Answer
From the global assessment test I got to know regarding the intellectual capital, psychological capital and the social capital. From the test I realized that my score in intellectual capital, social capital and psychological capital is respectively 3.18, 2.89 and 2.52 that indicates that I have the ability to work with people from different parts of the world as I am aware of more than one culture and language and I have lived among individuals who came from different ethnic background. I have the ability to emotionally connect to some individuals from various other cultures and I can make a culturally diversified workforce work together. I also enjoy travelling parts of the world and to some extent I can take risks and self confident. Apart from that I realized that I have a good knowledge of the global industry, I have the ability to understand complex tasks in lesser time an also the ability to understand abstract ideas that are helpful for my leadership practice.
I believe that from the global assessment test it is evident that I have good grasp on the intellectual capital, I have an average social capital that can be improved but there is a lot of room for improvement in my psychological capital.
I strongly believe that by improving the social capital and the psychological capital I will experience more willingness to test the other individual’s abilities and can thrive in challenging situations in the workplace. Apart from that I must improve my ability to integrate diversified perspectives and build strong network with influential individuals.
I have a consumer oriented approach of leadership as I believe to sustain the customer base and to keep them loyal towards the organization, the business organizations should care about the satisfaction of the customers. In this way developing a product of high quality would attract the customers and gradually it will increase the customer base of the organization.
It can be said that as I work in a service industry, there would be issues taking up value driven and value based approach of leadership as my field of operation does not provide the opportunity to take up above mentioned approaches of leadership.
Yes, my leadership experience and practice include work that most likely aligns with marketing 3.0 values driven approach.
Certain level of difficulty exists in terms of value based leadership and marketing 3.0 leadership. This is because according to marketing 3.0, the marketers’ treat people as human beings with spirits, hearts and mind. As a result, the customers tend to find solutions to the anxiety that makes it easy to satisfy the quest of the customers. Leadership provides an opportunity to the marketers create a vision in order to satisfy the present anxieties of the customers thereby, ensuring globalization.
Steps to improve leadership practice
The leadership practice and experiences actually align with the 10 credos as in today’ ever-changing business environment, the management of the organizations or the business leaders needs to understand the importance of three major aspects of the business. The credo one states that the business leaders should love their target customers and respect their competitors in the market as if the business leaders love their customers and try to provide the best service or products to them they will earn the loyalty of their customers and that can potentially increase the brand value along with the profitability of the organization (Caligiuri & Tarique, 2014). the business leaders should respect the market competitors as the competitors actually helps t expand the market as without any market competition the growth of the industry become slower.
The credo 2 is about how the business organizations should adapt to the market changes and get ready to transform and this is also relevant to the leadership practices. In this regard two examples can be given. Nokia is such an organization that had a monopoly in the mobile phone business and later they somehow failed to adapt to the market changes and that immensely affected their business and that lead to the sellout of the corporation. On the other hand, the management of Wall-mart who were once the giant organization in the retail market by using giving products in very cheap pricing realized that the trend they have set earlier needs to be changed and then they transformed their mode of business operations suitable to present conditions to achieve more profitability.
The credo 3 is important to the leadership practices as in credo 3, it is mentioned that if there are two similar products available in the market; it is more likely that the target customers will buy the product of that company that has bigger brand value or reputation in the market. In this regard it is worth mentioning that the business leaders should stress on building the loyalty among the customers implementing needed strategies just like the management of Body shop did. The management of Body Shop is one of the greatest examples of value driven business. The business leaders of Body Shop buys ingredients from the poor farmers to support them and apart from that they have prohibited testing their products on the animals long before a regulation was enforced by European Union. These are the factors that are making Body shop different from other rival companies that help them to sustain the growth and profitability in most odd times.
My leadership style
The credo 4 states that as the customer base are diversified, the management of the business organizations should identify that which segment of the customers would benefit from the relationship and purchase. In this regard, it can be said that for the poor population of Sri Lanka, Holcim Company has collaborated with a microfinance organization and are building houses, shops for the benefits of the poor people. The business leader of Holcim looks at the poor customers as a future market when they will climb the ladder of financial success.
The credo 5 deals with providing good product at comparatively fair pricing and this strategy can effectively increase the business of any organization. For an example it can be said that no business organization should sell any products which are of bad quality at a higher price. This can ruin the reputation of the organization. In this regard, it can be said that Unilever I lowering the prices of iodized salt to eradicate the non-iodized salts from the market for the benefit of the population.
Credo 6 indicates that the business leaders should stress on the factor to highlight the organization’s existence to the target customers by any means. For an example, in today’s world, the access to internet and information technology is vital. But a huge population cannot use these and thus Hewlett Packard is trying to fill the gap by collaborating with various other organizations to introduce information technology to the developing nations of the world.
Credo 7 deals with keeping good relation with the customers and says that the business leaders should get to know the requirements of the customers and by that the business leaders will get an overall idea of the market of operation. For an example PetSmart Charities has rescued more than millions of pets who are homeless and provided shelter. This act has strengthened the reputation of the organization and that enhanced their profitability along with the market reputation (Evans et al., 2016).
