Leadership refers to ability of firm's management to make appropriate decision for inspiring employees in order to achieve specified objectives.Leadership consists of clear vision and sharing the same among workforce in order to create willingness among them for achieving those objectives. In the same direction, leadership provides enough information and knowledge for realizing vision. It can be learned by coaching and mentoring that enhances skills and knowledge of individual in order to improve performance of organization.It facilitates to inspire workforce for performing better by enrolling themselves in achieving goals.
The leadership has direct link with performance of an organization. It is because leadership is the way of managing employees and other business activities that gives upward direction to organization. It enables management of firm to adopt effective strategy to motivate workers in relation to achieving long as well as short term objectives of firm. An appropriate leadership style assists personnel to work with integrity.
The topic under investigation is about impact of leadership styles on business performance of Barclays.The universal bank (Barclays) provides several financial services to large number of buyers. It operates in retail, wholesale and investment banking.In addition to this wealth management, mortgage lending and credit cards are also included.
The study is being conducted on basis of following reasons. Leadership is the most effective weapon for improving performance of company because it enables management to motivate personnel. The present study on impact of leadership styles on performance of Barclays will be helpful in retaining employees and suggesting better ways to bring improvement in the present working scenario. It will enable organization to cope up with changing scenario and deliver good quality of financial services to large number of buyers. On the other hand, it is one of the best ways to reduce employee turnover and increase productivity as well as performance of firm at the marketplace.
In the present study, Barclays is being taken because it operates in financial field with multiple departments. It provides variety of financial services to customers and operates business in several filed such as retail, investment banking and wholesale.The presence of so many divisions has caused the need for effective leadership in each field so as to manage all business activities in an effectual manner.
Here, workers need proper guideline and motivation for performing their respective tasks which can be imparted only by different types of leadership styles. Owing to this, organization is keen to get information about future leadership development program that aid to produce the most effective business outcomes and overall business success. Further, different leadership styles will also be used in order to improve performance and retain employees for long span of time so as to create competitive edge of firm at the marketplace.
The topic under investigation is about impact of leadership styles on business performance of Barclays.Here, different leadership styles will be studied. Further, present study highlights various factors such as age, experience,management as well as professional training that are responsible for making an effective leadership.It will help management of corporation to increase overall rate of return and create competitive edge at the marketplace.
To evaluate impact of different leadership styles on performance of Barclays
To understand different types of leadership styles
Which leadership styles, factors and approaches produce the most effective business outcomes and overall business success?
According to Kavanagh and Ashkanasy, (2006) an appropriate style of leadership is key to success thereby organization can be able to manage all business activities in an effectual manner. It enables management of firm to bring improvement in the performance of employees and suggest them the best ways to achieve their targets within stipulated time span (Kavanagh and Ashkanasy, 2006). Here, Lewin's leadership styles assist management of Barclays to cope up with changing scenario and retain employees for long span of time. Lewin presented three major styles of leadership that are explained as follows:-
Molero,Cuadrado,Navas and Morales, (2007) asserted that autocratic is the most common style of leadership that frequently takes place in critical situation where corporation needs to implement change with immediate impact. Under this, generally management or supervisors do not ask employees regarding their comfort zone and never consult with them at any point of view. They just pass on orders and strict command over workforce by which personnel can be able to make effort for increasing overall rate of return of firm. It can be critically evaluated that autocratic style of leadership just forces workers to do work in any condition which can increase employees turnover to a great extent.Therefore, many a times this style demoralizes and increases level of dissatisfaction among workers. However, it assists firm to handle critical situation by forcing employees to abide by the policies and rules laid down by management (Molero, Cuadrado, Navas and Morales, 2007).
As per the views of Ferguson, Hagaman, Grice and Peng, (2006) democratic style is very helpful in which management of Barclay will take all the decisions and also ensure involvement of workers to some extent.It motivate workers to perform better and work in relation to achieve their set targets. However, it is not appropriate when management needs to make quick decision. Further, it promotes employees to develop creative solutions for problems that are being faced by them. It leads to ameliorate overall performance of corporation by improving quality of services (Ferguson, Hagaman, Grice and Peng, 2006).
Participative style of leadership provides full freedom to employees and make them able to contribute towards achieving long as well as short term objectives of firm. Here, workers are provided full support in terms of guidance as well as resources. Under this, it totally dependent on workers how they manage their deadlines and work.It can be critically evaluated that it dilutes overall managerial control and cause harm if workers are not properly trained as well as knowledgeable.
