Triumph of Humility and Fierce Resolve †Free Samples to Students

Question: Discuss about the Triumph of Humility and Fierce Resolve. Answer: Introduction: According to Collins (2005), organizations can become great when their leader is at level 5, a chief executive officer (CEO) who is capable of blending genuine personal humility with an intense professional will. Collins (2005) acknowledge that level 5 is the highest hierarchy of leadership capabilities in any organization. These kinds of leaders can drive their respective companies from great to greatness. However, the other levels of leadership (highly capable individual, contributing team member, competent manager, and effective leader) can produce results but not up to level 5, where we have the executive, to elevate organizations from mediocrity to sustainable excellence (Collins, 2005). As such, for companies to survive the current competitive business environment, their leaders must stand out as well as possess the strong professional will and personal humility. At level 5, executives demonstrate an unwavering decision to do everything possible with an aim of producing the bes t long-term results irrespective of the challenges that may come their way (Collins, 2006). Moreover, they exercise personal humility by demonstrating a compelling modesty, while shunning public adulation, and never boastful of their achievement. Applying the concepts of "level 5 leaders" Westpac Bank Australia CEO, Brian Hartzer (Westpac Group, 2018), ideally fits the cadre of a level 5 leader. According to Smith (2017), Westpac Group (2015), and Upton (2015), Brian has been the face of transformation at Westpac Bank. He has led various innovative projects that have sustained the bank's performance to date. Westpac Group (2015) acknowledge that various strategies (service leadership, digital transformation, performance discipline, new growth highways, and workforce revolution) implemented by the management through Brian has inspired growth and success of the organization. Furthermore, Upton (2015) and Smith (2017) describes Westpac Bank CEO to possess the strong professional will and personal humility. As such, the CEO is a level 5 leader. Despite Brian Hartzer being a transformational and innovative leader, there are challenges that every successful organization face, to which, he is not an exemption. Such challenges include; severe limits of time, unpredictability, an expectation of change, the personification of the company, and visibility. Other additional challenges are; obtaining the right information, limits of power, reporting to the board of directors, and broader scope of operations. Therefore, this report will highlight the evidence of each challenge in respect to Brian Hartzer as the CEO of Westpac Bank Australia. Porter and Nohria (2010) acknowledge that CEO's are at the epitome of decision making in any organization. They exercise ultimate power and have the responsibility of making critical decisions. Nevertheless and Nohria (2010) observes that despite CEO's being the epitome of decision making, they do not make all decisions. Interestingly, they report to the board of directors for decisions made within the company. As such, Brian Hartzer has the responsibility of reporting to the board of Westpac Group on the progress of the company. If anything goes wrong, it is the responsibility of the CEO to respond to such unfortunate occurrences to the board. Therefore, reporting to the board put CEO's at cross-roads on responding to miscalculated decisions made by junior employees. It poses a challenge to their competence especially if the decision hurt the company's finances. As stated by Westpac Group (2018), Westpac is the oldest company in Australia and the leading banking institution in New Zealand. With such breadth of operations, Westpac Group has broader operations that may pose a challenge to the management. Notably, Westpac Group (2017) annual report shows that Westpac Group engages in various business activities like consumer banking, business banking, ATM alliance, Westpac Institutional Bank, Westpac New Zealand, BT financial group, Pacific banking, Westpac Migrant Banking, and Banking alliance for women plus sixteen subsidiaries. Such a broad base of operations present accountability challenges to the CEO. Making decisions and overlooking the entire operations requires professional will and personal humility (Collins, 2005). Lacking such level 5 leadership qualities can lead to the collapse of a company. Another challenge CEOs face is the limits of power. Lafley (2009) observe that CEOs are answerable to the board of directors. Every important company decision should seek the permission of the board. Moreover, the board of directors evaluates and accept the proposal or reject. In this scenario, CEOs are limited to major organizational decisions they make. As such, Brian Hartzer, being a CEO, he is affected by such limits of their power. When there are issues or problems to be sorted in any organization, getting the right information is key to finding lasting solutions. However, CEOs of large organizations like Westpac Group may find it challenging to obtain the right information from a subsidiary. For example, obtaining the right information from Hastings