A new study has shown that Generation X value very different leadership qualities to their departing peers. How can organisations prepare and shift?
One of the biggest and most under-appreciated upheavals that will affect companies over the next decade is the retirement of the current generation of senior executives. These leaders, who predominantly come from the baby boomer generation, have an outlook on life and commerce which has uniquely shaped today’s business world.
As these leaders prepare to hand over the baton to the next generation, it becomes ever more pertinent to ask: what will follow in their wake? To answer this question and explore the challenges posed by the transition, we conducted an in-depth research study in partnership with Cass Business School, interviewing leading senior executives across a wide range of industries and geographies.
The findings of the report make interesting reading. Emotional intelligence, people skills and flexibility, attributes that have traditionally been seen as more feminine qualities, will be particularly highly valued. In spite of this, most organisations currently underserve female markets. Cultural awareness will also be increasingly important to future leaders, and with this, the ability to speak foreign languages.
It is clear that organisations will need to ease the transition between the two generations of leaders. While it seems inevitable that business and industry will face some significant changes over the coming decade, by adapting to these changes at board level, companies can thrive in the new environment.
There are two fundamental ways in which leadership will have to change. It will need to become more collaborative, and it will need to be more culturally aware. When asked which three qualities they looked for when identifying future leaders, most executives said emotional intelligence, followed closely by flexibility and people skills.
Interestingly, these are traditionally regarded as more feminine leadership skills and would certainly point towards the emergence of a more collaborative, more collective style of leadership, regardless of gender differences.
Around 70% of people felt that their leadership development plans should include some cultural awareness and diversity elements to reflect the growing importance of emerging markets, while an astounding 85% believed that the ability to speak a foreign language will be important to executives. Already, S&P 500 companies derive nearly half of their revenue from international sources and, for many, international revenues are growing faster than their core revenues.
While businesses around the world appear to have a clear idea of the leadership changes required, more worryingly, only 41% of respondents believed that their organisations are ready for these changing workplace demographics of age, gender and diversity.
In order to thrive in the post-baby boomer landscape, companies need to put serious thought and effort into smoothing the intergenerational transition for leaders from Generations X and Y. Organisations must find ways of transferring as much knowledge and experience as possible through directly mentoring next generation talent, so that tacit knowledge can be transferred, and written knowledge can be cemented.
Organisations must also accommodate the different work attitudes and motivations of the generations, moving if necessary to a flatter organisational structure and providing opportunities for freer movement.
Adapting need not involve dramatic change, but it requires a subtle shift of culture and priorities. As with tomorrow’s leaders, flexibility and a focus on people will be key survival attributes for tomorrow’s leading organisations.
Richard Boggis-Rolfe is chairman of Odgers Berndtson. The report is out today.
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Cultural Festivals, a Leading Art Fair Producer, Opts for FTS Vendor Booth Sales Service
Original post: Saint Louis Art Fair Signs With Festival Transaction Services
The proposed cuts to government investment in the arts imperil local communities
At a conference last Thursday at the National Theatre, the leaders of 22 English regional theatres described the transformational effect that a thriving performing arts centre has had on their various cities and towns. We were delighted to welcome Danny Boyle, fresh from his Olympic triumph, to put the case for sustained modest investment in a national theatre network. As he said, theatres “create communities… what they provide is something else to believe in; something in our cities and towns that isn’t Wetherspoon and Walkabout pubs and Mario Balotelli and John Terry”.
They are, in other words, a cornerstone of what somebody once called the “big society” and an agent of social and economic regeneration of once bleak town centres. Many local authorities understand this. David Martin, of Oldham Coliseum, told us how his council has invested in the refurbishment of the theatre, recognising its value in changing public perceptions of the town and creating a constructive night-time economy. Gemma Bodinetz recounted how Liverpool council had funded lighting for a football ground, following a community project led by the Playhouse‘s technical team. Meanwhile, Erica Whyman, of Northern Stage, reported that studies by Newcastle’s principal cultural venues estimate that for every pound invested in their buildings, £4 is returned into the local economy. These dramatic transformations are not confined to the regions.
Londoners will remember the wasteland of the South Bank 20 or 30 years ago, when a visit to the Southbank Centre or the National Theatre involved a lonely trek across what felt like a bomb site. The expansion of what is now the world’s largest and most successful cultural centre has created ripples throughout the surrounding area.
It is therefore bewildering that so many of these theatres now find themselves in peril, as they face cuts not just from the Arts Council but from their local authorities, their hands reluctantly forced by ferocious reductions in what they receive from central government, which fall far more heavily on councils such as Sheffield (where the government grant has reduced by £137 per resident over the last two years) than Richmond-upon-Thames (where it’s reduced by £28 per resident).
None of us can understand why the government would want to do further damage to a productive corner of the economy for the sake of tiny savings that would be vastly outweighed by the resultant losses. Philanthropy is being offered as a cure-all; Maria Miller, the culture secretary, has suggested that it might double over the coming years.
I can speak with some authority as the director of a theatre that has doubled its charitable income over the past six years. We have been able to do this because we are a) in London and b) properly funded in the first place. ighty per cent of philanthropic giving to the arts benefits London, and almost invariably private funding follows public funding. To pretend otherwise is to betray not only the theatres that have so risen so magnificently to the challenges of the last few years, but also the communities they serve.
CAPE MUDGE VILLAGE, BRITISH COLUMBIA–(Marketwire – Nov. 10, 2012) - Today, the Honourable John Duncan, Minister for Aboriginal Affairs and Northern Development and Member of Parliament for Vancouver Island North, on behalf of the Honourable Lynne Yelich, Minister of State for Western Economic Diversification, announced federal funding for the Nuyumbalees Cultural Centre under the Harper Government’s Community Infrastructure Improvement Fund (CIIF).