Further, Burnes, (2004) stated that leadership styles prove to be helpful for corporation for managing all business activities and increasing employee attention towards their work. It facilitates to make distinctive identity of firm at the marketplace and deliver good quality of financial services to large number of buyers. In addition to this, these leadership styles have direct impact on the performance of corporation. It is based on situations where management can ensure good relation with employees and improve overall performance of firm for long span of time. From the findings of Nyberg, Bernin and Theorell, (2005) different leadership style have various impact on the performance of organization. For example, on going autocratic leadership style is panic for personnel that increases their level of dissatisfaction.It hampers overall performance of firm and increases employee turnover to a great extent. On the other hand, participative leadership style is not appropriate in all situations because it has adverse impact on performance of firm in long run (Nyberg, Bernin and Theorell, 2005).
From the findings of Dulewicz and Higgs, (2005) great leaders are born and they have inherent quality to manage people. Several factors such as learning, mentoring and up-bringing as well as experience do not make individual leader and leadership qualities are in-build. He also stated that leadership cannot be taught or learned. However, leadership qualities are easily learned by the help of mentoring coaching. It enables individual to manage people and enables them to work in the direction of growth and success of corporation. He examined that without inherent quality, an individual cannot possess the higher position because it can have adverse impact on the overall performance of firm.Further, critical review of this theory stated that leadership is taught with appropriate guideline and mentoring by which firm find the best way to sort out problems that are being faced by employees of firm. It depicts that leadership has the strong impact on the performance of organization and assists workforce to deliver god quality of financial services to large number of buyers (Dulewicz and Higgs, 2005).
Trait theory that had been propounded by Ziegler, Ehrlenspiel and Brand, (2009) stated that set of certain qualities make leader or they are born. He examined that these are the innate traits that makes people leader. It consists of intelligence, creativity and ability to take quick decisions that facilitates to enhance knowledge, skills and people in order to make them good leaders. Further, it can be critically evaluated that only some specific quality and skills are not helpful to make leader, however, experience and professionalism is also required. It makes individual perfect because he/she learned from experience (Ziegler, Ehrlenspiel and Brand, 2009). By this way, leaders, supervisors or management of Barclays improve overall performance. Also, it enables management of Barclay to appoint good supervisors in each department and improve performance of the same in an effectual manner (Lok and Crawford, 2004).
Huberts, Kaptein and Lasthuizen, (2007) asserted that age,experience and management as well as professional training are the key components that sharpen leadership skills in an individual. Under this, work experience is the imperative factor that provides platform of learning so as to enhance skills and knowledge of workforce. It enables Barclays to improve overall performance and service quality that increases number of buyers. Moreover, it develops deep understanding among personnel in order to manage their tasks and achieve their set targets within stipulated time span (Huberts, Kaptein and Lasthuizen, 2007). It is also imperative for corporation to adopt effective strategy by which all personnel work with integrity and contribute towards achieving long as well as short term objectives (Cummings, Hayduk and Estabrooks, 2005).In addition to this, several factors such as appropriate leadership style, competent personnel and positive motivation for workers prove to be effective to produce the most effective business outcomes and overall business success (Keegan and Den Hartog, 2004).
Research design is the prominent aspect thereby scholar search for pertinent information in order to develop the alternative solution for the prevailing business problem (Vaivio, 2008). It comprises of several tools and techniques that are being incorporated in the present research.These are as follows-
It is the important way to assess the ideas and views of different authors for leadership style in improving performance of organization. It assists scholar to collect data in an effectual manner so as to develop understanding.There are several types of research philosophy used such as realism, positivism and interpretivism (Bryman,2008). In the present research, interpretivism philosophy will be used that enable researcher to develop alternative solution.Under this, scholar act like a social actor and assess data in the same aspect that contribute toward producing end result from the collected data. The proposed philosophy is basically based on two approaches that are realistic subjectivity (Interpretivism (interpretivist), 2015). It depicts that social reality with specific and unique interest will be focused by which value bound knowledge will be generated. The proposed study is the most appropriate to evaluate the impact of different leadership styles on performance of Barclays (Raup, 2008). It is because it will make use of analytical approach to derive valid conclusion.
Research approach is another important way to produce new information that facilitates to develop deep understanding among scholar. Basically, two types of research approaches are used such as inductive and deductive (Inductive Approach, 2015). For this research on impact of leadership styles on performance of Barclays, inductive approach will be used.It assists scholar to generalize regarding leadership styles and then reach at the specific problem of corporation.It facilitates to know the role of leadership in improving performance of corporation so as to suggest management to adopt suitable future leadership (Flick, 2011). Further, inductive approach prove to be effective for assessing existing information and developing the best outcome out of that.It leads to reach at the aim of the study and propose the best ways to improve performance of corporation. Under this,researcher has enough time to develop alternative solution for the existing problem of company. Here, observation will be used to build an abstract or phenomenon that is being studied (Vera and Crossan,2004). It will also be helpful to identify the best leadership style by which Barclays can improve its overall performance in order to ensure long run success. Moreover, inductive approach for the present research can emerge new theories based on collected data.
