LEADERSHIP AND THE HUMAN FACTOR (INDIVIDUAL)
Table of Contents
Introduction
The respective research analysis is developed for demonstrating the effective discussion based on leadership and human factor relationship respectively. The respective research analysis is developed by conducting a brief overview of Fortescue Metals Group with the association of leader Andrew Forrest respectively. The effective demonstration for causes on determining the leadership impact on the management and human resource development strategies effectively. The demonstration of ethical practices that are imposed through evaluation of leadership constraints in the company has been determined in the analysis for conducting and integrity of knowledge in contemporary leadership and people based on different levels of analysis successfully.
Discussion
The fourth-largest producer of seaborne iron ore, Mr Andrew Forrest is the company’s founder and non-executive chairman. Andrew serves as the Chair for the Assessment of Indigenous Education and Employment Programs and is a Commissioner of the Good Neighbour Commission, which reports to the UN on improving human dignity. Andrew is also a Commonwealth representative for employment and involvement with poor areas. In addition, Andrew founded and serves as chairman of Australia’s largest charitable organisation, the Minderoo Foundation (Bickley, and Torgler, 2020). Andrew is a prominent figure in the energy and materials industry and an adjunct professor at China Southern University as well as a member of the Australian Institute of Mines and Metallurgy.
Effect of the leader on the top management team
Andrew Forest attains a transparent leadership style for the management of team members for determining effective advantages in the business field. In an effort to carry out its worldwide renewables strategic plan, Fortescue Metals Group (FMG) recently reorganised its leadership team. Dr Andrew Forrest will retake the position of Executive Chairman. In an effort to carry out its global plan of becoming “green” by 2030, Fortescue Metals Group (FMG) recently reorganised its leadership team, according to the Market Herald. Dr Mark Hutchinson, a previous president and Chief executive officer of General Electric (GE) Europe, has been hired by the business and will start working for Fortescue Future Industries (FFI) at the beginning of July 2022 (Das et al. 2020). Forrest qualified for the Rich Managers list when it was announced in May that Andrew will transition from his position as non-executive chairperson to executive chairman of coal and iron major Fortescue Metals Group. And Forrest isn’t just the richest CEO on this year’s list, but also the richest boss ever, with a stake of $20.04 billion. Andrew succeeds Rupert Murdoch, who made the charts in 2014 with a wealth of $12.61 billion, in holding that position.
Effect of their strategic leadership in developing the human resources
- Create a Vision: For any business, a strong, distinct vision is essential. It was supposed to be the massive power in iron ore for Fortescue. Simple, potent, and persuasive Andrew was equally passionate about setting goals that were more ambitious than you anticipated and working backwards to accomplish them. An example of setting big, bold, and ambitious goals (BHAGs).
- Develop a Strong Culture: It is crucial for any organisation to develop a spirited and driven team (De et al. 2022). Forrest has devoted his life to helping other people become leaders by giving them confidence and support. Andrew feels that the individuals who grow and create the firm are more important than the CEO or even the business’s leader. For a competitive business and brand like Fortescue, this was crucial.
- Never Lose Hope: A wise maxim, especially in the face of difficulties and disappointments.
- Reduce wastage: Forrest believes strongly in the use of innovation to promote efficiency and methods of functioning more shrewdly and effectively.
- Concentrate on Milestones: Forrest is not a fan of government red tape and bureaucracy. Andrew thinks that achieving results is the key to success.
- Look for Offshore Financing: According to Forrest, getting capital for early-stage enterprises is simpler in offshore markets like the US and Europe due to the rivalry among institutional investors there than in Australia.
- Understanding the Buyers: Forrest emphasised the value of understanding your clients, in this instance the Chinese steel mill owners who purchase the iron ore from FMG.
- Invest in Learning and Skills: According to Forrest, training and education are essential to the development of any organisation (Hall et al. 2021). The congregation and families have little to strive for by providing “jobs” and “work,” to use the large vision (BHAG) once more. Forrest believes that while training and knowledge alone may not be enough to fill the gap, they are very significant when linked with the idea of something to achieve (such as employment and a future).
