Impact of changes in economic conditions on leadership roles
Economic conditions are unpredictable and fluctuate over time such as inflation and changes in the market interest and exchange rates. Economic recessions are chaotic and therefore leaders have to adapt to working in an uncertain, volatile and complex environment. The changing economic conditions call for leaders to go an extra mile to as to lead the organization through the tough times therefore the growth of crisis leadership (Steven Walker, 2016). The great recession of 2008 left the global markets on the verge of collapsing and caused the closure of banking institutions such as the Lehman brothers. At the moment of the recession, leaders such as Ben Bernanke who was the chair of the federal government had to practice crisis leadership to navigate the country and the markets through the tough economic conditions.
The roles of leaders are mostly planning, managing and guiding employees throughout the work process but with the advent of the great recession, this was no longer enough and therefore the concepts and frameworks of leadership changed. Leaders assumed the roles of taking critical actions to save their instructions from collapsing. Leaders assumed the roles of crisis anticipation and preparation so that their organizations are not caught off guard by the unfavorable economic conditions (Steven Walker, 2016). The changing nature of economic conditions forces leaders to identify the strengths and weaknesses of their institutions and their adaptability to external factors so as to effectively manage their operations
Select one of the following questions and answer it in 75 to 100 words using the principles of critical thinking you learned in this course:
· How can we reduce poverty in the United States?
· Will receiving a college degree improve your career opportunities?
· Has the United States peaked as a world power?
Reflect in 75 to 100 words on the process of critical thinking you used in forming your response. Include the following in your reflection:
· How does the process of critical thinking you used relate to or differ from the process you used to find content for your answer?
Another role of the leader s communication in which leaders are expected to maintain communication channels across the entire organization to keep everyone informed on the changes and plans regarding the institution.
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