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Through the use of teams, the organization can also gain experience and objectives it might not have otherwise obtained without them. Culture for instance, is particular important on a team, as different perspectives can enhance the overall decision making process. Different perspectives, particularly on efficient teams, can become a competitive advantage, as indicated by the compliance committee example above.
Establishment of Specific Mechanisms for Sharing Power
The second concept mentioned was that of shared leadership and power. A large organization such of Bank of America requires shared sacrifice and commitment. As the text states, teams need to keep each other informed, don't let members vanish, and establish a code of conduct. Leaders, on all fronts are needed to properly address these issues. Bank of Amierica, for instance, utilizes team leaders, and cross functional teams. These teams are comprised of leaders from various departments, all required to work together to achieve a common objective. Through shared responsibilities of leadership and power, synergies are derived that ultimately benefit the organization....
For example, leaders from the finance, compliance, accounting and marketing department all comprise a cross functional team. These teams are charged with creating a seamless and more enjoyable customer experience for retail customers. Each individual in the cross functional team has an expertise that is relevant to the overall objective. As such, collaboration and shared leadership is needed to help obtain the objective (Paul, pg 35- 42). According to a recent earnings presentation from Bank of America, through the use of cross functional teams, the company has eliminated risky businesses, innovated products such as prepaid debit cards, and enhanced online and mobile applications. All of these decisions through shared leadership help the company grow and development. The proof is in the stock price of the company, which has gained nearly 40% since its lows of 2013.
References:
1) Paul C. Dinsmore et al. (2005) The right projects done right! John Wiley and Sons, 2005. ISBN 0-7879-7113-8. p.35-42
2) Lewis R. Ireland (2006) Project Management. McGraw-Hill Professional, 2006. ISBN 0-07-147160-X p.110- 116
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