Artificial intelligence could eventually perform more than a quarter of work tasks in the United States and Europe and replace some 300 million jobs in the process, according to a study commissioned last year by Goldman Sachs.
This is just one of many possible changes that could affect how teams and organizations get work done in the not-so-distant future. The rise of generative AI is already streamlining some repetitive white-collar tasks and could soon move up the “value chain” to replicate higher-level human decision-making.
The implications of this looming disruption for executive leadership is something corporate governance experts like Nygina Mills, a Harvard-trained executive and former regulator with decades of experience leading dynamic teams, spend a great deal of time thinking about these days. Here’s how they believe leaders can and should adapt to remain competitive.
- Communicate Clearly and Fully
Leaders like Mills know that less is never more when it comes to communication within corporate teams. Rather, more is more.
As a leader, it’s your job to ensure that everyone on your team understands the group’s high-level objectives and what’s expected of them on a personal level. This may require more time and effort on your behalf, and may also demand a deeper understanding of the different ways team members communicate.
- Commit to Understanding Each Team Member
This “deeper understanding” extends beyond the bounds of communication protocols to encompass everything about how each team member approaches their job. Without being invasive or coming off as a micromanager, effective leaders take the time to learn about each team member’s work style and hours, preferred organizational methods, periods of “core” availability, and more. This should be done as new team members are onboarded or when you, the leader, transition to a new team.
- Build Resilience to Adversity
Most of us can draw on recent experience to build capacity for overcoming adversity in our professional lives. For Mills and many other leaders, the early days of the pandemic provided a classic test of resilience, as teams rushed to work remotely and “normal” business processes temporarily ceased or changed dramatically. While they might not have all the answers right away, great leaders navigate such situations deftly and help their teams do the same.
- Stay on Top of the Latest Technology Developments
AI is at the top of every corporate leader’s mind right now, but it’s not the only technology trend changing how we work. It’s vital for leaders to stay abreast of the latest developments, even if they don’t immediately seem relevant to their teams’ core functions or objectives.
- Follow Industry and Labor Regulations Closely
Non-technological developments are important for leaders to follow as well. Changing industry regulation and broader labor-law developments — state, federal, and local — could meaningful affect management styles and expectations.
- Embrace Curiosity (And Uncertainty)
Leaders don’t need to be “comfortable” with uncertainty, exactly, but they should expect it because it’s a fact of life in the modern workplace. Those who expect uncertainty while embracing curiosity — always asking “why,” rather than taking things as a given — are much more likely to excel in the new normal.
- Show Team Members You Value Them
Although AI offers the tantalizing promise of being able to do far more with smaller, more nimble teams, it’s not yet ready to run a complicated organization. For the foreseeable future, humans will remain at the center of key decision-making processes. Leaders must recognize this and treat team members as the value-creating resources they are.
What’s Next for Corporate Leaders?
The coming years are sure to bring unprecedented change and uncertainty for corporate leaders, present and future.
While the leadership strategies described above are likely to remain relevant — and perhaps critical — in the near term, it’s important for decision-makers to expect the unexpected as we move beyond that. No one really knows what the farther future could hold.
That might be a scary proposition for leaders accustomed to projecting confidence and dealing with more or less known quantities. But it’s also an opportunity for the boldest among us to distinguish themselves and to set their organizations on course for unprecedented growth.