Now Reading: Distinct Characteristics in Leadership
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Distinct Characteristics in Leadership
Distinct Characteristics in Leadership
Effective leaders embark on a transformative journey with various strategies to navigate the complexities of the business landscape which results in impactful leaders. The impact of effective leadership extends beyond departments. Strong leadership correlates with organizational success while strategizing a platform to attract top talent and positioning the organization as an employer of choice. A visionary approach to diverse leadership styles were discussed with
Ms.Mahesha
Amarasuriya, Director,
Mastercard.
Q : HOW DO YOU INSPIRE AND LEAD YOUR TEAMS TO ALIGN WITH THE ORGANIZATION’S LONG-TERM VISION AND OBJECTIVES ?
One of the foremost responsibilities of a leader is to ensure that the organizational vision is clearly and consistently communicated and the teams are aligned towards one common goal. This involves:
- Articulating the Vision: Clearly explain the long-term goals and objectives in a manner that is easy to understand with simple language and avoid jargon that could confuse the team.
- Reinforcing the Message: Regularly reiterate the vision through various channels such as meetings, emails, and visuals to ensure that it remains at the forefront of team members’ minds.
- Vision should not become just a statement showcased on a wall but importantly all actions need to align to the vision and actions and decisions that align with the established goals.
- Recognize and Reward Contributions, made by the team towards achieving organizational
goals. It will boost morale and motivate them to continue striving for excellence. The rewards system should be aligned with the organization’s values and objectives. Rewards should be not only for monetary / sales achievements but for upholding and standing for the values of the organization.
Q : WHAT ROLE DOES INNOVATION PLAY IN YOUR LEADERSHIP STYLE AND HOW DO YOU FOSTER AN ENVIRONMENT THAT ENCOURAGES NEW IDEAS AND ADAPTABILITY?
Innovation is the key to success in today’s fast changing economic and social landscape. Customer demands and expectations are diverse and continuously changing. Innovation is even more paramount in the digital payments space. I believe in adopting the following:
- Acknowledge and celebrate the contributions of team members who come up with innovative ideas. Implement a reward system to incentivize creativity and problem – solving.
- Give employees the autonomy to explore new ideas and take calculated risks. Trusting them to make decisions can lead to a greater sense of ownership and a culture of innovation.
- Promote a mindset that views failure as a learning opportunity. Encourage teams to experiment with new approaches and learn from their experiences without the fear of reprisal.
- Create Cross -functional teams to work together on projects. This not only brings diverse perspectives but also fosters a collaborative spirit that can lead to innovative solutions.
- Employees need training and development programs to help build new skills and stay updated with industry trends.
- Utilize the latest tools and technologies to facilitate idea generation and collaboration. Platforms such as innovation management software can help capture and develop new ideas effectively.
- It is important to create a culture where team members feel comfortable sharing their ideas and opinions without fear of criticism. I believe in holding regular brainstorming sessions and promote a safe space for constructive feedback.
By implementing these strategies, leaders can create a dynamic and supportive environment that nurtures creativity and adaptability, ultimately driving the organization towards continuous growth and success.
Q : HOW DO YOU APPROACH STRATEGIC DECISION-MAKING, PARTICULARLY IN THE FACE OF MARKET VOLATILITY OR ECONOMIC UNCERTAINTY?
Strategic decision-making is a crucial process for any organization, especially in times of market volatility and economic uncertainty. Navigating these challenging requires a wellthought-
out approach that balances caution with opportunity.
- Know the market, know the competition, know yourself.
To make informed decisions, it’s vital to know the landscape in which you operate. Though it sounds obvious it is often underestimated and disregarded. Understanding the business landscape along with competitor behavior and the organization’s own strengths will enable to better navigate through challenging times. - What If?
Organizations make plans and forecasts every year and review them monthly / quarterly. It is often at the review stage that most organizations consider the changes that have taken place to the environment and adjust the plans if significant changes have taken place. However I believe in having a few “what if” scenarios at the planning stage to know where the year’s journey would lead. This approach allows for flexibility and ensures that the organization is not caught off guard by unexpected developments. - Agile Decision-Making.
This is connected to the previous point on scenario planning. While multiple scenarios can be planned at the beginning of the year / planning cycle there is always unplanned events that could happen. For example no one globally anticipated COVID and most in Sri Lanka didn’t anticipate the level on Economic and Political turmoil that took place a few year back. In all of those situations those organizations that acted fasted were able to stay afloat in the rough waters. It is not necessarily the perfect solution but fastest and the most agile that will win the game. Encourage a culture of agility within the organization, where teams are empowered to act quickly and adapt to changing circumstances.
This requires clear communication channels and delegation of authority to those closest to the critical information. - Stakeholder Engagement.
