Which Different Management Styles Work Well in the Finance Sector

Lets be honest, no one wants a manager like David Brent from the TV show The Office, so it’s important that good and stable management is present throughout a company. It’s the best way to make sure delegated work and tasks are carried out perfectly.

Directive management

At the same time, different industries may require a style of managing different from the others.

The finance sector for example, has a few management styles that work well and some that won’t work as well. It also depends on the workforce and their personalities.

Financial companies such as AnaCap Financial Partners always have a highly motivated workforce who constantly create a positive turnover.

So how do they continually do it and how do they keep their workforce happy and motivated? Ultimately, it’s the mangers call on which management style to use, however it’s good to have a look at the available options.

Here are three styles that are proven to work in a variety of situations.

Directive

The basic aim of this strategy is to get results and fast. It involves a lot of telling the employees exactly what to do and when to do it. The manager will use ultimatums and goals in order to motivate the workforce.

This type of style is perfect for when there’s a very close deadline approaching or there’s a crisis in the company. It probably won’t work so well long term as micro managing with heavily experienced workers might cause a few problems with motivation.

Authoritative

This is more of a long term style and it involves being a firm and strict manager, but one who’s fair and staff friendly. Motivation of the workforce comes from plenty of feedback on the workers performance.

The manager needs the respect and trust of the team as does the manager needs respect and trust of his workers.

For this management style, the employee’s need to have a good base of knowledge as this allows the manager to keep his distance slightly and allow them to work without a huge amount of micro managing.

Affiliative

This style is the friendliest out of the three and its aim is create a happy and enthusiastic workforce whose motivation is kept high by the morale and mood of the company.

The manager’s role is more of a people’s role rather than a business role. Their job is to develop personal relationships with the workforce and encourage them regularly. It’s good for managing potential conflicts within a company also.

This style will only work if employees are only undertaking relatively easy jobs with little or no guidance needed. It’s impossible to use this style in crisis situations.

So which is best to use? Well managers will have to assess the situation themselves and choose the right route accordingly. There is no right or wrong way to manage and many use a combination of the three styles.