There are many Management Styles but here are the top 5:-
- Servant Leadership
Authoritarian Management Styles
The authoritarian management style manages through clear direction and control. Authoritarian managers typically assert strong authority, have total decision-making power, and expect unquestioned obedience.
This type of management style requires clearly defined roles and strict hierarchies and reporting structures. Employees should not have to question who is responsible for what. To be an effective authoritarian leader, you need to be willing and able to consistently stay up-to-date on your teams’ work and to make any and all decisions.
Bill Gates is an example of a positive Authoritarian Leader. He had a clear plan for his company. A plan that was difficult or impossible for many others to grasp until it became a reality and Microsoft became a household name.
Without being able to see and share what he had in mind, Gates couldn’t entrust his team to make decisions on their own. This is why he directed the team and maintained decision-making power.
Visionary Management Styles
Inspirational, charismatic, strategic, transformational, or authoritative are words to describe the Visionary Management Style. The managers focus on conveying the overall vision of the company, department, or project to their team. They focus on motivation and alignment of the team, to keep everyone moving in the same direction, and entrust their team members to handle the details about how to get there.
If you are naturally a charismatic, outgoing, and personable leader, you may find this style easy to adopt. However, it can be more challenging for introverts or people who are uncomfortable in the limelight.
Transactional Management Styles
The transactional management style is using positive rewards such as incentives, bonuses, and stock options to motivate employees to improve their performance.
For instance, they may structure quarterly or annual bonuses around employee performance.
Servant/Leadership Management Styles
A servant management style focuses on supporting your employees. Managers who embrace this style spend their time, coaching, mentoring, and supporting their team. They see their role as one of an adviser or coach rather than a dictator or rule enforcer.
In order to be an effective servant leader, you need to be highly experienced both in the jobs of your employees and in performing coaching. Strong interpersonal skills are needed in order to relate well with your team and build a mentoring relationship. For your team to trust you and open up to you, you will need to show them you are ethical and trustworthy.
Pacesetting Management Styles
Pacesetting management style provides instructions and set a work pace, and then expects your employees to follow in your footsteps. This is successful when employees are motivated and love a challenge.
Typically, pacesetting involves setting high or hard-to-reach standards in an effort to drive your team to achieve new bests and hit bigger goals & KPIs.