Formulating a sustainable leadership proposal for Barclays Bank
Question
Task: Define the concepts of sustainability and leadership and how they will be addressed in the proposal. Advise how to implement a leadership style that empowers managers to motivate staff, encourage innovation and helps staff to embrace significant organisational change.Explain the leadership theories citing appropriate sources and relate them to the client’s objectives.Provide an overview of the model and explain how its principles can be applied by your higher education institute to achieve favourable outcomes and avoid undesirable results.Explain and promote the use of leadership development programmes for staff and organisations in general. Explore the reasons for having Women centered development programme. Explain the concept of Change Leadership and the role it should play in implementing the changes of the proposal. Use sources to demonstrate how this applies to the bank sector relating specifically to trends, challenges, and opportunities.Use Kotter’s 8-Step Change Model with practical examples of how change can be implemented in the selected bank. Your recommendations should complement the management style and models you have referred to.Summarise the findings of your proposal and conclude with a compelling closing statement on why the Board of Directors of your selected organisation should adopt the proposal.
Answer
Introduction
The primary aim of this proposal is to explore and understand the concepts of sustainability and leadership in relation to Barclays Bank and also to suggest the implementation of women-centric leadership programs within the organization. The proposal aims to highlight the importance of sustainable practices and the significant role and position of women in various leadership positions in promoting a sustainable future. It will also highlight the use of the transformational leadership style for implementing change in the organization. The proposal aims to explore how women in leadership positions tend to perform better and give the organization great recognition. The proposal will explore the benefits of women-centric leadership, including increased diversity of thought and better decision-making, and will suggest ways in which Barclays Bank can promote women-centric leadership within the organization.
The proposal will also include the application of Kotler's 8-Step Change Model in the context of Barclays Bank.This 8-step model provides a framework for managing change in a structured and systematic way, which is essential for successful change management. By following the steps outlined in the model, Barclays Bank can develop a sense of urgency around the requirement for sustainability and women-centric leadership, form and strong strategy and clear vision for these initiatives, share this vision with stakeholders, empower employees to act and work on the vision, have short-term wins, consolidate the various gains and work on various more change, and utilize new approaches for organization’s efficiency supporting organizational culture.
Adoption and Implementation of Leadership Style at Barclays
The significance of leadership style in empowering women cannot be overstated. Effective leadership can play a critical role in creating an environment that supports women's professional growth, development, and success. To devise a leadership style that helps organizational managers to motivate employees, encourage innovation, and support the staff in embracing organizational change, here are some steps that can be followed at Barclays:
• Communicate the vision: As a leader, it is essential to clearly communicate the vision of the organization to the managers and staff. They need to understand the vision and goals of the organization and how they contribute towards achievement of these objectives. It will help the employees stay motivated and focused.
• Empower managers: Empower the managers to make decisions and take ownership of their work. Give them the autonomy to make decisions within their scope of responsibility. Encourage them to think creatively and take risks. This will help them become more invested in their work and lead to better outcomes for the organization (Mbwaya, 2012).
• Provide opportunities for development & training: Provide the managers and staff with the opportunities for training & development, for help them to grow and develop in their roles. This will help them stay motivated and engaged and will also help them acquire the skills and knowledge they need to innovate and adapt to change.
• Encourage innovation: Create an environment that encourages innovation and rewards creativity. Encourage the managers and staff to come up with new ideas and approaches to work. Recognize and reward innovative approaches. This will support the organization for staying ahead of the curve and implement them to change more effect tively (Obong'o, 2014).
By following these steps, the company can create a leadership style that can support in empowering the organizational managers to motivate employees, encourage innovation, and helps the employees in embracing significant organizational change. Remember to communicate the vision, empower managers, provide training and development opportunities, encourage innovation, and lead by example.
Leadership theories for Organizational Change at Barclays
Leadership style plays a crucial role in empowering women in various settings, whether it is in the workplace, politics, or social movements. Transformational and behavioral theories are two of the most prominent leadership theories that can be applied to empowering women.
