The Future of Leadership and Management development of HBSC
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Introduction
Leadership skills are essential for the success of an organization. Good leadership skills entail dynamic and diverse skills that enable managers to interact with peers and workers in an open minded way. Adequate skills enable managers to encounter the myriad challenges that affect an organization (Keller, 2001). It is therefore, paramount for leadership skills to encompass organizational management, communication, analytical strategic management, and creativity or vision. Managers who are equipped with these skills are able to handle changes and project the future of the organization with certainty.
Leadership and management have dramatically changed in the recent past. Technology has had an impact on the way leadership has been conducted. Managers have to develop and show or apply forecasting competence to this effect (Navarro, 2009). With the current unpredictable economic trend forces, the leaders need to rethink the way they run their organizations. They have to take care of this unpredictability in the sense that they should sustain their business by cost-cutting and sometimes trimming the manpower. They should be in a position of and able to interpret data and forecast the key indicators of the turning points of the businesses (Aneil, et al. 2009).
According to Heifetz et al, 2009, the definition of effective leadership has changed in the past years. It will continue to shift over the next years and more complex challenge arises, demanding innovative responses. To improve future leadership, Leaders and managers need to review their understanding of leadership and make necessary improvements (Heifetz et al., 2009). This paper therefore, critically review and discus the future of Leadership and management development for HSBC Company.
Objective of the report
The analysis involves data collected from the current HBSC workforce and managers. Among the objectives will be:
The report seeks to determine the level of leadership efficiency in HBSC and how leadership can be improved.
Based on the findings, this report will identify the loopholes in HSBC management and give recommendations for improvements
The paper generally seeks to explain, referring to various scholars, what the future of leadership will be and this is done in context of HSBC.
Finding and Analysis
In HSBC, there is apparently no uniform in the trends in the way organizational leadership structures have been structured. However, hierarchical leadership type is evident. This therefore, has posed a challenge to HBSC leaders making them come up with various strategies of developing their managerial skills. These changes are triggered with the urge of HSBC to be continuously flexible and to capitalize for a better market position (Bower, 2007). They are young and have expectations at the workplace that impact the leaders of today’s organization. Their passion for innovation is enormous and thus the managers are coerced to grant them a chance to unleash their potential (Kabala, 2005).
Currently, a leader-follower relationship is being experienced with the leaders and the power configuration is tilted towards the leaders. It is observed that the person who is being regarded as leader should have the capability of influencing others. Clearly, such a capacity is dynamic. The power shift potential therefore, exists in any given time as far as there is an interaction between the leaders and the led (Langford, 2005).
Recommendations
Action plan
Introducing Enterprise Resource Planning
The trend that has emerged that has forced HSBC leaders to rethink their strategies is cultures management. This is a challenge to managers especially when it comes to integrating the cultures of the organizations. HSBC Managers have to equip themselves with the second option in case the core business does not do well and thus the need for divesting. Equally vital is the trend of capital expansion and modernization (Gumport, 2005). For instance, HSBC is yearning to go international and inevitable be modernized, in terms of technological advancement. Modernization is mostly as a result of technological advancement. For instance, the introduction of Enterprise Resource Planning requires a significant capital injection in terms of consultancy, implementation, and training (Wolverton, 2005). It is therefore, important for the HSBC leaders and managers to embrace technology to be competitive have their market share in the future years.
Designing and executing employee development programme
Designing and executing employee development programme which are in sync with business objectives is another advantage of a good leadership. This calls for the major reform of the current leadership and management in HBSC. A strong leadership and management skills will assist HBSC managers to align individual performances for the benefit of the team and the organization (Goleman, 2005). An outstanding performance may generate reward, appreciation as well as promotion. It also helps to integrate and manage individual talents, skills with the team and business objectives and goals. When properly designed, exemplary leadership helps in managing change, reducing costs and increasing profitability (Gumport, 2005). It also helps to create a sense of belonging among team members. Develop group strategies to utilize individual strengths for the achievement of organizational and team goals. It also provides transparent system of performance management for team members thereby motivating them (Goleman, 2005).
