Importance of Good Leadership Behaviour

A Quality Imperative in a Time of Crisis: Credible Leadership and Management: BFSI Sector

Mother Teresa once said, “I alone cannot change the world, but I may cast a stone across the stream and cause many ripples.”

No matter the circumstances, effective leadership behaviors, and attributes inspire all followers to put in their best effort and accomplish their highest ambitions. Being a part of a strong leadership team is crucial for professional development.

A solid organization’s foundational pillars are credible leadership and management. And when circumstances are difficult, having dependable leaders who can inspire everyone to perform at their highest level and help their organization weather storms is all the more important.

Research on the BFSI Sector and the Value of Effective Leadership

Based on their global approach, Great Place to Work® investigates the workplace cultures of over 1000 firms annually in India. We discovered that work culture and effective business performance at India’s Best Workplaces in BFSI Sector 2020 are driven by Credible and Good Leadership quality and behavior after analyzing the work cultures of over 80 firms in the (Banking, Finance, and Insurance) BFSI sector last year.

This analysis was carried out based on employee feedback from BFSI Sector firms and a comprehensive examination of their HR initiatives and procedures. Following a thorough analysis of these factors, Great Place to Work® also named the top 25 BFSI companies among the participants.

Difficult Times for the BFSI Sector & Challenge for Able Leadership

While financial literacy and technology penetration has been the evident challenges of India’s BFSI Sector, in light of recent fiascos in the financial industry, the credibility of financial organizations has emerged as a business challenge. With serious mistrust incidents across public and private sector institutions, potential consumers have been further driven away from trusting organizations. Additionally, the Covid-19 pandemic is staging a risk of a global market slump and making it a challenge much tougher to bounce back from.

 Organizations that maintain a culture of trust with both their external and internal customers and are backed by steady leadership and management are more likely to rise above challenges and outdo their counterparts.

The Ability to Lead Well is Essential for Surviving Difficult Times

Our research demonstrates that the Best Workplaces in the BFSI industry instill organizational values and ethics by projecting these behaviors through effective leadership. In these organizations, there is a high level of trust, and employees look to the leadership and management for excellence and direction. The same is shown by management: keeping its word, providing clear lines of communication throughout the hierarchy, and being approachable. Compared to other workplaces, The Best Workplaces in BFSI have stronger positive leverage on these metrics.

Being trustworthy, knowledgeable, and morally upright are a few of the best leadership traits. Such top-down management and leadership encourage everyone to put in their best effort and discourage unethical behavior or commercial malpractice.

Leadership Conduct that Exudes Credibility

Everyone in the organization is in sync with the mission and vision thanks to a credible leader or management, which promotes corporate growth and ensures that it continues in the face of adversity like recessions, unforeseen events, pandemics, etc. When there is a sense of uncertainty, employees feel more secure when they have confidence in the leadership and management to steer the company in the right direction.

The People Practices used in these Best Workplaces further support the vision and motivation of good leadership.