Introduction In the 21st century, an old leadership paradigm is changing. Various global processes have led to the demolition of the industrial economy in which work was primarily mechanical and the onset of new informational, service, and design industries. Due to these shifts, the substantial transformation in the nature of the work process has occurred − businesses need more creative solutions and intellectual investments. Additionally, while more and more people become involved in work that requires them to be creative and innovative, the change in employee motivation takes place as well. Nowadays, self-realization and professional growth frequently serve as the primary stimuli at the workplace for individuals. All these factors resulted in the reduced efficiency of the classical management and leadership methods which were designed and widely used in the industrial age. An authoritative and task-oriented leadership style is not so effective as it was before and cannot pay off the enormous resource expenses any longer. In this paper, we will analyse literature devoted to the 21st-century leadership to identify what major competencies should the present-day leaders have to be successful. We will also indicate the difference between the contemporary business conduct models and the classical ones and note what environmental factors have contributed to these differences. Additionally, based on the findings of the literature review, we will provide practical recommendations and explain how the research evidence can be used to improve organisational performance. Literature Review Today, many enterprises are faced with extraordinary managerial problems which require the involvement of talented people who have additional competencies beyond the standard business skills. Based on the character of these issues, researchers distinguish six major areas of the new leadership, and each one of them includes a set of practices which are considered to be contributive to the organisational success and efficiency. Critical Thinking An effective leader is a professional whose critical thinking skills are well-developed and who can apply them to deal with the increasing environmental uncertainty. Although critical thinking was one of the basic managerial abilities throughout the time, in the present-day situation, it acquires a totally new quality that differs it from the traditional leadership models. According to Brown et al. (2015), the evaluation and assessment abilities of a contemporary leader require him or her to be intuitive. The researchers suggest that the growing social and technological complexity provokes problems with deep and frequently indefinable roots which need an immediate response “that works at the specific time, place, and context” (Brown et al. 2015, p. 352). It is almost impossible to manage the modern business issues without a share of improvisation, innovation, and, at the same time, consideration of all possible consequences. However, to be able to act intuitively, a profound competence and understanding of details are needed. Leaders thus should strive to gain sufficient experience and learn to look at things at a wide angle. To enhance critical thinking skill