Transformational leadership theoryfocuses on the significance of the abilities of a leader to inspire and motivate the employees and the followers in order to achieve their complete potential. Transformational leaders provide a vision for the future, encourage creativity and innovation, and foster a sense of ownership and accountability among their followers. By creating a positive and empowering work environment, transformational leaders can help women overcome barriers and achieve their goals (Zainabu, Joanna, and Mohammad, 2022).
In the context of empowering women, transformational leaders can play a significant role by creating a supportive and inclusive work culture. They can identify and address gender biases and provide opportunities for women to develop their skills and expertise. They can also encourage women to take on leadership roles and provide mentorship and coaching to help them succeed (Othman, 2015).
Behavioral leadership theory has its focuses on the behavior of a leader and the impact it has on followers. According to this theory, there are particularly two types of leadership behavior I.e., people-oriented and the task-oriented. In task-oriented, the focus of the leader is on the successful achievement of specific goals, whereas, in people-oriented leaders focus and emphasis on building associations and relationships and supporting their followers.
In the context of empowering women, people-oriented leaders can be particularly effective. They are empathetic and supportive, and they actively listen to the concerns and needs of their followers. By building strong relationships with women in their organization, they can create a sense of trust and loyalty, which can help women feel empowered to take on new challenges and pursue their goals (Berber, Slavi?, Mileti?, Simonovi?, and Aleksi?, 2019).
Both these leadership styles can play a critical role in empowering women. Transformational leaders can create a positive work environment that encourages creativity, innovation, and accountability, while behavioral leaders can build strong relationships and provide the necessary support to help women succeed. By applying these theories in practice at Barclays, leaders can develop a highly inclusive and equitable workplace, where women can succeed and also reach their complete potential (Choi, Goh, Adam, and Tan, 2016).
Use of Multiple Linkage Model for achieving favorable Outcomes
The Multiple Linkage Model (MLM) is a leadership theory developed by Gary Yukl, which suggests that effective leadership is achieved by utilizing multiple channels of influence to create a network of relationships with key stakeholders. The MLM emphasizes the importance of building relationships with individuals both within and outside of an organization, as well as considering the various factors that may impact the effectiveness of the leadership process (Yukl, 2011).
The model consists of three main components: the leader, the employees, and the situation. Primarily, the leader is responsible for initiating and maintaining the relationships with the followers and other key stakeholders, while also adapting their leadership style to suit the situation. The followers are critical to the success of the leader, as they are the ones who ultimately determine whether or not the leader's goals are achieved. Finally, the situation refers to the external factors that can impact the leadership process, such as the organization's culture, the economy, and other environmental factors.
To achieve favorable outcomes using the MLM, leaders or managers at Barclays must focus on building strong relationships with their followers and other key stakeholders. This involves engaging in active communication, listening to feedback, and being responsive to the needs and concerns of those around them. Additionally, leaders must be flexible and able to make change in their leadership style so that it is suitable as per the situation and the needs of the people or individuals they are working with. This can involve being more directive and authoritative in certain circumstances, or more collaborative and participative in others.
At the same time, organizational managers must also be mindful of potential pitfalls that could result in undesirable outcomes. One common challenge is the risk of becoming too focused on one particular channel of influence, such as relying too heavily on formal authority or neglecting to build relationships with external stakeholders. Leaders must also be careful to avoid engaging in unethical or manipulative behavior, as this can erode trust and damage relationships with followers and other stakeholders.
Overall, the MLM offers a useful framework for simplifying and easily understanding leadership and the importance of building relationships and utilizing multiple channels of influence. By applying its principles effectively, leaders can achieve their goals and create positive outcomes for themselves and their organizations, while avoiding potential pitfalls and maintaining the trust and support of their followers and stakeholders (Yukl, 1971).
