Financialisation strategy of digital transformation: towards a people-centric, sustaining network leadership framework in an Arabic energy context

This paper's purpose centres on advancing the current financialisation strategies within digital transformation (DT) through a rebalanced synthesis of both financialisation and people/centric, non-financialisation strategies of the DT field. Based on empirical data from Bahrain's energy sector, a new framework on People-centric, Sustaining Network Leadership is developed, capturing DT's human values deficit and proposing a new model on financialisation and non-financialisation strategies showing ‘how’ and ‘why’ DT is implemented in contemporary organisations.

This study conducted a mixed methodology of narrative interviews, case studies and reviewed significant contributions from the DT, leadership and change management debates. A total of 26 operational and high-level leaders from Bahrain, 8 top energy companies and Braun and Clarke's 6-phase analysis were combined to form four empirical thematic bundles on ‘how’ and ‘why’ leaders adopted financialisation and non-financialisation strategies to resolve organisational sustainability issues in an Arabic context.

Four sets of findings (bundles 1–4) highlight participants' financial and structural understanding when implementing DT initiatives, the different leadership styles ranging from authoritarian to network leadership, the socio-economic, political and cultural ramifications of their practices and the urgency of staff reskilling for organisational resilience and strategic sustainability. Based on the eight energy cases and interviews, a new values-driven, People-centric Sustaining Network Leadership Model is developed to show a more effective and efficient use of financial and non-financial resources when organisations implement DT initiatives in efforts to resolve global energy sustainability problems.

Leadership, change management, DT, energy and environmental sustainability is a huge area of scholarship. While new studies emerge and contribute to this growing body of knowledge, this investigation has focused on those that significantly highlight how to make effective use of financialisation and non-financialisation resources. Therefore, all the literature on the topic has not been included. Although this study has filled the non-financialisation gap in current DT studies, a further rebalancing of the financialisation versus non-financialisation debates will be needed for theoreticians, practitioners and policy makers to continue addressing emerging and more complex socio-economic, political and cultural issues within and beyond organisations. Limitations are the study's focus on the Bahrain energy sector and the limited sample of 26 leaders.

The study provides practitioners and policy makers with an approach for the successful implementation of DT initiatives in the oil and gas sector. For academics, this study provides empirically unique and interesting thematic bundles, insightful analyses into leadership, organisational change, digital transformation and network leadership theories to develop an innovative and creative People-centric, Sustaining Network Leadership Approach/Model on the practical barriers, implications/impacts of various leadership styles and potential solutions via a socio-cultural values-based alternative to the current financialisation discourse of DT.

While there is a growing body of literature on DT, Leadership and Organisational Transformation and Change, there is a dearth of scholarship on the human-orientated strategies of DT implementation outside of western contexts. A contemporary and comprehensive, empirically evidenced analysis of the field has led to the development of this study's People-centric, Sustaining Network Leadership model which frames, captures, synthesises and extends the dominant cost-minimisation rhetoric of DT discourse to include a shared set of leadership practices, behaviours, intentions, perceptions and values. This helped to reveal the previously missing ‘how’ and ‘why’ of DT’s operational and strategic implementation.