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The success of any business is significantly a by-product of the kind of leadership running its operations. When the leaders are effective, the company will experience profits and the opposite is also true. The limitations of the leaders in any organization often translate to be the organization’s limitations too.
Revolutionary leaders take time to understand their strengths and weaknesses and improve the areas they face challenges and limitations. There are several results and impacts that poor leadership has in a given business. The effects include the following:
Poor leadership has a direct psychological impact on employees as they suffer from job stress. This condition results from the fact that the company’s leadership or business place unrealistic demands on them. If not carefully watched, job stress results in conditions such as hypertension, substance abuse, and depression, which negatively impact business operations.
High Employee Turnover Rates
Employee transition from one job to the other is a regular occurrence, especially as they seek growth. High employee turnover is, most often than not, the result of poor leadership in the organization. Losing talented employees who are skilled and experienced in their jobs has a significant impact on business productivity.
The company has to incur additional costs in the recruitment process for replacements derailing its operations. It also takes time before the newly recruited employees match the skill set, efficiency, and productivity of former employees.
Low Employee Morale and Worker Productivity
Low employee morale, which directly impacts their productivity levels in the business, results from poor business leadership. Managers who lack the essential leadership qualities believe in micromanaging the employees and not giving them any room for engagement. Employees feel sidelined as the leaders of the organization offer no guidance to help them in job execution.
Damaged Organizational Reputation
A damaged organization or business reputation is one of the hardest things to come back from in any industry. Several platforms and sites allow current and former employees to offer reviews on their companies and organizations. Most of the new talent and employees the business seeks to hire usually visit these sites before taking on job offers as it gives them an outlook of the company. Poor leadership will cost you valuable talent, partners, and clients and limit your organization’s ability to grow and attain success.
Yesterday’s leaders and skilled workers are retiring every day, and millennials are flooding the job market. The old way of running things is fading out. Successful businesses of tomorrow must look ahead and be prepared to adapt. Companies that invest in leadership development have more competent leaders who know how to execute business strategy, retain a talented group of employees, and overall improve the bottom line.
A focus on leadership development equates to skilled leaders who can communicate business strategy and execute it. Most businesses acknowledge that they need strong leaders on all levels to accomplish business goals effectively. Companies should look to their strongest leaders to develop or change business strategy instead of reaching outside the company. Investment in strong leaders within the company will save them money. Besides, those who already know the workings of the business can engage with the group differently.
They can bring team members together to establish common goals and a shared vision, inspiring them to believe in the roles they play with each step forward. Good leaders build communities and attract skilled employees (and increases the likelihood they will stay). Poor leaders hinder the development of employees, while strong leaders retain talented employees because they help them grow.
Most importantly, they help the business thrive as the world and the market changes. Strong leaders improve the bottom line by reducing costs and generating new streams of revenue. They also improve customer experience, increasing the likelihood that consumers will come back. Businesses invested in leadership development have leaders who can make quick decisions when unforeseen situations come to call. They can anticipate and navigate changes within the market, within the business strategy, within the team, and help shape business culture.
Businesses who prioritize leadership development have a team of good communicators focused on finding ways to implement change. Some of the best leaders serve as mentors to the talented group of people who drive the company. As leaders develop their teams, the old way of doing business may change. The traditional method of leaders making all the decisions isn’t suited for every business. Even though few businesses are investing in leadership development, most of them acknowledge its importance in helping a company withstand the test of time.
COVID-19 has been the biggest story of the year during 2020. It’s affected everything from work to religious practice and recreation. Sports leagues compete in bubbles with no fans present. And most people who are working from home have had to get familiar with a software program called Zoom. Zoom has been used for everything from conference calls to remote church services.
Zoom has its ups and its downs. It’s a very user-friendly software. Joining a Zoom meeting is simple enough. People can either enter an ID and password, or they can just click on a link. Users have a choice to mute themselves, and they can also control their presence on video. It’s a good idea for people to be prepared to be on camera during Zoom sessions. Glance in the mirror before joining a meeting. A great alternative is looking in the camera function on the computer or smartphone.
In order for Zoom meetings to go really well, it’s also important to add some structure to them. Each meeting should have a well-defined leader. The person running the meeting should be the host. They will also have the ability to mute people who are talking over someone else. They can also control who gets to share their screens and when. Only hosts have these privileges.
Security settings are one of the most important features of Zoom that people need to become familiar with. Early on during the lockdown, some corporate Zoom meetings were famously hacked by troublemakers and pranksters. Zoom meetings are issued passwords by default. It’s prudent to keep these, especially for corporate meetings. They can be turned off, though. Turning the password off can be a good option for religious services and other big gatherings where no industry secrets are being shared.
Zoom is also a great way to socialize during a pandemic. When people have to practice social distancing, it’s hard or impossible to meet up for coffee. That means Zoom meetings can also become a time for socialization. It’s up to the host to determine how much catching up is appropriate during meetings. Sometimes, meeting organizers will leave a meeting going for an extra five or so minutes so people can get some social interaction in, too.
About Jason William Kumpf
Jason William Kumpf has worked in international business for over a decade. With involvement in global real estate sectors, the expat sector, ecommerce, and finance, it is safe to say that Jason William Kumpf is a well-rounded businessman. By having a hand in multiple sectors of various international and national markets, Jason has built an incredible network of global professionals that include recognizable Fortune 500 companies as well as young, burgeoning startups.
Jason William Kumpf is Co-Chairman for an international California Trade and Business Networked called Cal Trade. To expand his reach, he also serves on the Young Members Board for FIABCI International Real Estate Foundation, a French entity with active chapters in 48 different countries. In addition to these positions, Kumpf is the Director of Alliance Partnerships at USForex Inc which works toward creating better exchange rates for several international ecommerce markets. Similarly, Jason William Kumpf is the Director of Partnerships at OFX, also in the international currency exchange rate industry, working towards the acquiring the best exchange rates available for his international clients.
In addition to Jason’s work internationally in the foreign exchange markets, he has also taken a great interest in tech startups. He has a passion for taking an outside look at complex issues and creating tangible solutions to better the overall structure of a new company. Because of his extensive training in a wide range of industries, and because of his energetic and positive spirit, Jason William Kumpf is able to not only craft great business strategy but motivate his teams as well.
Having spent nearly 20 years studying abroad and working internationally, Jason William Kumpf has seen many sides of business, negotiating, and leadership. For this reason, he feels it is incredibly important that he pass on the information he’s gained over the years to those looking to grow within the international exchange rate markets. Having a strong leadership style is valuable, but having the ability to adapt that leadership style to meet the needs of any market you’re working in is a priceless skill that will take anyone with the right drive far in life. Jason William Kumpf hopes to inspire some of this leadership in a new generation of young and talented industry members.
As Jason William Kumpf enters the next stage of his career, he looks towards opening new doors for leadership training and business strategy opportunities. If you’re a young tech startup or just looking for some leadership style advice, Jason William Kumpf’s new blog will act as a great resource. Without sharing what works, progress cannot be made, and Jason William Kumpf is dedicated to not only continuing a successful career for himself, but to see this reality happen for others.
For updates on Jason William Kumpf, be sure to check back often as new blog content will be added regularly.