COMPARATIVE ANALYSIS BETWEEN BANKING AND INSURANCE SECTOR ON PERCEPTION OF TRANSFORMATIONAL LEADERSHIP STYLES

Abstract

Purpose: The purpose of this study is to examine the differences in leadership styles prevalent in the public sector with those working in the banking and insurance industries. Cluster variables from both industries included in the analysis are as follows: Idealized influence, inspiring motivation, intellectual stimulation, and individualized consideration are all components of leadership. Theoretical Framework: Due to its apparent efficacy, transformational leadership has received a lot of attention from public sector researchers over the past decade. Successful leaders alter their teams by enlisting their followers' help in effecting change. A transformational leader is one who "transforms" their followers by inspiring them to make positive personal and professional shifts. Design / Methodology / Approach:The study is exploratory research design using Quantitative data collected from the Banking and Insurance sector employees. The study uses a well-structured questionnaire using Likert scale items. The sample was chosen on Convenience basis from 5 select public sector Insurance companies and 5 select public sector Insurance companies. 100 Questionnaires each were distributed and 97 valid responses were selected for banking industry and 90 responses from Insurance Industry were selected for the study. Paired t test using SPSS software was utilised for analysing the data in the study. Findings:The findings of the study show that there is significant difference between the leadership styles practices in Banking and Insurance industry. The banking sector employees showed a greater inclination towards transformational leadership with higher mean scores and statistically significant outcomes. Research Implications: Banking and insurance each have their own distinct cultures and management philosophies; as a result, they cannot be studied as a single entity under the umbrella of the BFSI sector. Additional research on the various leadership styles currently in use within the banking and insurance sectors is necessary. Originality/Value: There are no studies related comparative analysis between Insurance and Banking industry on the leadership styles in Public sector.