Empowering its employees
Organizations in the modern world need to be more innovative and flexible. It is to this effect that HSBC managers ought to lead their employees on the modalities of being competitive tomorrow. Managers need to build trust and empower their employees so that they can exploit their potential. Flexibility can enhance human capital by having employees training each other consistently. These flexibilities enable mangers to embrace the latest models of business management and fuse them with what has been there in the market (Harris, 2003).
build customer loyalty programmes
Programmatic efforts to build customer loyalty whether conceptualized as retention or attraction, attitudinal attachment to the company reflects deliberate managerial efforts, and at least provides a partial understanding of the long term relationship between customer and the company (Bacon and Blyton, 2006). When the efforts are consistent with the company’s strategy, customer attraction and retention shoot. Leadership is as a process of having the power to influence other people in achieving the set group goals. In order to attain these objectives successfully the leaders, also known as managers need to make necessary changes in accordance to the set business targets. It is very hard to predict the current business world with opportunities passing by every minute. It is for this reason that businesses should embrace positive changes so as to keep up with the latest trends.
The future leadership and management Skills and Competencies in HSBC
The new skills and competencies that have been acquired in the near past and will be used in the future have been dictated by the versatile business environment. One of the vital skills that the management team have to show is their ability to have well timed strategies and tactics. In terms of employing human resource, the HSBC management has to consider when to hire and when to downsize. Additionally, timing is crucial to be taken into consideration in terms of when to advertise and when to market (Warren, 2009). HSBC leaders need new skills to build strong business-cycle in collaborating with both employees and customers. With this understanding, HSBC leaders need to familiarize themselves with the business cycles and thus the potential source of competitive advantage thus determining the flow and future earnings (Aneil, et al. 2009). For this to happen, HSBC leaders have to familiarize themselves with modern business and managerial skills. This is crucial especially with a volatile contemporary business world.
Other new skills relevant for future businesses are the macroeconomic and financial market literacy. The two are crucial for managers and leaders in HSBC and other organizations. If HSBC leaders have inadequate leadership skills, they have limited chances of expanding to the international market (Trimmer, 2006). By understanding and learning how to be economic forecasters, managers are given the opportunity to put their businesses in a strong business cycle and thus boost their financial literacy. Managers and HSBC leaders need to understand how to balance the production, invention and customer relations. By strategically managing these elements, the HSBC managers will be able to balance inventory holding costs against stock out costs (Aneil, et al. 2009). With these knowledge and skills, they will also know how to relate with customers and employees when to expand their inventories for instance when they expect expansion and when they trim inventory. These skills enable the company to remain afloat and avoid cash crunch (Bower, 2007).
The future leadership and management of HSBC will call for proper maintenance of beneficial relations with stakeholders; this can be achieved through enhancing proper communication, negotiations and contracting (Warren, 2009). There is also need for stakeholders to be constantly and properly motivated in order to be eventually beneficial in the performance of the firm. Good relations between HSBC and Stakeholders have led to reduced risks for the organization. Thus, a competitive advantage has been acquired by the HSBC over its competitors (Bower, 2007). This organizes the human resources of an organization all this are critical for proper dissemination of information. The leadership method used by HSBC is a decentralized type and thus the ease in making decisions.
Synthesis of findings into overall recommendations for the future of HSBC
It is necessary to emphasize the qualities that go in line with successful strategic management especially among managers in HSBC organization. These qualities need constant education and enlighten in line with the changes that are perceived in the environment. It is therefore, important that HBSC managers and employees to share a bond and exhibit certain types of characteristics. There will be a need for a manger to reflect the same value as an organization.
The future strategies employed by HSBC group need to be flexible; this is because the world that we are currently living in bound to changes either in the macro environment or the micro environment. The Vision of HSBC therefore, has to be broadened to adapt to conditions. There is a need for HSBC Company to form new roles and relationships among suppliers, customers, business partners and allies in order to produce innovative ideas (Goleman, 2005). HSBC Company can outperform its rivals only when its leaders and have strong management and exemplary leadership skills. This is based on the customer’s needs, customer accessibility in relation to the products that are offered by the HSBC Company (Gumport, 2005).