Forestry Investments Limited (Westpac Group, 2017), a subsidiary of Westpac Group, may be a challenge if the management of the subsidiary is engaging in unethical activities. Therefore, CEOs may obtain manipulated information from various managers who are not level 5 leaders which may harm the company. CEOs often face visibility challenges in day to day running of their organizations. In essence, leaders can only fix what they can see and manage only what they are aware of (Hassell, 2017). Lacking visibility can hinder the performance of a company. Moreover, visibility enables CEOs to give other managers the confidence to let employees do their jobs. However, granting such freedom may cost the company if employees operate outside the vision of the company. And when employees make mistakes, the management are the ones held responsible, and as such, answerable to the board. Hassell (2017) observes that managers who lack visibility of their companies often tend to personify the company. They develop a tendency to want to do everything and pressuring managers to do what they want irrespective of the laid down performance charter. In a bid to perform and seek validation from the board of directors, some CEOs control their middle-level managers. Collins (2005) recommends that competent managers organize people and resources to enhance the efficient and effective pursuit of the organizational objective which some CEOs overstep to make it a personal business. Upon commencing their duties, CEOs are faced with the expectation of high performance within a short period of time. The time horizon put by the owner or board of directors pressure CEOs thus presenting performance challenges to them. They are required and expected to bring major results and changes to the table starting week one. It is only level 5 leaders with a strong personal will to accommodate such challenges (Collins, 2005). Porter and Nohria (2010) acknowledge that CEOs are expected to bring change to organizations they lead. However, the time frame to inspire that change may be short to achieve required outcome. At times, the company may be having limited resources and yet they are required to achieve goals of their companies. Customers, on the other hand, do expect change from new CEOs which may not be achievable to their expectations. Another challenge that CEOs face is the unpredictability of the market. Stiff competition, technological changes, and unpredictable consumer demand may lead to loses which complicate the lives of CEOs. Post (2017) observes that marketplace competition, market oversaturation, and virtual workplace are increasingly taking over some businesses. Westpac Group CEO has to think ahead to avert any possibility of being found unaware. Therefore, this calls for constant research to avoid a collapse of any nature (Porter Nohria, 2010). According to Porter and Nohria (2010), CEOs have the responsibility to spearhead the vision and mission of their companies. Like Brian Hartzer, more responsibility on their way present severe limits of time. His attention is required within the headquarters and other subsidiaries. Moreover, he has to deliver on the organizational mandate. As such, CEOs like Brian may work late into the night to just complete daily responsibilities. This is a real challenge that faces CEOs. Moreover, leaders at level 5 can build enduring greatness by combining professional will plus personal humility to succeed. References Collins, J. (2005). Level 5 Leadership: the Triumph of Humility.On leadership, 10. Collins, J. (2006). Level 5 leadership: The triumph of humility and fierce resolve.Managing Innovation and Change,234. Hassell, D. (2017). To succeed in business, managers need more visibility. Retrieved from https://www.15five.com/blog/succeed-business-managers-need-visibility/ Lafley, A.G. (2009). What only the CEO can do. Harvard Business Review. Retrieved from https://hbr.org/2009/05/what-only-the-ceo-can-do Porter, M.E. Nohria, N. (2010). What is Leadership? The CEOs Role in Large, Complex Organizations. Post, J. (2017). The 10 biggest challenges for CEOs in 2017. Retrieved from https://www.businessnewsdaily.com/3625-new-year-challenges.html Smith, P. (2017). Brian Hartzer backs tech to be driving force as Westpac enters third century. Financial Review. Retrieved from https://www.afr.com/technology/enterprise-it/brian- hartzer-backs-tech-to-be-driving-force-as-westpac-enters-its-third-century-20170330- gva3ek Upton, L. (2015). What makes new Westpac CEO Brian Hartzer tick. Ruby Connection. Retrieved from https://rubyconnection.com.au/insights/ruby-picks/westpac-ceo-brian- hartzer-exclusive.aspx Westpac Group, (2015). Brian Hartzer, Westpac Chief Executive Officer, Westpac Group. Third Century Banking. Trans-Tasman Business Circle. Sydney. Retrieved from https://www.westpac.com.au/docs/pdf/aw/media/key-note- speeches/Brian_Hartzer,_Third_Century_Banking,_Sydney.pdf Westpac Group, (2017). Annual report. Proudly supporting Australia for 200 years. Retrieved from https://www.westpac.com.au/content/dam/public/wbc/documents/pdf/aw/ic/2017_Westpa c_Annual_Report_Web_ready__Bookmarked.pdf Westpac Group, (2018). The Executive Team. Retrieved from https://www.westpac.com.au/about-westpac/westpac-group/executive-team/