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Fiscal Policy as an Economic Stabilization Measure

FISCAL POLICY AS AN ECONOMIC STABILIZATION MEASURE Fiscal Policy refers to the various decisions undertaken by the government regarding public expenditures and revenue. There are a large number of sub-policies that are encompassed by the fiscal system. But all the policies can be broadly categorized as being either ‘Public Expenditure’ or ‘Public Revenue’. It can be said that the fiscal policy is a direct government intervention in the economic processes of an economy. The fiscal policy is very objective in nature, since it creates decisions that can be uniformly applied to the entire economy or to a segment of the economy. The fiscal policy is considered to be more direct than the monetary policy in its impact on the economy.†¦show more content†¦However, it should be noted that the increase in the interest rate has brought about a disincentive for the private sector within the economy. The private investors are dissuaded from borrowing the investible funds lying with the financial system, since the ROI is too high and so unattractive for them. Had the shifting of the IS curve not caused the interest rate to rise (i.e., the ROI was fixed at OI1), then given the new IS situation, the economy would have been at equilibrium at E3 and the income would have risen to OY3. Thus, we see that an expansionary fiscal policy has reduced the possibility of creating income up to OY3 – hence, Y2Y3 represents the amount of additional income l ost i.e., the ‘Crowding-out Effect’. Showing the COE with the help of AD function: The fiscal policy, with a constant money supply, is less expansionary than it would have been if the money supply were increased to keep the ROIs constant as income expanded. Hence, the fall in income by Y1Y2 is the crowding out effect. Showing the COE with the help of the PPF: But as soon as an expansionary fiscal policy causes the government spending to increase to g2, the private sector’s spending falls to h2. Therefore, amh2h1 is indicative of the extent of the crowding out effect of the fiscal policy. It is possible toShow MoreRelatedRole Of Politics In Macroeconomics729 Words   |  3 Pagesmitigate economic issues through intervention on monetary, fiscal policies and increased government spending during recessions. Some of these political divisions are based on political alliances and belief structures rather than an impartial macroeconomic analysis. The graphs and formulas are confusing for politicians and lay people with many preferring simple yes or no answers. Thus some argue for less active policy towards the economy while another side argues for more active policies and measuresRead MoreFiscal Policies And The Fiscal Policy904 Words   |  4 PagesBefore we talk about ways to assess fiscal policy of an economy, I would like to describe what we mean by fiscal policies and why it is important for an economy. Fiscal policy is the use of government revenues and expenditure to influence growth of an economy. Fiscal policies that increase demand in an economy are called as exp ansionary policy whereas those which reduce demand are called as contractionary fiscal policies. These policies are most effective in a fixed exchange rate regime with perfectRead MoreNicaragua And Its Monetary Policy Analysis Essay1348 Words   |  6 PagesNicaragua and its Monetary Policy analysis: Monetary policy is the macroeconomic policy laid down by the central bank. It involves management of money supply and interest rate and is the demand side economic policy used by the government of a country to achieve macroeconomic objectives like inflation, consumption, growth and liquidity. The Monetary Policy of a country further contains 3 sub-policies: †¢ The Money Supply Policy: This policy determines the source of credit. In most cases, a centralRead MoreJamaicss Economic Downfall1444 Words   |  6 PagesProgrammes Generally, stabilization programmes are designed placing emphasis on reforming the tax system, making the exchange rate more competitive, liberalizing the trade regime, increasing privatization and reducing the external account and fiscal deficits. Policy makers hope by focusing on such issues that it would create an environment that is conducive to increasing production and exports. 