It’s important to be a leader in order to successfully navigate the unsteady waters of the insurance industry. In fact, a study from The Harvard Review found that 40% of a company’s profitability could be linked directly to a manager’s leadership style! Imagine how your company’s bottom line could be affected by simply becoming inspired to be more kinetic with your leadership styles.
Being a strong leader may come naturally to you already, but there are always ways that you can learn something new and improve. There are many different leadership styles and each style has its advantages and disadvantages. Leadership styles aren’t something to be tried on like a new suit or dress. It’s crucial to be able to change leadership styles depending on the needs of your clients and your team—to be adaptable to the particular requirements of the challenges facing your business and the people involved. Choose your leadership style the same way a golfer will carefully select their club for the next shot.
To be one of the most effective leaders, move among these 4 leadership styles and adopt the one that meets the needs of the moment.
This leadership style expects excellence and self-direction and models this behavior. A pacesetter’s motto could be “Do as I do and do it now.” If you want quick results and your team is motivated and experienced, the pacesetter leadership style is an appropriate choice.
A transformational leader is where the leader identifies a necessary change and can create a plan to guide that change through inspiration while executing their vision with the support of team members. It’s critical to focus on the big picture, the overall goal, and delegate smaller tasks to the team to effectively accomplish small goals along the journey. Enhance efficiency and productivity through high visibility and communication.
Emphasizing a group effort and creating harmony in a team by connecting people to each other, this leadership style focuses on the importance of teamwork. You create an emotional bond that brings a feeling of belonging and bonding to your business. A word of caution about using this leadership style alone: team members may perceive that mediocrity is tolerated since it focuses on group praise which can allow poor performance to slip through and go uncorrected.
This leadership style works to develop the team for the future. If you want to build your team members’ individual strengths to promote their future success, this is a great leadership style to employ. The coaching leadership style is least effective when teammates are unwilling to change or learn or if you lack proficiency.
The bottom line? The success of an insurance business is tied to the effectiveness of its leaders. Always challenge yourself and your team to improve leadership styles to push performances forward.
References: http://guides.wsj.com/management/developing-a-leadership-style/how-to-develop-a-leadership-style/, http://www.kaplanprofessional.edu.au/blog/five-different-leadership-styles/, https://insurance-relief.com/blog/best-leadership-style-your-insurance-team#.WNlMoDvyvIU, https://www.fastcompany.com/1838481/6-leadership-styles-and-when-you-should-use-them