Reasons to adopt MLM Model at Barclays
Multiple linkage model, which is a model used in organizational development to improve communication, collaboration, and decision-making, can be highly beneficial for Barclays Bank. Here are some reasons why:
• Improved Communication: By adopting the multiple linkage model, Barclays Bank can improve communication between different departments and teams. This model emphasizes open communication channels, feedback mechanisms, and effective communication structures, which can help to reduce communication breakdowns and misunderstandings, resulting in improved organizational communication (Zainabu, Joanna, and Mohammad, 2022).
• Increased Collaboration: Collaboration between teams is essential for organizations to succeed, and the multiple linkage model can help Barclays Bank to foster collaboration between teams. This model focuses on creating cross-functional teams, where members from different departments work together on specific projects, leading to increased collaboration and synergy.
• Better Decision-Making: The multiple linkage model promotes inclusive decision-making processes, where all stakeholders are involved in the process of decision-making. This model helps to make sure that the decisions are made on the basis of a broader perspective, leading to better and more informed decisions (Nyamoko, 2011).
• Enhanced Organizational Performance: The adoption of the multiple linkage model can lead to improved organizational performance. By improving communication, collaboration, and decision-making, Barclays Bank can improve productivity, reduce costs, and achieve its strategic goals more effectively.
Overall, the multiple linkage model can be highly beneficial for organizations like Barclays Bank, where effective communication, collaboration, and decision-making are critical for success. By adopting this model, Barclays Bank can create a more dynamic and innovative workplace that can adapt to changing business environments and achieve sustainable growth.
Multiple linkage model is a strategic approach to organizational design and development that focuses on aligning various organizational components, such as structure, culture, and systems, to achieve the desired organizational objectives. At Barclays, the multiple linkage model can help the organization achieve its objectives by providing a framework for integrating its various functions, systems, and processes.
To implement the multiple linkage model effectively, there are several key behaviors that are required, including:
• Strategic thinking: The ability to think critically and strategically about the organization's objectives, and how different components of the model can be leveraged to achieve those objectives.
• Collaborative mindset: The willingness to work across different functions and teams to integrate the different components of the model and create a cohesive organizational strategy.
• Change management skills: The ability to manage organizational change effectively, including identifying potential roadblocks and implementing strategies to overcome them.
• Communication skills: The ability to communicate the vision and strategy of the multiple linkage model clearly to all stakeholders, including employees, customers, and investors (Shah and Ullah, 2021).
By implementing the multiple linkage model effectively, Barclays can anticipate several impacts or results, such as:
• Improved alignment between different organizational components, leading to increased efficiency and effectiveness.
• Enhanced organizational agility, enabling Barclays to respond and react more quickly and efficiently for adopting changes in the market or competitive landscape.
• Increased employee engagement, as employees feel more connected to the organization's overall strategy and purpose.
• Improved customer satisfaction and loyalty, as the organization is better able to anticipate and respond to customer needs and preferences.
Overall, the multiple linkage model can help Barclays achieve its organizational objectives by providing a framework for aligning its various components and creating a cohesive organizational strategy (Belas, 2013). By focusing on the key behaviors required to implement the model effectively and anticipating the anticipated impacts and results, Barclays can maximize the benefits of this approach.
Leadership Development Programme
Leadership development programmes can be highly beneficial for both staff and organisations in general. These programmes help staff to develop the skills and competencies necessary to become effective leaders, while also providing organizations with a pipeline of talented individuals who can take on leadership roles in the future (Ely, Ibarra,and Kolb, 2011). Here are some reasons why leadership development programmes are important:
• Improved employee performance: Leadership development programmes can improve employee performance by providing them with the tools and skills necessary to be effective leaders. This, in turn, can increase productivity and improve business outcomes.
• Increased employee retention: Employees who are allowed to participate in leadership development programmes are likely to feel highly valued and invested in their organization, that may lead to enhanced employee retention rates.
• Succession planning: Leadership development programmes can help organizations to identify and develop future leaders, which is important for ensuring the long-term success of the business (Selzer, Howton, and Wallace, 2017).