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This means government spending and government taxation levels are altered to support long term economic growth. A monetary policy refers to the Reserve Bank of Australia’s (RBA) use of interest rates (cash rate) to influence the level of economic activity. Most importantly, the RBA sets interest ratesRead MoreEffectiveness of Fiscal Policy as a Stabilization Tool9769 Words   |  40 PagesThe Effectiveness of Fiscal Policy as Stabilization Policy Alan J. Auerbach University of California, Berkeley July 2005 This paper was presented at the Bank of Korea International Conference, The Effectiveness of Stabilization Policies, Seoul, May 2005. I am grateful to my discussants, Takatoshi Ito and Chung Mo Koo, and other conference participants for comments on an earlier draft. I. Introduction Perspectives among economists on the usefulness of fiscal policy as a device for macroeconomicRead MoreFiscal and Monetary Policies893 Words   |  4 PagesFiscal and Monetary Policies Charles T. Sheridan Student ID: 4290575 ECON 102 American Military University Dr. John Theodore Economies everywhere in the world have fluctuations, there Gross Domestic Product (GDP) is either growing (economic boom) or it is not producing enough and falls into a recession. In a recession, an economy’s GDP suffers two consecutive quarters of negative growth. Personal consumption, government spending and the amount a country imports and exports measure GDPRead MoreGovernment Reactions during the Great Recession862 Words   |  3 PagesMonetary Policy and Fiscal Policy: Government Reactions during â€Å"The Great Recession Monetary policy and fiscal policy can greatly influence the US economy. Keynesian economics says, â€Å"A depressed economy is the result of inadequate spending. Keynesian argued that government intervention can help a depressed economy through monetary policy and fiscal policy. The idea established by Keynes was that managing the economy is a government responsibility. Monetary policy uses changes in the quantity ofRead MoreThe Effect of Macro Economic Policy on Nigerian Economics Growth and Development6051 Words   |  25 PagesEFFECT OF MACRO ECONOMIC POLICY ON NIGERIAN ECONOMICS GROWTH AND DEVELOPMENT ABSTRACT This research work focus on the appraisal of Macroeconomic Policy on Inflation in Nigerian Economy, also to determine how it enhances the growth of Nigerian Economy. The aim of this research work is to look into challenges and numbers of hypothesis were drawn. Information necessary to address the test of hypothesis was gathered through secondary data, source from Central Bank of Nigeria (CBN). Economic analysis was

Ibm Case free essay sample

History By the 1950’s, IBM became the dominant vendor in the computer industry with the release of the IBM 701 along with many other series of mainframes, which are large central processors. Then in the1960’s and 1970’s, the company had to diversify to get on the same level as smaller companies, such as Digital Equipment Corporation, who were introducing microprocessors. This threatened IBM’s position in the computer industry. Their response was coming put with a personal computer, software, and services. In 1981, IBM officially introduced the IBM PC with a compatible hardware platform. This was a large accomplishment for the company. A few years later, on May 1st, 2005, IBM sold its PC division to the Chinese company Lenovo for $655 million in cash and $600 million in Lenovo stock. Then on January 25, 2007, IBM sold their printing systems division for $725 million to Ricoh and created a new Ricoh subsidiary called InfoPrint Solutions Company. Ricoh will now own a 51% share and IBM will own a 49% share. Also in 2007, IBM’s yearly revenue was $98. 8 billion and they had a net income of $10. 8 billion dollars. IBM is run by about 427,000 employees. There are three main people who keep the business running smoothly. The most important one is Samuel J. Palmisano, who is the Chairman, President, and CEO. Another important associate at IBM is Mark Loughridge, who is the SVP and CFO. And lastly, Douglas Elix, who is another SVP, a Group Executive, and is in charge of Sales and Distribution. These three men are vital to the company’s success. Besides them, most of the employees at IBM are IT Specialists, Application Services Consultants, and Managing Consultants. Every company has to have competitors. Competition makes a healthy industry. Some of the top competitors IBM runs against are EDS (Electronic Data Systems Corporation), Hewlett Packerd, and their biggest competitor, Microsoft, whom they are ranked right behind in second place in their industry. IBM has many recent accomplishments within that last few years. One of the major ones was the development of the world’s tiniest nanophotonic switch, which is a device for routing light on a chip scale. Another project they have completed wasweb 2. security concerns with â€Å"SMash,† which is one of their development tools. Another very large project they completed was the design of the microprocessor for the Xbox 360, Playstation 3, and Nintendo Wii. All three of those were a good addition to the list of products they already design. This opened up their age range of consumers as well since a lot of children play these video systems. Besides recent accomplishments in their elec tronic field, IBM also had many of their employees win multiple awards for their achievements. They have had three of their employees win Nobel Prizes, which are achievements in either physics, chemistry, literature, peace, economics, medicine and physiology; four have received a Turing Awards, which are awards for technology; five have National Medals of Technology; and five more have received National