In a business setting, the most important requirement is the achievement of business goals by combining the efforts of the personnel and resources available. This, however, is not possible without direction and some form of leadership. Leadership is vital in a business environment to motivate a group of people to work towards the achievement of a prescribed goal.
Leaders at all levels of management need to possess the requisite skills and continuously hone themselves to remain effective. IIM Kashipur offers an Executive Strategy Leadership Programme for executives to help them develop and enhance their leadership skills.
Effective leadership across industries
Leaders are people who convince others to follow. In the simplest words, leaders inspire other members of an organization and, therefore, leadership is by far the most prominent role in any industry. In fact, not just leadership, but effective leadership acts as the driver for the growth, development, and innovation in a business.
Leaders should understand that different leadership styles are required for different industries and that adopting the right approach is necessary to effectively lead teams. can help executives understand the right leadership styles and change their approach as the situation demands.
Some of the most effective leadership styles that can be adopted across industries include:
Authoritarian: This leadership style is the most effective in industries where there are time constraints, and the leader is required to define the outcomes and expectations. This style of leadership is known to provide consistent and predictable results for a business.
Participative: This style of leadership suits businesses in industries where every team member is involved in the decision-making process, though the leader has the last word. Leaders adopting a participative style can keep the team members motivated and enhance their productivity and efficiency.
Transactional: This style of leadership is required in industries where specified routines and schedules need to be followed. This style is based on rewarding employees for achieving a specific task or goal.
Delegative: This leadership style best suits businesses where larger tasks are divided into smaller ones and the leader delegates authority to team members for the achievement of each task. This style of leadership places emphasis on creativity and innovation.
Importance of leadership strategy
Organisations depend on capable leaders to achieve their goals and objectives. The leaders, in turn, employ strategic leadership to ensure that the entire organisation functions together to achieve the business objectives and face emerging challenges. Strategic leadership is crucial to ensure that the processes in an organisation are streamlined, productivity and innovation are enhanced, and a conducive environment is created for the working of the organisation. Executive leadership programs emphasise the importance of having an adequate number of leaders with the required skillsets and behaviours to implement the organisational strategy. Leadership strategy is also a prerequisite in organisations these days to enhance engagement with employees, create opportunities for others to learn and grow, and develop leaders for the future.
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