Each lender has its own way of dealing with the team members (juniors). The term “management style” refers to the numerous ways that employees interact with their subordinates.
According to the workplace culture and conditions at the time, the superiors must decide on the best course of action moving forward. The character of the workforce and their perspectives have an impact on the management style of operations.
Different Management Styles:
Autocratic Working Methods: The superiors do not take into account the opinions and suggestions of the subordinates when operating in this manner. Making decisions is solely the job of managers, leaders, and superiors, who are generally unconcerned about their employees. The lack of freedom to make independent decisions means that the workers are entirely reliant on their managers. In such a working environment, the subordinates only follow the rules and regulations set forth by their superiors. They have no influence over management choices. The policies of the business ultimately are whatever the management deems to be best for the organization. When operating in an autocratic manner, employees lack motivation.
Paternalistic Approach to Work: In a paternalistic work environment, the boss makes decisions that are best for both the team and the business. The purpose of policies is to benefit both the corporation and the personnel. Before making a decision, the suggestions and feedback of the subordinates are taken into account. Employees that work in such a manner feel a connection to and loyalty to their employer.
Employees don’t view their work as a burden; they remain motivated and enjoy it.
Democratic Approach to Work: In this type of working environment, supervisors value subordinates’ feedback. The benefits and cons of plans and ideas are discussed in an open forum with employees.
Effective and healthy communication between management and staff is ensured by a democratic working style. Before making a decision, managers take the input of the staff into consideration.
Laissez-Faire Work Method: In this type of working environment, managers are hired purely for show and make minimal contributions to the company. The workers handle their own decisions and tasks.
People that want to succeed in the organization and always want to try something new outperform those who just go to work for fun. Employees can make good or bad decisions for themselves without relying on their superiors.
Management through Circumambulation as a Method of Work: In the aforementioned working style, managers listen well and view themselves as an integral part of the team. The managers communicate with the staff more frequently to learn about their issues and suggestions. In such a working environment, the manager serves as more of a mentor to the staff and offers assistance as needed. Instead of locking themselves in cabins, the managers go outside to observe their surroundings.