Medals of Science. These are all very big accomplishments that IBM is very proud of. IBM is currently working on many projects. One of its big ones is Eclipse, which is a platform-independent, Java based software framework. Another is developerWorks, which is a website run by IBM for software developers and IT professionals. It contains large numbers of how-to articles and tutorials, software downloads, code samples, discussion forums, podcasts, blogs, wikis, and other resources. Then there is alphaWorks which is IBM’s source for emerging software technologies. They are also working on more semiconductor designs and manufacturing for them. Open client offering is another project they are working on. It is to run on Windows, Linux and Apples. Used for word processing, presentations, Lotus Notes, instant messaging, blogging, etc†¦ UC2: Unified Communications and Collaboration is an IBM and Cisco joint project. It will offer numerous Eclipse applications developers a unified platform for an easier work environment. Examples of this would be click-to-call and voice mailing. SWOT on Management IBM holds more patentsthan any other U. S. based technology company. IBM’s Project Management Center of Excellence, or PM COE, is first-rate. PM COE is considered IBM’s â€Å"Think Tank†. It is a program that has been set up to define the steps needed to strengthen IBM’s project management capabilities. PM COE combines external industry trends and directions with IBM business, organizational, geographic requirements and insight. Using PM COE, IBM has developed project management policy, practices, methods, and tools (Wikipedia, 2008). For someone to be considered for a management position, they must complete IBM certification or accreditation. To be accepted in to the certification or accreditation process an individual must have done the following. Successfully passed PMI exam (i. e. be a certified PMP). Verifiable documentation and approval for mastery/expertise in a well-defined set of PM skills. Several years of PM experience spanning at least 3 verifiable projects within the immediate 5 years (including specific role, team size, and budget requirements). Verifiable documentation and proof of at least one area of specialty. Demonstrated the use of IBMs Worldwide Project Management Method (_WWPMM_). Completed extensive classroom and online education and testing. To become a Junior Project Manager, you must go through self assessment and get supervisors authorization to be accredited. Becoming a Senior Project Manager requires going through the rigorous IBM certification process, which involves Candidate preparing a detailed package with proof of above requirements. Package review, approval, and support by at least two levels of Senior Management. Package review and re-verification by PM COE expert. Personal interviews with the PM COE Certification board. Candidates whose experience, skills, knowledge and education are deemed valid, verifiable and accurate, are certified by the board as either Certified Senior Project Manager (CSPM) or Certified Executive Project Manager (CEPM). Senior Project managers must validate their skills and expertise against IBM’s worldwide standards. It is a deliberately long process with multiple checkpoints designed to ensure the integrity, fairness and legitimacy of the certification. This helps IBM maintain customer confidence in their products (Wikipedia, 2008). Since IBM is such a large, diversified, and established company they do not have many weaknesses. One weakness is they have a tendency to â€Å"strong arm† clients that are highly dependent on IBM products (Bradley, 2004). In the future this reputation could lead companies to be hesitant to rely on IBM’s merchandise. This reputation could also create bad enough relationships with current clients to make them transfer to a competitor’s product. IBM has also been known to â€Å"over promise† (Bradley, 2004). Since they are such a large corporation, with many capabilities, they tend to promise unrealistic deadlines to their customers. Businesses don’t like losing money, and opening later then planned is a good way to do that. These delays in their customers start-ups, could also lead to unfavorable relationships that could cause clients to move their business elsewhere. IBM is constantly looking for new opportunities to expand their share of the market, or start a new market. IBM is looking into revolutionizing the prevention of traditional and online fraud and Identity thefts. They are working on a comprehensive anti-fraud program that is going to help banks protect themselves and their customers, while continuing to offer their products and services (IBM, 2006). IBM is also conducting case studies for the automotive industry. The case studies are going to help them change the industry, and become more innovative (Lunani, 2006). Hopefully, the innovations will alleviate some of the stress the industry is under. Management Practices Theories SWOT analysis is a very important part of finding out a lot of