Strategic Leadership: Approaches and Ethics in Banking Transformation

This report provides an in-depth analysis of strategic leadership, using Lloyds Bank as a case study to illustrate key concepts. It begins by examining different leadership approaches that could have been employed to introduce changes within the bank, with a particular focus on Kotter's change model. The report then delves into contemporary research on the role of leadership in driving change and overcoming resistance, highlighting the importance of effective communication and vision-setting. Furthermore, it explores how ethics shape the relationship between leaders and followers, emphasizing the significance of ethical behavior in fostering trust and cooperation during periods of transformation. The analysis covers the impact of strategic leadership on digital transformation within the banking sector, emphasizing the importance of creating a sense of urgency, building a guiding coalition, communicating a clear vision, removing obstacles, creating short-term wins, consolidating improvements, and anchoring changes within the corporate culture. The report concludes by summarizing the key findings and emphasizing the importance of ethical considerations in leadership and the impact of effective leadership on the successful implementation of change within the banking industry. The report highlights the importance of ethical considerations in leadership and the impact of effective leadership on the successful implementation of change within the banking industry.

Strategic Leadership

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
1. Different alternative approaches that the company could have used to introduce the changes
.....................................................................................................................................................1
2. Analysis of contemporary research based on role of leadership.............................................2
3. Exploration and analysis of ethics shape the relationship between leaders and followers ....3
CONCLUSION................................................................................................................................3
REFERENCES................................................................................................................................4

INTRODUCTION
Strategic leadership is a practice where a manager presents a strategic vision that based
on the changes (Men, 2014). To better understand of the report selected bank, Lloyda Bank Plc
which is a British retail and commercial bank. This report consist of alternative leadership
approaches applied by bank to present effectiveness. Along with, determine banking sector and
conduct research to overcome from resistance changes and analysis critical shape between
leaders and followers.
MAIN BODY
1. Different alternative approaches that the company could have used to introduce the changes
Lloyds Bank plc is a British retail and commercial bank which have various branches
across England as well as Wales. It was established in 1765 (255 years ago) by Taylors and
Lloyds. It is first banking sector which is applied changes of transforming a group for success in
a digital world. In the February, 2018 bank introduced three new strategy with the purpose of
overcome from the financial crisis. This one consist of spending more on digital transformation
instead of invested whole amount in UK Fin tech sector. There are analysed three kind of
leadership approaches such as, Mckiney's model, Kotter's change model etc. There are discussed
Kotter's change model to understand these changes:
Kotter's change model: This model introduce by the John kotter in order to increase
ability of business in regard of changes and increase chances of growth & success. The Lloyds
bank apply changes of transformation of group. For this require to proper planning and deflect
failure and become adept to apply changes (Kotter's change model, 2020). There are applied
different factors in regard of changes in Lloyds bank such as: Create a sense or urgency: It is defined a first step of change model in which a leader
aware all staff members in regard of requirement and urgency. For these changes
persuade them and take all effective decision. Create a guiding coalition: In this step set up a project team that can work for the
changes which is adopt by the company for future growth and success. For this a leader
encourage all the staff member and ask to coordinate with each other in every activities.
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 Create a vision for change: To apply the changes in Banking sector require to set up new
vision. According to new vision all the staff members take initiative and accomplish it in
particular period of time. Communicate the vision: It is essential for this change model to develop supports and
attitude in between all the staff members. It is possible with new vision with the staff
members and take their reviews in regard of changes (Murugesan, 2014). Remove obstacles: To apply the changes at all levels in bank necessary to analysis all
obstacles that could undermine the vision. After identification remove these obstacles and
take appropriate action which is beneficial for business. Along with motivate them for
changing procedure. Create a short term wins: To get success in future require to create short term goals
which is providing clear idea to all staff members. Moreover, admitting and rewarding
staff members are nearly take interest in changing procedure. Consolidate improvements: As per the John Kotter, change is a slow going procedure
that apply by the bank to overcome from overall corporate culture. Quick wins is
considering as starting of long term changes. The Lloyds bank apply changes of
transformation of group into digital world to get success for longer period of time.
 Anchor the changes: At the end of this change model corporate culture become
signifiant part of business. These changes does not important values and standards where
al the staff member accept the new vision and support the change.
As per the change model, changes are conducted by Lloyds bank of transforming group
in digital world to overcome from financial crisis. With the help of effective leadership a bank
get success for longer period of time. Through Kotter's change model, the manager of bank
introduce program effectively with their advantages. It is helping to all the man power for
motivation effectively.
2. Analysis of contemporary research based on role of leadership
To conduct different types of activities in business require to proper management along
with effective leadership. The main reason of effective leadership to help all the staff members in
resistance of change. It supports to all employees for future changes that are based on the present
activities. In broad manner, banking industry is big sector in which administration apply new
approaches to apply changes in proper manner. A leader motivate all the staff members for the
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changes and supports to overcome from financial crisis that face by the bank. With the help of
their qualities a leader effective lead all the staff members and provide guidance in regard of
changes. Along with how to advantageous for business as well as for staff members for future
growth and success (Low and Teo, 2014).
As per the analysis it is understanding that In Lloyds bank, leadership plays essential role
in order to apply changes effective and overcome from different issues. Through effective
leadership a leader can transformation of group in digital world. For this required to proper
planning and discuss with the staff members about the changes. Provide all require information
about changes and instruct how to manage these changes with skills.
3. Exploration and analysis of ethics shape the relationship between leaders and followers
Business ethics is study of effective business approaches and practices that related with
potentially controversial projects that consist of corporate governance and many others. These
ethics are important portion of operational activities. Due to changes in bank, a leader must focus
on shape the relation with followers. To establish good relation in between a leader and staff
members require to behave ethically. These relation helps to apply changes effectively in Lloyds
bank and design & delivery all the changes that helps to meet with aims & objectives. Lloyds is
famous bank that provide different types of facilities of people. Along with face various issues
that create problem in resistance of changes (Pamfilie, Petcu and Draghici, 2012).
CONCLUSION
As per the above discussion it has been concluded that Strategic leaders can apply
different approaches to encourage all staff members and sections, raising among them in a
awareness of unity and direction to employ modification as per the necessitate. To achieve set
goals and objectives require apply changes with the help of leader. Along with apply the Kotter's
change model to get the better of resistance of change.
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REFERENCES
Books and Journal
Men, L. R., 2014. Strategic internal communication: Transformational leadership,
communication channels, and employee satisfaction. Management Communication
Quarterly. 28(2). pp.264-284.
Murugesan, R., 2014. Strategic leadership as contributory factor for engineering project
success. Asian Journal of Management Science and Applications. 1(2). pp.121-140.
Low, K. C. P. and Teo, T. C., 2014. Some Chinese war strategies–Applying Its key lessons to
strategic leadership. International Journal of Business and Social Science. 5(12). pp.91-
99.
Pamfilie, R., Petcu, A. J. and Draghici, M., 2012. The importance of leadership in driving a
strategic Lean Six Sigma management. Procedia-Social and Behavioral Sciences. 58.
pp.187-196.
Online
Kotter's change model. 2020. [Online]. Available through: <https://www.toolshero.com/change-
management/8-step-change-model-kotter/>
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