Credo 8 stresses on a factor and that is whatever the business is, the leader should consider that the service that they are providing their customers will determine the success of their organization (Brodbeck & Eisenbeiss, 2014). The business leaders should understand that the customers are the asset of any business organization and without them they would not be able to generate revenues to run the company.
Credo 9 states that the business leaders must improvise their process of business in terms of the cost, quality and delivery. For an instance, S.C Johnson is a company that helps neighboring farmers to enhance their productivity along with the assistance from the government of Kenya to improve the supply chain of the organization.
Issues in adopting value driven and value based approach
According to Credo 10, the business organizations should gather necessary information and then take decision regarding the business operation. For an example, Hershey Foods decided to sell off their stakes as there are an immense increase in the competition and it is likely that the prices of cocoa is going to get increased immensely.
Thus it can be said that all the credos are to some extent relevant to the practices of leadership in business organizations for experiencing growth in business.
In this regard, it can be said that credo 2 and 8 are not directly aligned to the leadership practice and there are some major room for improvements. It can be said that in today’s world, the management of the business organizations should understand the fact that they are operating in a market where the requirements of the customers and the general trends of the market is incessantly changing. Hence, the business leaders should be able to adapt to the changes required in the market of their operation. In this regard it is worth mentioning that same goes with the target customers too. The customers also will have to adapt to the market changes and they cannot expect the same products from the companies if the situation gets changed (Caligiuri & Tarique, 2014). For an example, it can be said that Toyota was widely known for being an organization with continuous innovations and slow but steady process of appropriate decision making. In this regard it can be said that before becoming obsolete in the market like companies like Nokia and many more, Toyota understood the market demand and introduced a hybrid car that accelerated the growth of the business organization. Not only Toyota, same was seen in the management of Wall-mart too. Wall-mart is the largest retailer in the world and though they were criticized for their age old recruiting process, supply chain process and many other issues (Buckner & Lai, 2016). Somehow, before things were out of hand, the business leaders of Wall-mart got to know and changed the company policies. They have taken the low price strategy and made several changes in the company policies. As I have some work experience in leadership practices, I believe that our leadership practices somehow lacked the innovation and continuously changing according to the market trends. This needs to be improved soon to sustain growth and development.
Not only the credo 2, the credo 8 also does not align with our leadership practices to some extent and there we need to work immensely to get beneficial results. According to credo 8, the business leaders should think that any business belongs to the service industry, as the service a business organization provides to their customers often build the reputation and determines the future growth. Thus the business leaders should keep in mind that they should serve the target customers sincerely and with empathy (Caligiuri & Tarique, 2014). The business leaders should keep in mind that not only food and hospitality industries are the part of the service industry but they all should try to provide the best service to the target customers to retain them for the growth and development of the business. for an example, the management of Whole Foods sees their business as a service to the consumers and to the society and thus for the benefits of their target customers, the business leaders of Whole Food are trying to change the lifestyles of the target customers to healthy ones (Buckner & Lai, 2016). These practices will automatically make the customers more loyal to the brand giving a solid boom to the reputation of the organization. Thus it can be said that these two are the basic area of improvement in the leadership practices experienced by me for the further development and growth of the organization and these needs to be improved as soon as possible for the interest of the business concern.
Marketing exposure
In this context it is worth mentioning that improving leadership practices the process engages a range of practices for maximizing the productivity and profitability of the business organization. It can be seen that to make the most of the investments the company strategies must be aligned with the leadership practices. The improvement of leadership practices will include various formal policies and programs and these actions might be structured as training programs that can be used for improving the leadership skills (Brodbeck & Eisenbeiss, 2014). To implement a program dedicated for improving the leadership practices, the management should make a framework or a model of competence regarding the relevant knowledge, abilities and skills. The programs related to the development of the leadership practices include maintenance, formation and transformation of the identity of the leaders throughout the process of the development (Caligiuri & Tarique, 2014). Through a process of learning and development along with acquiring experience, the leaders can develop a strong leadership practice that can be beneficial to the business organization. An organization can be successful when the workplace becomes dynamic having the leaders who has strong development strategies and have good relationship with the workforce of the organization (Co Cohen et al., 2014). In this regard, it should be mentioned that the successful leaders tend to build a strong bonding between the organization and the target customer base to keep them loyal towards the organization; as the repetitive customers are seen to determine the success of a business organization (Buckner & Lai, 2016). The management has to ensure that the business leaders are competent to motivate the workforce, develop strong business strategies for the growth of the business and have the skills to introduce innovative ideas to sustain the growth and development of the business organization in the ever-changing market of operation.
In this context it should be mentioned that to effectively improve the leadership practices, it needs premeditated practice. The development of leadership practices requires to conceptualize an accurate expert model of performance where the leaders gets developed from armatures to experts as a result of incessant practice and gaining experiences. To develop leadership practices, the business leaders can practice teamwork, develop communicational skills, conflict management and try to introduce innovative ideas in the workplace (Co Cohen et al., 2014). To effectively improve the leadership practices, the business leaders should locate and identify the employees with high potential and should try to develop leadership qualities among them. The management of the business organizations can structure specific training programs for the business leaders to improve their skills.
