The world of management is constantly changing, and leaders must possess certain skills to be successful.
Harvard Business Publishing, a subsidiary of the Harvard Business Review, recently published a report on critical leadership capabilities.
Here are Harvard Business Publishing's eight critical competencies for leaders, according to Business Insider.
1. Manage complexity. Leaders must shepherd their organizations through periods of uncertainty, complexity and change. To do so effectively, they need beneficial problem-solving and decision-making skills to quickly assess situations and choose the best course of action.
2. Supervise global businesses. While this trait wasn't as necessary a decade ago, overseeing global business on a daily basis is crucial today. "This includes assessing what's happening with consumers, competitors, the economy and the politics of the markets in which their businesses operate," according to the report.
3. Plan strategically — and execute. Effective leaders must always think ahead, anticipate unforeseen challenges and be willing to adjust their techniques and mindsets to tackle whatever is thrown their way. Importantly, they must follow through on their strategic initiatives.
4. Cherish innovation. As competition in every market increases, leaders must continuously push for new and creative ways to work and problem solve. Through embracing innovation, leaders can focus on taking their business to the next level.
5. Utilize networking. Collaboration is the key to effective leadership. Leverage networks as a means of benefiting the overall organization and developing new relationships.
6. Foster engagement. "People can occupy jobs for years, but they won't create value for their organizations if they're not invested in their work," the authors wrote. Effective leaders help employees feel like they're making a difference.
7. Create personal adaptability. The ever-changing healthcare marketplace needs leaders who are nimble and embrace change. Don't focus on how things have always been done; instead, seek different ways of managing people and overcoming obstacles.
8. Cultivate learning agility. Effective leaders enjoy new opportunities to learn and develop, "and they take time to reflect on their experiences so they can learn from success and failures," the authors wrote.