Regarding position element, according to Aneil et al., 2009 structural elements and configuration of power will reduce in significance and the future leadership concepts will have other elements. The groups or organizations are a reflection of the workforce’s identity. Shaw 2000 asserts that people talks in organizations reflect the way they see themselves in the organization. The leadership act will be more and more created concurrently between managers and employees, as complexity rises. From Aneil et al., 2009 arguments, the leadership concept will be better understood in the future as a dynamic process that takes place between people rather than relying on the on the personal leadership characteristics.
The present obsession with the traits of the leadership function is seasoned with a tendency of seeing a business in terms of its leaders; to set responsibilities for the organization’s life. Leadership and management keep changing, and the change is affected by the level of interaction among the managers and employees. According to Boney et al., 2005, the real leadership work entails leaving the leadership models and finding out with the existing members, the group or employees the organization and the possible leadership required.
The future leadership and management will entail Team leadership that will be about working with the “hearts and minds” of all team members. Nurturing the togetherness is vital suppose the team is to rise to higher performance levels. Team leaders are to use performance challenge to build loyalty as well as excitement in the team. It will also enable the team to unwind emotionally after lengthy periods of stressful activities (Navarro, 2009). Team leadership should work to create the conditions for growth through a well-balanced hands-on/hands-off style that empowers and energizes those around them. This helps employees to feel united with the business and team goals and performances (Gumport, 2005). It also motivates employees to enhance their performances, learn skills and focus on development as stakeholders of the business.
The future team leadership must focus on identifying any opportunity rather than, as is often the case, problems and difficulties HBSC leaders should work together with employees for the better performance of the Organization. Careful listening, insightful observation and a willingness and capacity to receive critical feedbacks are crucial to the team leader (Goleman, 2005). Opportunity-seeking team leaders should continuously challenge the status quo. This ensures effective communication and maintenance of organisational relationships. It also helps in the communication process and compliance and audit of legal requirements (Goleman, 2005). In additional, it as well helps every member of the business to be flexible and receptive to the management decision and strategy making process.
Team leadership must recognize that teamwork may not always involve trusting cooperative relationships. The strength of any team must be the very differences that it encompasses. The future team leaders need to anticipate this, learn how to spot the early signs and even recognize and accept that their very own actions as leaders may provoke conflict (Harris, 2003). Team leaders should be skilful and resilient in resolving conflict situations where the likely outcome is going go to be negative and damaging, and where the only synergy to be generated is likely to be negative, lessening performance rather than improving it. Coercive and reward power is not the most preferred way of influencing the behaviour of team members. It is one’s ability to make things easier or complicated for those whose cooperation one requires.
Team leadership involves the building, maintaining and use of influence and power in order for the team to obtain its vision and goals. Their power, or capacity to influence, will come from many sources. For some, their formal role within the organization will legitimize their capacity to influence those within the team (Gumport, 2005). For others, it may be their relative and relevant expertise that enables them to influence events and people.
Conclusion
Business organizations are established with an aim of maximizing sales and increasing the sales, thus make it possible for the business organizations to invest in other sectors of the economy. To achieve these goals, there is a need to have sound management skills or mechanisms (Wolverton, 2005). Basing on this assertion, it becomes vital that the managers or the leaders of the business organizations be acquainted with the processes and expertise that will allow them to make good decisions basing on the prevailing market conditions in terms of the technological advancements and the available business or economic standards (basing on the consumers real or disposable incomes (Warren, 2009).
The performance of workers or employees of an organisation is as critical to its success as is the planning and execution of its strategies, objectives, vision and mission. It is important to understand how the leaders of HBSC function in accordance to the company’s objectives. This can be achieved by understanding how their performances are analyzed and managed. The future leadership will arise not only as identify functionality but also as relationship results. Relationships are constantly being formed and being broken in any organization. According to Gumport 2005, people live in constant relationship to one another and individuals are responsible in regulating the emotional behaviours. They also help to motivate employees and relate organisational achievements to employee achievements (Gumport, 2005). Develop incentive and career plans to engage and motivate employees towards business goals. Additionally, creates an atmosphere of transparency, involvement and confidence for the stakeholders of the business.
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