• Increased diversity: By promoting the use of leadership development programmes, organizations can increase diversity within their leadership teams, which can bring new perspectives and ideas to the table.
Importance of leadership development programme for the female employees in the organization
Leadership development programme for female staff in the organizationplays a vital role in overall growth and better working. There are huge benefits of these programs as they not only empower women but also develop their leadership skills that support the better functioning of the organization only.
Leadership development programs for female staff in organizations are crucial for several reasons:
1. Addressing gender inequality: Leadership development programs for women are necessary to address gender inequality and promote diversity in leadership roles. Women are underrepresented in leadership positions, and these programs help to address the gender gap by empowering women to develop the confidence, abilities, and skills needed to succeed in leadership roles.
2. Enhancing organizational performance: Women bring unique perspectives, skills, and experiences to leadership roles, and including them in leadership positions can enhance organizational performance. Leadership development programs can help women develop the skills necessary to lead effectively and make meaningful contributions to the organization (Gipson, Pfaff, Mendelsohn, Catenacci,and Burke, 2017).
3. Building a pipeline of future leaders: Leadership development programs for women can help to build a pipeline of future leaders for the organization. By investing in the development of female staff, organizations can create a pool of talented and capable women who are equipped to take on the leadership roles and drive the organization's success.
4. Retention and engagement of female staff: Offering leadership development programs for women can increase the retention and engagement of female staff. When women feel supported and empowered to develop their skills and take on leadership roles, they are more connected with the organization for a long time and contribute to its success (Asrar-ul-Haq,and Kuchinke, 2016).
Overall, leadership development programs for female staff are essential for promoting gender equality, enhancing organizational performance, building a pipeline of future leaders, and retaining and engaging female staff.
When it comes to women-centered development programmes, there are several reasons why they are important and why Barclays may consider implementing women-centered development programs to address several ethical and social factors. These programs can help create a more inclusive and diverse workplace culture that is beneficial to the organization and its employees. Let’s discuss the factors that promote such women-centered development programs:
Ethical and social factors:Some ethical and social factors for having women-centered development programs in Barclays include:
• Gender Equality: Women-centered development programs can help address gender inequality in the workplace. Women have historically faced barriers to professional advancement due to systemic biases, and these programs can help break down those barriers and provide equal opportunities for women to succeed.
• Retention of Female Talent: Women-centered development programs can also help retain female talent within the organization. Women who feel supported and valued in the organization are more linked to the organization for long-term, resulting in reduced turnover and decreasing the associated costs.
• Improved Employee Satisfaction: By offering programs that support women's career growth and development, organizations can improve employee satisfaction and engagement. This can lead to a more positive work environment, better morale, and higher productivity (Kossek, Lobel, and Brown, 2006).
• Increased Diversity: Women-centered development programs can help increase diversity in the workplace, both in terms of gender and other aspects of diversity, such as race and ethnicity. A more diverse workplace can provide new perspectives and ideas that can lead to better decision-making and innovation.
• Improved Reputation: Implementing women-centered development programs can improve an organization's reputation and social standing. This can lead to increased customer loyalty and positive brand recognition.
• Ethical Responsibility: Organizations have an ethical responsibility to promote equality and fairness in the workplace. Women-centered development programs can help ensure that all employees have access to the same opportunities for career growth and development, regardless of gender (Meyerson and Fletcher, 2000).
Overall, implementing women-centered development programs can have a positive and favourable effect on the ethical and social factors of Barclays. By creating a more inclusive and supportive workplace culture, organizations can attract and retain top talent, improve productivity, and contribute to a more equitable
Business and economic factors: Research has shown that there are a number of business and economic factors that could justify having women-centered development programs in banking organizations like Barclays. Here are a few:
• Attracting and Retaining Talent: With the changing workforce demographics, women represent a significant portion of the talent pool. By providing development programs that cater to their needs, organizations like Barclays can attract and retain female employees, helping to build a diverse and inclusive workforce.
