team overall.

Think about what impact you want to have

Next, consider what kind of impact you want to have on your team and the organisation as a whole. Are there any areas where you think things could be improved? Is there anything lacking that you could bring to the table? One of the great things about moving into management is that you have more of an ability to enact positive change within the company.

If you are initially unsure about what you want to change or improve, then note down the key achievements and challenges within your team (or organisation) in the previous year. If you are changing companies, note down any challenges you came across at your previous company. Then discuss with current employees what improvements they would want to see and if they have any ideas of how to implement changes. Finally, think about your objectives as manager, not project-based aims but broader goals, such as ensuring you have a happy team or streamlining administration, and jot down the steps you want to take to make these improvements.

Don’t put pressure on yourself

Although it is a big step to go into management, you are not expected to get it right away. While preparing for your first management role, make sure you don’t get overwhelmed and bear in mind that it will be a learning process.

Plan and prepare, but also allow for flexibility. You can do this by being open to different management styles, being aware that changes can take a while to come into effect and understanding that teams might interact differently than you had planned. You can’t foresee everything, and being aware of the hurdles, surprises and learning curves that come with every new job is vital.

Many people forget that learning and developing your skill as a manager takes time and practice, and assume that because you were hired for the job you need to know everything straight away. However, there are many advantages to being open to the unexpected. For example, you can find new ways of working, refine your leadership skills and learn to adapt to new challenges. Being prepared to adapt your plans and build trust with the members of your team are key to not just being a good manager, but also a great manager. 

 

Sarah-Jane McQueen is General Manager at the online learning marketplace website CoursesOnline, which offers online management courses.

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How to manage a cross-cultural team to success

Business Impact: How to manage a cross-cultural team to success

How to manage a cross-cultural team to success

Business Impact: How to manage a cross-cultural team to success
Business Impact: How to manage a cross-cultural team to success

To ensure sustained competitiveness and longevity, many businesses are now thinking globally and in turn, inclusively.

The effects of the Covid-19 pandemic on business and commerce worldwide have made us all more digitally connected than ever before, and organisations are increasingly looking to expand into new markets in order to grow. The company I work for, for example, is spread across Europe in different timezones with staff speaking more than 10 languages collectively, so we understand that cross-cultural teams are crucial for businesses to trade internationally with success.  

Yes, there are challenges that come with a cross-cultural team, but with the right management the benefits can easily outweigh these. Before I delve into the benefits, let’s look at the challenges and complexities of managing a cross-cultural team.

Three challenges for cross-cultural teams

1. Language barrier –if you have team members for whom English is not their first language, miscommunication can be a genuine concern. This can be exceptionally difficult to manage during busy periods, particularly when people are stressed or under pressure.

2. Working style and culture – cultural differences might be reflected in the ways people communicate, as well as being affected by the perception of another culture. For example, a propensity to say ‘please’ and ‘sorry’ frequently in one culture might mean that those who do not use these terms often are viewed as being impolite. However, for them, this might simply not be their cultural norm.

3. Motivation – we all have different reasons to work, with culture playing a role in our motivations. In some regions, there is a greater focus on pay or bonuses. Plus, the importance of encouragement or praise when a task is completed successfully can vary.

Four benefits of cross-cultural teams

Managing a cross-cultural team can be so enriching when you ensure that there’s space for everyone, and everybody feels part of the bigger picture. To get to this point, however, takes work, awareness and patience. Some of the benefits of having a cross-cultural team include the following.

1. Local knowledge and insights – as well as bringing cultural sensitivity, this can give a business the edge when it comes to delivering high-quality and better-targeted marketing.

2. Competitive advantage – when seeking new business, clients are likely to be reassured if a native speaker and local expert is part of the team.

3. Increased productivity –  in our experience, cross-cultural teams often have greater out-of-the-box thinking, creativity and perspective, which in turn helps a business to drive innovation, offer more services and produce better results.

4. Hiring the best talent – when not limited by borders or regions, business leaders can attract, recruit and onboard some of the most talented people around, which isn’t always possible for those looking inwards.

Six tips to help ensure all employees feel welcome and comfortable  

From an employee perspective, the struggle to fit in can be an issue. Not only do they have to adapt to a language or culture that is different to their own, sometimes they might also struggle to fit into a company culture that, perhaps, hasn’t always been completely inclusive or aware of the challenges they are facing. So, what can be done to break those barriers and make everyone feel welcome and comfortable? At GA Agency, we know the importance of taking company culture very seriously. Here are a few top tips to try and apply:

1. Watch the volume and pace when speaking – slow down, articulate and ask questions to ensure everyone understands you, especially when you know that your audience is diverse

2. Don’t be patronising – some people might not have a rich vocabulary to express themselves in your language, that doesn’t mean that they know less than you.

3. Look for alternatives – explain with an alternative choice of words when someone ask you to repeat, unless it is simply a case that someone has clearly not heard what you said. It’s likely that they just don’t understand a particular word or expression, so avoid repeating the exact same thing.

4. Try to understand verbal and non-verbal language –  this goes both ways and you need to take it upon yourself to adapt outside your own community and comfort zone. It takes time and patience, so surround yourself with kind and open-minded people.

5. Share – encourage your colleagues or team to share information about their culture and background, ask questions and simply, genuinely, show some interest! We all love to talk about our home countries, our food, music, and discover new things.

6. Be self-aware – train yourself to become aware of your own biases and what to do to counteract them. You might, for example, want to start a training programme in your company to raise awareness, not only for your immediate team but also throughout the company, up to the board of directors. This is on our agenda and it’s something that we feel has become increasingly important as our team grows.

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Working in a cross-cultural environment can be so enriching when you ensure that there’s space for everyone, and make everybody feel part of the picture. It starts with embracing cultural diversity in the workplace and encouraging participation. Although it brings challenges, building a cross-cultural team can help individuals develop better skills quickly and, in turn, helps a business succeed.

Marie Marchal is Operations Manager at GA Agency, a digital agency.

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