Impact of Leadership and Management on Westpac Banks Literature Review 2022

Literature Review
Impact of Leadership and Management on Westpac Banks

Contents
Introduction......................................................................................................................................2
Literature review..............................................................................................................................3
Recommendations............................................................................................................................7
Conclusion.......................................................................................................................................8
References........................................................................................................................................9
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Introduction
The acts of management and leadership are a vital instrument in making a business successful in
competitive market. Primary objective of leadership is to direct the operations of different
business resources in direction of business objective. A pioneer is an individual who gives the
headings and guidelines to its group to accomplish a definitive objective while management is
the method to design, arrange, staff, direct and control the activities of the workers and the other
group individuals so that to achieve the hierarchical objectives with least assets. The beginning
piece of the review centres on the importance of leadership and management and how
individuals are thinking about these two terms as like each other (Renz, 2016). The audit gives
similarities between these two. The report likewise characterizes barely any distinctions among
these two. After this, the review characterizes the brief of the leadership speculations that are
utilized and created by the pioneers to have effectiveness in the association and to utilize the base
assets to get the most extreme potential yields from them (Bush and Glover, 2016).
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Literature review
These two terms “leadership” and “management” are used simultaneously in place of one other.
These two concept have different meaning but they are associated to each other in terms of
business management. Leadership is a term that is defined by various authors differently. “The
actual meaning of the word leader could be said as a person who has followers.” Leadership
alludes to the refined of driving others. Likewise, Leadership additionally alludes to as setting
another bearing for a specific gathering to follow. It is considered that the leader is the officer or
initiator of the new course (Thorpe, 2016). Additional character to the term is that it gives the
following upsetting, recommending the work of the leader, controlling the team as well as an
individual.
A pioneer has an actual observation and watches significance to change with the earth for all the
more reason. Uncommon pioneer can compose testing results by remembering others for their
work. Splendid leadership aptitudes speak to the achievement of an undertaking. Management is
a basic strategy that incorporates crucial organizing, setting purposes, and supervising properties
and passing on both, cash related and HR required reporting for the fixed objective. In like
manner, management joins recording and taking care of focal points and information for soon or
others in a comparative affiliation (Bush, Bell and Middlewood, 2019). Created by management
isn't compelled to boss and chiefs so to speak. Every affiliation part has some management
commitments as a component of their standard task. The starting phase of control is organizing;
extraordinary management begins with suitable masterminding. In the trademark substance,
organizing takes after a hypothesis. It will probably annual the best out resources, improving
regard and get the best returns thus. The organization centres on finding and settling the issues
while the pioneers centre on offering headings to the people. These individuals give what they
see doable to the business house and spotlight on that angle just an attempt for each conceivable
exertion to clandestine that into the viable perspective and afterward working over it in the real
terms (Willis, Clarke and O'Connor, 2017).
These two terms are used simultaneously in the place of one another; the following points could
give the similarities amongst these two terms:
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 Roles defined as a leader and a manager
The major focus of both the managers as well as leaders is to allocate the resources of the
organization and to use them with complete efficiency so that the maximum output can be gained
with the usage of minimum resources. Leaders as well as a manager both work for the fulfilment
of the ultimate goal of the organization that is profit maximization. Both these concepts work to
bring the firms in a better position.
 Significance
The person who is appointed as a leader or a manager would always be an influential person
either by his personality or by his communication. The maximum result of the influence is seen
in the working structure as well as the organizational structure of the business. Every member
operates and works under the head of their manager or leader and this is the primary duty of both
of them to inspire and influence their team people to work to their maximum efficiency (Gopee
and Galloway, 2017).
 Objective
Each individual working with the association has its objectives just as hierarchical objectives.
Vision is a previously define the objective of an association and each pioneer and supervisor
moves in the direction of the accomplishment of that objective as it were.
 Working bonds
Pioneers just as the administrators work with a definitive objective of satisfying the objective and
for this, they work in a group and lead the group. This gives them the obligation of working in
front of individuals and giving the future headings to the group that would help in accomplishing
a definitive individual and aggregate objective (Oshagbemi, 2017).
Leadership and management are not quite the same as each other yet a portion of the
characteristics and characteristics make them comparable as well. The investigation of leadership
can now and then be considered as somewhat muddled as it is an immense idea. Leadership
hypotheses are presented right now makes it less difficult to comprehend. Leadership hypotheses
are the speculations that are been acquainted so that with getting why and how an individual
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becomes a pioneer. Hypotheses eventually encourage the individual to manufacture their
capacities and to turn into a progressively fruitful and compelling pioneer. The beneath segment
of the report examines two of the hypotheses of leadership, they are:
The behavioural theory of leadership
As per this behavioural theory, a leader is the one who does his work according to his own and
therefore it looks upon the similar behaviour of the persons like him i.e. leaders. This means that
a person has different- different behaviours and so the leader has (Rothaermel, 2016). Some
leaders have their name as law i.e. the word given by them is the word for the decision process
and no one is allowed to disobey that. So to know which types of leaders are preferable, the
behavioural theory came into existence.
This theory has guidelines developed under Kurt Lewis. These are 3 types of leadership:
 Autocratic Leadership: In this type of leadership style, the leaders do not ask for a response
from their subordinates and take the decision on their own.
 Democratic leadership: In this type of leadership style, the leaders took decisions along with
their subordinates’ i.e. they take their subordinates’ opinions as well in decision making.
