THE NEED FOR A NEW LEADERSHIP STYLE
In the past decade, the rise of technology has made markets and industries more competitive, also saturating many areas. New technology has made old business models redundant. Digital channels have lowered barriers to entry and increased globalization.3 The ease and ability of international players to step into different territories has further increased the competitive landscape for many industries and businesses.
From an economic theory point of view, there is now less “information failure.” Due to increased competition, the price for consumer goods has fallen and profits are squeezed.4
To make matters worse, in many countries, the demand for good management and staff increases significantly as new market entrants from established international players and new local players increase manpower demand and cost of operations. The ability to hire good help and retain it is extremely crucial.