Strategic Leadership The Path to Organisational Success
Every industry has seen the emergence of various new ventures in the past few decades due to the rapid developments in technology and rising consumer demand. Organisations require a leader responsible for setting goals for the organisation and designing long-term plans that provide a sense of direction.
77% of corporations experienced leadership gaps in 2019. Hence, the demand for skilled professionals with adequate experience is rising.
1. What is Strategic Leadership?
Strategic leaders set the vision in an organisation to help businesses stay relevant in an ever-changing economic and technological environment. Strategic leadership involves using a range of management and leadership practices to improve employees’ morale and productivity. It entails making decisions and formulating strategies that have a cascading effect on the overall organisational trajectory.
Key Points
An organisation’s growth not only depends on its consumers but also on how its internal force is working towards accomplishing future goals. A strategic leader plays an essential role in keeping the internal workforce together.
Strategic leaders are the protectors of an organisation. From defining a solid vision to developing strategies for accomplishing it, they have the authority to make decisions.
2. Prime Roles and Responsibilities of a Strategic Leader
Following are the duties a strategic leader must perform to ensure an organisation’s success:
A strategic leader is responsible for nipping problems in the bud by clearly understanding their nature and source. Strategic leaders often have to wear the hat of a crisis manager to handle organisational problems and deliver ideal solutions to resolve issues.
As a strategic leader, one is accountable for giving directions to the entire workforce. They act as a strategist focused on developing plans and activities to make the vision of the organisation a reality.
For an organisation to thrive in a dynamic setting, it is crucial to comprehend the economic environment closely. Analysing the business environment and grabbing opportunities that lead to expansion is another function that a strategic leader must perform.
Boosting employee morale and leading from the front are the most integral roles a strategic leader must perform. The strategic leader needs to look after the workforce to ensure it performs at the optimal level while staying aligned with the company’s goals.
A strategic leader’s most critical role is to protect the organisation against threats present in the business environment. They ensure the future of the organisation is secure by preparing for disturbances and not focusing on short-term gains at the cost of long-term goals.
3. Traits and Skills Required to be an Effective Strategic Leader
The crucial responsibility of taking an organisation to new pinnacles lies on the shoulders of a strategic leader. To fulfil this duty remarkably, one must have the needed skillsets and qualities that make up a robust and effective strategic leader.
Analytical Skills: Data is the soul of any business in the modern world. Therefore, a strategic leader should have the ability to analyse and interpret data efficiently to make informed decisions.
Communication Skills: Delivering thoughts and ideas precisely across all levels of an organisation is a vital skill a strategic leader must have.
Decision-Making Skills: Strategic leader should be able to make informed decisions for the betterment of the company. The leader should have the capability to make wise and timely decisions in order to succeed in a competitive world.
Problem-solving skills: Problem-solving is a critical component for leaders who must strive to eliminate barriers and challenges that can otherwise hinder their people’s or their business’ progress.
Self-awareness: Strategic leaders should have a clear sense of understanding about themselves. They should know their strengths and weaknesses and how their actions will impact the organisation’s functioning.
Creative Thinker– Employees and strategic leaders should keep upskilling themselves frequently. As a leader, they should question age-old beliefs and reform them if need be.
Trustworthy: One quality that defines a good leader is honesty. A strategic leader should be trustworthy and should know who to hold accountable.
4. Shortage of Skilled Professionals in Strategic Leadership
While there is no shortage of experience in the professionals, most lack the necessary leadership skills to take the organisation to new frontiers. To become a strategic leader, fundamental expertise regarding different operations in an organisation is a requisite.
According to reports, 38% of new leaders fail within the first 18 months[2], and such high rates of non-performance are connected with the skill gap existing in the market. Hence, professionals should opt for executive programmes to build a suitable knowledge base to succeed as strategic leaders.
5. How IIM Indore’s ECPSL Can Help Professionals Become Strategic Leaders
Professionals with in-demand skillsets will benefit the most from the talent gap existing in the market. And to develop the skillset, they should upskill themselves through executive programs. TSW, a sub-brand of Times Professional Learning, has partnered with India’s leading institutions, the IIMs and IITs, to launch such programs.
IIM Indore’s Executive Certificate Programme in Strategy and Leadership for Senior Professionals is one such unique programme.
The distinctive pedagogy of the course blends different learning methodologies like case studies, e-learning, quizzes to ensure the learner grasps the concepts thoroughly. Throughout the course, the esteemed faculty will cover various topics including marketing, change management, business analytics, and more. The programme allows learners to interact and connect with other industry experts through a three-day campus immersion period.
To know more: https://timestsw.com/course/iim-indore-executive-certificate-programme-in-strategy-leadership-for-senior-professionals/
