A comprehensive study on the organizations and leaders of the future in Hungary was conducted by the Institute of Strategy and Management at Corvinus University of Budapest. They wanted to know what factors would have an impact on the functioning of future organizations and how these factors could be countered effectively. This was accomplished in part by creating a map of how businesses currently manage and organize themselves.
We examined the data about effective leaders.
“The leader of the future remains, in the minds of most respondents, more of a "lone hero", who is prepared and dynamic in leading the organization. By contrast, international recommendations describe them as a team player who works closely with others, inspires others, is adept at using new technologies, can cope with complex situations and can deal with uncertainty," they say.
The authors of the research see the best way for the companies surveyed to adapt to external changes is to continue to improve their current operations.
Their managers perceive their organizational skills, which require greater creativity and risk-taking, as weaker. Their ability to co-create value with customers (e.g. co-development) is considered to be the least developed.
The study confirms that the so-called transformational leadership style - as opposed to traditional transactional and " non-leading" leadership styles - is a major contributor to reducing barriers to change (e.g. resistance, low morale) and supports innovation and digitalization. In addition, transformational leaders - who value inspirational motivation, idealization (providing a role model) and intellectual stimulation, among other things - consider their work much more meaningful.
"Following professional recommendations on the organization and leadership of the future is crucial for every business, and even non-business organizations, but it is also critical for the national economy," said György Drótos, head of the research. The researchers made eight recommendations for business leaders in Hungary to follow:
In the Future Organization and Leadership survey, a representative sample of 305 senior executives of Hungarian companies with at least 50 employees and HUF 100 M turnover were interviewed in spring 2022.
Read the full research report here.