Retail banking is the cluster of products and services that banks usually provide to consumers and small businesses through branches, the Internet, and various channels. “Bank of America serves more than 38 million consumer and small business relationships in the nation’s fastest-growing and most diverse communities. Sales, service, and fulfillment are provided through more than 5,800 banking centers and nearly 17,000 ATMs in 29 states and the District of Columbia. We also offer our customers the leading online banking service in the United States, with more active online bill payers than all competing banks combined, as well as a 24-hour telephone banking service that earns high ratings for speedy and easy self-service”. Bank of America is …show more content…
In 2010, Forbes listed Bank of America as the third biggest company in the world. Everyone is considered a leader at Bank of America, as we are all empowered with the tools to lead and influence each other so we can all win as one team. The leadership style most widely demonstrated in my company is definitely the Democratic leadership style. Avery (2004) pointed out that as this concept does not involve formal leadership structure, that several parts of this organization can be linked through an integrator. The main aspect of this leadership style is to provide support for developing leadership skills instead of giving priority for the leaders only. Bank of America believes that its employees have the ability to solve the problems in hand effectively and has provided opportunities for them to work …show more content…
The three major styles of leadership are Autocratic, Democratic and Laissez-faire. Autocratic leaders make decisions without consulting their team members, even if their input would be useful. Democratic leaders make the final decisions, but they include team members in the decision-making process. Laissez-faire leaders give their team members a lot of freedom in how they do their work, and how they set their deadlines. According to Peter Drucker “Management is doing things right; leadership is doing the right things." In order for mangers to move a team from ordinary to extraordinary means understanding and embracing the difference between management and leadership. Bottom line of this all is that no one style of leadership fits all situations, so it 's useful for managers to understand different leadership frameworks and styles. Managers must lead based on need in a way that it elevates and inspires the team. The final choice of leadership must be based on a match between the needs of the company, the level of experience of the employees and the preference and limitations of those at the
Across the globe, there are CEO’s, managers, and several other individual’s in leadership-type roles that have the expectation of making their company successful in the eyes of the investors, the employees, and the customers that they serve. This may be measured by a company’s gross profitability, employee engagement or overall customer satisfaction. Most companies have leadership models and strategies in place that leaders are expected to use in order to drive the expectations of the company while maintaining consistency across the business. In an effort to examine various types of leadership styles, I have conducted interviews with two individuals that are or have been previously tasked with leading their teams and their company towards success.
STYLES OF LEADERSHIP An autocratic leadership style is one where the manager sets objectives, allocates tasks, and insists on obedience. Therefore the group becomes dependent on him or her. The result of this style is the members of the group are often dissatisfied with the leader. This results in little cohesion, the need for high levels of supervision, and poor levels of motivation amongst employees. A democratic leadership style encourages participation in decision making.
Leadership is defined as the action of guiding an individual or group of people. Effective leaders shape the behavior and thought process of the individuals around them. As a result, the success of an organization is often impacted by the leadership style and approach of its leaders. Even when engaging with multiple people, impactful leaders maintain their own style of leadership but occasionally change their approach based on the motivational needs of each individual. However, regardless of the style, leadership within an organization is designed to drive the performance of their employees and it is done through proficient communication. This guidance influences the culture of an organization, which subsequently, helps to shape its leaders.
Growing up in a rough neighborhood, positive role models were not present in my everyday life. Fortunately, I created a personal understanding of what it took to be a true leader when Marcelo Neveleff became my coach. Coach Marcelo was my club soccer coach throughout my teenage years, and Marcelo demonstrated three key tenets that made me realize what it took to be a great leader. From his guidance and inspiration, I have drawn that in order to become a successful leader, I must be goal oriented through determination within myself by leading from the front. This reflects that there is a specific goal that I, as a leader, must be willing to reach that will inspire others to do the same. To become a successful leader, I must also be empathetic
Organizations are social entities that are goal directed, are designed as deliberately structured and coordinate activity systems and are linked to the external environment. They are made up of people and their relationships to one another. This becomes really important throughout an organization’s life cycle. An organizational life cycle is the idea that orgs are born, they grow older, and then they die. Daft says things like organizational structure, leadership style, and administrative systems follow a predictable pattern throughout the stages of this life cycle. There are four phases of an organizational life cycle. They are the infancy phase, the adolescence phase, the middle aged phase, and the maturity phase. Each phase have their own unique characteristics in term off their goals, size, and structure. What is also unique to each phase is the type of leader it takes to successfully get through it. There are many different leadership styles and tactics and there is no one best way to be a leader in any of these phases. Often times, the type of leader needed is based on the situation. But there are general attributes to each phase that allows one to determine what type or types of leadership style would best suit the organization.