- Have Faith: Forrest is a compassionate guy who draws strength from the Christian belief to make wise choices in a professional setting.
Effect of the leader on the development of ethical practices
Dr Forrest expressed his gratitude for the honour of being asked to present the annual 2020 ABC Boyer Seminars at such a pivotal time in Australia’s history. 2020 would likely be the hardest year of most Australians’ life, Forrest said. “A country that has been devastated by bushfires and drought is now coping with the anxiety and inconvenience of a pandemic as well as the severe economic suffering it has brought (Hunt et al. 2018). Encouragement, excitement, commitment, leadership, and vision are required now more than ever in these gloomier times. Australians leave my Boyer Lectures with a healthy dose of hope that our finest days are yet ahead of us. Dr Forrest will examine four crucial areas in which corporate executives, philanthropists, and entrepreneurs may help revive Australia in this year’s 62nd ABC Boyer Lectures:
Decarbonisation: Business executives can help make clean technology affordable and scalable while guiding our economy toward a net-zero-carbon future.
Oceans: How a worldwide network of coastal habitats may rescue our marine ecosystem. These reserves can be found, followed, and safeguarded using modern satellite-based and ocean genetic technology.
Equal opportunity: reducing inequality by finding opportunities through microcredit.
Collaboration: Creating new global economic governance frameworks to address global issues such as climate disruption, plastics contamination, slavery, cancer research collaboration, and Australia boosting China-US engagement.
Evaluation of leadership
Transparency in leadership is keeping your team informed, expressing the good and the bad (but avoiding oversharing), and being open to Candide’s criticism from your group. There shouldn’t be any unpleasant shocks, worries about ambiguity, or ambiguous conduct that could damage your leadership reputation (Landau et al. 2018). Transparent leaders make an effort to live up to their ideals, establish clear standards, and interact with each teammate in a productive manner. Being open and honest with your team members is a must for transparent leadership, even if it makes you feel somewhat exposed. It’s critical to lead your firm with authenticity and in methods that are loyal to its ideals when workers may observe and assess everything they do.
Results of Transparent Leadership
Increased Support from Employees
By choosing to be transparent and upfront with your staff, you may make them feel appreciated by asking for their input. By demonstrating to your staff how much you appreciate their input and thoughts, you establish a foundation of faith and confidence that fosters increased employee advocacy, assisting in the development of your employer brand. At the same period, demonstrating your admiration and interest in others might help your team see you as a more relevant leader (Oh et al. 2020). It gains more respect and support from the staff if you come across as a real person rather than an enigmatic boss who hides behind an imposing office door.
Maintaining Healthy Expectations
Information withholding frequently causes misunderstandings and unfulfilled aspirations. Transparency in leadership enables you to make sure that expectations are correctly set and met for both employers and employees. Employees are less prone to harbour wrong assertions about their work or the business when there is open, regular, and explicit communication.
Enhanced Worker Performance
When you take into account the favourable impact it could have on employee performance, the significance of openness in leadership becomes even more apparent. These fully motivated individuals are more inclined to obtain greater quality and profitability in their positions since greater workplace openness generates stronger employee advocacy. The first step in creating openness in leadership is realising how important it is (Winston, 2021). Make it a point for oneself and other executives to be forthcoming with information regarding company developments and choices. To ensure that everyone is aware of major innovations, that are explained in detail have been established, and that every staff has the opportunity to keep in the loop, and have frequent meetings with the overall company, each section, and current workers. Employee comments on corporate policy, as well as any recent adjustments or pronouncements, should be encouraged.
Conclusion
Revaluation of the research work has concluded that the effective demonstration of transparent leadership that is associated by Andrew Forrest in the company Fortescue Metals Group, respectively. The demonstration of the respective research work focuses on determining the development of human resources and management of team activities that are determined in the company with the association of Andrew Forrest respectively.
References
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