Understanding Good Leadership in 2024

Good leadership should not be hard to find. In many professions, like law, medicine, and accounting, professionals are expected to keep learning and improving their skills. This commitment to ongoing education helps them stay updated and provide better services to their clients. Jobs evolve and the commitment to stay abreast of new advances is important.

Given the critical role of leadership in organizational success and its similarity to established professions, it’s time to change how we approach leadership development. We should treat leadership as a true profession that requires ongoing education and skill refinement.

Good leadership can boost revenue, productivity, customer satisfaction, innovation, employee retention, and engagement. Despite all of the research showcasing the value that great leaders provide, it’s still unusual for leaders to actively work on improving their leadership skills. Many leaders prefer passive methods like reading or listening to podcasts and only a few commit to continuous improvement throughout their careers. This problem is supported by data from our firm, which assessed 200,000 leaders worldwide and found key factors that distinguish high-performing leaders from average or poor ones.

By adopting a more structured and proactive approach to good leadership development, organizations can create better leaders and healthier work environments. Our data from leaders worldwide emphasizes the urgency of this change and calls for action from organizations and leaders.

What is good leadership?

Commonly, leaders anticipate that as they advance in their careers, their income will follow a consistent upward trajectory. This expectation aligns with the notion that their increasing experience and expertise would lead to a commensurate rise in their contribution to the organization. While this holds true for certain individuals, particularly those who ascend to higher-level positions, our research yielded a surprising insight that transcends individual success stories.

Contrary to the assumption of linear improvement in leadership effectiveness with career progression, we observed a distinctive pattern: a gradual decline in leadership effectiveness as individuals age. This finding challenges conventional wisdom and raises critical questions about the factors contributing to this decline and its implications for leadership development.

The Importance of Managers Taking Charge of Development

To understand what good leadership should look like in 2024 we wanted to know what skills were being ranked as the most important. The following guidance is derived from our extensive work with some of the world’s foremost organizations.

Good Leadership Step 1: Identify Organizational Priorities

Begin by examining your organization’s current priorities and strategic objectives. Engage in conversations with key stakeholders, including senior management and team members, to gain a comprehensive understanding of the challenges and opportunities facing your organization. Identify two or three areas that align with your organization’s goals and where improvements are needed. These will serve as the foundation of your development plan.

Good Leadership Step 2: Unleash Your Personal Passion

Effective leadership development is not solely about addressing organizational needs. It’s also about nurturing your own growth and passion. Reflect on your own desires and aspirations as a leader. What aspects of your role do you feel most passionate about improving? Select areas that resonate with your personal values and vision for your leadership journey. Your enthusiasm will be a driving force in your  efforts to become a good leader.

A Data-Driven Approach to Good Leadership: Insights from 2,392 Leaders

The world of leadership is in a state of flux, with the pandemic and social change movements reshaping leaders’ aspirations and expectations. To gain deeper insights, we conducted a comprehensive study involving 2,392 leaders from diverse backgrounds and industries. Over the past two years in our Extraordinary Leadership Development Program, we asked these leaders to assess 19 competencies, selecting the four they deemed most important for success and the six that sparked the greatest interest and passion in their current roles. By combining the importance and passion rankings, we identified the top 10 competencies rated as most important that leaders have passion and energy to improve.

The Top 10 Competencies for Good Leadership: A Glimpse into Leadership Challenges and Aspirations

The results of our study represent a synthesis of what these leaders have identified as crucial for organizational success, combined with their personal aspirations for growth and change.  Here are the top 10 competencies that emerged from our research, offering valuable insights into the leadership landscape:

1. Solves Problems and Analyzes Issues: There is no shortage of problems in the world today, and leaders are faced every day with new ones they must resolve. With the constant barrage of problems, only some are solved, while others are delayed or even ignored. Technology has increased the speed at which problems occur and opportunities arise. Both need to be addressed, making this skill ranked number one.
2. Drives for Results: Consistently delivering on commitments is the hallmark of a successful leader. Meeting and exceeding goals not only contributes to the organization’s success but also safeguards a leader’s career and standing within the company.
3. Collaboration and Teamwork: Shifting from an individualistic mindset to one that promotes collaboration and teamwork is essential. One of the lowest-scored areas in our recent 360 assessment was “Resolves conflict within the work group.” And from a pool of over 2,400 people, 25% seemed to lean more towards working independently rather than collaboratively. Organizations thrive when leaders and teams work synergistically, even in a culture where individual performance is assessed and rewarded.
4. Inspires and Motivates Others to High Performance: Today’s employees seek more than just a job; they want to be part of a meaningful mission. Effective leaders inspire and motivate their teams to perform at their best, creating a sense of purpose and engagement.
5. Builds Positive Relationships: Positive relationships are the foundation of a cohesive organization. Our research indicates that strong relationships are a prerequisite for excelling in other key skills, making them essential for organizational success.
6. High Integrity and Honesty: Ethical leadership is non-negotiable in the modern workplace. Fairness, equity, and inclusion are paramount, and leaders are expected to set an example by following the rules and promoting an ethical culture.
7. Develops a Strategic Perspective: Strategic thinking is not limited to top executives; every leader should understand and contribute to the organization’s strategy. Aligning individual goals with the broader strategy is crucial at all levels.
8. Develops Others: Leaders who invest in the growth and development of their team members are not only personally rewarded but also contribute to the organization’s productivity and success. Recognizing career aspirations and providing support is a hallmark of great leadership.
9. Communicates Powerfully: Effective communication is a skill that can be improved with minimal effort. Keeping colleagues informed and sharing inspiring messages enhances motivation and productivity.
10. Makes Decisions: In a data-rich environment, leaders must strike a balance between making decisions promptly and accurately. Hesitation and rushed decisions based on incomplete data can both have detrimental effects on organizations.

Good leadership involves both individuals and leaders who focus on developing these skills will be better equipped to navigate the challenges and opportunities of our contemporary world.

Good Leadership Step 3: Make Leadership a Part of Your Profession

In summary, leadership should be treated as a genuine profession, demanding ongoing education and skill refinement. Just as lawyers and doctors continually update their expertise, leaders must proactively improve.

Consider the transformative power of good leadership: it elevates organizations to new heights, fostering innovation, inspiring teams, and shaping thriving work environments. Yet, there’s a shadow side—a pervasive narrative of discontent among employees subjected to poor leadership.

The top leadership competencies revealed in our research provide a roadmap for personal growth. Leaders who align their goals with these competencies will not only enhance their effectiveness but also contribute to healthier work environments. It’s time for leaders to commit to continuous development, raising the bar for leadership excellence, and creating better organizations and workplaces worldwide.

– Jack Zenger and Joe Folkman

Ready to find our what leadership skills you should focus on in 2024? Take our 8-minute Strengths Assessment and learn more about The Extraordinary Leader.