How the leadership practice and experience align with the credos
The most important thing is to accurately implementing the developmental programs in the organization to effectively improve the leadership practices (Caligiuri & Tarique, 2014). The individual skill developmental programs are attributed by the evaluation of the leader’s values, behaviors and personality. There should be proper evaluation of the leaders regarding their strengths, weaknesses. The trainers should proactively provide a feedback to the management of the organizations regarding the improvement of the leaders. After that the management of the organizations should follow up with the trainers regarding the developmental issues of the leaders of the organization (Evans et al., 2016). Apart from that, in the socialization programs the coaches might orient new leaders towards the values and visions of the business organizations. in this case, the coaches should maintain a healthy relation with the leaders whom they are training as that will help the coaches to understand where they need to work on or what are the strengths of the persons whom they are training.
Thus it can be said that the management of the organization should try to improve the abilities of their leaders regarding their thought process (Co Cohen et al., 2014). The coaches should ensure that the leaders have to improve their leadership practices in order to secure the growth and developments of the business organization. as it is evident that the current trend of the market is the ever-changing nature of the customers and their preferences. Thus it should be the duty of the leaders to ensure that they understand what the requirements of the customers are and how those requirements should be met (Buckner & Lai, 2016). Apart from that it should be the duty of the business leaders to ensure that they are providing products against proper value and they are not compromising with the qualities of their products (Caligiuri & Tarique, 2014). The management of the organization also needs to understand the fact that they have a good knowledge of the service that they should provide to the customers. In today’s world, service is a term that is immensely important behind the success of a business organization (Brodbeck & Eisenbeiss, 2014). The business leaders should make it sure that they are providing the best services to the target customers to keep them loyal towards the organization and it is a proven fact that the repetitive customers help to boost the revenue of a business organization.
The areas that are not aligned and have room for improvement
As I have gathered experience as a leader in a security agency, there I have seen that the management have major issues regarding adapting to the changes which are prevalent in the market. What I feel is that the management of the organization does not feel confident to adapting to the changes as that may require huge investments and further infrastructural changes. The issue is to adapt to the changes and in that regard, the organization where I have worked did not care about the necessary changes that they should have brought in (Co Cohen et al., 2014). Apart from that, the security agency where I have worked actually falls under the service industry, though the management of the organization sees at it like just another paid job where they raise investment capitals from the investors on behalf of the organizations and they offer public in the primary market. This is actually a service industry and the management needs to understand the requirements of the target customers (Caligiuri & Tarique, 2014). Getting to know the requirements of the target customers and taking actions accordingly can potentially bring in customer loyalty towards the organization and the organization can expect boom in profitability. I believe that the management of the organization should have invested in developing the leadership practices by asking them to deal with customers with empathy and sincerity (Buckner & Lai, 2016). The management of the organization should have understood their value as a business organization in service sector as depending on their decisions their customers can get more financial benefits and if they fail to do so, the customers are the ones who will incur loss at the first time (Co Cohen et al., 2014).
In this regard it is worth mentioning that the organization cannot indulge to change their way of operation overnight as many of their clients’ financial benefits are dependent on their decisions and if they make any bad decisions in haste that would directly affect their customers. The organization works on the financial sector and they cannot change their policies overnight, as for that, they will be have to calculate the market risks and many other issues. In this regard, training and developing the business leaders in accordance to these issues are also complex and that can potentially take huge time (Caligiuri & Tarique, 2014). Thus it can be said that modifying the structure of the organization in accordance to the market demand cannot be always possible for the organization like Zhongxin Securities Co. Ltd.
The managerial board of Zhongxin Securities Co. Ltd have thus chosen the policy to not change the structure of the company frequently and rather they would want to see the market risks, evaluate those and then take necessary actions (Buckner & Lai, 2016). In one aspect the organization could have upgraded their leadership practices but they did not is that they do not believe that they are operating in a service industry and they needs to understand the fact that they have to show empathy to the target customers (Brodbeck & Eisenbeiss, 2014). The management of the organization has to understand the fact that if they do not make people having immense trust on the ability of them, they would not be able to see the boom in their profitability and in any service industry, the relation between the management and the customers determines the success rate of the business organizations. What I believe is that the management of Zhongxin Securities (Co Cohen et al., 2014). Ltd has to understand this fact and they have to introduce some new features regarding the training and development of their business leaders to achieve success in near future. The way the management is operating their business nowadays, without implementing new policies or amendments in their company policy they would not be able to sustain their growth and profitability in the ever-changing market. the management of Zhongxin Securities Co. Ltd has to understand that they must adapt to some market changes and they need to understand that the relationship with the customers must be maintained in order to keep them loyal towards the customers as that can effectively increase the brand value of the organization.
References
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