Transactional Theory of Leadership
Transactional leadership theory is based on the concept of rewards and punishments. The transactional management approach assumes that the desires of the leader and follower are different and leaders give followers something in exchange for getting something they want. Transactional leaders expect followers to be compliant and focuses on structure, instruction, monitoring, organization, or performance to get tasks completed on time.
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Theory Z also called the "Japanese Management" style is a leadership theory of human motivation focused on organizational behavior, communication, and development. It assumes that employees want to enter into long term partnerships with their employers and peers. Offering stable jobs with an associated focus on the well-being of employees results in increased employee loyalty to the company.
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The two-factor theory also known as Herzberg's motivation-hygiene theory and dual-factor theory. This motivator-hygiene theory states that certain factors cause job satisfaction whereas certain separate factors cause dissatisfaction in the workplace. An organization can adjust these factors to influence motivation. These factors are respectively termed as motivators and hygiene factors.
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Five Factors Model (FFM) also known as Five-Factor Personality Model is based on five broad personality traits which are extraversion, neuroticism, openness to experience, agreeableness, and conscientiousness represented by acronym OCEAN, these traits are often referred to as the “Big Five”.
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Transformational Theories of Leadership
Transformational leadership theories focus on the leadership approach where the leader encourages, inspires employees to innovate and create positive and valuable organizational change. A transformational leader works towards “transforming” the culture to one that cultivates trust, mutual admiration, loyalty, and respect with the end goal of developing followers into leaders. Transformational leaders are known to be visionary, inspiring, daring, risk-takers, and thoughtful.
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The psychodynamic approach to leadership has its roots in the work done by Sigmund Freud. These involved psychological theories of personality development and explaining leadership using psychoanalytic concepts. It tries to define a person is in terms of personality traits. Personality structured into three parts (i.e., tripartite) - the id, ego, and superego.
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The skills approach to leadership suggests that certain skills are important for effective leadership. Skills are what leaders can learn and develop, whereas traits are innate characteristics. The main skills needed for leadership, according to one such theory, are technical, human, and conceptual.
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The cognitive resource theory states the influence of the leader's resources on his or her reaction to stress. The cognitive resources of a leader are experience, intelligence, competence, and task-relevant knowledge. Stress is common in resource managing situations, and this cognitive theory emphasizes how intelligence and experience are each best under different stress situations. This theory is the reconceptualization of the Fiedler model.
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Leadership Traits – A great List
What are the qualities and characteristics of a good leader? Great leaders possess core leadership traits and skills. The list includes the most important leadership qualities and skills to look for in a great leader. These are must-have traits of a powerful and successful leader, the qualities a leader possess to be great.
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Trait Theory of Leadership is based on the assumption that people are born with inherited traits and some traits are particularly suited to leadership. The theory aims to discover specific leadership & personality traits and characteristics proven to predict the likelihood of success or failure of a leader.
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Have you ever resonated that there seem to be as many different ways to lead people as there have been great leaders? When we recall the success of Mahatma Gandhi, Nelson Mandela, Abraham Lincoln, Napoleon Bonaparte to Steve Jobs and Jack Welch, we also notice that they all used different approaches that were suitable to their specific situations and circumstances. Over the last century, researchers and psychologists have developed simple ways to describe the “Styles of leadership” and in this section, we will explore these commonly known leadership styles.
