Managing people

Managing people Introduction Leadership is integrated part of our life. consort to unified chief and variateer US presidential assholedi term Ross Perot, the principles of lead atomic number 18 timeless beca recitation, in a rapidly ever-changing cosmosnessness, service objet dart nature remains a constant. We all experience lead in our life from early childhood in our families, through friendships, accessible, unpaid and sports activities, school and higher education, to politics and government, and, of course, in our work, we all recognize lead in other people and often in ourselves. In government, globose corporations and small business organisationes alike, the lead role is becoming more than de humankindding, more disperse to scrutiny and more difficult Roger Gill. The development of leadership theory alike parallels the development of organizational theory. The bureaucratic form of organization is characterized by individuation leadership whereby so-calle d leaders tend to avoid taking a stand, ignore problems, non follow up, and refrain from intervening or transactional leadership, in which leaders practise man maturatement by exception, focusing only on deviations from what is required, and contingent reward, rewarding people (either materially or psychologically) for achieving what is required. The emergence of the post-bureaucratic form of organization in the late nineteenth century reflects the development of the impression of transformational leadership. Theory Approaches to LeadershipNumber of Leadership theories and approaches has been evolved on the basis of Style, Trait, Behavioural, Transformational, Situational and Charisma. galore(postnominal) researchers made efforts linking some of the theories across these leadership approaches. But individually transport has its own pros, cons, assumptions and limitations. Latest researches argon conducted on Situational Transformational leadership bolts. Leadership gurus p resented in the buff cases as variations to the already existing models. Max Weber, MacGregor, Bernard Bass, Warren Bennis Nanus be few important researchers in the ara of transformational leadership. Understanding the difference amid transactional and transformational leadership is vital in getting the whole concept of transformational leadership theory.In general, a dealinghip between two people is found on the level of stand in they stand. Exchange need not be m superstar and only(a)y or material it can be anything. The more exchange they take a shit the more robuster the relation. Managers packs more productivity from employee in order to shit good rewards. In this charge, if something is done to anyone based on the return whence that relation is called as Transactional slip. In business, leaders announces rewards in turn to the productivity. These relations are all somewhat requirements, conditions and rewards. In life, at one block of time, things happen w ithout expectation from other side. Say, moms dedicated service to her kid. Mom doesnt expect anything from the child and the service she provides in raising the child isunconditional, dedicated, committed. Mom plays a major role in shaping up the kids future life. This type of relation is called as Transformational. Leaders do exist in this world with these behaviours. Transformational Leaders work toward a common goal with followers border followers in front and develop them take followers to adjoining level reanimate followers to transcend their own self-interests in achieving fantabulous results. Leadership Approach in TATA collection TATA Group founded in 1868, is an Indian multinational conglomerate headquartered in the Mumbai, India. The Group has 500,000 employees outspread over six continents (more than 80 countries). TATA Group has grocery store capitalization worth $70bn as of immediately and is the largest private corporate group in India. TATA Group is biggest e mployer in UK, employing more than 50,000 people. TATA Group has interests in communications, IT, engineering, materials, services, energy, consumer products and chemicals. Its chairman, rattan cane Tata is one of Indias and the worlds most influential someone right now. The Tata Group is lastn for its good business ethics and corporate governance. The Group leadership style has been quite consistent from its existence. The Group has compound some more leadership changes which are essential in catamenia century to drive towards more competitive. In terms of leadership style, TATA Group has adopted a team-led culture. With rattan cane as a leader, the management style of the entire group changed, trust became a huge facet and melodic theme of the group. Ratan put in a complete organisational restructuring in place when he took over taking a more matrix-style approach project teams, replacing many of the precedential managers with younger ones and bringing the retirement age of senior managers to 65 from 70 years. These changes would have obviously transformed a lot in the business, senior managers would have had to be on their toes and tractableness and adaptability became essential qualities to have. The leadership changed from a centralised, command centre to a oftentimes more distributed form with employees and all managers enjoying vaster responsibility and knowledge about the Group, which would have in turn motivated them to work harder and as a group. From distinctive Leadership models available such(prenominal) as the McGregor Theory X and Y where a theory X manager believes workers dislike work, are not creative and avoid all responsibility while a theory Y manager believes that workers get as often role from work as they can derive with leisure, accept responsibility and are creative it can be seen from this, that Ratan desireed all his managers to be modelled as c overlookly to Theory Y and he himself could be called a Theory Y manage r. He advance managers to be ripe and parcel all their ideas, consulting actively with them and giving them more responsibility and importantly encouraged team-working. Using standard leadership style models of Autocratic, Democratic, Paternalistic and Laissez-faire, Ratan Tata can be described as the leader who employs a more pop approach but also uses facets of the other three models, a blameless leader in my view. He is democratic because he encourages communication and participation, and workers have access to some of the knowledge of the business. However, he is also paternalistic in a way, because he cares greatly about the well-being of his employees as was apparent because after the 26/11 terror attacks, he personally visited each affected employees residence (80 in total) which shows he does have a human-centered touch to his leadership as well. He is autocratic in genuine ways but only when needed especially when quick and apprised decisions have to be taken, but he is never too peremptory in his nature, being a man of few words and being more of a man of action, this is evident from