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Why soft skills are the new leadership superpowers

  • 2.5 mins read
  • Article

As businesses shift to remote and hybrid working, the human element is more important than ever when it comes to leading teams

After decades of focusing on digitalisation and technology, business attitudes to the post-pandemic workplace are undergoing a seismic gear shift – including a nuanced understanding of workers’ needs and preferences.

These insights, provided by our Future of Work survey, are winning strategies applicable to all businesses. Of those companies surveyed, 77% regard investing in people as a crucial to long-term profitability, with 69% actively working on it. Overall, 70% plan to expand headcount, but with the emphasis on shaping the workplace to attract and develop talent.

77% of businesses regard investing in people as a crucial to long-term profitability

Smartly dressed man walking and talking to his female colleague whilst both are drinking coffees

Here are the top three areas our businesses are investing in upskilling their workforce to prepare for the ‘new normal’:

1. Managing and leading in a hybrid working environment

It looks like a mix of remote and office-based work is here to stay. So said a third of the businesses questioned, with 41% of higher-growth and 30% of lower-growth companies embracing full flexibility. Leaders have learned that this takes more than workplans and performance tracking: they have to build resilient organisations that enable people to work remotely while delivering products and services effectively. It means forging strong human connections and trusting the workforce’s potential to self-manage. ‘Soft skills’ is a misnomer: these are power skills increasingly seen as determinants of success. Analytics and problem-solving are necessary, but there’s new-found parity between task-based management skills and an intuitive approach to running the show. The payoff from the new hybrid way of working can already be seen: 77% of leading companies report higher productivity levels and an anticipated 30% increase in growth over the next 12 months.

2. Supporting wellbeing in the post-Covid workplace

Employee wellbeing is expected by 71% of businesses to benefit from a hybrid approach to work, as it gives people control of their work/life balance. Employers anticipate that around 44% of working hours will be on-site, the rest split between home and elsewhere.

To achieve this, there are prerequisites. Chief among them, for 43% of higher-growth companies, is upskilling leaders to help teams navigate this new way of working. A further 36% are providing training in how to support staff wellbeing.

3. Building a diverse and inclusive workforce

Change is all about people. And key to the kind of engagement required to bring about organisational change is a personnel strategy based on diversity and inclusion. In such an environment, the individual feels appreciated, involved, able to self-actualise. Legislation may set minimum standards, but the best strategies seek to add deeper value. It takes enlightened leadership to inculcate a workforce with a sense of pride and shared ethics, whether locally or globally, at home or at the office. To achieve this, 45% of the businesses we surveyed have working groups to improve diversity and inclusivity, among other areas of ESG. This is a priority for 27% over the next 12 months, with 34% upskilling their workers to create environments in which diversity and inclusivity can flourish.

‘Soft skills’ is a misnomer: these are power skills increasingly seen as determinants of success.

HSBC Navigator: The Future of Work

The Navigator: Future of Work survey was conducted by FTI Consulting on behalf of HSBC. Research was conducted online from 3rd to 8th August 2021 with 2,130 respondents who are involved in or influence strategic direction for their company in 10 markets: UK, USA, UAE, India, Hong Kong, Singapore, China, Mexico, Australia and Germany.

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