McCarthy Mentoring hosts quarterly forums where we bring together our mentors and coaches to discuss the leadership themes that are at the forefront this year. The conversations are always insightful, diverse, and energised, with a shared objective to provide valued support and guidance to leaders navigating significant challenges.
At our most recent forum in February, some of our mentors and coaches in the US and Australia discussed predictions and insights on key themes for 2024, reflecting recent research and their own experience of what they are seeing in their workplaces this year.
Here are some of the themes we examined:
Managing High-Performance in a Tough Economy
Managing high performance as economic pressures, political uncertainty and global stress levels rise require leaders to draw on broader skills. The tension and stress impacting individuals can create a lack of cohesion between employees and these differences of opinions, polarising issues and heightening emotions means that sometimes conflicts flare. Leaders are needing to reflect on their effective communication, relationship, and conflict resolution skills to manage this well. It’s also becoming increasingly necessary for leaders to build a people-first culture of respectful relationships and strengthened connections to maintain effective dynamics and positive outcomes.
Mentors and coaches can support emerging and current leaders to gain broad perspectives and build these important skills to recognise and empower diverse opinions while better managing conflicts. As one of our senior Sydney based executive mentors shared, managers are also needing to build resilience for frontline employees who may need to de-escalate customer aggression during stressful times.
Attracting talent and workplace flexibility
In the competitive and dynamic business environment of 2024, the forum agreed that attracting and retaining talent remains a top a leadership priority. Employees and new recruits continue to prioritise workplace flexibility alongside meaningful work, culture, and opportunities to learn and develop.
The group discussed their experiences with organisations constantly refining their approach to flexibility and hybrid arrangements in the workplace, both across work practices and – as a Melbourne based mentor and executive recruiter commented – in their recruitment processes. Policies and practices are being re-examined to enhance productivity, engagement, connection, and retention. It was suggested that those that have organisation-wide, (rather than team-by-team led) policies, paired with clear expectations, are the ones that are faring best.
Yet it remains a significant challenge when some roles and business requirements such as frontline workers in healthcare, education and manufacturing find it harder to offer flexibility. As a US-based coach highlighted; “how do these organisations create flexibility to attract employees that need or want it? Or set themselves up for this new structure? It’s a tough challenge.”
It’s interesting to observe that some major companies such as Microsoft and ANZ have mandated a full return to the office, which has both pros and cons, particularly for those who are primary carers. Another California based coach shared that this tension increases when markets are tight, such as during the recent Silicon Valley layoffs when employers have the upper hand. While in other sectors the four-day week is becoming a real prospect. At the moment, Medibank is trialling a four-day model with some early signs of success, while others are looking at relieving economic pressures as a retention strategy and providing compensation around commutes and childcare.
Our discussion also acknowledged the importance of creating workplaces that are flexible enough to foster intergenerational talent. As younger workers and newer communication styles enter the organisation, leaders are being prompted to build new skills as they manage across age categories, as well as across the different expectations at different stage of lives and careers. This month’s AFR Workplace Summit discussed Gen Z’s employment wish list of flexibility, purpose, connection, being able to be ‘authentic’, learn new skills and being listened to.
Irrespective of policies and working locations, workplaces need to be energising, with opportunities and proactive initiatives for quality interaction and connection.
Workplace and Employee Wellbeing
Executives and boards continue to prioritise the implementation of policies and practices to support workplace health and wellbeing for hybrid, in person and remote workers. Some organisations have teams dedicated to health and wellbeing while others are implementing new programs, measurements, and resources. The recognised benefits for a mentally and physically healthy workforce around increased productivity, reduced absenteeism, heightened employee engagement and enjoyment is well documented. McKinsey found “workers who report high levels of personal wellbeing tend to be more satisfied with their work and have a positive impact on morale.”
Our mentors and coaches discussed the prominence of wellbeing and preventative management for themselves and their teams in many of their discussions. We focussed on carefully managing difficult work situations such as poor behaviours, reducing stress, improving health habits, juggling the balance and preventing burnout. Participants valued strategies around self-care increased connection, review and resetting of work-life structures, improved prioritisation and gaining fresh perspectives on their role, performance and work challenges.
AI & Cyber
The use of AI is rapidly shaping policies and practices within organisations as leaders seek to understand the best way to implement the power of this tool to support growth, and improve efficiency and productivity. Our mentor forum discussed the challenge for leaders needing to remain informed and adaptable by continually reviewing the capability and impact on skills, structures and resources. McKinsey shared the case study that without possessing innate human wisdom, creativity, intuition and lived experience, AI won’t replace people. But there is an argument that people who use AI will replace people who don’t.
Critically, cyber security and scam awareness is an ongoing and increasing challenge. Leaders not only have to stay informed, manage stakeholders and allocate appropriate resources and tools to mitigate this risk, but in many places executives will be measured on how well they prepare for and respond in a crisis. Coaches and mentors are continuing to support leaders to strengthen skills such as agility, decision-making, and influencing so that they can continue to educate, prevent and manage.
Climate and Weather Impacts
In addition to the sustainable environmental, social and governance strategies and policies being reviewed at an organisational level, major climate and weather impacts are being keenly felt by customers, employees, and clients: from damage to infrastructure and supply chain sources to displacement of employees and customers in crisis. The disruption, distress and financial implications of these events add to the pressure on leaders needing to manage through the crisis and sustain a long-term response after these events.
Support and Development
Our forum discussed the genuine desire of their executives and emerging leaders to learn and grow to respond and lead effectively in these times. The group shared the impact they had seen in having a confidential sounding board as a pathway to building knowledge, accelerating growth and strengthening performance. The different perspective, experienced insights, and time to reflect saw improved performance, confidence and stress management amongst current and emerging leaders grappling with current demands.
Here we share our thoughts on why formal structured development programs, such as mentoring and coaching, can successfully support organisations to grow and develop their executives and emerging leaders and help them stay motivated, optimistic and thrive, rather than just survive in 2024 as responsibilities and expectations of leadership shifts and expands.
