Remember when the COVID-19 tidal wave hit and a remote workforce was the most almighty challenge facing businesses and their leadership teams? Hard to believe that was four years ago already.
In 2024, leaders must channel the power of eternally rough seas in search of the perfect break and position their organisations in the optimal spot to capitalise on active market conditions in the face of truly unprecedented global challenges and technological change.
Andrea Wong, Managing Director at Robert Half Singapore has spoken to countless businesses in her 14 years of experience as a recruiter. She has built strong relationships with CFOs in private equity, venture capital, family offices, insurance companies, and banks. Since overseeing the Singapore office, Andrea’s divisions focus on recruitment within Finance & Accounting, Financial Services, Technology, Business & Finance Transformation, and Admin.
With Andrea’s expertise helping clients identify and attract top talent to achieve their business goals, she shares her insights into exactly what makes a good business leader in 2024.
“Fine-tuning exactly what makes a good business leader will be different in five years – or even two years – time,” Andrea begins. “The internal and external environments today’s leaders are operating in is fast-changing, so it’s essential that they, too, are constantly evolving.”
“Being a leader is immensely challenging and there are lots of surprisingly common mistakes to avoid. But the fundamentals of what makes a good business leader remain the same: be a good human. Trust in your skills and abilities. Don’t be afraid to make unpopular decisions, and keep listening, learning, and building relationships with integrity and purpose. The bottom line will look after itself.”
Leadership is inherently about building and managing strong relationships, and empowering connectedness – with your board, your peers, stakeholders, and teams. Let’s take a look beyond the cliché of ‘it’s not what you know, it’s who’ at five of the top skills, styles, and qualities that make a good business leader in 2024:
Network leadership is among the most important styles for any aspiring C-suite leader’s checklist. Networks matter. In a fast-paced commercial world, C-suite leaders are stronger when they commit to working closely with others to build or transform a business.
In 2023, a Chief survey of over 750 women in management and leadership positions found that the vast majority declared networking as key to almost every career milestone, and that strong networks were pivotal in driving operational success and revenue for business.
Over 80% of respondents had used networks to advance their careers, from simply accessing new jobs with better pay (81%) to breaking into the C-suite (84%) and joining boards (90%).
Beyond the personal gains, 85% reported having used the power of network leadership to achieve organisational goals such as winning new business, helping implement new frameworks or models (84%), leading successful projects (82%), and improving processes and/or saving money for their team or organisation.
“Emotional intelligence (EQ), understanding one’s own and other people’s emotional drivers, is one of the top skills shaping modern leadership styles today,” says Andrea.
“As a leader, having integrity – being someone who people trust and admire – impacts the whole business. Not only does it enhance your reputation, internally and externally, it sets a standard for ethical behaviour within the business. Ethical leaders are more likely to make decisions for long-term rather than short-term gain, enabling staff and customer loyalty, and investor confidence, to really flourish.”
Leaders with EQ are more credible, more approachable, and more honest. They aren’t afraid to say ‘I don’t know everything.’ Strong, trusted networks enable them to respond to crises and overcome challenges quickly and ensure they’re better informed and more trusted when making tough decisions.
Like a high EQ, quiet leadership as a quality of many successful leaders may surprise some readers. The true value of quiet leadership, a leadership style characterised by humility, empathy, and a focus on empowering others rather than seeking the spotlight, not surprisingly, is often overlooked.
“Not to be mistaken for softness, quiet leaders are still able to make fast, smart, and difficult decisions, one of the hallmarks of a good business leader,” explains Andrea. “Quiet leaders, though, lead through their actions rather than sheer physicality or words for words’ sake. They demonstrate integrity, work ethic, and an unwavering commitment to their values, which naturally inspires others to follow suit.”
“Apple’s Tim Cook is a great example. Is he the most dynamic, charismatic leader out there? No. But I think his emphasis on democracy and collaboration within the business, his admitted preference for ‘listening over speaking’, and his low key public profile, have all been instrumental in Apple's continued extraordinary success."
Continuous improvement and learning is an ongoing process, and not just for employees. What makes a good business leader is someone with the self-awareness necessary to be consistently evaluating their own performance, skillset, and processes to identify areas for improvement and – importantly – someone who is willing to adapt (see Adaptability and agility, below).
Relationship-wise, it’s important to remember that no-one can build a network on spec. Networks need attention, too; they’re an ongoing process, one of exchanging ideas and information, building trust, and learning from one another.
