In my previous blog post, I shared my understanding of the webinar on how to go from a poor to agile mindset. I have summarized the few reasons why the agile mindset is important for leaders.
The problem lies in frame of mind and there needs to be a transformation of thoughts, emotions and action. Hence the need for an agile mindset where they need to change their way of thinking and start on a completely different path.
Three reasons why we need to grow an agile mindset
I would like to elaborate on the three reasons we can grow the agile mindset so we can face the volatile, uncertain, complex and ambiguous (VUCA) world. For some background on what the VUCA is, I wrote a previous blog post on the characteristics of the VUCA world and how it impact work. https://jeroybrighterfuture.school.blog/2021/09/21/four-characteristics-of-the-vuca-world-and-how-it-impacts-work/.
(1) Creative Destruction
Back in the 1970’s, companies on the S&P index, the average company lifespan last from 30 to 35 years before they go out of business. The prediction is that in the 2020s where we exist right now, company’s lifespan is shortening by 15 to 20 years. Company’s lifespan is shrinking and this process is called creative destruction. Causes of creative destruction include technology and innovation making certain processes irrelevant resulting in firm closure. Entire industries can merge and you can see hybrid models in digital healthcare or retail and entertainment, transport and fuel.
According to Innosights, there are three factors that can help companies thrive across different sectors. The factors are that they are digital, sustainable and play to core strengths to allow them to catch the market trends and seize opportunities. There are some interesting mergers and acquisitions like Air Asia has acquired Gojek operations to launch a super app.
(2) Changes in the workforce
Different generations have different needs and wants. In order to thrive as a leader in this multi-generational workforce, you need to understand the different needs and wants. According to Gallup, they have found four things. Gen Z and the millennials want employees to care about their well being and are ethical. The older millennials want their leaders to have open communication style. Younger millennials and Gen Z want diverse and inclusive workplace. Across all the generation, they want employers to care about them.
(3) Skills and attitudes gap
We live in an era of double destruction caused by automation and Covid-19. Destruction by technology is not new as it has been happening for years but with the impact of the pandemic we can see the real extent on the labour market where jobs are disappearing faster than they are created. Although many people are now returning to work the experts are not expecting numbers to return to pre-pandemic levels.
The good thing is that there are new jobs emerging and there are opportunities. To take on these opportunities, the workforce need different skills. There are new jobs with hybrid industries. UOB did a survey where 9 in 10 people think they need upskilling and reskilling in order to stay competitive. Many expect digitalization and retrenchment to take place.
Conclusion
To conclude, we need to embrace the agile mindset for three reasons. First, the shrinking lifespans of companies. Second, the different needs of the multi-generational workforce. Third, skills and attitudes gap. According to Mckinsey, there are 56 DELTAS associated with better outcomes in employment, higher incomes and job satisfaction in the future of work. The 56 DELTAS are grouped under 4 categories which is cognitive, interpersonal, self-leadership and digital. As manual jobs are disappearing, it is the advanced cognitive skills that people need.
2 Things you can remember from the webinar
To sum up, there are two things that one can take from the short course and that is coping with uncertainty and self-confidence. These two traits emerged more than once for employability, income and job satisfaction. If you are thrown in any situation, the agile mindset will help you gain ease and authenticity.
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