the manner he crisply pushes for bold international deals, such as during the global acquisitions of business powerhouses such as Corus, Jaguar and Land Rover, and Tetley Tea. This quote from Mr. Muthuram, another executive director, distinctly shows that he is a man, who is intent on succeeding and is sure of himself, Ratan was the chief architect of the Corus deal. I was worried about the magnitude and the numerate of money. But he instilled confidence.He also uses facets of the Laissez-Faire model such as the delegation of important duties and decision-making, he also does not in any way interfere with any managers functioning, he might do a broad strategic assessment but he does not interfere in operational issues and details, this shows that he has complete trust and faith in his managers and believes in their ability, this quote from Mr. Gopalakrishn an, an executive director of the company, shows how much abide by Ratan Tata places on his trust, this can be highly motivating for managers and workers alike,I remember what Mr Tata told us at a meeting. He said that he will continue to trust all his managers, but once they lose that trust, he will go after them. I think that is a genuinely fair dealLooking at other leadership models, such as Max Webers Transactional and Transformational Leadership models, where a leader is classed in three brackets which are Bureaucratic, Charismatic and Traditional, where a bureaucratic leader is one who is always bound by the set rule and does not want to tread beyond them a Traditional leader is one who does and follows everything from a long past or history and always loyally obeys these traditions a Charismatic leader is one who uses his own laurels or abilities to inspire and is one who can be described as radically debate to administrative rules and legal principles. From these models Ra tan Tata easily falls into the Charismatic fashion model because he is one who leads by example, coming up with highly innovative ideas such as the one lakh car the Nano, budget hotels or low-end watches, he brought radical change to the Tata Group as a whole, changing it from its Traditional mindset to new more flexible and adaptive ethnical mindset.One can also look at Bennis and Nanuss Transformational leadership model which states that transformational leaders make their followers into self-empowered leaders and their main focus is to vocalise vision and values clearly so the newly self-empowered leaders know where to go it then talks about the four Is of Transformational leadership which are Idealised Influence ( being a role model) Inspirational Motivation( cultivating a team spirit, motivate and provide a challenge) Intellectual Stimulation( Innovation and creativity) idiosyncratic Consideration(mentoring and providing support for followers)Ratan Tata can be then describe d as a complete transformational leader, because he epitomises all the Is and is clearly a man with a great vision he changed the business culture to one that is team-based, he empowers all his managers and executives and has complete faith in them, he is passing innovative and is credited for much of the Groups new products, he places a great deal of importance to his Research and Development department and he emphatically cares muddyly about the welfare of all his employees and managers, which was demonstrated during the 26/11 terror attacks that hit Mumbai and targeted one of his hotels. He is a visionary and demonstration of this comes from this quote,One hundred years from now, I expect Tatas to be much bigger, of course, than it is now. More importantly, I hope the group comes to be regarded as being the best in India. stovepipe in the Manner in which we operate, Best in the products we deliver, and best in our value system and ethics. Having said that, I hope that a hund red years from now we will spread our wings far beyond India, that we become a global group, operational in many countries, as Indian business conglomerate that is at home in the world, carrying the same set of trust as we do todayRatan Tata is a leader who realised the kind of market his businesses were in competitively and always wanted them to be up to date in all their processes and technology. This famous quote from his lips is proof enough of this fact, A company or business which remains static is a business that will die a company that constantly changes and accepts that there are better ways to do things than the way they are done today, is a company that will survive in the global market that we face. From this record we can figure that he is a fierce competitor and a man who understands the market he faces. Ratan Tata. He is also a very deep thinker and a brilliant strategist as is described by one of his Executive directors, Mr. Alan Rosling,He is a deep thinker and ex tremely strategic. He is always 2-3 steps ahead another(prenominal) important quality that Ratan Tata has is that he is a man of backbreaking Integrity and principle he never compromises on his ethics and does not deal with any business or company that compromises them and values his shareholders very highly , another quote from Mr. Gopalakrishnan shows this fact,Tata has shown that there is no other way he will do business other than do it ethicallyThere is evidence of this fact from the incident when the finances of Tata Finance were in huge losses due to financial faults made by senior officials Ratan announced that the holding company they owned would provide the prerequisite finance needed for the unascertained losses, thus giving shareholders their dividend. His personality is reflecting in the Groups report card and giving them a good global image.I choose Ratan Tata because I feel he is a complete leader and he is someone who definitely has transformed the face of the Ind ian business world, he is someone who never compromises on his ethics and principles and has set a strong value system for the Tata Group as a whole, in a country where ethical and value-orientated business is never a top priority. He is someone who epitomises the complete leader with all his qualities he is a man of great integrity and dignity, and he is also a champion of social causes with his the Tata Foundation being the largest charitable organisation base in the country, and he is a man of modesty who never likes to take credit for anything however if it does completely belong to him. Critically evaluate what is the relationship between foretelling Markets and the concept of Open Innovation. Answer to Question 2 There is a very strong fundamental relationship between Prediction Markets and the invention Question 3 Discuss whether and to what extent business organisations can make use of Prediction Markets and critically evaluate what are the necessary modifications that organisations have to put in place in order to profit from the use of Prediction Markets. Answer to Question 3 In comparison with traditionalistic methods to demand forecast, Prediction Markets provides