Chapter 4: Leading Flashcards
What are the main steps in Leading? (6)
- Delegating
- Motivating
- Communicating
- Managing Conflict
- Managing Change
- Coaching
Define, “delegating.”
The art of accomplishing objectives and achieving goals through the involvement of others and by giving them the authority and the responsibility to accomplish the job.
What is the key to delegation?
Communication; delegation tends to break down when the balance between responsibility and authority is not maintained or when communication between parties is not clear.
What are the roots of motivation?
Needs and wants, as the desire to satisfy needs and wants precipitates action.
What are some common needs relevant to employees at a brokerage? (5)
- Money/salary
- Job security
- Advancement & promotion
- Recognition & appreciation
- Feeling “included”
What is important for managers to do when it comes to the needs and wants of employees?
It is important that managers recognize*** what employees need, and to provide a structure to meet as many of the needs as possible so that employees act in alignment with the core focus of the firm.
Define, “communicating.”
Communication is the interactive exchange or verbal and non-verbal information.
What is active listening?
An important component of any communication between parties, where parties are clarifying and checking for meaning, content, and intent of what is said. Feedback on perceived meanings, intents, etc. is incredibly important.
What are a few things that managers may need to pay attention to when they communicate? (5)
- Rate of speech
- Inflection
- Choice of words (verbiage)
- Tone
- Mannerisms
How can managers foster an environment that promotes open communication? (5)
- Demonstrating desire to communicate
- Displaying a tendency to take action
- Maintaining flexibility
- Employing active listening skills
- Concentrating on what the employee is communicating
What are the steps to Managing Conflict? (4)
- Establishing communication between parties in the event that communication has broken down. Oftentimes, simple misunderstandings are the at the root of conflicts.
- Creating an atmosphere of mutual respect, where parties can communicate their views without interruption,. criticism, or judgement. (Let them talk)
- Interactive problem solving; all partiers should participate in the resolution brainstorming.
- Attempting to create a win-win scenario, where all parties walk away with some satisfaction.
What are some obstacles that prevent brokerages from adopting change, and what are some potential solutions? (4)
- Tradition; “we’ve always done it this way” mentality.
The best approach would be to demonstrate how the proposed alternatives would enhance competitiveness, efficiency, and/or profitability of the brokerage. - Past failures; references may be made to past attempts at facilitating change that ultimately failed, fostering a mindset that is resistant to the thought of change.
Managers can point out examples where change was implemented successfully. - Lack of time or too many current priorities; staff may feel that they have “too many things on their plate already”, and that productivity would suffer if change were implemented.
Outline & explain that the fundamental reasoning for the changes is to improve effectiveness. Sacrificing some productivity in the present so that the firm can be better and more effective in the future. - Unpredictability of the future; staff may have the cautious wait to see approach.
Explain that firms must determine what they want to do, and must become masters of their own destiny/future.
Define, “coaching.”
The planned process to introduce and train an employee in a new position, or to improve performance of existing staff.
Often seen as a one-to-one exchange of information, helping the employee do better in their role.
Outline the coaching process. (5)
- Assessing performance - setting a baseline level of performance, and ensuring that the employee is understanding the tasks fully
- Setting goals - gives the team/employee an firm idea of what is to be achieved. Also important, providing context about the skill(s) and the reasons that the skill(s) are important to the brokerage
- Self-evaluation - coach should ask the employee to evaluate their own performance/improvements
- Rewarding - progress and improvement should be recognized and rewarded as warranted
- Monitoring - keeping tabs on continued improvement of acquired skills
When is coaching best used? (4)
- When an employee is asking for advice
- Preparing an employee to undertake new activities/responsibilities
- When providing support & guidance to employees who are experiencing difficulty
- To help employees apply theoretical knowledge or skills