information pertaining to current management functions within the company. However, it is what the management does after they find their strengths, opportunities, weaknesses, and threats that are the most relevant part of determining a company’s success. The theories and practices the company uses to take advantage of their strengths, try to combat their weaknesses, use opportunities to their best interest, and to defend themselves from threats are the key determinant on what the company’s future looks like. IBM as one of the top companies in the world clearly knows what they are doing. They have taken into careful consideration their SWOT analysis and their management theories and practices are derived from their analysis. Being involved in competitive global competition, the company’s workforce is an essential part to IBM’s success. In knowing of this, IBM has created a list of seven key core workforce capabilities. These capabilities include: Understanding the demographics and capabilities of the workforce, predicting future labor supply and demand, utilizing social networks to increase the visibility and application of knowledge across the organization, enabling individuals to perform work regardless of location, facilitating collaboration across traditional organizational boundaries, driving the rapid development of skills and capabilities to meet changing business conditions, and evaluating employee performance and providing appropriate feedback. IBM has implemented these guidelines so their workforces can constantly adapt to the ever changing global business environment. In addition, workers are paid incentives for their input to keep the employees with a sense of involvement which is important to keeping them excited about IBM. At IBM, the managers believe and in a workforce that is diversified. According to Ron Glover, VP for Global Workforce Diversity at IBM, focuses on what it means to retain a true culture of diversity is IBM’s greatest competitive advantage. From all the way back to World War I, IBM has romoted workforce diversity when they hired disabled veterans to work for the company. Even when no one was using diversity IBM was. Way back in 1953, CEO at the time Thomas Watson sent out a very controversial stating that IBM needs to hire the best people, regardless of their race, ethnic origin, sex. In addition, the company added sexual orientation in 1984. He knew that this would give IBM a competitive advan tage because IBM would then be able to hire talented people the it’s competitors would turn down. (hrmreport. com, 2008) Another way IBM tries to get the best workers is using their program called Extreme Blue. This is an internship program for graduate and undergraduate students. This internationally known program is great for getting students prepared to work for IBM. IBM believes this will give students interested in working for a IBM a realistic perspective on what it would be like to work for them. IBM runs this diverse workforce under a classical management perspective. Money is assumed to be the primary motive and have a traditional compensation plan. The main forms of pay to employees are base pay and valuable other forms of benefits such as retirement plans and insurances. According to the company’s website, â€Å"cash compensation opportunities include base pay, commissions, performance bonuses, awards and other forms of earnings. † In addition to these forms of pay, IBM also offers generous paid vacation and holidays. There are also some benefits to relieve stress and just get away from the company for a little while. These benefits include reduced-prices, cooking lessons, and fitness centers. This management style has worked for them and we think they should stick with the classical approach to management and not move to a behavioral perspective. IBM uses an analyzer strategy which most large companies use. An analyzer strategy is a strategy in which the firm attempts to maintain its current businesses and to be somewhat innovative in new businesses. They use this strategy because they want to produce some new product opportunities while protecting their base of operations. (Griffen, 2007) Management Structure â€Å"The management structure that IBM maintains is an effective internal control structure. This structure has clearly defined lines of responsibility, as well as comprehensive systems and control procedures. This structure is beneficial because it assures customers that their transactions are put through correctly and efficiently. â€Å"(http://sec. edgar-online. com) An important part of IBM’s management structure is a good internal audit program. IBM takes a good amount of time to train its workers correctly. Each employee receives written policies and procedures to ensure that each employee knows exactly what to do under any circumstance or problem that may arise. By doing this everyone is on the same page and everything is done the way they want it done. IBM is now thinking about cutting 13,000 jobs most of which should be mostly in Europe and