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Transformational and Inspirational Leadership
Transformational leadership is a process in which leaders and their followers elevate each other to high levels of motivation. A benefit of transformational leadership is leadership through development (Liu & Li, 2018). It is associated with the care that the leader shows for subordinates (Khan et al., 2020). A leader listens to the needs of followers, provides work opportunities, and delegates authority to develop employees.
Another benefit of transformational leadership in banking is intellectual stimulation (Pasovska & Miceski, 2018). The leader encourages employees to use their imagination, and challenge accepted ways of working (Choi et al., 2016). In times of change, this helps banks retain customers while improving financial performance.
Inspirational leadership is an essential way of working with people. The leader creates an optimistic and achievable picture of the future of the bank (Pearson, 2020). Thus, the leader encourages subordinates to raise expectations. Such a person knows how to convey the organizational mission (Usman, 2020). This contributes to an increased work quality, which also makes customers loyal and satisfied.
An essential step is revitalizing the organization. Gradual changes can go unnoticed until it is too late to react (Steinmann, Klug, and Maier, 2018). Thus, the leaders task is to notice the growing changes and take the threat seriously (Lai et al., 2020). This is especially difficult when the organization is thriving. In particular, during the pandemic, it was difficult to track changes in the world. However, worthy bank leaders managed to foresee the threat and survive the pandemic with minor losses.
Thus, a sound banking leader must challenge the traditional point of view by encouraging subordinates to express opposing views. At the same time, the leader must control the banks efficiency by comparing it with competitors (Chen et al., 2018). Therefore, it is necessary to analyze a wide range of parameters, including financial indicators and customer satisfaction, staff turnover, quality of service, and others. This will help leaders to overcome crises and avoid problems even in difficult times easily.
Reference List
Chen, Y. et al. (2018) Is transformational leadership always good for employee task performance? Examining curvilinear and moderated relationships, Frontiers of Business Research in China.
Choi, S.L. et al. (2016) Transformational leadership, empowerment, and job satisfaction: the mediating role of employee empowerment, Human Resources for Health.
Khan, H. et al. (2020) Impact of transformational leadership on work performance, burnout and social loafing: a mediation model, Future Business Journal.
Lai, F.-Y. et al. (2020) Transformational leadership and job performance: the mediating role of work engagement, SAGE Open.
Liu, H. and Li, G. (2018) Linking transformational leadership and knowledge sharing: the mediating roles of perceived team goal commitment and perceived team identification, Frontiers in Psychology.
Pasovska, S. and Miceski, T. (2018) The impact of transformational leadership in improvement of the organizational capability, International Journal for Innovation Education and Research.
Pearson, M. (2020) Transformational leadership principles and tactics for the nurse executive to shift nursing culture, The Journal of Nursing Administration.
Steinmann, B., Klug, H. and Maier, G. W. (2018) The path is the goal: how transformational leaders enhance followers, Frontiers in Psychology.
Usman, M. (2020) Transformational leadership and organizational change: in the context of todays leader, International Business Education Journal, 13(1), pp. 95-107. Web.
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