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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Servant Leadership is a recent revolutionary theory of leadership that focuses on leaders achieving authority rather than power. A servant leader considers the needs of others and tries to serve the followers by becoming a servant first. Servant leadership is leading with a desire to better serve others.
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Maslow's hierarchy of needs is a motivational theory that explains that people are motivated by five basic categories of human needs. These needs are physiological, safety, love and belonging, esteem, and self-actualization. There is a little scientific basis for this concept of a hierarchy of needs.
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Participative Leadership Theories
Participative leadership theories rely on the involvement of different participants and suggest that the ideal leadership style is one that takes the inputs of others into account. Participative leaders encourage participation and contributions from group members and involve them in the decision-making process. Participative leadership tries to achieve through people, teamwork and collaboration.
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Strategic Contingencies Theory is a theory of intra-organizational power. The power of a subunit or individual depends on a few contingencies and that the more contingencies are controlled by a subunit, the greater is its power. The theory focuses on tasks that need to be done in the form of problems to be solved, thus de-emphasizing personality.
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Situational Theories of Leadership
The situational theories of leadership assume that the most effective style of leadership depends from situation to situation. Situational leadership is a leadership style in which the leader must adjust to match the development needs of the followers. They must adapt varying behaviors to strike the right balance between task & relationship based on different levels of maturity of followers and also as followers develop and cultivate their skills.
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Authentic leadership is a new approach to leadership in which leaders are genuine, self-aware, transparent, build honest relationships, and work on an ethical foundation. Authenticity is one of the core values of leadership. Authentic leaders have truthful self-concepts and they inspire by promoting openness by acting in a real, genuine, and sincere way. Authenticity requires self-awareness and the ability to act in accordance with one's true self.
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McGregor's Theory X and Theory Y
McGregor created Theory X and Theory Y of human work motivation and explained two styles of management known as authoritarian (Theory X) and participative (Theory Y). Theory X management assumes most people will attempt to avoid work whereas Theory Y managers trust their people to take ownership of their work.
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McClelland's Theory of Needs is a human motivation theory which states that an individual's specific needs are acquired over time through our culture and life experiences. As per the three needs theory, these acquired needs significantly influence the behavior of an individual. The three main driving motivators are the needs for achievement, affiliation, and power.
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Bass's Transformational Leadership Theory
Bass Transformational Leadership Theory is based on performance beyond expectations approach which defines four elements of transformational leadership. The 4 elements described by Bernard A. Bass in 1985 are Idealised Influence, Intellectual Stimulation, Individualised Consideration, and Inspirational Motivation. This study highlights four key insights about performance beyond expectations and associated criteria to measure it.
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The Psychodynamic Approach to leadership focuses on leaders building an understanding of their personality characteristics to know why they act or react in certain ways. Psychodynamics theory aims to explain the dynamics of human behavior in which lies the essence of leadership, by analyzing various motives that govern a person's behavior. This information can be used to develop leaders and followers by understanding their responses based on their personalities.