other headquarters around the world. Ethics With all of the diversity that exists within the company it would be hard for IBM to conduct any work without ethics on their minds. As in any large company there is some sort of unethical behavior going on, however these behaviors have not been detrimental to the company thus far. So far it is obvious that IBM wont make any large scale unethical decisions such as the like of Enron. The ethics are very important in the business process and will be discussed more in an interview with a former employee. Interview With a Former Employee Flat or tall management structure? â€Å"The structure tends to be taller than most companies, especially within the consulting group. † Management Style? â€Å"The managers take a very classical by the book style to their decisions. Everything that had happened before was documented and later considered protocol, if there was success. † What ethics does IBM use in decision making? â€Å"IBM has well defined guidelines on many ethical issues, and it is required that all new employees review these guidelines. Employees are also required to take an annual review test to comply with IBM corporate policy. In my experience IBM relies on individual managers to make judgment calls on grey areas, and the managers I worked with all took ethic approaches to handling the issue. † What are the areas for improvement? â€Å"IBM has had difficulties integrating its consulting division, since the acquisition of Price Waterhouse Coopers consulting in 2002. Much effort has been focused on getting full value from this acquisition, and at least initially the purchase was viewed as a misstep. With changes over the last few years, the consulting division has become the bulk of IBM revenue, but there are still opportunities to better leverage the consulting division in light of other IBM business units. IBM has also been severally criticized for its outsourcing practices, and has taken very proactive measures to combat this public criticism. † Any alliances? â€Å"IBM has numerous alliances with companies, all the way from suppliers to working with competitors. The number of alliances in likely in the thousands. † What makes IBM so successful? The ability to solve large scale business problems, especially in the IT sector, by combining various internal specialties and partnerships to create and implement end to end solutions. † Have you witnessed any unethical behavior throughout the company? â€Å"I have not personally witnessed any unethical behavior, but have spoken to a former VP who was put in a position to take an unethical action by someone who wa s very senior in the organization. † Hiring procedures? Promotions procedures? â€Å"Hiring is done at the group level, based upon target numbers that are established at the top of the organization. Final hiring decisions are made at the senior manager level. Promotion decisions occur annually with promotions and compensation based upon the outcome of the decision. Promotion is granted if the employee can show sufficient evidence that he/she is operating at the intended promotion level, and that the results are sustainable (ie. , results must be shown for a relatively long time and consistent time period, in various situations) . The implementation of the corresponding compensation typically occurs six months after promotion decisions are made. The timing of promotions and compensation increases are an area which many employees feel needs to be corrected, and IBM has stated it intends to reduce the total time of the process. † Relationship between managers and subordinates? â€Å"Varies greatly based upon individual relationships. IBM offers many channels to discuss issues, but the design of the promotion/compensation/staffing structure makes it imperative to have a successful working relationship with direct and next level management. † Is there a lot of management restructuring? Yes, at the lower levels, especially in consulting, management roles are very fluid and change frequently in comparison with other companies. Some of this is based on market changes, some on promotions/exits, and some on business results. † What kind of fringe benefits do workers receive? â€Å"Discounts with partner companies, cell and broadband reimbursement, 401k contribution, pension (eliminated in 2006), corporate educatio n, annual bonus (consulting division), extensive health care coverage at low rates. † Is there a lot of communication between the different headquarters? Conclusion It is obvious that IBM is successful because their values and the way they conduct business. This is a direct reflection upon their management structure, style, and practices. They will surely stay on the same track of success for many years to come. As they push forward in their business they are becoming one of the most well known businesses whether it be for technology or consulting around the world. No matter what kind of work a person is in one thing is for certain, everyone can learn from the way IBM conducts their business.