• Improved Productivity and Performance: Studies have shown that gender diversity in the workplace can improve productivity and performance. By providing development programs that support women's career growth, organizations like Barclays can tap into the potential of female employees and reap the benefits of a more productive and high-performing workforce (Stahl, et al., 2012).
• Enhanced Reputation and Branding: Organizations that are seen as supportive of women's career development and advancement can enhance their reputation and branding, which can be beneficial in terms of attracting customers, partners, and investors. This can be particularly important in industries where diversity and inclusion are becoming increasingly important.
• Compliance with Regulations: Many countries have regulations in place that require companies to promote and focus on gender equality and support the career development. By providing women-centered development programs, organizations like Barclays can comply with these regulations and avoid potential legal and reputational risks.
• Improved Innovation and Creativity: Diverse teams are often better at generating innovative and creative solutions to complex problems. By supporting women's career development, organizations like Barclays can bring more diverse perspectives to the table, leading to improved innovation and creativity.
In summary, leadership development programmes can be highly beneficial for both staff and organizations. Women-centered development programmes are important because they can help to address the historical underrepresentation of women in the leadership positions, and can lead to better business outcomes. Also, there are a variety of business and economic reasons why an organization like Barclays might consider implementing women-centered development programs (Elms, N., Link, K., Newman, A., Brogly). By doing so, they can attract and retain talent, improve productivity and performance, enhance their reputation and branding, comply with regulations, and improve innovation and creativity.
Change Leadership
Change leadership is the process of directing, motivating, and guiding people and organizations through a significant transformation or change initiative. It is a critical component of change management, which involves planning, implementing, and monitoring changes to achieve desired outcomes. Change leadership is focused on people and their emotional responses to change, recognizing that change can be difficult, uncomfortable, and stressful.
In the banking sector, change leadership is particularly important given the constant evolution of the industry, the emergence of new technologies, changing customer expectations, and increasing regulatory requirements. Banks must be agile and responsive to change if they are to remain competitive and meet the needs of their customers (Belias and Koustelios, 2014).
To implement changes in banking organisations, change leadership involves several key components:
• Vision and strategy: Change leaders must create a strong vision and appropriate strategy for the change initiative. They must communicate this strategy and vision to all stakeholders and make sure that all the employees understand the rationale behind the change and the way it will support the organization.
• Engagement and communication: Change leaders must engage and communicate with all stakeholders, including employees, customers, and shareholders. They must listen to feedback and address concerns, providing regular updates on the progress of the change initiative.
• Change readiness: Change leaders must ensure that the organization is ready to undertake the change initiative. This involves assessing the organization's capacity for change, identifying potential barriers to change, and developing strategies to mitigate these barriers (Winasis, S., Djumarno, Riyanto, and Ariyanto, 2021).
• Implementation and monitoring: Change leaders must oversee the implementation of the change initiative, ensuring that it is executed effectively and efficiently. They must monitor progress, identify and address any issues that arise, and make adjustments as necessary (Adda,Natsir and Rossanty, 2019).
The banking sector is currently experiencing several trends, challenges, and opportunities that require change leadership to be effective. Some of these include:
• Digital transformation: Banks are increasingly moving towards digital channels to meet the changing needs of their customers. Change leadership is critical in ensuring that digital transformation is implemented effectively and efficiently, while also addressing the concerns of employees and customers.
• Regulatory requirements: The banking sector is subject to increasing regulatory requirements, which require banks to adapt their operations and processes. Change leadership is critical in ensuring that these changes are implemented in a way that is compliant with regulations, while also minimizing disruption to the business (Lashari and Rana, 2018).
• Customer expectations: Customers are demanding more personalized and convenient banking services. Change leadership is critical in ensuring that banks can adapt to these changing expectations, while also maintaining their existing customer base.
• Innovation and competition: Banks face increasing competition from fintech startups and other non-traditional players. Change leadership is important to make sure that banks are capable of innovating and adapting these challenges, while also maintaining their market position (Belias and Koustelios, 2014).