My style of leadership according to the quiz by Cherry (n.d.) is participative leadership which is a type of leadership that engages the members of the team to participate in decision making and problem solving while the leader makes the final judgment in the deliberation process. This style of leadership allows members who are experts in their fields provide input to reach a more effective and accurate decision. This fits exactly into my leadership style. I always believed that in every aspect there is a greater or lesser person than you are, so, why not focus on the best in others and tap on their expertise in knowledge or skill to get the best results.
Mlls, D. Q. (2005). Leadership How to Lead, How to Live. Boston: Harvad Business School Press.
After completing the “Leadership Style Questionnaire” and analyzing my results, I have learned what my preferred leadership style is and how that influences how I lead and may be perceived from members of the group. From the results attained from the questionnaire, my preferred style of leadership is directing. This type of leadership style is best for individuals who have a low competency and high commitment level. These types of leaders are highly focused on tasks and less focused on relationships. They make decisions without consulting with the group and communicate without regarding the group’s concerns or suggestions. This type of leader also supervises the followers intently. They are very successful in creating objectives for each follower and the group as a whole to guide the group in reaching a certain goal.
Over the past 150 years, Wells Fargo Bank has become one of the largest financial institutions in the North America. Wells Fargo Bank is much more than a bank. It’s a premium financial service provider. It believes in its people and products to help them to succeed. So how has Wells Fargo become such a leader in the financial world? It measures its success by its management staff and team members. Wells Fargo has developed and implemented its own management structure and answers the following questions regarding existing success:
The role of leadership can impact an organization performance in many ways. Excellent leadership can propel a company to the fortune five hundred list. For Example, Harpo Incorporated Oprah Winfrey’s company is a successful business that has made billions of dollars over the years. The business consists of several different entities such as the Oprah Show, Oprah Winfrey Network, and The Dr. Phil Show to name a few. This could not have been accomplished with a weak or uneducated leader. Many years ago I heard her give advice to the Williams Sisters. The a...
There are four styles of leadership, the first is the autocratic leader. This leader makes all the decisions and the followers have no freedom to disagree. For example, musicians in an orchestra. Another leadership
Some people believe leadership and management are one in the same; however, this is not true because management involves planning, staffing, directing and controlling and, a manager is a person who performs these functions (Leadership Theories and Studies, 2009). The term manager is a formal title given to a person who has authority by virtue of his or her position or office. (Leadership Theories and Studies, 2009) Leadership, by contrast, is about influence; leaders use factors other than just their formal authority to influence subordinates. There are three major leadership theories developed from the 1930s to the 1970s which attempt to explain why some leaders are better than others, these theories are: trait leadership (1930s and 1940s), behavior leadership (1940s and 1950s), and contingency leadership (1960s and 1970s).
Leadership is one of the most important facets in organizations. In most cases, leaders act with respect to organizational culture as well as the codes of conduct that determine the manner in which leaders relate with subordinates. Leadership entails the use of effective communication skills to get activities done in the workplace and to ensure that employees shelve their individual interests for the sake of their organizations’ shared targets. It is the role of leaders to ensure that consumers attain high quality products and services by making certain that members of their firms’ workforce are fully motivated to work effectively and utilize resources in an efficient manner (Bass, 22). With the increasingly sophisticated nature of the corporate world, leadership should not be based solely on the desire to control and coordinate affairs within the workplace, but leaders should also exhibit positive examples and continually monitor the changing trends in corporate governance to initiate the most relevant guidelines. Competitiveness can only be attained when leaders are in a position to set the right standards in their firms and coordinate affairs appropriately by understanding consumer and employee needs.
In this paper I will look at the four major leadership styles, their characteristics, advantages, disadvantages, and in what situations a particular leadership style is desired. Additionally, I will look at my leadership style and how I acquired this style throughout my career.
Many people associate leadership with a specific job title or form of power within an organization. However, through personal experience, I have concluded that leadership can come in many forms and position as well as from multiple sources of roles and job titles both with and without power. Based on the definition of leadership, anyone can be considered a leader as long as they have the ability to influence people to achieve a particular result or goal which benefits the organization or group as a whole. Individuals with a secure sense of self and understanding, acceptance of diversity within an organization tend to be the strongest leaders that not only make others want to follow, but they also encourage other leaders to gravitate to their