From Leaders to Employees, Time to Brush up Digital and Sales Skills

A study MIT Sloan Management Review (MIT SMR) and Cognizant by reveals that globally most executives are not completely aware of what it takes to keep their businesses stay competitive in the digital economy.

Over 70% employees believe that they are prepared to lead in the digital economy, but scored significantly lower on details about specific digital skills, like using data analytics for decision-making (55%) or advocating for the use of ML technology in their organizations' operations (50%).

This study is based on a survey of 4,394 global executives from 120 countries, 27 executive interviews, and focus group exchanges with next-gen global emerging leaders. Out of these, 82% agree that the new economy will require ‘digitally savvy’ leaders, and less than 10% agree their organizations have the right leadership to flourish in the new digital economy. Only 40% believe that their companies are taking the steps to build robust digital leader pipelines.

With just 12% of respondents strongly agreeing that their business leaders have the right mindsets to lead them forward, this becomes quite a worrisome situation. "A generation of leaders in large companies are out of sync, out of tune, and out of touch with their workforces, markets, and competitive landscapes. What got them to their current exalted status won't be effective much longer — unless they take swift action," said Benjamin Pring, report coauthor and director of the Center for the Future of Work for Cognizant. "Allowing unprepared senior executives with outdated skills and attitudes to stick around forces next-generation, high-potential leaders to move on to new pastures, which harms morale and ultimately shifts the organization further away from where market demand is heading."

The report suggests that companies must erode antiquated leadership patterns like relying upon hierarchy for influence, rigid strategic planning, and command-and-control decision-making. Instead endure evergreen and time-tested leadership attributes and behaviors including ethics, trust, and integrity as well as including digital savviness and collaboration skills.

Carol Cohen, report coauthor and senior vice president, global head of talent management and leadership at Cognizant. "A key to success is artfully introducing new leadership approaches that particularly appeal to a new generation of employees while at the same time honoring the time-tested behaviors and attributes that inspire trust, build a sense of community, and motivate employees to improve performance."

While there is a requirement for new leadership skills, but the old rules too are here to stay. And not just the leaders, but the employees need training too for companies to get higher revenue. But this time, it not digital training, but coaching in sales. A report by ValueSelling Associates reveals that a long-term investment in sales coaching pays off.

“Great sales leaders know there is a cause and effect relationship between developing their teams and achieving their revenue goals,” said Julie Thomas, CEO and President of ValueSelling Associates. “A winning sales team uses a consistent sales methodology and implements sales coaching as an essential part of a sales training program to make sure the entire customer-facing team will reach their next level of performance and excellence.”

Their data reveals that more than two-thirds of business-to-business (B2B) companies, 67%, that have had a formal sales coaching program in place for at least three years experienced high revenue growth. The research also found that 60% of high-growth companies use coaching as an integrated part of a sales training program.

Since no two sales engagements are the same, and with increasing buyer expectations, sales coaching programs need to focus on a wide range of skills. The best ones are the most simple and what are called the golden rules. The survey reveals the top five skills that require training, which include communication skills (67%), product knowledge (67%), presentation skills (63%), sales process (62%) and engaging prospects (55%).

There is a need to reimaging business with digital technology and ‘tech savvy’ leaders on one hand, and sales teams to stick to the basics on the other.