Great leaders create more leaders around them. Leadership is beyond the concept of commanding and escaping from the scene. Moreover, with advancing technologies, you are not required to lead the employees in the same old way. They can work efficiently by utilizing the latest software.
As a manager, innovation management training can help you learn the latest innovations and the difference in managing the employees working at your firm effectively.
To understand better, you need to know the different leadership styles in the industry.
Why Are Leadership Styles Important?
Leadership is an ever-changing process. To improve the output and outperform in set targets, leadership matters the most. Having characteristics of a leader and practising certain leadership styles are two different things.
As a leader, it’s a good idea to understand each type of leadership style and figure out which one works best at your job.
Types of Leadership Styles
Here are 8 different leadership styles along with the advantages and disadvantages that you must know about:
1. Transformational Leadership
A leadership where the leader inspires employees by means of effective communication to step outside their comfort zone. The leader might challenge the employees over time as the company grows. The leader creates a learning environment for the employees to make it easier for them to understand their capacities.
This leadership style is the most desirable for growth-minded businesses. Yet, keeping track of each employee’s growth curve and challenging them rightly is quite a huge responsibility.
2. Transactional Leadership
Transactional leadership is entirely focused on a chain of incentives for new and old employees. Good performance and target achievement are rewarded with bonuses or other incentives; while bad performance might result in slight punishment. Employees have a clear vision of their targets and rewards to chase down.
This leadership style is great for short-term projects rather than a continual practice.
3. Servant Leadership
Also known as altruistic leadership, this leadership style revolves around the power-sharing concept of authority. The needs of the team and collective decision-making is prioritized.
It can lead to an absolute absence of authority and conflict of opinions over the major business objectives.
4. Autocratic Leadership
The leader practises total control over the staff and rarely takes them in confidence for the company’s decisions.
This traditional leadership style isn’t approved by employees. Thus, it can lead to more absenteeism. Moreover, there will be a lack of creativity as the directions come from a single person. This style can only work where there is a lesser need for the involvement of the leader.
5. Laissez-Faire Leadership
Laissez-Faire in French means ‘let it be’ or ‘let them do’. The leader has the least amount of involvement and the employees are quite experienced.
In the fields of creativity, it’s good to allow the employees to do what they want. However, tracking and challenging the employees is important to keep them motivated.
6. Democratic Leadership
The leaders encourage the participation of the team members for certain projects and big decisions. Therefore, it is also called ‘participative leadership’.
On the brighter side, employees feel respected and valued by being a part of the great decisions. The company can benefit from the collective creative minds. On the darker side, it’s not a great idea to share each decision where on-spot decision-making is required.
7. Bureaucratic Leadership
As the name suggests, it requires strict adherence to set rules and regulations. The hierarchy is pre-defined.
It’s perfect for the environments where it doesn’t involve ‘out of the box’ thinking.
8. Charismatic Leadership
It’s similar to transformational leadership. Yet, it is not as favourable because the success of business objectives depends upon the presence of the leader to keep the employees motivated.
The removal of a leader can create a leadership vacuum. The presence of a leader is necessary at all times, which can pose a barrier for you to fulfil other responsibilities.
Which Leadership Style Is Right for a True Leader?
True leaders understand what leadership style fits perfectly for an industry. They evaluate their surroundings and react when the authority is challenged.
If you are still unsure of how to rightly lead your industry, innovation consulting should be your perfect resort.
Innovation consulting services help various industries and leaders to innovate their leadership styles. They help in developing a growth mindset of the leader.
Great leadership lies in creating innovative, responsible and honest leaders around you. If you achieve that, your task gets easier.
To learn to adopt that dreamed leadership style to inspire your employees every day, innovation consulting is definitely your next abode. Know more about leadership and innovation management by getting in touch with us.