The skill of successful leadership has become more complex and nuanced. In previous decades, the mark of a good leader was a person who could clearly articulate the vision and direction a company would take. Teams were expected to conform to the leader's direction and ensure they did everything necessary to achieve the goals.
With globalisation and rapid technological advances, the strategic direction of many companies is impacted by global events, the ripple effects of economic uncertainty and inflation, and a changing job market. The leadership model has changed from direction to coaching as staff expect a more significant say in how they do their jobs and what they are prepared to tolerate from management.
Challenges for leaders in Singaporean businesses in 2024
Leaders in many Singaporean companies are trying to balance the impact of five major issues.
1. Staff availability and retention
53% of Singaporean businesses stated that attracting suitable staff was a challenge, and 42% of businesses are focused on retaining existing staff.
By 2025, Singapore will need 1.2 million digitally skilled workers to meet economic demands. This represents a 55% increase from the current 2.2 million already in the workforce. The workforce challenge is compounded by an aging population and a dwindling birth rate, which means more foreign workers will be required to sustain economic growth.
2. Adapting to technological advancements
The pace of AI transformation in Singapore is rapid. 94% of employers believe their companies will become AI-driven by 2028. While AI will primarily benefit businesses' IT departments, employers believe significant value will also be achieved in business operations, finance, sales and marketing, and legal and human resources from AI and technological developments.
For businesses to truly benefit from technological advancements, leaders must embrace these changes and foster a culture of continuous learning and adaptation. This means taking responsibility for upskilling the workforce and staying updated with the latest technological developments, demonstrating a commitment to the company's success.
3. Economic uncertainty and Inflation
The rising cost of living and economic instability mean leaders must develop strategies to manage inflation and ensure business resilience
4. Sustainability and Corporate Responsibility
Previously, businesses were driven by the economic imperative to achieve a profit. Consumers and regulatory bodies now require businesses to adopt sustainable practices and demonstrate corporate responsibility while maintaining profitability.
5. Geopolitical risks
Supply chain disruptions and geopolitical tensions pose significant risks for global companies. Leaders must navigate these uncertainties and build resilient, adaptable supply chains.
Given these challenges, it is crucial for leaders and emerging leaders to consider studying for the Postgraduate Diploma in Management Studies and Leadership through TMC Academy.
This Postgraduate Diploma provides a focused and specialist vocational programme of study with a clear work-related emphasis. There is a strong focus on practical skill development and the knowledge and understanding necessary for a person to be an effective leader.
Advantages of getting Post Graduate Diploma at TMC Academy
There are several advantages to studying through TMC Academy.
TMC has a strong industry-based focus
TMC Academy has a solid industry-based focus designed to equip students with the practical skills required to be influential leaders.
The industry-based focus is maintained through the Industry Advisory Board. One function of the Board is to ensure the curriculum is industry-focused and relevant. The board also monitors current industry practices and emerging trends.
This ensures students receive the benefits of a course with a strong industry focus.
Core Modules
The core modules a student must complete for a Post Graduate Diploma are
• Management and Leadership Skills
• Marketing Management
• Human Resource Management
• Quality and Systems Management
• Accounting and Finance
• Strategic Planning and Implementation
• Project Development and Operation
These core modules provide a solid theoretical framework for the industry-based focus.
The opportunity of further studies through the University of Northampton in England
After completing the Postgraduate Diploma, students can progress to an MBA or an Executive MBA top-up programme with the University of Northampton.
The University of Northampton is a UK university established in 1924. It was awarded Gold, the highest possible mark in the UK Government’s Teaching Excellence Award Framework.
The opportunity to complete an MBA or an Executive MBA (top-up) through the University of Northampton will positively impact a student's career for years.
Studying the Postgraduate Diploma in Management Studies and Leadership gives students the skills necessary to be influential leaders.
The set of skills necessary for effective leadership
Given the challenges leaders face in 2024, leaders need to develop a diverse set of skills to be able to lead effectively. These skills include:
1. Talent Management and Retention
This skill has two aspects. One is creating a positive work environment where staff feel engaged and valued. This will enable the company to retain staff and reduce the costs of advertising, interviewing, and engaging new staff. The other aspect of this skill is creating a continuous learning environment where ongoing professional development is provided to keep staff engaged.
2. Adapting to technological changes
With the rapid development of AI and technological growth within industries, leaders must develop their digital literacy skills to understand and be able to leverage these new technologies to benefit their businesses.
Another essential aspect of adapting to technological change is for leaders to lead their teams through a constructive change management process as the new technologies are implemented in workplaces.
3. Strategic Planning and Financial skills
Leaders must develop flexible long-term strategies to navigate economic uncertainties while ensuring positive company outcomes. These strategies must be flexible enough for the leader to incorporate new information or manage unforeseen circumstances without losing sight of the company's overall objective.
Associated with strategic planning skills is understanding budgets and how to manage financial and other resources effectively.
4. Ethical Leadership
With the increased emphasis on sustainability and corporate responsibility, leaders must demonstrate ethical leadership.
Ethical leadership is both a skill and a practice. For example, ethical leaders prioritise principles such as trust, fairness, equality, and respect for others and make decisions that consider the well-being of stakeholders rather than just the profit margin. The skill is in learning to balance the well-being of others with the profitability of the company.
Ethical leaders are also role models for their teams. They establish a standard of treating others with respect, dignity and accountability. This accountability means the leader is prepared to allow others to get to know them rather than hiding behind the safety of their role.
5. Risk management skills
Given global companies' geopolitical challenges, effective leaders must understand and adapt to global market dynamics. This requires the ability to assess and manage risks effectively.
Studying the Post Graduate Diploma in Management Studies and Leadership will provide you with a solid foundation in both the knowledge and practical skills necessary to make you an effective leader in your company. A leader who can develop strategies and practical plans to meet the challenges leaders face in Singapore over the next few years.
Take the first step in your journey to being an effective leader by contacting TMC Academy here.
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