Maintain open lines of communication with key stakeholders, including employees, investors, and customers. Keeping stakeholders informed about the organization’s strategies and actions can build trust and foster collaboration. - Focus on Core Competencies.
Diversification is often said as a way of mitigating risks. While diversifying is important it is important to be focused on the core strengths and competencies of the organization in doing this. During volatile periods, it’s important to stay true to what the organization does best while exploring ways to innovate and improve. As an example we saw how organizations that had expertise and infrastructure in delivery service thriving during initial weeks/ months of COVID by diversifying into delivering essential food items. - Leveraging Technology.
Utilize technology to enhance decision making processes is important specially in volatile situations. Advanced analytics, AI, and machine learning can provide deeper insights into market trends and help predict potential future scenarios. Technology can also streamline operations and improve efficiency, allowing the organization to respond more effectively to changes. Technology helps the organizations to become agile and be able to adapt and change faster.
By adopting these strategies, organizations can navigate market volatility and economic uncertainty with greater confidence and resilience.
Q : HOW DO YOU ENSURE THAT YOUR DECISIONS ARE DATA-DRIVEN WHILE ALSO CONSIDERING QUALITATIVE FACTORS SUCH AS EMPLOYEE MORALE OR BRAND REPUTATION?
All of our decisions have multipleangels. Though we do not identify as formal decision making even purchasing of a simple pair of shoes to a book to an expensive piece of jewelry works through a combination of data and qualitative factors from price, brand, design, personal likes, choice etc.
Similarly organizational decision making requires a balanced approach. This balance is achieved by integrating quantitative metrics with qualitative insights to form a comprehensive decision-making framework.
- Create Cross-Functional Teams.
Assemble teams that bring together diverse perspectives from different departments, such as Sales, Finance, HR, marketing, and operations. This collaboration ensures that decisions are made with a comprehensive view, considering both hard data and qualitative factors. It is important not to segregate between front end and back office and align everyone towards one goal. - Use Balanced Scorecards and 360-degree review / appraisal system. Implement balanced scorecards to measure performance across multiple dimensions. This tool combines financial metrics with non-financial indicators, such as employee engagement and customer loyalty. By monitoring these diverse metrics,an organization can ensure that decisions support both the organization’s financial health and its qualitative objectives. Further the measurement should be around a 360 – degree approach enabling peer reviews, subordinate reviews in addition to usual superior reviews.
- Encourage Open Communication.
Foster a culture of open communication where employees feel comfortable sharing their insights and concerns. Regularly seek feedback from team members and consider their perspectives when making decisions. This inclusive approach not only ensures that qualitative factors are considered but also enhances employee morale and engagement. - Regularly Review and Adjust.
Continuously monitor the impact of your decisions and be prepared to adjust your strategies as needed. Use data to track progress and identify areas for improvement, while also considering qualitative feedback to understand the broader implications. This iterative process ensures that your decisions remain aligned with both quantitative goals and qualitative values.
By integrating data-driven insights with qualitative considerations, you can make more balanced and effective decisions that support the overall wellbeing and success of the organization.
Q : THE FINANCIAL SECTOR IS CONSTANTLY EVOLVING, HOW CAN AN ORGANIZATION STAY RELEVANT AND COMPETITIVE AMIDST REGULATORY CHANGES AND TECHNOLOGICAL ADVANCEMENTS?
While every organization has multiple factors that affect them financial sector is subject to extensive regulatory supervision and continuous technological changes. With the constant flux of regulatory changes and technological advancements, organizations must adopt proactive and strategic approaches to remain relevant and competitive.
Embracing Innovation and Technology: As much as continuous advancement in technology is a challenge embracing Innovation and Technology is also the key factor to stay ahead in the game. Collaborations with key partners is important. At times it is important to collaborate with those who seemingly appear to be competition. For example a bank could perceive a Fintech as a competition or a partner that can help to provide non traditional financial solutions.
Regulatory compliance is a critical aspect of the financial sector. Staying compliant with ever-evolving regulations requires meticulous planning and adaptation. Hence proactive compliance management to monitor regulatory developments and ensure adherence. It includes staying informed about new regulations, conducting regular audits, and implementing necessary changes promptly. Engaging with regulators also demonstrates a commitment to compliance and fosters a positive relationship with oversight bodies.
This also involves using technology to facilitate risk management which will not only adhere to regulatory frameworks but also safeguard the customers and save the institution of losses. Customer expectations in the financial sector are continually evolving, driven by advancements in technology and changing market dynamics. To stay competitive, organizations must prioritize customer experience by providing personalized solutions/services that will enhance customer satisfaction and loyalty, leading to long-term relationships.
Customers look for seamless and integrated banking experience across multiple channels that ensures convenience, accessibility and safety. For example one declined/ rejected transaction is adequate for the customer to change the banking partner. Hence a smooth onboarding, transacting, and engagement process is essential.
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