Friday, December 6, 2019
Leadership Impacts on Organizational Performance of ANZ
Question: Discuss about the Leadership Impacts on Organizational Performance of ANZ. Answer: Introduction Leadership is a vital determining factor of the feat or lack of it in any organization, especially those engaged in business. A leader is a person who possesses the power of influencing, motivating and directing others to perform specific duties and also stimulate others in the group towards the attainment of the business objectives(Reh, 2017). The nature of the impact of leadership is a practice of prompting others commitment towards the achievement of their full potential, hence, achieving value addition with desire and veracity. Leaders of successful organizations, whose performances are on top of the game, always focus on achieving results beyond the usual set standards(Bertocci, 2009). These types of leaders can influence the performance of individuals in an organization through the setting of corporate goals, stir a sense of the significance of the teams mission, and elicit employees to think out of the box about a problem or assignment. The leader can put the needs of the orga nization over his or her self-interest. The emphasis is on how banking institutions, in our case ANZ (Australia and New Zealand) Banking Group in Australia, ensure competent leadership to meet the set objectives. In latest times, many finance institutions recorded cases of unethical and immoral practices; many are unable to meet the required obligations established by the state. The result is that many organizations have merged and some have been put into receivership(Joshi, Cahill, Sidhu, Kansal, 2013). Aims and Objectives This research is aimed at determining how ANZ Banking group, in Australia, have gone against all odds to ensure that they are in business and operating at a high level than most of its competitors. Taking into account the leadership of the institution which is key to the overall performance. The study aims at determining how the organization, through its leadership program has been able to adequately nature and develop individuals into better leaders who are absorbed into the various bank branches of the ANZ group. The following objectives will enable the achievement of this task. The study will also show how leadership impacts on the performance of the business as a whole. A Brief Methodology The following methods will be employed to understand and analyze the aim of this study. Literature Review: Involves analyzing and reviewing significant literature and material from reliable sources such as journal articles and Google scholar. A thematic examination of these documents will be done to establish their relevance to our study. Data series and surveys: plentiful material collected from various sources and surveys is to be dissected to give an idea about leadership and its impacts on the ANZ Banking group. Data analysis will make use of two methods, qualitative and quantitative. The qualitative examination will utilize online settings and surveys whereas qualitative study uses excel sheets, pie charts, and figures. ANZ Leadership culture. ANZ is among one of the largest banking corporates institutions in the Australian market currently. The organization has more than 30,000 employees spread not only in Australia but also in neighboring New Zealand, the UK, USA, Asia and the Pacific(Stockport, et al., 2012). The organization aims at nurturing the very talented individuals and creates a setting where these people can input their knowledge into contributing to the organization's overall goal of achieving its objective of being the leading, respected and fastest growing bank. The organization knows that for it to achieve its purpose, it not only hires the best talent out there but have invested heavily in training its leaders. The organization came up with an ongoing leadership training program to enable it to make sustainable cultural changes. The partakers of this program come away with a much personal understanding and applied tools equipping them prepared to lead others. The leaders trained can come up with strategies and priorities to assist those who will be their subordinates to maximize their potential in the job environments(ANZ, 2017). This method is effective in that it can create a relation between personal leadership behavior and the outcomes of the business. The participants can understand their individual behaviors and the impact of these practices on their leadership roles and style they adopt and the environment they create at the place of work(Barclay Shankar, 2015). Findings Through the program selected by ANZ group to train their future leaders, the organization has produced more than 600 executives who are deployed in various branches of the franchise. These executives have been able to create an enabling environment for the employees who give their 100 percent effort in a bid to help the organization maximize profits. Through effective leadership at the bank branches, gaps have been identified in operations of the business as well as the motivation of employees to perform better. For instance, bank operational practices and performance is being measured against a set of benchmarks enabling the employees to identify on their own their individual shortcomings. This is as opposed to the leadership of the institution going directly to tell employees about their weaknesses which may demotivate the employees. The leadership has also been trained on tailoring programs that are unique to particular branches which go a long way at reinforcing core leadership values. The key outcome is that banks leadership are now actively playing an on -going role in transforming the morale of the employees in the banking halls. The employees are made aware of their job requirements, and the leadership creates an enabling organizational climate that goes a long way into achieving the desired objectives of ANZ Group(London, 2011). Leadership is not about coercion; it is about providing people with a unique opportunity of reflecting on their character and behavior at the workplace, and also enable them to reflect on their specific job duties(Riggio, 2008). ANZ group have trained their leaders to encourage employees to be more innovative and engage their counterparts in discussing creative ideas and presenting them to the leaderships of the banks. The executive management has identified that some of its employees are very creative and can come up with ideas which can help the business grow. The firm also encourages the leaders of the various branches of its banks to invest in a reward scheme where every month an employee of the month is rewarded a small sum of money plus a personalized trophy. Efficient and productive leadership is vital for employees in that employees can develop awareness of the environment that they create in their functioning groups. They can understand how this climate affects their performance, especially with acceptable leadership at the workplace. The goal is that leadership should be able to bring out the best in the employees(Brown Hawkins, 2013), that is why ANZ Banking group in Australia is on top of the banking industry, and the business realized that for it to make money, it has to invest in the most vital part of the business: leadership(Elena, 2015). This is because of leadership influences on employees output at the workplace. Conclusion An effective organization is one which can strike a balance between what the stakeholders want and the various needs of its workers. Appropriate leadership in an organization can influence and ensure the economic growth and prosperity of both the employees and the institution in general. Coming up with the approaches to enhance the performance of employees is the primary duty of every leader today. From the discussions, it is quite evident that there is a positive correlation between the performance of employees, the leadership of organizations and the performance of the business in the competitive arena of business. References ANZ. (2017, 4 2). Leadership and Talent. Retrieved from ANZ Banking Group: https://www.anz.com/about-us/corporate-sustainability/employees/developing-careers/leadership-talent/ Barclay, J., Shankar, S. S. (2015). Conscious Culture: how to build a high perfoming workplace through values, ethics and leadership. New York: Morgan James Publishing. Bertocci, D. (2009). Leadership in organizations : there is a difference between leaders and managers. Lanham: University Press of America. Brown, D., Hawkins, B. (2013). Bring out the best in every employee : how to engage your whole team by making every leadership moment count. New York: McGraw-Hill. Elena, R. (2015). THE IMPACT OF LEADERSHIP ON ORGANIZATIONAL PERFORMANCE. Literature Reviews. Joshi, M., Cahill, D., Sidhu, J., Kansal, M. (2013). Intellectual capital and financial performance: an evaluation of the Australian financial sector. Journal of Intellectual Capital. London, M. (2011). The Oxford Handbook of Lifelong Learning. Oxford: Oxford University Press. Reh, J. (2017, April 2). Understanding the Role and Reponsibilities of Leadership. Retrieved from The Balance: https://www.thebalance.com/what-is-a-leader-2275811 Riggio, R. (2008). The emotional and social intelligences of effective leadership: An emotional and social skill approach. emerald insight, 169-185. Stockport, G., Godley, M., Guagliado, D., Leung, O., Mercer, B., Wong, S. (2012). ANZ Bank: Building a Strategy for Asia. Sage Journals.