Essay - Top Management Teams and Corporate Governance
Added on 2020-12-10
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Top Management Teams andCorporate Governance
ESSAY"The strategic leader has a key role in contributing to high firm performance." Top management teams of any organisation is normally the highest level of managementwho have day-to-day tasks of managing that firm. Corporate governance is generally referred asprocesses, mechanism and relations through which corporations are directed and controlled. Thisis done by applying various policies, techniques, strategic approaches by leaders and directors. Itis important to make strategic decisions by strategic leaders so that firm can develop and increaseits productivity (Simsek and et.al., 2015). In this report, there is discussion on the key role ofindividuals towards firm's high performance, link, leadership traits, styles and approaches. It alsoshows up to which strategic leader participates in organisational operations and contributeseffectively.Employees in firms should contribute in decision making process during critical orcomplex situations. They can see what is good about the particular opportunity. This starts withprocess of evaluation with sharing of opinions and viewpoints. Individuals are allowed to givetheir best insights and must completely consider others' ideas. Another important decision thatcan be taken is the balance between timeliness and decisiveness which is taken by strategicleaders (Mayfield and et.al., 2015). They can devote time and invest money for high performanceof the firm. Goals and missions developed by top management can be discussed at individuallevel. Firm's decisions are influenced by their conceptualization or perception. Strategic Leaders'principle is developed by its experience to organize and interpret their facts and figures,comparison and personal intuition (Zhang and et.al., 2015). This enhance creativity andperformance of the organisation. Strategic decisions made by them should comply with theenvironment and resources that determine their outcomes. They can contribute by creatingrelationships with other business partners, suppliers and distributors. Effective leaders shouldface tough people's choices and should be good listeners. Deals should be properly handled by management department and individuals can takedaily administrative decisions. They should practice goals, update environmental assessmentwith new data and overlook strategies required to address problems that can arise in comingmonths. Benefits and costs of corporate diversification should be noticed by them. Effective
leaders can gather and analyse diverse information including opinions and practice data. Thenreport should be marketed. Thus, individuals can offer strategic service to the firm.Strategic leader impacts company by aligning their culture, systems and organizationalstructure to ensure consistency with the strategy. Strategic leaders focus on clear vision andmission of the firm. Specific direction is required without which each subordinate pursues his/herown path which wastes times, resources and energy. They remain aware of current marketdemands and respond to changing trends in the marketplace. Innovative leaders have ability tobalance vision and execution of them (Nakamura, 2015). Effective strategic leaders possessstrong capability of conceptualizing far reaching objectives and take essential actions to executelong and short term goals. They maintain transparent perspective and are highly focussed forhigh performance of the firm. They crave knowledge about core elements of organizationalperformance. Leaders are committed to innovation and are always ready to take new challenges.Strategic leaders of such successful companies make principled and conscious choicesHigh performance of the company have loyal employees and overlook employees'performance, their capacity to adopt environmental change. Its culture is powerful and enduringsource of competitive advantage. This can be built up strong relationships between strategicleaders and employees. To establish positive work environment and cultural of pride, it isessential that people should work together and treat each other equally (Lu, Zhu and Bao, 2015).Firms should provide challenging working environment and apply some polices and strategiesthat makes difference which they desperately require improving organizational. Strategic leadersneed to analyse their predictions about people and firm needs a governance and learning systemfor collective and honest conversations. Thus, these are some key concepts of strategic leaderand high performed companies.There is strong connection between high performance of a company and a strategicleader. Organisation is established with the purpose and goals and these are fixed up by strategicleader. They emphasize on the implementation of strategies or plans for the growth anddevelopment of the firm. These strategic leaders make possible for ordinary people to perform inan extraordinary manner so that they can bring out the best (Camisón and Villar- López, 2014).Their total focus is on company's success which depends on employees' dedication towards thevision and mission set by strategic leaders. For high and better performance of the firm, strategicleaders need to increase their self-interests for firm's stakeholders. Strategic leaders are expected
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