See the original post here: Harper Government Invests in Improvements to Community Infrastructure on Quadra Island
More than 100 jobs will go at funding body, which also faces regional restructuring
More than 100 staff are to be axed from Arts Council England (ACE), it has been announced, alongside news of a regional restructuring in order to make savings demanded in the last spending review by the then culture secretary, Jeremy Hunt.
The reduction in staff from around 559 jobs to 442 will be accompanied by closures of offices and mergers of regions, as part of a strategy which the organisation’s chief executive, Alan Davey, said would result in ACE doing less but doing that “differently … [and] well”.
Some fear this will mean people working in the arts will be further away from their local Arts Council office; there were claims that the body had been “butchered” and suggestions that the changes amount to a “withering” of the regions.
The Arts Council had been told to cut its administration costs by 50% as part of the 2010 government spending review, in which its annual budget will drop from £449m to £349m by 2015.
The restructuring means that there will be five Arts Council areas instead of nine, covering London, the south-east, south-west, Midlands and north, while the body said that property costs would be halved through reductions in the size of offices.
Major offices will be located in London, Birmingham, Manchester and Bristol, plus some smaller local offices in an effort to keep the Arts Council close to the arts and cultural sector and to local government.
The number of executive directors, who are responsible for delivering the Arts Council’s overall strategy, will also be reduced from eight to four.
Davey said that the savings had been challenging to achieve, given the body’s “already pared-down structure”, but added: “There is an absolute need for the Arts Council to remain an intelligent investor, leading growth and ambition in an arts and cultural sector which contributes so much to the wealth, quality of life and reputation of our nation.
“We are protecting the relationship management and the artistic and cultural expertise we know our colleagues in the sector value, but we must be pragmatic. We’ll do less and we’ll do it differently – but we’ll do it well.”
The 2010 spending review saw a 29.6% cut in ACE’s current government grant of £449m to £349m. At the time of that announcement ACE was asked to pass on cuts of only 15% to the “frontline” – defined by the culture minister, Ed Vaizey, as its portfolio of regularly funded organisations.
Moves towards the new structure are to begin next month and are scheduled to be completed by July 2013. ACE said that proposals for the changes were refined during consultations with staff, unions and the wider cultural sector and that it had been guided by the principle of being able to continue to deliver its 10-year strategy for 2011-21.
The television executive Sir Peter Bazalgette, who was behind programmes such as Big Brother and is the chair of the English National Opera, was announced as the new chairman of the organisation last month and will replacing Dame Liz Forgan from February. Forgan’s tenure was cut short by Hunt – a decision he said was one of the hardest he had had to make. Forgan, who chairs the Scott Trust, owner of the Guardian, served for four years and had hoped for a second four years until Hunt stepped in.
Deutsche Bank’s chief executive Anshu Jain follows new Barclays boss Antony Jenkins in vowing to change firm’s ways
Here’s the new competition in banking: making the biggest promises for cultural change.
On Monday, Antony Jenkins, the new chief executive of Barclays, was talking about the bank’s mistakes in the wake of the Libor scandal and pledging to put them right.
On Tuesday, it was the turn of another top banker, also new to his job, to make promises. Anshu Jain, 100 days into his new role as chief executive of Deutsche Bank, a job he holds jointly with Jürgen Fitschen, said that, with returns to shareholders in decline, “we can’t expect our investors to allow us to pay the bonuses we have in the past”.
“Highly paid individuals are our biggest cost base” and, in future, the most senior staff at the bank will have to wait for five years to get their bonuses, just to make sure that the performance on which they were based does not evaporate in the meantime.
The Deutsche Bank pair made clear that bonuses were going to come down as they promised to set up a new “compensation standards panel” to look at pay in the current 2012 financial year.
They made their pledge to put themselves at the “forefront of cultural change in the industry” after laying the ground in July for some sort of regulatory action following the Libor scandal, by admitting that some Deutsche staff had been involved in trying to rig the key interest rate.
Barclays has already to set up its committee, chaired by the lawyer-cum-banker Anthony Salz (who is also a director of the Scott Trust, which owns the Guardian), to examine the bank’s culture.
However, it is clearly too early to know whether the words being uttered by bankers promising cultural change will translate into action – or, crucially, appease investors fed up with bankers taking too big a share of investment banking revenues.
Dreamworks Animation plans to build a £2bn cultural and entertainment site in Shanghai with its Chinese partners.
More here: Dreamworks plans China theme park
As thousands of people arrive in London for the Olympics, the capital is gearing up with a series of cultural celebrations.
Continued here: VIDEO: London tourism ‘ready for Games’
GRAND PRÉ, NOVA SCOTIA–(Marketwire – July 21, 2012) - On behalf of the Honourable Peter Kent, Canada’s Environment Minister and Minister responsible for Parks Canada, Mr. Robert Goguen, Member of Parliament for Moncton-Riverview-Dieppe and Parliamentary Secretary to the Minister of Justice, as well as Mr. Greg Kerr, Member of Parliament for West Nova, today joined the community celebration following the Landscape of Grand Pré’s inscription on the United Nations Educational, Scientific and Cultural Organization’s (UNESCO) World Heritage List. At its World Heritage Committee meeting in Russia on June 30th, the World Heritage Committee determined that the Landscape of Grand Pré has Outstanding Universal Value, and encompasses cultural characteristics that are so exceptional they are of importance to present and future generations of all humanity.
Read this article: Communities Celebrate the Landscape of Grand Pre World Heritage Site