 Laissez-faire leadership: In this type of leadership style, a superior does not interfere in the
work of their subordinates and provide them the liberty to make the decisions on their own
without prior approval (Hussain et.al, 2018).
The functional theory of leadership
As per this theory of leadership, a leader is given a major responsibility that has to be completed.
And that responsibility is that the leader must take care of their followers and their subordinates
and to meet the needs of them. Except for that major responsibility, a leader has many other
responsibilities as well. These may be: Looking upon the environment in which the whole work
by the subordinates has been done, provide some work or gather some activities so that none of
the subordinates remains idle for a time, training must be provided to the subordinates so that the
knowledge and skills of the worker should increase, motivational and inspirational moves to be
taken care of, etc. (Komives and Wagner, 2016).
Contingency Theory
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Contingency theory is one that expresses how a pioneer stays unforeseen and functions viably
with the emerging of different circumstances in the association. An initiative is considered to the
best when the pioneer is dynamic to the emerging circumstances and gives them productivity.
The general saying of this hypothesis expresses that the hypothesis isn't just about the pioneer's
versatility to the changing circumstance yet additionally that the objective ought to be
coordinated with the style and the qualities of the pioneers according to the circumstances. For
applying this hypothesis the idea of LPC that is Least Preferred Co-worker Score must be
thought of so that to pick up the information about the administration attributes of the pioneer so
that to determine who turns into the best friends of their group (Boehe, 2016). The contingency
model of Fiedler utilizes this LPC to pick up the information on the style of pioneer and match
with them.
Charismatic Leadership
Motivate an individual such a great amount that there emerges no compelling reason to move a
second person in the line and rather the roused individual can move these individuals. A
charismatic pioneer is an incredible pioneer and a productive speaker. A charismatic pioneer is a
pioneer who is constantly kind and brimming with life. This hypothesis is profoundly related to
the character and the individual attributes and the adjustment in the disposition of the colleagues
and the subordinates and these two characteristics give that this hypothesis is totally like the
transformational hypothesis of the initiative (Grabo, Spisak and van Vugt, 2017). The
charismatic hypothesis is particularly the same as the administration hypothesis of change
however ought not to be considered as the equivalent words to one another.
In context with the Westpac bank of Australia, leadership is very important to make an employee
a future leader. It considers a leader is the person who is an extraordinary thinker and have
innovative business ideas to make an organization successful. It has its mission and vision that is
different from the others. One strategy is to maintain healthy relationships with the customers by
focusing on healthy growth, increasing the number of customers and also that they do not lose
the ones they grab (Sy, Horton and Riggio, 2018). Leader will the person that will represent a
particular organization towards clients and customers. For example, Chief executive officer is
responsible to provide response to customers in general meetings. Leadership helps in
approaching the portfolio of the financial services which helps in flexibility in decision making.
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Recommendations
Following are the recommendations that can be provided to the management of Westpac
Limited-
 The activities related to leadership must be carried out from time to time so that the
subordinates, as well as the employees, may feel motivated and sometimes highly motivated
that they would enable them to do their work more effectively and efficiently (Storey, 2016).
 A highly motivated experiential team must be there to lead the subordinates as and when
required to be led.
 It is recommended to the organization that concept of leadership should be executed in a
business organization along with some other important business concepts. For example,
combination of motivation and leadership can be very effective in any business organization.
Overall efficiency of human resources can be increased significantly with such combination
(Kukenberger, D’Innocenzo and Shin, 2019). It means that to provide a practical output, the
studies of theoretical inputs are equally required. It helps in encouraging a subordinate as
well as helps in increasing the knowledge towards the work that has to be done.
 Feedback is equally important in case of any activity to be done. This is a process of a
communication channel. With the help of this strategy management will be able to develop a
better working environment for its employees. This feedback increases the leadership style
and effective work outcome (Holt, Hall and Gilley, 2018).
 Priorities need to settle down in the first part of the work i.e. the procedure of the work that
needs to be done in the proper format.
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Conclusion
On completion of this report it can be said that leadership and management is very essential for
an organization to achieve overall business goals. Concerning Westpac banks, this leadership has
much more following. A Westpac bank provides a stronger, deeper and healthy customer
relationship, an effective team under a leader, and also provides a good return to shareholders. It
provides a disciplined performance by managing the business as well as leading characteristics.
It has higher growth segments and a good workforce and workplace. It follows the integrity,
maintains delightful customers, a team, and willingness and also achieves growth. It supports the
community organizations that are a priority among the leadership.
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References
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Gopee, N. and Galloway, J., 2017. Leadership and management in healthcare. Sage.
Grabo, A., Spisak, B.R. and van Vugt, M., 2017. Charisma as signal: An evolutionary
perspective on charismatic leadership. The Leadership Quarterly, 28(4), pp.473-485.
Holt, S., Hall, A. and Gilley, A., 2018. Essential components of leadership development
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Storey, J., 2016. Changing theories of leadership and leadership development. In Leadership in
Organizations (pp. 17-41). Routledge.
Sy, T., Horton, C. and Riggio, R., 2018. Charismatic leadership: Eliciting and channeling
follower emotions. The Leadership Quarterly, 29(1), pp.58-69.
Thorpe, R., 2016. Gower handbook of leadership and management development. CRC Press.
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