Research design is the most important part of research methodology wherein scholar will be able to minimize bias and enhance reliability of collected data. There are several research designs used such as exploratory, descriptive and diagnostic as well as hypothesis research design.For the present research, descriptive research design will be used that highlights current status of Barclays and aid to get more information in the same direction (Golafshani, 2003).It will ensure one to one interaction with group of people in order to diagnose prevailing problem at workplace. Here, scholar will design research questions and sampling as well as selection of appropriate data collection techniques. Further, it helps to derive appropriate solution for improving performance of organization. Moreover, descriptive research design prove to be effective to collect and analyze data in desired manner so as to reduce gap between actual and expected results (Berson and Linton, 2005).
Basically, two types of research designs are used such as qualitative and quantitative. For this research, impact of leadership styles on performance of Barclays, qualitative research type will be used. It is because study is based on characteristics of population and depend on two variables as performance and leadership. This depicts that subject is qualitative wherein quantitative research type cannot be used. With the help of qualitative research type,scholar will gather large amount of data related to impact of leadership styles of performance of organization. It assists firm to bring improvement in the present working scenario and deliver good quality of financial services to large number of buyers so as to create its goodwill at the marketplace. Also, it proves to be effective for gathering large amount of data and analyzing them in an effectual manner by which researcher can develop an alternative solution (Johnson and Gustafsson,2010). It will also be helpful to assess various factors such as age, experience and management as well as professional training that are responsible to make effective leadership.
Sampling refers to individual unit that represent overall population that facilitates to collect large amount of data. There are several sampling techniques such as simple random, stratified, quota and snow bowl. For this research, simple random sampling will be used in which all objects have equal chance to get selected in the study (Hartman and Conklin, 2012). For this research on impact of leadership styles on performance of Barclays, total 20 managers will be selected to collectlarge amount of data. Here, survey methodology will be used to collect data from managers. These managers will have direct interaction with scholar and they will provide information related to impact of leadership styles on performance of Barclays. It facilitates to derive valid conclusion so as reach at the aim of study. Therefore, it will be helpful to collect unbiased data that contribute towards suggesting management of Barclay to adopt appropriate future leadership style to improve overall performance.
The collection of data is the most significant aspect by which researcher reach at the aim of study and develop the best solution for prevailing business problem. There are two types of data such as primary and secondary (Bruno, 2013). Here, primary data are selected at the first hand that require high time. On the other hand, secondary data are collected by the help of already available sources. In the present research, both primary as well as secondary data will be collected. In order to collect primary data, questionnaire will be distributed among selected group of mangers. The questionnaire will consist of both open and close ended questions by which managers can give their opinion in a precise manner. It enables them to provide relevant information for improving performance of organization in an effectual manner. Further, secondary data will be collected by accessing journals and books as well as online blog. Along with that, research will also make use of newsletter and newspaper that facilitates to gather sufficient data. It will be helpful reach at the aim of study and suggest several alternatives to management of Barclays (Jackson,2010).
Data analysis is the foremost past of research methodology wherein scholar analyze the collected data so as to fulfill objectives of the study. Data can be analyzed by using qualitative or quantitative method. In quantitative method, several statistical tools are used such as regression, correlation coefficient (Crowther and Lancaster, 2012). On the other hand, qualitative method is based on themes and graphical representation of data. In the present study on impact of leadership styles on performance of Barclays, thematic analysis of qualitative method will be used. By making use of thematic analysis, scholar will represent collected data in graphical form and analyses the same with the help of themes. It facilitates to derive valid conclusion and research at the aim of study.
Reliability and validity is an imperative part of research that ensure completion of study in an ethical manner. Here, reliability is ensured by accessing authenticated sources of information that facilitates to derive valid conclusion (Dey, 2002). It depicts that study on the same topic will derive the same result if it will be carried out again. Further, validity refers to internal as well as external soundness of study with respect to logic and facts (Reliability and Validity, 2015). Owing to this, present research will make use of questionnaire for collecting data in order to reduce the gap between actual and expected results (Fiegen, 2010). Along with that ethical aspects will also be considered in the present study. It is done by taking prior approval for restricted sites to collect data. Moreover, all respondents are included in the sample at their own will and secondary data are not copied as it is.
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