Before the pandemic, it would have been difficult to imagine that some companies would completely shift from in-office setups to remote work in a matter of months. Few people would have believed entire industries would be able to move online or that businesses could so quickly pivot their operational models to work in a remote, quarantined world. This workplace transformation accomplished in six months what could have easily taken six years or more — it also demonstrated the importance of business flexibility.
Many of my company’s clients assumed they couldn’t manage their sales teams remotely and that they couldn’t sell virtually in an effective manner. As is the case with most assumptions, they weren’t validated; they were the “head trash” that comes with guessing what is and isn’t possible before actually testing beliefs. People still have needs during pandemics and recessions, and the presentation and delivery of solutions to those needs must be virtual.
Just as the forced quarantine pushed businesses to take the plunge into evolving workplace environments, it should also inspire us to consider the evolution of leadership.
Redefining and reimagining leadership
This evolution starts with redefining how we view leadership. Some companies opted to hire fractional leadership (i.e., recruiting business leaders on a for-hire basis rather than hiring permanent executives) because they decided the old way of doing things wasn’t enough. They had evolving needs, and they were ready to evolve their corporate structure to keep pace.
Some companies have objected to the idea of fractional leadership, claiming leaders can’t be effective if they spend only a portion of their time in the leadership role. On the contrary, we’ve seen a surge in companies using fractional resources. According to data from GigX, there is expected to be an 80% increase in companies using fractional staff by 2025. Companies might be unable to afford full-time access to qualified higher-level executives, but they can still benefit from fractional leadership from these savvy business minds.
The fewer the hours, the deeper the focus. Even if fractional leaders work fewer hours overall, they spend all of that time devoted to specific departments and goals—not distracted by a litany of other company issues.
And in today’s remote environment, companies aren’t necessarily looking for employees that will put in the most hours possible; they want the best talent out there. After all, poor hiring decisions can be extremely costly. Former Zappos CEO Tony Hsieh famously estimated that bad hires had cost his company more than $100 million.
Ultimately, companies that hire fractional leaders save on the costs of developing leaders and making up for knowledge gaps. Considering the global investment in leadership development is estimated to be more than $370 billion, those savings add up in a hurry.
Specialists are the new jacks-of-all-trades
Society as a whole has started to move away from generalists and more toward specialists. For example, HR management roles have shifted from personnel management and administrative tasks to specialist functions of learning, rewards, and talent acquisition.
The evolution of leadership continues to show a departure from traditional views and roles — a progression that aligns with the significant upheavals and workplace transformations of 2020. Contemporary businesses must embrace the importance of flexibility in business instead of locking themselves into archaic leadership models that do more harm than good. The ability to evolve has never been more critical, and now is the time to get started.
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
Buffett Made This One Big Mistake. Don’t Let Yourself Do the Same
When an investment opportunity like AR and VR comes along, it can be hard knowing when to jump. Even if...
Bank of America Sees Bitcoin as an Opportunity for El Salvador
September 7th, 2021 is the date set for the introduction of Bitcoin as the official currency in El Salvador. BTC...
Spanish Biotech Companies’ Profits Fall 28% in the First Half of the Year
Grifols, which specializes in the production of plasma derivatives, achieved a profit of $317.2 million (€266.8 million) in the first...
The Economic Situation in Morocco: Domestic Demand Continues to Recover
Domestic demand in Morocco continued to recover in Q2-2021. According to the HCP, household consumption has, in fact, strengthened by...
Soybeans Market Closed Lower on Friday
Soybeans and the products were lower on Friday. Soybeans closed the week a little higher while the products were narrowly...
Business6 days ago
The Metaverse Is the Way of the Future, and Facebook Just Confirmed It
Cannabis6 days ago
Colombia Now a Major Player in Industrial Cannabis Production
Crowdfunding6 days ago
Eltif ALICrowd Invests €600,000 in the Equity Crowdfunding Campaign of Orapesce
Business4 days ago
Forget Facebook (NASDAQ: FB) and Apple (NASDAQ: AAPL): Virtual Reality (VR) and Augmented Reality (AR) Investors Should Snap Up XRApplied (CSE: XRA) Instead