Leading Change in the Workplace Essay Example

Leading Change in the Workplace Paper Leading change in the workplace begins with effective leadership. As strong leadership is a common topic in many of todays organizations, it is important to understand the difference between the roles of a manager and a leader. Managers are appointed to supervise and direct tasks within a specific process and its desired results. Hence, managers are put into place to manage a system that is already in place. As changes come about in the workplace, organizations must recognize employees need for change along with their individual needs in the workplace. What distinguishes a leader from a manager is their concern with the organization, the individuals within the processes of the organization, and the vision for the advancement of the organization (Okoro, 2012). Leaders have a vision that maximizes the potential for the organization while upholding the needs for the employees and individuals with interests within the operation and its output. Communicating this vision is the most important skill for a leader to be effective. People in the workplace must feel inspired by the leader and their vision and they must also be motivated by them. Leadership is essential to the workplace as it changes with new generations entering the workforce. Employees need to feel stimulated, important, and challenged by their work while having fun and enjoying their time in the workplace (Frost, 2001). Changes within an organization are important for the organization to keep its competitive edge and grow while meeting the needs of customers and attracting new customers. Technology, customer needs, economy can spark changes within an organization, and growth potential are a few reasons for changes within an organization. We will write a custom essay sample on Leading Change in the Workplace specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Leading Change in the Workplace specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Leading Change in the Workplace specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Customers’ needs are constantly changing and there is always a demand for newer, innovative products and services. This can be provoked by a thriving economy that could force a company to expand its offerings, and possibly its operating facility (Smith, 2011). These uncontrollable combinations of demands provide growth opportunities for any organization. There are many benefits to implementing changes in the workplace. Although the changes do not always have to be implemented, any proposed suggestion to change can be used as insight to what might need to be changed or where a problem might arise. A good leader will inspire others to achieve the vision of change, usually by providing examples of other opportunities that will benefit them and how they will be rewarded by the changes. Change allows a new platform for essential employees to shine. Change incorporates ideas from all employees and inspires them to be creative in coming up with solution to reach the vision of the leader. Some other benefits of change is to promote new ways of thinking and putting teams together to create processes that can be utilized in ways that are exciting and beneficial to the company and its employees. Change breaks monotony and takes some to the boredom out the job by allowing employees to reenergize their focus and refocus their interest (Smith, 2011). Change also encourages skill growth by providing new duties. This makes employees seek out new training and methods for completing tasks which nourishes creativity. Leadership is sometimes difficult to articulate. It must first be defined and distinguished from managing. Organizations must have leaders to carry out their visions and managers to ensure that the vision is in process. As stated in the article, leadership is getting more complicated with the integration of technology and globalization. The growth of technology extends the economy across the world and changes the way people do business. This creates opportunity for cross-cultural growth and presents to communication challenges for managers and leadership. Leaders need these skills because they are the key component of the success and growth of an organization when communicating business in a global capacity. Successful international leaders know what is expected across cultural background. Global leaders must be competent in awareness and practice (Frost, 2007). The new look of leadership makes for a very diversified workplace. A leader that can lead a command a diverse following has a great advantage in the 21st Century. Organizational culture involves a great blend of lifestyles, age groups, cultures, and abilities. Each brings a different set of ideas and style to the workplace. Although this is great for creating innovations, it presents the possibility of violations of these groups based on culture, race, age, and sex. If these issues were to arise, it could lead to the demise of the organization. IT is very important for the new and competent leader to be trained in ways to respect these differences and prevent these violations. The challenges for global leaders involve globalization, technologic innovation and demographic changes that blend human life and work. Leaders must have the trust of their followers for motivation and to respect the leader’s vision. Great things do not come from a follower who has reservations about their leader. There are essential interpersonal leadership skills that are needed for the success of a global leader in a rapidly changing world. A leader must know their strengths and weaknesses. Knowing your limitations can help put people in the right positions and create a better platform for success in a global setting (Kozlowski, 2006). This also helps show that you appreciate the individual differences in the team and can help close any cultural gaps to help communicate more effectively. Another must have skill is understanding cultural stereotypes so that you can