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Video Lectures for MBAVideo Lectures for MBA
By:Video.edhole.com
Building Effective Leadership SkillsBuilding Effective Leadership Skills
Creating Your Own Leadership Legacy
2007 CANE Spring Meeting
Dan HoganVice President, Personal and Small Business InsuranceThe Hartford Financial Services Group, Inc.
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Building Effective Leadership Skills | Creating your own leadership legacy
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Background/Overview
The rate of change in the insurance industry is accelerating, and the lengths of decision and marketplace cycles are shrinking.
Effective leadership skills are needed more than ever to stay ahead of the competition.
Through the examples of five leadership legends, you will hear ideas and strategies that you can incorporate into your personal leadership style to help drive winning results in your organization.
Historically, the training of actuaries has underserved the leadership component. Using effective leadership skills can help actuaries be more impactful, and better influence the
businesses they support.
Historically, the training of actuaries has underserved the leadership component. Using effective leadership skills can help actuaries be more impactful, and better influence the
businesses they support.Video.edhole.com
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The essence of leadership is service to others
On a basic level, as a leader, you exist to:– Inspire others to strive for excellence– Ensure the work environment is safe, challenging, and fair– Teach, mentor, provide guidance
True leaders put the welfare of the group ahead of their own self-interest
“Selfless” does not mean “hands-off” Great leaders enhance institutional capability by
driving the actions of others to achieve greatness
Leadership is all about helping others to succeed.Leadership is all about helping others to succeed.Video.edhole.com
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The perceived complexity of leadership arises from its seemingly overwhelming number of duties
Create and establish strategies Ensure effectiveness and efficiency Communicate openly and often Build solid relationships Act with integrity and fairness Provide counsel and direction Exert influence in the absence of
ownership Foster collaboration Motivate, coach and develop others Produce results, meet objectives and
exceed goalsHow can a leader avoid being overwhelmed by this
complexity?How can a leader avoid being overwhelmed by this
complexity?Video.edhole.com
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Focusing on a few key qualities and incorporating them into every action simplifies the act of leading others, and increases leadership effectiveness
There is no standardized approach to effective leadership
Your effectiveness as a leader is directly proportional to how well the key qualities you focus on align with your values and your personality
My five qualities of a great leader are:1. Maintains and demonstrates strong convictions2. Develops and communicates a clear, winning
vision3. Creates a high performance culture4. Convinces rather than controls5. Continually learns
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Maintain and Demonstrate Strong ConvictionsLeadership Profile: Joan of Arc
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Maintaining and demonstrating strong convictions gives leaders their credibility
Integrity Lead by example Personal accountability Strive for excellence– “Play for your paycheck”– “Bring your ‘A’ game every day”– “Average is defined as the best of
the worst, or the worst of the best”Video.edhole.com
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Develop and Communicate a Clear, Winning VisionLeadership Profile: Martin Luther King, Jr.
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A clear, compelling, winning vision is the cornerstone of building organizational success
Establish and articulate a clear vision of the future for your business to inspire commitment from others:– Should be “stretch,” but not “folly”– Include measurable indicators of progress and success
Develop compelling long-term business strategies to achieve the vision:– Built with a strong understanding of the external environment– Takes into account perspectives and capabilities of your
organization and those with which it interacts
Ensure broad strategies are translated into clear and effective operating plans and tactical initiatives
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Create a High Performance CultureLeadership Profile: Herbert D. Kelleher, Southwest Airlines
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A High Performing Culture engages, challenges, and fully leverages employees, which promotes innovation and continuous improvement Build your team to win!
– Assess, then stretch/challenge top players – Seek to Redeploy, Rehabilitate, or, if needed, Remove underperformers– Hire winners
Execute aggressive performance management as part of your overall talent management strategy– Set clear performance objectives and expectations– Monitor and document performance; reward success, and hold people
accountable for poor performance– Provide direct, helpful feedback– Take corrective action when necessary
Pay for performance, pay for potential Drive a culture of open and fast communication to
support rapid response to changing business conditions Build inclusion, leverage diversity Continually raise the bar – don’t get complacentVideo.edhole.com
Building Effective Leadership Skills | Creating your own leadership legacy
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Convince Rather Than ControlLeadership Profile: William Wallace - “Braveheart”
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Any leader can get work done by barking orders…
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…But the enlightened leader convinces people to engage in the right behaviors, gains buy-in, and gives them choices while influencing them to perform at a high level
Clearly articulate your point of view and persuade employees to accept your proposal and/or recommendation
Project self-confidence without arroganceDevelop effective and constructive
strategies for influencing important decisions, sometimes shifting the organization’s direction or way of looking at things
Use high-impact, efficient communication vehicles to get your points acrossVideo.edhole.com
Building Effective Leadership Skills | Creating your own leadership legacy
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Continuous LearningLeadership Profile: Jack Welch
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The Profession of Leadership requires continuous learning, just like Actuarial
Regularly conduct an honest self-assessment Initiate efforts to develop skills that will enhance
performance in current role and/or accelerate readiness for future roles
Take full advantage of available learning and development programs, e.g., executive development programs, courses, professional certifications
Solicit feedback and guidance from mentors or coaches, then genuinely listen to feedback and apply learnings
Seek challenges that provide opportunities for on-the-job development of critical knowledge and skills
Ask questions to learn from others with different knowledge, experience or perspectiveVideo.edhole.com
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Summary
The essence of leadership is service to others Don’t be overwhelmed by the seemingly endless
number of tasks and obligations leadership requires
Rather, focus on a few core attributes as you practice the profession of leadership, like these:1. Have strong convictions2. Develop and communicate a clear, winning vision3. Create a high performance culture4. Convince rather than control5. Be a continuous learner
What qualities of a great leader would you add to this list?What qualities of a great leader would you add to this list?Video.edhole.com
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Some Final Thoughts
Your role as a leader is more critical than ever
Identify a take-away to work on towards building more effective leadership skills
What will be your leadership legacy?Video.edhole.com
Open DiscussionOpen Discussion
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