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chapter 9 - summary - Summary of Key Points and Terminology...

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Summary of Key Points and Terminology Chapter 9 Building and sustaining performance excellence requires effective leadership, a commitment to change and long-term sustainability, the adoption of sound practices and implementation strategies, and continual organizational learning. To sustain performance excellence demands continual learning and adaption to the changing global business landscape. An important element of sustainability is ensuring future leadership; thus the development of future leaders and a formal succession plan are vital. Sustainability refers to an organization’s ability to address current needs and have the agility and management skills and structure to prepare successfully for the future, including preparedness for emergencies. Six key leadership competencies are: navigator, communicator, mentor, learner, builder, and motivator. The competencies depend on a collection of personal leadership characteristics: accountability, courage, humility, integrity, creativity, perseverance, and well-being. They are reflected in the Leadership category of the Baldrige criteria. The leadership system refers to how leadership is exercised, formally and informally, throughout an organization. These elements include how key decisions are made, communicated, and carried out at all levels. The leadership system includes structures and mechanisms for decision making, selection and development of leaders and managers, and reinforcement of values, directions, and performance expectations. Corporate social responsibility (CSR) includes ethics, corporate governance, and protection of public health, safety, and the environment. These factors are becoming increasingly important to the workforce, to customers, and even to investors. Corporate social responsibility has become a strategic imperative and a competitive or marketplace necessity. Governance refers to the system of management and controls exercised in the stewardship of an organization. Governance processes may include approving strategic direction, monitoring and evaluating CEO performance, succession
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planning, financial auditing, executive compensation, disclosure, and shareholder reporting. Contemporary and emerging leadership theories include situational leadership, transactional leadership theory, transformational leadership theory, substitutes for leadership theory, and emotional intelligence theory. The purpose of leadership theories is to explain differences in leadership styles and contexts. They can provide guidance to senior leaders in pursuing performance excellence.
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