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LEADERSHIP IN 21 st CENTURY By Arya Joshi Deputy Director On 9 th March 2017

LEADERSHIP IN 21 st CENTURY By Arya Joshi Deputy Director On 9 th March 2017. What is Leadership?. As many definitions as there are people “Leadership is ubiquitous yet nebulous”. Basic Leadership Style. Autocratic Bureaucratic Laissez Faire Democratic. Autocratic Leadership.

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LEADERSHIP IN 21 st CENTURY By Arya Joshi Deputy Director On 9 th March 2017

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  1. LEADERSHIP IN 21st CENTURY By Arya Joshi Deputy Director On 9th March 2017

  2. What is Leadership? • As many definitions as there are people “Leadership is ubiquitous yet nebulous”

  3. Basic Leadership Style • Autocratic • Bureaucratic • Laissez Faire • Democratic

  4. Autocratic Leadership • Leaders retain as much power and decision-making authority as possible • Set of Rules and Punishments

  5. When and When Not? When • Effective supervision through detailed orders and instructions • Limited time in which to make a decision When Not • Staff become tense, fearful, or resentful • Low staff morale, high turnover and absenteeism and work stoppage

  6. Bureaucratic Leadership Style • Do by “ Book” OR Refer to authority above • Enforcer or Leader???

  7. When and When Not? When • Routine tasks performed over and over • Standards and Procedures need to be abided by When Not • Work habits are no longer useful • Employees only do what is expected of them

  8. Democratic Leadership Style • Participative in nature • Employees are part of decision making

  9. When and When Not? When • Employees are highly experienced and skilled • Implementing operational changes, Detangling dreadlock or solving group problems When Not • Time and resource constraints • No room for mistakes or trial and error

  10. Laissez-Faire Leadership Style • The employees are given as much freedom as possible • Employees determine goals, make decisions, and resolve problems on their own

  11. When and When Not? When • Employees highly skilled, experienced, educated and trustworthy • Employees have pride in their work and the drive to do it successfully on their own When Not • The manager cannot provide regular feedback • Not well defined carrots and sticks

  12. Other Leadership Styles • Transformational • Transactional • Creative Leadership • Corrective Leadership • Change Leadership • Intelligence Leadership • Multi-cultural leadership

  13. The Latest Buzz-Word Servant Leadership???

  14. Leaders in Business and Finance Sheryl Sandberg (Lean In) Mark Zuckerberg Elon Reeve Musk ( Tesla Inc) Steve Jobs Jeff Bezos (Amazon and Blue Origin)

  15. Political Leaders • Mohamed Bouazizi ( Arab Spring) • MalalaYousafzai

  16. Leaders in Social Sphere • Mother Teresa • Muhammad Yunus • Bill & Melinda Gates Foundation • The Clinton Foundation

  17. Nepalese Leaders • AnuradhaKoirala • Mahabir Pun • Steven Dawa Sherpa • ManzilRana • KulmanGhising • PushpaBasnet

  18. Leaders in Central Banking • Mark Carney vs. Mervyn King ( Consensual vs. Dictatorial????)

  19. Common Link • Connectors ( Single, Multi level) • Emotional Intelligence • Dishevel/ Disruption • For the people

  20. What has changed ? • Words vs. Actions • National vs. Local/Global • Authority vs. Consent • Patriarchal vs. Inclusive • Definite vs. Array • Micro Manager vs. Coach

  21. What has changed about Leadership? • Administer vs. Leader to Leader • Specialist vs. Adaptable Generalist • Efficiency vs. Empowerment • Information vs. Judgment • Security vs. Adaptability • Speak vs. Listen

  22. The Big Question How is Leadership in Central Bank(s) any different from in other organizations? • Contextual Perspective • Structural Perspective • Role Perspective

  23. McKinsey’s 7S Model

  24. Different Orientation of Competencies

  25. Central Bank’s evolution over time • First Age : Emphasis On Operations • Predictability, Consistency, Reliability : Effective, • Operate as a bureaucracy ( in its positive sense) • Obsolescence still happened

  26. Central Bank and its evolution over time • Second Age : Emphasis on Policy Functions • Broader Knowledge • More Sophisticated Judgment • Fast Frontline responses that couldn’t wait the tardiness of bureaucracy • Effective oversight of financial institutions beyond perspective rules • Functional and Technological change • Remuneration vs. Cost of Living

  27. Central Bank and its evolution over time • Third Age : Shift from tangible needs to intangible wants • Prescription and intervention to influence and risk management • Information and Communication Technology shape economic models, relationship dynamics and transactions. • “ THOUGHT LEADERSHIP” • Advisory Roles : Globalization, Economic Integration • Permeable internal boundaries that doesn’t jeopardize security and confidentiality. • The Greatest Challenge : MANAGING HUMAN CAPITAL

  28. In the context of Global Financial Crisis • Global Financial Crisis or Global Fundamental Check???? • The NICE time is over • The NASTY time is here • Challenge : Restore confidence, maintain independence and achieve success across a wider and more difficult mandate

  29. Straight From Horse’s Mouth • Central bank an apex institution of the financial system with multiple responsibilities: macroeconomic stability, financial stability, exchange rate and foreign exchange management, etc. • Additional role in developing economies: supporting economic growth, promoting financial development, increasing access to finance. • Has to function in the interconnected world full of volatility and uncertainty. • Demands visionary, efficient and dynamic central bank leadership to navigate the financial markets and the economy in the right direction.

  30. Straight From Horse’s Mouth (Key Components of Central Bank Governance) • Legal & regulatory regime and political governance structure • Strategically defined visions, missions and objectives • Governor's appointment, Board composition & stability • Internal control system & procedures; risk management system • Accounting, auditing, and financial reporting standards • Disclosure norms and communication strategy • Institutional capacity‐ human resource, IT, basic physical infrastructure, logistic support system, etc • Leadership ‐ stability, quality and accountability All these encompass the three pillars of central bank governance: independence, accountability and transparency

  31. Two Extremes • The Naked Autocrats • The Subservient Power of Servant Leadership

  32. Ponder for a while • Leadership OR followership • Duplicating best practices is followership Leadership is about or NOT about pleasing people???!!!!!

  33. Widening Leadership Gap Despite Increasing Investment (80 billion) According to Roselinde Torres, • Reliance on traditional development tools gives false positives … magnifies your level of readiness Three core areas to delve into : • Where to look to anticipate the next change? • Diversity measure of professional and personal stakeholder networks? • Are you courageous enough to abandon the past

  34. Now…. Let's • Identify a Challenge • Close your Eyes • Leadership Style?

  35. Take Home………………………………… • Quiet ahead of time… • “ Don’t focus on a good start…. 46% of leaders underperform during the transition phase” • “Are prepared for criticism.. Adulation breeds complacency, criticism provides opportunity to grow”.. • Ego and leadership are impossible duality..

  36. QUESTIONS ????

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