A leadership style is of critical importance to the long term growth of an organization. A Harvard Business Review study found that around one third of a company’s profitability is affected by the leadership style of its manager.
Displaying one specific leadership style alone may not be the best way for your organization to adapt to the dynamic environment to sustain organizational profitability. Rather, an effective leader may have to ‘bait the hook to suit the fish’ – assess the situation to be flexible enough to meet your goals.
CONVENTIONAL STYLES OF LEADERSHIP
Traditional leadership styles have long been taught to us. Some of these include:
This is where the manager makes business decisions without referring to his or her subordinates. This style allows quick decision making and effective and close supervision of employees but may lead to employee dissatisfaction.
This is where both managers and employees agree to work on mutual preplanned goals and the manager has the autonomy to reward or punish his or her subordinates. This helps to clearly outline the responsibilities of both parties and ensures fair practice of work, but inhibits creativity in the lower levels.
The manager seeks to motivate employees via high levels of communication and productivity. Workers are made responsible and are expected to deliver the best results. This helps boost job morale and employee satisfaction.
MODERN APPROACHES TO LEADERSHIP
Here’s the thing – leadership is a discipline that is never static. In order to remain effective, it must evolve, and if you don’t hack your leadership style, your approach, whatever it might be, will no longer work.
Evaluate your workers
A good leader will be one who adopts different leadership styles according to the condition and characteristics of his or her subordinates.
Understand your business model and needs
For a manager to exercise leadership, the organization’s business model and departmental needs must be taken into consideration. For instance, a manager of a fast-food company, where quick decisions have to be made, would have to exercise a slightly less democratic leadership style compared to a manager of a bank, where strong communication and interpersonal skills are of importance.
Anticipate future trends
In the long term, a manager may have to develop qualities that compliment a participative style of leadership. Studies done across different countries show how workers are seeking less strictness of decision and absence of autonomy but more recognition and control over their work.
In the current business landscape, the one-size-fits-all leadership approach is a thing of the past. Flexibility and adaptability are key to modern leadership. That’s how you hack your leadership style!
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