A recent survey showed that 71% of businesses still feel that their leaders aren’t ready to guide the company into the future. It is an alarming statistic, given the role effective leaders play in developing an organization’s culture and growth. It is causing many leaders to re-evaluate their current methods to become more effective. But what traits do effective leaders possess that separate them from the rest?
And how can you be an effective leader?
Who is a Leader?
Leaders exude influence over peers and subordinates, enthusing them to achieve a company or a team goal and work cohesively as a team. Regardless of the title, leadership is a mindset in action. Leadership is not a mantle to be handed out. Leaders earn their position because of their competency to inspire those around them, focus on the organization’s objectives and work to maximize the firm’s value.
Who are Effective Leaders?
From Steve Jobs to Jeff Bezos, effective leaders empower their employees, support the organization’s long-term goals, and deliver the best experience to their customers. Research has shown that effective leadership can lead to a 12x jump in a company valuation compared to those that ineffective leaders lead. Furthermore, when Ken Blanchard conducted a study on more than 200 organizations, they found that each year of delay in improving leadership skills cost the company 7% of its annual revenues. Since this effect compounds over time, effective leadership can mean giving up millions in potential revenue opportunities in the future.
Effective leaders are visionaries who can inspire innovation in the organization by motivating their team members to reach beyond their potential. Effective leaders create a shared vision to unify those around them, build processes to foster collaboration, and recognize each individual’s unique strengths and weaknesses to best deploy their skill sets to solve complex problems.
Click Here to know What Sets an Effective Leader Apart from a Leader and How you can be an Effective Leader