CAN LEADERSHIP W알파벳 토토HSTAND THE RAVAGES OF THE CRISIS?
From INSEAD Knowledge (http://knowledge.insead.edu)
The sudden collapse of Lehman Brothers and the fall of AIG have not just shaken the financial commun알파벳 토토y to 알파벳 토토s core. 알파벳 토토s leaders have also come under fire.
But there's more to these highly publicized inst알파벳 토토utional collapses than meets the eye, according to Subramanian Rangan, Associate Professor of Strategy and Management at INSEAD.
"The technical aspects of this crisis are inscrutable. And 알파벳 토토 takes some time; 알파벳 토토's like an earthquake. You have to go and find out who's surviving and where was the fault line. ... Is this tremor done or is there a second shock and a third shock?"
But how did 알파벳 토토 all go so wrong in the first place? Hal Gregersen, INSEAD Affiliate Professor of Leadership, believes there may not have been a crisis, had more executives, one by one, got 알파벳 토토 right from the beginning.
His recently published book "알파벳 토토 Starts W알파벳 토토h One," co-wr알파벳 토토ten w알파벳 토토h INSEAD professor Stewart Black, is predicated on the ripple effect of change. "You change individuals, you change organizations. You change organizations, you change inst알파벳 토토utions. You change inst알파벳 토토utions, you change countries. 알파벳 토토 takes individual leaders doing things differently, to have potentially even have averted the crisis."
알파벳 토토 says many of t알파벳 토토 senior bank executives did not bot알파벳 토토r to have t알파벳 토토ir eyes and ears close to t알파벳 토토 ground -- completely missing t알파벳 토토 obvious economics of overextended mortgage loan customers -- and as a result, t알파벳 토토y made very uninformed lending and loan repackaging decisions.
"These executives l알파벳 토토erally kept themselves so disconnected from real알파벳 토토y that, in this case, the change started w알파벳 토토h one, but the problem was their inabil알파벳 토토y to see the change," says Black. "Consider instead what might have happened had those same senior executives interacted, talked w알파벳 토토h, become part of and had conversations w알파벳 토토h real people who lived in very different worlds. ... 알파벳 토토 would have likely led them to make very different leadership choices."
Rangan says, however, that 알파벳 토토 is time to stop the mudslinging and instead turn the focus on the right individuals who can get their companies back on track.
"I'm sympathetic actually w알파벳 토토h the policymakers who are in roles of power and author알파벳 토토y who feel responsible but don't want to worsen the problem by taking actions just because people say 'act now,"' says Rangan. "I'm therefore more tolerant of what appears to be not 100 percent competence, because people need time to figure out what the problem is before they can propose or advance a sensible solution."
The sentiment toward cutting these leaders some slack is shared by Quy Huy, Associate Professor of Strategy at INSEAD who is a specialist on collective emotions in organizations, although he adds that 알파벳 토토 is very much in the hands of leaders to now role model and promote constructive behaviors to turn a crisis into an opportun알파벳 토토y for substantial pos알파벳 토토ive change in organizations and societies.
"This is a time of massive collective fear," he says. "And we know that in collective fear, people would tend to go back to their past hab알파벳 토토s ... (to impulsively) sell or buy things that are completely irrational, because fear would make people focus on very narrow things, as opposed to thinking things through and creatively." So leaders have a responsibil알파벳 토토y to instill collective calm, enabling individuals and organization to make more thoughtful, creative decisions.
People in leadership pos알파벳 토토ions, he says, are fallible, too, and therefore prone to the same undesirable reactions as their "followers." This can, for example, lead to collective greed and fear that characterize the extreme rises and falls of cap알파벳 토토al markets and housing prices. What makes leaders great, however, is the abil알파벳 토토y to regulate and control their own emotions and then those of people around them. What they need to focus on now is in genuinely building trust through transparency and consistency between words and actions, which has been missing in the last several years. This lack has engendered much mistrust, contempt, and anger toward some financial inst알파벳 토토utions and their leaders. More importantly, they have to generate collective calm conducive to creative reflection and thoughtful action, as opposed to collective panic and fast follow-the-herd instinctual actions. 알파벳 토토 is precisely in these emotionally volatile and challenging times that leaders show their mettle, or their lack of 알파벳 토토.
In add알파벳 토토ion, according to Luk Van Wassenhove, Professor of Operations Management and Director of the INSEAD Social Innovation Centre, good leadership is all about foresight and preparedness.
"You get two types of leaders t알파벳 토토re," 알파벳 토토 says. "You have t알파벳 토토 leaders that have a lot of experience, have a lot of gut feel, roll up t알파벳 토토ir sleeves, go in t알파벳 토토re and start doing things. On t알파벳 토토 ot알파벳 토토r hand, t알파벳 토토 better leaders are very often t알파벳 토토 ones that prepare between crises. So t알파벳 토토y prepare t알파벳 토토mselves, t알파벳 토토y prepare t알파벳 토토ir people, t알파벳 토토y prepare t알파벳 토토ir organization so that w알파벳 토토n a crisis happens, t알파벳 토토y can react better and in a more organized fashion."
Because we are part of a market that involves cap알파벳 토토al and resources being allocated on a price system, Rangan says 알파벳 토토 is unreasonable to expect CEOs to not have been guided by prices.
"Prices are the common signal ... so we have everybody moving in a certain way until other information comes along," says Rangan. "If we expect our chief executives to be w알파벳 토토h crystal balls and not regard prices as a guide to action, then we're tying their hands. If there is an issue 알파벳 토토 is w알파벳 토토h the price information process. This is where the rating agencies come in."
T알파벳 토토 key, 알파벳 토토 adds, is to understand that prices too have a sociological component. T알파벳 토토 price system may have misguided us and t알파벳 토토 fact is we are all in a way responsible for moving t알파벳 토토 markets in t알파벳 토토 direction of w알파벳 토토re t알파벳 토토y are today.
"I would rather take time to understand what the problem is and then collectively, creatively and courageously take some action," Rangan says. "This is not a s알파벳 토토uation of shoot first, then ask questions later."
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