I have spent the bulk of my career in corporate restructuring. I have learned over time that there are myriad reasons why companies fail, but chief among them is a refusal to adapt to changes in the market or an inability to foresee market shifts. This includes failing to anticipate and respond to evolving consumer preferences.

Perhaps these one-time corporate giants believed that they were too big to fail or that the good times would keep on rolling. Similarly, they may have believed that their tried-and-true tactics would work into perpetuity. But inflexibility in a fast-evolving environment, where technology constantly accelerates, is a recipe for certain doom.

The paradigms, practices and policies that worked in our parents' generation, or even when some of us were starting out in our own careers, will not serve a workforce that will soon be dominated by millennials and Gen Zs. These generations are tech-native in that they have only lived in an environment of constantly evolving technologies and tools. Moreover, what worked for Generation X will not work for millennials. For instance, millennials prefer a shorter recruitment window, and they consume most content on mobile devices. This has not been the case for older generations, and employers would be wise to notice and respond to this trend. 

As times change, the context too changes. For instance, I stumbled across an article highlighting 13 jokes from the 1990s-era sitcom “Seinfeld” that would make audiences question, if not disavow, the show were it on the air today. In an era of #MeToo and increased awareness around race, the societal context has changed. Pop culture understands and is adopting to this.

In a rapidly evolving technological world, here are six leadership imperatives to cultivate and maintain.

1. Invest in technology. Executives must be briefed often on key technologies and corresponding impacts. To efficiently lead companies, executives must stay abreast of accelerating technologies and learn which ones will best meet business and consumer needs. This will support leadership’s continual learning of new technologies. Millennials and Gen Zs grew up with IT in all its forms, and their knowledge and insight will allow companies to thrive. 

2. Rethink what you think you know about leadership. In today’s and tomorrow’s workforce, executives must create space for leading millennials. Millennials should be hired with an expectation that they have and will want to make their voices heard. Executives should include them in corporate strategy and senior leadership meetings. Although they may not have the experience of long-time leaders, they understand new technologies and can use them to innovate or solve decades-old challenges. 

Additionally, executives need to push down decision-making responsibility to the lowest levels possible within the organization. Key data for leading people can and should be shared among the largest group possible within the company. It is no longer acceptable to reserve data for key executives.

3. Invest in artificial intelligence and machine learning. In today’s and tomorrow’s workforce, executives will increasingly embrace artificial intelligence and machine learning and data analytics and ensure that these tools are part of the decision-making process. There is still room for experience and “gut feeling” in leadership positions, but to sidestep analytics would be foolhardy. 

4. Update tools frequently. Executive leadership needs to make sure that employees have the latest technology tools for their respective functions and roles. Tech employees should have the latest apps, machines and data access that they need to support the business. As technology grows exponentially, leadership will have to adopt to faster re-fresh cycles and view associated costs as the cost to compete. 

5. Promote intergenerational learning. Leadership should form teams with both experienced employees with domain knowledge and younger colleagues who are up to date on the latest technologies. The combined teams will be able to make better strategic decisions.

6. Embrace flexibility. Executive leadership must embrace the idea of BYOD – that is, bring your own device – to work. It is imperative that we realize that companies can no longer control all personal devices. What’s more, millennials value privacy above all else. Companies will have to get creative on how they protect intellectual property (IP), but the two – personal devices and IP – can coexist. Part of this includes learning which tools work for a workforce that prefers flexibility in where and how they work. With an increasing number of employees seeking remote work arrangements, companies need to invest in the right technology to accommodate a virtual office.

Executives are no longer operating in their mother’s or father’s board room, nor are they using their professional blueprint. Times have and will continue to change. So much so, that some analysts predict that the No. 1 skill needed in tomorrow’s workforce is the ability to adopt a lifelong zeal for learning. The ideas presented here are a first step in challenging the paradigms of executive leadership in an era of rapidly developing technologies.

Clara Conti is a serial entrepreneur, senior executive, and change agent. Connect with her on LinkedIn or Twitter (@ClaraConti).

The postings on this site are my own and don’t necessarily represent IBM’s positions, strategies or opinions.