Student or Learner
Does the word "exercise" mean "to use your power or rights"?In the ten years since Collinsí study appeared, the world has become even more hyper-connected and interdependent. Power is no longer exercised over people but through them. With leaders and the led increasingly standing on level ground, great leaders avoid autocratic behavior and instead, look to those around them as the engines of innovation and change. Today, humility isnít just a nice thing to have, itís necessary to thrive as a leader.
(to use your power or rights: www.onelook.com)
The sentence you queried starts with "Power is no longer exercised ...." so, in this case, it refers to the exercise of power so yes, using that power.
Remember - if you don't use correct capitalisation, punctuation and spacing, anything you write will be incorrect.