Narev’s leadership and innovation at Commonwealth Bank

Narev’s leadership and the broader leadership culture at Commonwealth Bank
Introduction
Successful innovation in a majority of the companies across the globe are linked to
transformational leadership. Transformational leaders particularly facilitate innovation within
their companies and hence the tendency of the companies to remain innovative. The use of
intellectual stimulation and inspiration motivation is, thereby, vital to the success of
organizational innovation. Furthermore, transformational leaders encourage creative ideas in
their firms. They have visions that motivate their teams and hence increasing their teams’
willingness to accomplish more beyond their expectations, which challenges them to assume
innovative techniques in their roles. The resultant heightened motivation is prospective of
facilitating organizational innovation.
Narev’s leadership
Narev’s leadership played a vital role through donation of the achievement at
Commonwealth Bank of Australia. Narev possessed leadership competence that was necessary in
matching him to circumstances at the bank. His leadership was essential in the organization
since it assisted in managing the company in a successful manner and make healthier working
relationship. In the case of Commonwealth Bank, its workers are striving to make it the best
financial facility provider firm in Australia by impressing a viable leadership competency. In the
year 2004, the financial institution (Commonwealths Bank) devoted a number of significant
approaches that could make the company to have development program and effective leadership
(Koziuk, 2017). Key approaches of the organization were to recognize and comprehend
inspirational chaperons, expand ordinary management approach and create adaptable and
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flexible programs. The development and Training programs were put in place with the aim of
introducing leadership abilities at every stage. The results of the programs designated that with
the aid of training, the leaders of diverse stages could improve their abilities to tackle an
extensive scope of conditions (Anthony and Hartley 2014). Training skills are viewed to be vital
and an essential area of operative leadership structure. Therefore, the trainings is deliberated as a
substantial charge played by Commonwealth Bank. The organization has put in place programs
to develop leadership abilities of its employees thus the task has shown the organization’s
seriousness targeting its management and worker interactions therefore, in this situation the path
goal theory of leadership is perceived. The path goal theory states that a helps his her subjects in
attaining their objectives, guides and support them to make steps towards the right path to
accomplish all the ideas of the business (Robbins et. Al. 2014). Contacts between leaders and
employees are pleasant at the Commonwealth bank.
Several researchers have shown the positive relationship between transformational
leadership and innovation. A majority of the studies establish the relationship in research and
development and in projects. Currently, the topic of innovation and transformational leadership
has also become a key topic in research. A study by Jung, Chow, & Wu (2003) among
Taiwanese companies found that transformational leadership is important and impacts positively
on company innovation especially in research and development. This indicates the high
importance of transformational leadership in innovation.
Transformation leadership may also impact on the innovation market success. Leaders
with strong visions of the innovation showcase a sense of confidence and power and hence will
strive until the innovation becomes successful at the market (Millson, 2014). Such leaders further
motivate their employees to ensure the success of the innovation.
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Creative leadership is similarly a concept that is emerging as significant in today’s
innovative businesses. Creative leadership promotes imagination and inventive qualities that
impact employees (Blaskova and Trskova, 2017). They motivate employees to work to their best
in creative works. Basically, employees who are not inspired to wrap their minds around
problems are unlikely to come up with unique solutions. Therefore, good leaders are those that
can do more to challenge and hence inspire progressive creative work.
Success in innovation at commonwealth Bank of Australia has primarily been driven by
its leadership. Its leadership recognizes innovation as the only thing that will ensure that the bank
remains relevant in the future (Pearce, 2016). The bank’s CIO further recognizes that while
upholding its history, it must be capable of accepting new ideas. Its employees must, therefore,
be open and curious about new things and hence experimenting them.
The bank’s leadership is furthermore transformative and creative and one that recognizes
the need for collective innovation. The employees are particularly enabled to think around and
come up with solutions to drive development of new applications that with meet customer needs
(Pearce, 2016). The bank has furthermore demonstrated leadership through its partnerships that
that have geared innovation. Particularly, the bank has collaborated with Xero and OnDeck to
provide thousands of customers with easy access to financing and hence stimulating better
customer satisfaction (Productivity Commission, 2016).
Scandals at Commonwealth Bank of Australia
There are three significant areas which are linked to each other that showcase that CBA
portrayed characteristics of unethical behavior to its clients and the way performed business:
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