avoid stereotypes and personal biases, especially those that stem from being unaware. Another skill for a leader it to be self-assuring without evoking cockiness. This help build confidence and enthusiasm with team members. Leasers must be able to sell the vision and develop a global mindset while keeping everyone onboard. This involves a great deal of transparency. People want to know where they are going and the most important skill is the ability to communicate this. Communication can be verbal or nonverbal and they have different requirements. It is also essential for leaders to have multiple motivational techniques and accept social responsibility with respect to the communities, clients, and stakeholders that they serve. Global leadership demands leaders to employ a special set of skills to uphold the respect of the diversity of a multifaceted workplace. It is crucial that leaders develop competencies within these skills to ensure the success of an organization’s mission and the teams that lead. Understanding leadership structures and processes is a major factor in team success. What the leader provides the team is the basis for the team’s satisfaction. If the team is not satisfied they will not be motivated and the team will struggle for success. Leadership can come from many sources that can be internal or external. Internal leadership can be project managers and team leaders, and external can be sponsors and coaches. Leadership functions are the beginning of team success (Thorseen, 1974). This begins with composing a team in the transition phase. A team’s success could be founded in the composition of the team. The members of the team must be aligned with the tasks that needs to be accomplished. Next the mission must be defined and communicated exactly what needs to be accomplished. The team must know their initial purpose. This is the beginning of team motivation. Next, goals and expectations should be established and roles should be delegated. This function allows team members to fall into roles where they might find comfort and begin a timeline for progression and the team can enter the next structure of planning and coordinating how the tasks will be carried out. The next phase is training and developing the team in areas that are needed to carry out the needs of the project and fulfil what is expected of the team. The next process in the structure is sensemaking. This is identifying any factors or events that might be disruptive to the team and interpreting what is the cause and how it is affecting the team. This information will then be communicated to the team in efforts to lessen the impact of what is to be achieved. The next process is to provide feedback. This is important to keeping a project on track and motivating team members based on what they have produced based on the metrics, milestones, and expectations of the project or task (Johnson2008). Once these processes have been accomplished, the leader must move the team into the Action Phase where teams are strictly focused on achieved goal directly related to what is to be accomplished. The leader now moves into the role of monitoring the team and managing the team’s boundaries. This entails keeping the team aligned with activities that correlate to what is expected of the team (Johnson, 2008). The leader then finds ways to challenge the team and motivate them to surpass what is expected. This then leads to performing task that will lead to problems that need to be solved. The leader is expected to be able to offer resources to assist the team with information, tools, or personnel that is needed. When a leader reaches this milestone with a team, they can encourage self-management and support the social climate of the team. This is when the leader shows the team that their individual efforts are recognized and the continued motivation of the team to exceed the results of the given tasks. These functions of leadership have been assessed to structure what is needed to enhance the effectiveness of a team (Smith, 2011). A leader must be willing to employ these functions to be successful. From composing the team to encouraging self-management or supporting the social climate of the team this is a great approach to understanding the structures and processes needed to be a successful leader. The most essential skill in leadership is communication. This skill allows for the rest of the puzzle pieces to connect and enable the most important aspect of leadership which is teamwork. Teamwork cannot exist without leadership and leadership cannot be successful without teamwork. The balance between teamwork and leadership must exist in a manner that they draw inspiration from each other. Neither can thrive is the other is unmotivated. The leader has the vision of the organization that must be communicated to the team in efforts for the vision to be made into a reality. Leadership is not about power, authority, management, or supervision. Leadership is the action of influencing and empowering others to accomplish tasks and goals beyond the expectation. Leadership is a role and a mindset that people act on to build, maintain, and motivate relationships. A team is a group of people put together to accomplish a task. Teams might be comprised of individuals of various backgrounds, abilities, cultures, and roles that need leaders to motivate them to achieve common goals that have been set before them(Holt, 2012). The leader’s role is to empower and delegate. The team’s role is to create creative solutions. The leader must take on the act of creating the team, communicating the goals of the team, motivating the team and managing conflict amongst the team. The team should be empowered to solve problems with the objective, make decisions, and communicate effectively with the leader(Holt, 2012). The Five-Dimensional Leadership Competence Model describe the abilities that well-rounded leaders should possess. These are transformational, transactional, organic, contemporary, and ethical. Transformational leaders are charismatic