Barclays Change Model
Barclays Bank is a financial institution that has been in operation for past so many decades, providing banking, financial,and investment services to individuals, businesses, and governments across the globe. With the increasing demand for digital banking services and the competition inbanking sector, Barclays must adapt to the changing business environment.
With the use of Kotter's 8-Step Change Model, below are practical examples of how change can be implemented in Barclays bank.
- Step One: Create Urgency
Primarily, it is necessary to create urgency. This comprises identifying the need and requirement for change and creating a sense of urgency amongst employees to embrace the change. For example, Barclays could develop a sense of urgency by highlighting the requirement for improvingits digital banking services for meeting the changing needs of its customers (Kimaku, 2010).
- Step Two: Create a Strong Coalition
Secondly, it is necessary to develop a powerful coalition of all the individuals who are ready to champion the change process. This coalition must include people from various organizational levels. For example, Barclays could form a coalition comprising individuals from the IT department, marketing department, customer service department the executive management team to drive the change process.
- Step Three: Develop a Vision for Change
Next, it is essential to develop a clear and strong vision for change. It should be a compelling statement that articulates what the organization wants to achieve through the change process. For example, Barclays could create a vision that states its intention to become the leading digital bank in the industry.
- Step Four: Communicating Vision
Next, it is essential for communicating the vision to all the people and stakeholders in the organization. Communication should be clear and consistent for ensuring that all the employees must clearly understand the vision and also their particular roles in attaining it. For example, Barclays could use town hall meetings, email communication, intranet and training sessions to communicate the vision to their employees (Brock, Peak, and Bunch, 2019).
- Step Five: Remove Obstacles
The fifth step is to identify and remove obstacles that may hinder the change process. This involves addressing any barriers that may prevent employees from embracing the change. For example, Barclays could identify any cultural or technological barriers that may hinder the adoption of digital banking services and address them accordingly.
- Step Six: Developing Short-Term Wins
Next, it is essential to develop short-term wins that will explain the success of the change process. This involves celebrating small successes along the way to keep employees motivated and engaged. For example, Barclays could celebrate the successful adoption of a new digital banking feature by its customers.
- Step Seven: Building Change
In the seventh step, it is important to build change by continuously improving and refining the new processes and systems. This involves measuring the success of the change process and identifying areas for improvement. For example, Barclays could continuously improve its digital banking services based on customer feedback (Hodges, 2016).
- Step Eight: Anchoring Changes in Corporate Culture
The last and concluding step is to anchor the significant changes in the organization’s corporate culture. This involves making the change a part of the company's values and norms. For example, Barclays could include the adoption of digital banking services as part of its performance appraisal process (Kimaku, 2010).
By following Kotter's 8-Step Change Model, Barclays Bank can successfully implement change in their organization and adapt to the changing business environment. It is important to note that the recommendations should complement the management style and models of the organization.
Conclusion
The findings suggest that sustainable leadership, which encompasses transformational and behavioral leadership, is becoming increasingly important for organizations like Barclays. This type of leadership focuses on creating long-term value for stakeholders while considering the impact on the environment and society.The multiple linkage model, which involves aligning organizational culture, strategy, and leadership, is also a crucial factor in achieving sustainable leadership. By using this model, Barclays can ensure that its leadership style and organizational culture are consistent with its sustainability goals and objectives.
In summary, change leadership is a critical component of change management in the banking sector. It is essential for banks to be agile and responsive to change to remain highly competitive and meet customers’ needs. Change leaders must develop a clear vision and strategy, engage and communicate with all stakeholders, ensure change readiness, oversee implementation and monitoring, and address the unique trends, challenges, and opportunities of the banking sector.
In conclusion, the Board of Directors of Barclays should embrace sustainable leadership to ensure future success and sustainability of the organization. By incorporating transformational leadership and using the multiple linkage model, Barclays can create a culture of sustainability that aligns with its strategic goals and objectives and benefits its stakeholders and the wider community. The world is increasingly looking towards sustainable business practices, and Barclays has the opportunity to be a leader in this regard.
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