What’s New in Leadership
🚩 News from the awesome leadership world.
Leaders,
What’s up?
1. Business & Trends
QuantumBlack, AI by McKinsey
McKinsey came up with a hybrid intelligence model which is trying to combine the power of tech, and the power of people.
QuantumBlack is an open ecosystem with 500+ members (e.g., Google, Microsoft, salesforce.)
It is a smart way to ensure agility while you get domain expertise and automate repetitive tasks. But let’s see if QuantumBlack gives companies the competitive edge McKinsey is promising.
Building the engineering and construction workforce
Engineering may feel like a field that focuses on hard skills and education. Well, not really, AI and soft skills are pushing through.
“While digital skills are often increasing in importance, soft skills are in even higher demand in the construction industry, as shifting customer requirements are elevating the pressure to deliver projects on time and within budget. In particular, people management and business management skills have shown substantial growth.” - Deloitte
How does the EU protect businesses from unfair trading practices?
European industries, such as ceramics and electric bikes, face tough competition from low-cost imports, particularly from China and India, where cheaper labor and lower standards allow for undercutting local businesses.
Trade defense measures like anti-dumping tariffs and the Foreign Subsidies Regulation protect European companies by promoting fair competition.
Credit: https://www.euronews.com/business/2024/04/09/how-does-the-eu-protect-businesses-from-unfair-trading-practices These measures help preserve local jobs, ensure high product quality, and support the local economy, as seen with businesses like Nijland in the Netherlands.
2. Insights & Research
The Strengths, Weaknesses, and Blind Spots of Managers in the US
Gallup used a nationally representative U.S. sample of 2,729 managers and 12,710 individual contributors. The study assessed managers on 20 responsibilities.
Ratings fall into 4 categories:
Strengths -- rated highest by both managers and employees.
Known Weaknesses -- rated lowest by both managers and employees.
Blind Spots -- managers rated high, but employees rated low.
Unrecognized Strengths -- employees rated high, but managers rated low.
The blind spot quadrant is full of usual suspects: Recognition, collaboration, and feedback.
Again and again, feedback and collaboration make a topic that managers think they do well, while their teams don’t.
PwC's Wealth Management Insights 2024
The third edition of our Wealth Management Insights report dives into cautious optimism thanks to geopolitical conflicts, pivotal elections worldwide, and unpredictable interest rates.
Generative AI is seen as highly valuable in wealth management:
Credit: pwc “In an era where innovation leads, the embrace of digital assets and emerging technologies like AI is not just strategic but essential. The rise of products such as Bitcoin ETFs signals a paradigm shift, merging the digital frontier with traditional investment wisdom to unlock unprecedented opportunities for investors and advisors alike.” - Patrick Akiki
While technological advancements are important, the human touch remains crucial in wealth management. The hybrid advisory model, combining digital tools with in-person interactions, is highly preferred, with 85% of respondents favoring it, underscoring the need to blend technology with personalized, human-led services to build trust and offer tailored solutions.
3. Media
Reading:
Listen:
Pinkcast: Daniel Pink hunts for ideas that make us ask, “Why not?”
Workshop Alert: Boosting Accountability: Practical Steps for a High-Performing Team (Tue, Oct 15, 2024, 3:30 PM - 4:30 PM CET)
60 minutes Workshop Breakdown:
1. Introduction to Accountability
- Define what accountability means in the workplace
- Discuss the difference between responsibility and accountability
- Why accountability is crucial for a high-performing team
2. Setting Clear Expectations
- Clarifying roles and responsibilities
- Creating SMART Goals and using Skill Will Matrix
3. Establishing Transparent Communication
- Consistent check-ins
- Fostering open dialogue
4. Encouraging Ownership and Initiative
- Empowering team members
- Promoting problem-solving
5. Accountability Systems and Tools
- Tracking progress
- Feedback and holding people accountable
6. Building a Culture of Accountability
- Modeling accountability as a leader
Q&A and Wrap-UpLink to the event: https://us02web.zoom.us/j/83443181802?pwd=FMl8tMkcnwF5VaUK4nvNrCx83AzZF8.1
Monday Case Study: Lack of Respect
Thursday Newsletter: Why Your Best People Are Tired of Waiting for Recognition