March 15, 2022
Strategic Leadership for Businesses:
Strategic leadership refers to how a leader visualises, plans, leads, and makes the best out of the resources available to execute strategies as efficiently and successfully as possible. Strategic leadership achieves its aims by building individual and organisational capability.
But the core importance and aim of a strategic leader is to anticipate challenges, interpret complex information, and steer an organisation towards an improved future in uncertain times. In the present scenario with a leadership crunch, professionals need to develop new skills and tools to help them become influential leaders in today's changing work environment.
1. How Strategic Leadership Can Handle Disruption and Uncertainties
The roles of leaders today are different from what they used to be in traditional organisations. Leaders in the 21st century are grappling with a complex business environment which makes strategic leadership an imperative role.
The pandemic has disrupted how business is conducted and has accelerated the need to adapt quickly. According to McKinsey survey only 11% of respondents believed that the current business models would be economically viable through 2023, whereas, two-thirds said their companies needed to adapt to the change. This means that strategic leadership will have a more prominent role in anticipating the organisation's needs with a view to implement meaningful change amid the contemporary era of disruption.
2. Famous Personalities With Strategic Leadership Characteristics
Take a look at some of the prominent strategic leaders who have proficiently anticipated and handled disruption and uncertainty.
i. Jacinda Ardern, Prime Minister of New Zealand :
During the COVID-19 pandemic, Ardern's swift decision-making and vision kept casualties low. She demonstrated impressive social skills while being articulate and direct about her leadership strategy, which are critical traits of a strategic leader.
ii. Jeff Bezos, Amazon founder and CEO:
Bezos is responsible for bringing his company's stock up by 225,000%. The Bezos strategy's hallmark is refusing to focus on short-term gains, thinking long-term, and seeing the organization as an interconnected whole. This mindset is combined with intuition, deep research, and market knowledge, particularly in a disruptive business environment.
The kind of strategic leadership shown by Ardern and Bezos needs to be cultivated over time.
These skills of managing change, negotiating and influencing multiple stakeholders, and communicating with impact are just some of the skills central to strategic leadership.
3. The Talent Gap in Strategic Leadership Roles in India
A leadership gap has become apparent in India, and this grey line needs to be fostered through upskilling.
According to the Leadership Development Trends report, which involved over 500 leadership specialists, 80% of Indian organisations face a leadership talent shortage. In contrast, 49% of organisations had to upskill their existing leaders. This trend is seen across various industries and across all verticals.
An effective way to address the leadership gap is through executive programmes that train senior professionals in strategic leadership, equipping them with the tools necessary to navigate the business environment of today and tomorrow.
4. How IIM Indore's ECPSL Can Fill The Leadership Skills Gap
IIM Indore's Executive Certificate Programme in Strategy & Leadership for Senior Professionals (EPSLSP) is geared to senior professionals and aims to build the critical capabilities needed to thrive in a volatile world. The year-long programme deploys business case studies and projects with an interactive pedagogy to help participants:
i. Deepen their understanding of business functions and develop critical insights
ii. Think and implement goals strategically
iii. Effectively lead and manage teams and organisations
iv. Better understand and respond to disruptive challenges confidently
Keeping these outcomes in mind, the programme includes modules like Business, Economic, and Financial Management; Operational Excellence; Working with Data; and Strategy.
To make the best use of the program, an ideal participant ought to have work experience of at least ten years.
5. Progressive Career Path After Pursuing EPSLSP
This strategic leadership programme makes a candidate fit for the following roles:
The programme adds value to the resume, provides recognition, opens doors to excellent career opportunities, helps draw a higher salary, and validates your dedication to the job.
Some might view EPSLSP certification as expensive, time-consuming, and a difficult task. However, many hiring experts treat this certification as an important credential that adds credibility to your professional profile.
The five elements of strategic thinking are:
i. Systems perspective
ii. Intent focused
iii. Thinking in time
iv. Hypothesis-driven, and
v. Intelligent opportunism
Strategic leaders are responsible for an organisational structure, allocation of resources, and expressing a strategic vision.
Numerous institutes are offering strategic management programmes. However, IIM Indore's certificate program, in particular, focuses on the tools, methods, and principles of strategic leadership. Through hands-on project work and case studies, the programme prepares participants for the future job market.
Taking up a certificate programme taught by industry expertsis an ideal way to upskill.