In business it’s tempting to prioritise relationships, or change, or processes that deliver immediate results. “But the most enduring solutions and partnerships will invariably have their foundations in lasting, mutually beneficial relationships,” Andrea reminds us. “Consider the collaborations between Singapore Airlines and Rolls-Royce, DBS Bank and IBM, or CapitaLand and Mitsubishi Estate; these are prime examples of some of Singapore's most prominent and lucrative commercial relationships, spanning decades and contributing significantly to the nation's economic growth.”
In 2024, adaptability stands out as a crucial leadership skill due to the rapid pace of technological advancements and ongoing market shifts, from warzones and elections to environmental threats, supply chain issues, inflation, and more.
Network leadership helps when leading change in a business. Good business leaders must navigate and embrace change, whether that’s adopting and integrating new technology, responding to market disruptions, or adjusting to evolving consumer demands.
Internally, they’ll need to manage their own personal biases, deal with time constraints, and manage difficult relationships and the often competing demands of staff and teams. If C-suite leaders can create an environment in which people feel their ideas are heard (and acted on), leaders’ internal network will be strengthened.
“Adaptable leaders will both champion and actively demonstrate a culture of agility and resilience in their teams, which makes them better equipped to pivot strategy and operations quickly to stay competitive in, honestly, pretty challenging commercial environments."
So, what should a future leader be? The integration of technology into leadership practices is no longer optional; it's vital for success in 2024 and beyond.
Artificial intelligence (AI) is no longer the elephant in the boardroom. By the time you read this, most businesses will have adopted and integrated AI tools into their operations, even if they are still playing ‘catch up’ with regards to regulation and governance.
“Expect boards and senior leadership teams to prioritise technology heading into 2025,” says Andrea.
With regards to networking, the power of social media knows no bounds. Social media is an essential tool for modern leadership. Popular platforms such as Instagram allow businesses to share insights, engage in industry discussions, and showcase their expertise, and leaders to build a strong online presence that enhances their influence and credibility.
“Direct communication channels with employees, customers, and other stakeholders allow for real-time feedback, transparent communication, and (hopefully) stronger, more transparent and authentic relationships,” concludes Andrea.
Effective modern leadership is based on relationships, forged over time. It is supportive and helpful to others, and a collective approach to transforming a business. A strong network will achieve great results because people feel connected, consulted, and considered. That’s why networks matter; it’s why aspiring C-suite candidates should build them; and it’s what makes network leadership one of the most desirable styles for senior leadership in 2024.
Looking for your next leader? Let experience take the lead with Robert Half’s Executive Search.
What are the qualities of a good leader?
A good modern leader will possess qualities such as integrity, empathy, and vision. They will demonstrate honesty and ethical behavior, earning the trust of their teams and networks. Empathy allows them to understand and connect with their team members, and a clear vision provides direction and purpose, inspiring others to work towards common goals. Additionally, good leaders are adaptable, resilient, and effective communicators, able to navigate challenges and motivate their team through inevitable change and uncertainty.
What are the top 5 leadership skills?
Five of the top 5 leadership skills today include:
Communication: clear, transparent, and effective communication is essential for conveying vision, expectations, and feedback.
Strategic thinking: the ability to anticipate future trends, identify opportunities, and develop long-term plans that align with organisational goals.
Emotional intelligence (EQ): understanding and managing one’s emotions and those of others to foster strong relationships and a positive work environment.
Decision-making: making informed, timely, and sound decisions free of ego and for the benefit of the organisation and its stakeholders.
Adaptability: being flexible and resilient in the face of change, able to pivot strategies and approaches as needed.
How can I become a better leader?
To become a better leader, focus on continuous learning and self-improvement. Seek feedback from peers and team members to understand your strengths and areas for development. Enhance your communication skills, practice active listening, and work on building your EQ. Develop your strategic thinking skills by staying abreast of industry trends and market dynamics. Cultivate adaptability and resilience by embracing change and learning from challenges. Additionally, avail yourself to others as a mentor, leading by example and demonstrating a commitment to your organisation's vision and values.
What are the benefits of good leadership?
Fosters a positive and productive work environment where employees feel motivated, engaged, and empowered to reach their full potential.
Increases productivity and improves morale.
Provides a clear vision and direction for the company, inspiring confidence and trust among employees and stakeholders.
Encourages innovation, creativity, and adaptability.
