Lecture 7 Strategic Leadership amp Change Leadership 1 Week Seven Week 7 Objectives Understand the importance of Strategic Leadership Understand the notion of Change Leadership Strategic Leadership ID: 781683
Download The PPT/PDF document "MAN707 Strategy, Change & leadership" is the property of its rightful owner. Permission is granted to download and print the materials on this web site for personal, non-commercial use only, and to display it on your personal computer provided you do not modify the materials and that you retain all copyright notices contained in the materials. By downloading content from our website, you accept the terms of this agreement.
Slide1
MAN707 Strategy, Change & leadership
Lecture 7: Strategic Leadership & Change Leadership
1
Week Seven
Slide2Week 7 Objectives
Understand the importance of
Strategic LeadershipUnderstand the notion of
Change Leadership
Slide3Strategic Leadership
Slide4Strategic Leadership & the Strategic Management Process
Source:
Hitt
, M. A., Ireland, R. D., & Hoskinson, R. E. (2015). Strategic management: competitiveness and globalization (11th ed.) Cengage Learning.
Slide5Strategic Leadership
Strategic leadership requires the ability to:
anticipate & envision
maintain flexibility
empower
others to create strategic change
Strategic leadership is:
multi-functional work involving working through othersconsideration of the entire firm rather than just a sub-unit
Slide6Strategic Leadership
Providing a Vision
Stimulating Action
Slide7Top Management Teams
Composed of the key managers who are responsible for selecting and implementing the firm’s strategies
A heterogeneous top management team:
has
varied expertise & knowledge
can
draw on multiple perspectives
will
evaluate alternative strategiesbuilds consensus
Slide8Example: What makes a high performing regional leadership team?
https://www.youtube.com/watch?v=HIwfwIUMa_c
Slide9Top Management Teams, Firm Performance, and Strategic Change
Heterogeneous top management teams:
have difficulty functioning effectively as a team
require effective management of the team to facilitate the process of decision making,
but …
are associated positively with innovation & strategic change
may force the team or members to “
think outside of the box
” and be more creativehave greater capacity to provide effective strategic leadership in formulating strategy
Slide10Exercise of Effective Strategic Leadership
Source:
Hitt
, M. A., Ireland, R. D., & Hoskinson, R. E. (2015). Strategic management: competitiveness and globalization (11th ed.) Cengage Learning.
Slide11Sustaining Effective Organizational Culture
Organisational
Culture
The complex set of ideologies, symbols and core values shared through the firm, that influences the way business is conducted
Entrepreneurial mind-set
Personal characteristics that encourage or discourage entrepreneurial opportunities
Autonomy
ProactivenessInnovativenessRisk taking
Slide12Establishing Balanced Organizational Controls
Controls
Formal, information-based procedures used by managers to maintain or alter patterns in
organisational
activities
Controls help strategic leaders to:
build credibility
demonstrate the value of strategies to the firm’s stakeholderspromote and support strategic change
Slide13Establishing Balanced Organizational Controls
The Balanced Scorecard
A framework used to verify that the firm has established both strategic and financial controls to assess its performance.
Four perspectives of the balanced scorecard
Financial
Internal business processes
Learning & growth
Customer
Slide14Balanced Scorecard
https://www.youtube.com/watch?v=6AwStmfS2HY
Slide15Establishing Balanced
Organizational Controls
Source:
Hitt
, M. A., Ireland, R. D., & Hoskinson, R. E. (2015). Strategic management: competitiveness and globalization (11th ed.) Cengage Learning.
Slide16Change Leadership
Slide17Forces for change
Slide18Change Leadership
Tourism & hospitality industries are full of challenges (e.g., changing demographics, new technologies, emergence of new markets…)
Change can raise dilemmas, such as the need to address new competitors, deal with crisis, cope with a lack of available employees…
The main role of leadership is dealing with change
Slide19Change Leadership
Depending on the
way of thinking, change can present organisations with new opportunities
*Leaders need to have the ability to recognise the opportunities & dilemmas of change AND know how to think about them
Slide20Change Leadership
To identify new opportunities, current or future, one must be able to visualise the big picture and the current climate in new ways
There is a need to:
think more creatively
form new habits
change paradigms
reframe one’s perspectives
think differently by learning new ideas
Slide21Change Leadership
‘Change ... requires creating a new system, which in turn always demands leadership’
- Kotter (1995)
Change leadership is the ability to influence and enthuse others through personal advocacy, vision and drive, and to access resources to build a solid platform for change
- Higgs and Rowland (2000)
Slide22Change Leadership
Sustainable improvements depend on effective
‘Change Leaders’
‘Change Leaders’ are individuals who can:
Create & disseminate a vision
Overcome resistance to change
Manage conflict
Slide23Example: Chipotle
Chipotle:
https://www.youtube.com/watch?v=LKmZ257MFo8
Slide24Example: Chipotle
*As you watch these clips, note down the decisions, which were made to change the business performance
Chipotle's Comeback:
https://www.youtube.com/watch?v=Emqr7H0t5Bg
Chipotle CEO on the company's dramatic turnaround
https://www.youtube.com/watch?v=UTRPcuAkAZ4
Slide25Change Leadership
Charles Darwin
in his iconic research said:
“It is not the strongest of the species that survives, nor the most intelligent, but the one most responsive to change”
Slide26Concluding points
Mental flexibility, adaptability, creativity & personal awareness are key abilities that can help tourism & hospitality leaders see things from different perspectives, gain new insights, develop and pilot new ideas and better respond to an ever-changing world.
What can you do today and the near future to enable change?
Slide27Questions?