To comply with the theme of the World Economic Forum Annual Meeting which is ‘Responsive and Responsible Leadership’, what leaders need to face and deal with now and in the very close future? Action oriented and constructive mood is expected at Davos. Therefore, there were lot of global issues put on the table, discussions held with policy makers, top executives and thought leaders from around the globe and talks about what leaders should do going forward.
Global issues:
- Anti-globalisation where social contract has been broken.
- Spreading middle class crisis.
- Concerns of rise of populism.
- Unpredictability and uncertainty create fears which impact protectionism globally.
- Newly elected US President deliberately makes things unpredictable through social media.
- The extremes of capitalism: growth is not just for the few.
- Big co-operations are not only problem solvers but they are also part of the problems.
- Stop tax dodging, less tax competition.
- Paying fair money to employees.
- Not buying politicians but influencing them in a positive and constructive way.
- Protectionism with walls vs cyber world, where there is no walls.
- Are we ready for the Fourth Industrial Revolution, which described as an avalanche?
- Politicians, business leaders and media have lost their trust with vast majority of people globally. Can the lost trust be restored? And how?
What to do and what direction to take:
- Urgent and bold actions needed as we are already experiencing political, societal shockwaves.
- Leaders to be accountable not only for business but exercise social responsibility as well.
- More collaboration and less competition amongst governments needed.
- Ethical and moral behaviour does not require legislation it requires being ethical!
- Both political and business leaders have to learn from what happening in the world, so they need to be more receptive.
- How to see the international architecture in the new environment, where is a lot of trust lost.
- Sometimes simple solutions to business problems can bring big differences.
- Response to shorterism results bad policy, no global growth, increased frustration; leaders/shareholders should bring back long-term focus.
- Leaders have to speak up and speak frankly, they have to be honest. Blaming globalisation for everything is not a good and responsible solution.
- How to create inclusive growth.
- People are re-examining their relationships with the world in many perspectives (money, technology, purpose etc.), in this way they can see and create new opportunities. But the process could be scary.
- One of the thoughts to restore trust is to provide security for people. But how can people feel secure in such an unpredictable, uncertain and volatile world? That may require coming up with a new identification of feeling security today.
Which of these issues or possible actions have grabbed your attention? Why?
What small steps you could take to make a difference in your circle of influence?
Source: https://www.weforum.org/events/world-economic-forum-annual-meeting-2017/sessions/2017-001