LDR535 Week 4 Assessment Innovative Leadership Report

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LDR/535: Leading Change Innovative Leadership Report Kimberley Mason Instructor: Petermax Miller June 26 th , 2023 1

Restate the Needed Organizational Change. RBC is one of North America’s leading diversified financial services companies, and provides personal and commercial banking, wealth management, insurance, investor services and capital markets products and services on a global basis (Our Company, n.d.) . RBC is one of Canada’s largest banks and among the largest in the world based on market capitalization (Our Company, n.d.) . It also operates on a global scale in the USA, Europe, Asia, and the Caribbean. In my experience I worked at RBC Barbados. RBC’s vision is to be among the world’s most trusted and successful financial institutions and its mission is to be the first choice for consumers, businesses, institutions, and governments for the greater part of their financial needs (Purpose, Vision, and Values, n.d.) . During my tenure at RBC, I believe due to a lack of investment in the development of its employees the company was unable to stay on course to fully realize its vision and mission. This was apparent in an organization culture that was characterized by high levels of stress, lack of empowerment, lack of clarity on the organization’s mission, and vision and high employee turnover rate. Alternative Leadership Styles for Organizational Change Leadership is important for the success of an organization because it provides guidance, purpose and helps others understand the long-term strategies and goals of a business. Leaders help to communicate the vision and mission of the firm to employees. This provides direction and helps everybody identify the roles that best fit skills and experiences. Through clear communication, leaders encourage their subordinates to act for the actualization of objectives (Importance of leadership in fulfilling organization vision and mission, n.d.) . Therefore, it is crucial for 2

leaders to utilize the correct leadership style that allows their employees to reach their full potential and harness their talents to accomplish organizational goals. The three leadership styles RBC can consider are Autocratic, Democratic and Laissez-Faire. Autocratic Leadership The autocratic leader exerts full control over their subordinates and does not accept feedback from them when making decisions. The communication flows in one direction which is top bottom approach. This type of leader leads by being directive and providing clear goals and expectations to employees. Autocratic leadership allows for quick decision-making especially in stress-filled situations, offers clear chain of command or oversight and works well where strong, directive leadership is required (Cherry, 2023) . Despite the benefits there are many drawbacks to this type of leadership. Under an autocratic leader the environment can be rigid and uptight, which can ultimately lead to employee resentment. Democratic Leadership Democratic leadership encourages each team member to participate in decision-making by sharing their opinions. A democratic leader encourages open conversation and helps their employees’ set goals, evaluate their own performance, and motivates them to grow (Team, 2023) . Employees are directed through suggestions and guidance from their leaders and communication flows in both directions, that is, upward and downward. This type of leadership can be instrumental to promoting organizational change because it creates an environment which fosters creativity and welcomes employees to shares ideas and provide their input which will lead to increased employee engagement and motivation and will drive cultural change. 3

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Laissez-Faire Leadership Laissez-faire leadership is a type of leadership style where leaders allow team members to make their own decisions and work independently, with minimal interference or direction from the leader (Staff, 2023) . Under this leadership style, the leader has hands off approach to leadership, and employees have full autonomy and are in control of the decision-making process. Laissez-faire leadership can trigger organizational change because it fosters personal growth and self-motivation among team members and the sense of autonomy that comes with this leadership can lead to increased job satisfaction and employee retention (Staff, 2023) . However, one major drawback of this type of leadership is, it can create an environment characterized by chaos because it creates confusion, ambiguity, and inconsistency among your employees, especially if they lack clear goals, expectations, and guidelines (What are the benefits and drawbacks of laissez-faire leadership for employee engagement and retention?, n.d.) . Recommended Leadership Style To support the needed change within RBC’s organizational culture, I would recommend the democratic approach. This approach can help the company achieve sustainable organizational success. By having its employees play an active role in the decision-making process and by encouraging them to share their creativity and feedback it increases employee engagement. As a result, employees feel valued and appreciated. This ultimately leads to higher productivity, increased morale and in essence employees build greater trust and have an increased sense of loyalty to the company and would be invested and willing to go above and beyond to achieve organizational goals. 4

Democratic leadership enables the organization to align its mission and its vision, with employee engagement throughout all levels of the organization. Employees are clear on the organization’s goals, vision and mission and fully understand how their respective roles help contribute to the overall success of the company. As mentioned previously, democratic leadership fosters an environment of empowerment, employee engagement and increased employee trust and loyalty. This leads to higher effectiveness and efficiency which will ultimately increase productivity. Essentially, this will positively impact the profitability of the organization which will translate to increase stakeholder value. By actively collaborating and engaging employees in the decision-making process, employees are motivated and invested in the company’s success which ultimately reduces employee turnover rates. Conclusion The leadership style an organization chooses to utilize can make or break the company. It is therefore crucial they choose a leadership style that aligns the company’s vision and mission and allows the organization to maximize the full potential of its employees to attain organizational goals and fulfills its purpose while creating and sustaining stakeholder value. 5

References Cherry, K. (2023, February 27). What Is Autocratic Leadership? Retrieved from www.verywellmind.com: https://www.verywellmind.com/what-is-autocratic-leadership-2795314 Importance of leadership in fulfilling organization vision and mission . (n.d.). Retrieved from www.bing.com: https://www.bing.com/search? q=importance+of+leadership+to+fulfilling+organization+vision+mission+and+vision&cvid=3d8ce f31223e4fa180f93438f581bf31&aqs=edge..69i57j69i64.87851j0j4&FORM=ANAB01&DAF1=1&P C=U531 Kramer, L. (2020, July 10). Advantages & Drawbacks of the Autocratic Leadership Style . Retrieved from www.smallbusiness.chron.com: https://smallbusiness.chron.com/advantages-drawbacks- autocratic-leadership-style-16616.html Our Company . (n.d.). Retrieved from www.rbc.com: https://www.rbc.com/our-company/index.html Purpose, Vision, and Values . (n.d.). Retrieved from www.rbc.com: https://www.rbc.com/our-company/purpose-vision-and-values.html Staff, E. (2023, April 19). What Is Laissez-Faire Leadership? What Are Its Benefits and Drawbacks? Retrieved from www.entrepreneur.com: https://www.entrepreneur.com/leadership/what-is- laissez-faire-leadership-what-are-its-benefits-and/449201 Team, I. E. (2023, February 3). Democratic Leadership Style in the Workplace: Pros and Cons . Retrieved from www.indeed.com: https://www.indeed.com/career-advice/career-development/democratic-leadership What are the benefits and drawbacks of laissez-faire leadership for employee engagement and retention? (n.d.). Retrieved from www.linkedin.com: https://www.linkedin.com/advice/1/what- benefits-drawbacks-laissez-faire-leadership-1e 6

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