Interpersonal Leadership Skills in Bank of America

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Table of Contents

Introduction
The Case of Bank of America
Statesmanship Model
Interpersonal Skills
Emotional Intelligence
Conclusion
References

Introduction

Great Resignation has entered the business and public organizations worldwide since the COVID pandemic have disrupted global economics. In the US, “the number of workers quitting jobs vaulted to 4.5 million” in November 2021 and was predicted to rise even higher (Davidson, 2022, para. 2). The reasons for the wave of mass dismissals greatly vary. Some people do not fear contracting COVID-19; others resigned because of their employers’ maltreatment during the pandemic, which led to professional burnout. A large number of individuals now wish to work remotely; yet another group of people wants to pursue a new carrier, become entrepreneurs, or have time with their close ones and stop suffering from the lack of work-life balance (Davidson, 2022). As such, multiple employees of Bank of America have recently left the organization, resulting in a workforce shortage (Taylor, 2022). Although some might think the only cause for the resignations is pandemic, the paper explores the role of the poor administration of the top managers of Bank of America as a significant problem.

The Case of Bank of America

The situation in Bank of America should be discussed in greater detail before any conclusions about the administration could be made. It is known that the CEO of the organization, Brian Moynihan, has made several statements about the negative impact of the Great Resignation on the company. He has announced that the workers in the amount of “3% left their roles in September alone—creating headaches for businesses trying to keep positions filled” (Taylor, 2022, para. 1). Moreover, these employees do not want to return to their jobs despite all the provided benefits and concessions. The CEO claims that the reason behind the problem is the demographical crisis in the US that results in insufficient workers. The attempt company to regain its staff was made: the administration decided to raise wages (Taylor, 2022. However, it is clear that the issue is not the demographics but the inefficient leadership in the company and the lack of interpersonal skills that would make people want to work at Bank of America.

Statesmanship Model

The statesmanship model is the first important concept that applies to the case and demonstrates the deficiencies of the organization’s leadership. As such, it is essential to understand the difference between a politician and a statesman, which defines the effectiveness of the management. Namely, a politician prefers their interests, which include looking good in the eyes of society while remaining in their high position and making short-term, often populist, decisions. In contrast, a statesman cares about the nation and its future, providing decisions that support the well-being of its citizens (Jones, 2019). The CEO of Bank of America cannot take responsibility for poor leadership while pandemics that probably included such common among organizations decisions as long working hours. Moreover, his move to keep the workers was raising wages, which seems like a demagogic action. A genuine statesman, in turn, would have established better working conditions and assured the employees about their importance to the country in times of crisis. Finally, a better decision would be to guarantee rewards for the workers who remain in their positions instead of raising wages that can consume the budget of the organization.

Interpersonal Skills

Effective statesmanship is possible in the case of the discussed organization; several interpersonal skills are required to fulfill it. As highlighted in 1 Timothy 3:2, “Therefore an overseer must be above reproach, the husband of one wife, sober-minded, self-controlled, respectable, hospitable, able to teach.” The Bible reveals that one of the primary skills that a leader must have is self-control. Indeed, it is necessary to use power with self-reflection and self-critique to be able to correct inappropriate actions and lead the organization in one clearly-defined direction (Denhardt et al., 2013). Next, the leader needs to understand what are the current desires of the group and how to satisfy them while still being reasonable, which is group dynamics; it is important to be flexible and adaptable (Kotzé & Venter, 2011). Moreover, one has to be able to influence other individuals using power and status and understanding the sources of these in the collective (Magee & Frasier, 2014). Therefore, in the current situation, the skills of tracking group dynamics, manifesting power, and being self-reflective are the most important.

Emotional Intelligence

Finally, it cannot be overstated that emotional intelligence is the key skill needed for effective administration and leadership that composes statesmanship. As stated in Matthew 7:12, “so whatever you wish that others would do to you, do also to them, for this is the Law and the Prophets.” It means that leading people while being aware of their desires and struggles is the core responsibility of any person, especially a leader. Emotional intelligence allows a person to understand their colleagues and subordinates more rapidly and weigh the decisions according to the observed actions and emotions of the workers (Kotzé & Venter, 2011). Thus, as necessary as it is, emotional intelligence might probably be absent in the personalities of Bank o America’s leaders if their workers cannot be kept on the jobs.

Conclusion

To conclude, it is the responsibility of each administrator, manager, and leader to care for their workers and direct the group of them in the future that benefits society. It was observed that the Great Resignation made employees of Bank of America leave their jobs despite the increased wages. It is evident that the leaders of the organization are unable to persuade them to work in the organization because they lack power and influence, necessary interpersonal skills, and emotional intelligence.

References

Davidson, P. U. T. (2022). Great Resignation: The number of people quitting jobs hit an all-time high in November as openings stayed near record. USA TODAY. Web.

Denhardt, R. B., Denhardt, J., V., & Blanc, T. A. (2013). Public administration: An action orientation (7th ed.). Cengage Learning.

Jones, H. (2019). Searching for statesmanship: A Corpus-Based analysis of a translated political discourse.Polis: The Journal for Ancient Greek and Roman Political Thought, 36(2), 216–241. Web.

Kotzé, M., & Venter, I. (2011). Differences in emotional intelligence between effective and ineffective leaders in the public sector: An empirical study.International Review of Administrative Sciences, 77(2), 397–427. Web.

Magee, J. C., & Frasier, C. W. (2014). Status and power: The principal inputs to influence for public managers. Public Administration Review, 74(3), 307–317. Web.

Taylor, A. (2022). Bank of America’s CEO gets real about the labor shortage: ‘We don’t have enough people now’ and those who quit aren’t coming back. Fortune. Web.

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