and influential. They use this to motivate their teams to meet goals and accomplish more than what is expected of them while nurturing healthy relationships. Transactional leaders deal rewards for performance among team members. This helps with the motivation of the team. Organic leadership seeks to create an outpour of a team member’s own leadership skills. This leadership style promotes interaction, respect, and strong working relationships amongst team members. Contemporary style leadership focuses on persuasion rather than fear. They communicated difficulties as opportunities for development. Ethical leaders have high integrity and lead based on their social power influences their decisions. They operate on strong integrity and influence. Successful teamwork demands functional relationships amongst the team and the leaders. It involves constant communication and feedback of what is expected and what is being done. To balance leadership and teamwork there are 8 named tenets that must be put into place: vision, integrity, communication, collaboration, creativity, goal orientation, empowerment, and team building. At the minimum this relationship must have integrity to build the trust, respect, and credibility that is needed to manage the creativity and collaborations that enable a team to move progress toward the vision. Communication is, again, the most important in fostering this relationship through goal orientation, empowerment, and team building. Leading change in the workplace has many challenges. One of the greatest challenges is aligning the adaptability of the people within the organization. It is very important to understand the idea of adaptability because one of the most common reasons for failure in leadership is the inability to adapt. Adaptability is being able to go with the flow of change. The ability to go with the flow of things is less stressful and reduces anxiety and frustration when faced with adversity if the workplace. In leadership, adaptability is conforming your leadership style to meet the needs of changing business demands. Change happens very quickly and if forces great leaders to adapt to new circumstances. The business environment, needs of clients and employees, technology, and demand of the business constantly changes. A leader will also be faced with crisis situations, stress of employees and their issues, problem solving, new tasks and procedures, and things such as interpersonal differentiation. Being able to cope with these changes produces a much more successful leader than a singular, one-dimensional leader. One of the biggest challenges in leading people is getting them to follow and trust the leader. From my experiences, the best leaders are the leaders that have the ability to adapt to different situations. It is the skill that gives a you a more competitive edge on operational business. First, leadership cannot be confused with management. Great leaders employ managers as these roles have different skill sets (Mohrman, 1997). Change creates an atmosphere of uncertainty and managers struggle with maintain processes as the changes occur. Great leaders can also emerge for changes is situations that are being managed. Many challenges that managers face today are adaptive challenges that have no clear solution, but require the creativity of an adaptive leader (Throseen, 1974). Adaptable leaders accept change and find new ways to address complex challenges. Being an adaptable has great benefits. If you can adapt you are more valuable to your employer because you anticipate change and do not mind conforming to the changes and you can offer creative ways develop the new processes. It also makes you more inspiring and respected by your peers. This makes your employees more liable to trust you. Another benefit to being adaptable is the satisfaction it adds to life by not feeling hopeless or hopeless when things get tough or do not go as planned. To become more adaptable, it is necessary to think outside the box. Procedures can become outdated and ineffective very quickly as the business environment changes. It is also important that an adaptable leader be one of the first people to adopt to prospective changes (Frost, 2007). This could mean learning new products, monitoring the competition, of making changes in the processes of members of a team. It is also a good idea to be openminded through the process of adapting to new situations because more great changes could come from the changes in practice. Conclusion Leading an organization through change requires a specified set of skills. Everyday leadership is no always the same team as what is needed for change leadership. Change in the workplace can be scary and can cause changes in employees. The most important factor to monitor when implementing change is changes within your employees. More important than the changes are how the changes are sold to employees and implemented into the workplace. John Kotter distinguishes change management versus change leadership a set of tools to keep change under control against the engine moving the whole change process to make it go faster, smarter and more efficiently. A change leadership team constructs the entire change process and considers the motions that are needed to introduce the change among employees and make the process flow into the large-scale transformation (Frost, 2007). Leading change in the workplace is about assessing the needs of those who will be affected by the changes and motivating them to work toward the vision. Leadership is an action and leaders are to sell the vision. There will always be a need for change in the workplace. Therefore, it is important to understand the skills that are needed to carryout change. Communication is key to change, but leaders must also be transparent in the objectives and desired outcome. Leaders must be positive and motivating to help ease any uncertainties. Change is what makes organizations thrive and the most useful position in an organization is the Leader that creates change for the good.