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Raghuram Rajan: Authentic and Servant Leadership*

CASE STUDY, ORGANIZATIONAL BEHAVIOR
ET Cases - GSMC, 9 Pages

Case Preview

Raghuram Rajan: Authentic and Servant Leadership

 

Raghuram Rajan served as the 23rd Governor of the Reserve Bank of India (RBI) for three years from 2013 to 20161. Rajan had announced his willingness to join academics after end of his first term as Governor in RBI in the month of September 20162. He was chief economist at the International Monetary Fund from 2003 to 2007, the youngest to occupy the position. He was a professor of finance at the University Of Chicago Booth School Of Business from 1991 to 2013, when he went on public service leave3. RBI’s governor Raghuram Rajan was well-known for his talent and knowledge on the dynamic challenges faced by the Indian and global economy. Raghuram Rajan has a global profile as the former chief economist of the International Monetary Fund (IMF). He was also endorsed by some experts as having forecasted the 2008 global financial crisis. In India, he has been accredited as the RBI Chief whose policies reduced inflation and improved the banking system...................



  • 1 “Raghuram Rajan appointed next RBI Governor”, http://www.thehindu.com/news/national/raghuram-rajanappointed-next-rbi-governor/article4995753.ece, October 21st 2016
  • 2 “Raghuram Rajan returns to academia; to teach international corporate finance”, http://economictimes.indiatimes.com/articleshow/54393084.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst, October 24th 2016
  • 3 https://www.chicagobooth.edu/about/newsroom/press-releases/2013/2013-08-06, October 27th 2016

 

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Teaching Note Preview

Raghuram Rajan: Authentic and Servant Leadership

 

Synopsis

The case study describes the leadership lessons drawn from the tenure of Raghuram Rajan as RBI governor. He took bold decisions to control inflation, considering long term sustainable and growth of Indian economy. He faced criticism from government and media but continued uncompromising leadership. He made organizational reforms in RBI and laid a monetary policy to revive banking sector. His leadership style can be linked with the theories of authentic and servant leadership.

Teaching/Learning Objectives

• To evaluate the leadership style of Raghuram Rajan.
• To describe the dimensions of authentic leadership and servant leadership.
• To evaluate the appropriateness of authentic and servant leadership to other contexts.
• Decision-making in a complex environment with a long term sustainable and growth perspective lens.

Prerequisite Conceptual Understanding before The Classroom Discussion

  • • George, Bill, Peter Sims, Andrew N. McLean, and Diana Mayer. “Discovering your authentic leadership.” Harvard business review 85, no. 2 (2007): 129.
  • • Goffee, Rob, and Gareth Jones. Why Should Anyone Work Here?: What it Takes to Create an Authentic Organization. Harvard Business Review Press, 2015.
  • • Harvard Business Review. HBR’s 10 must reads on leadership. Harvard Business Press, 2011.
  • • Northouse, Peter G. Leadership: Theory and practice. Sage publications, 2015.
  • • Robbins, Stephen P. “Organizational Behaviour: International Version, 13/E.” E: Pearson Higher Education (2009).
  • • van Dierendonck, Dirk, and Kathleen Patterson. “Servant leadership.” In Servant Leadership, pp. 3-10. Palgrave Macmillan UK, 2010.

 

Case Positioning and Setting

The case study can be used in the master’s business program courses on organization behavior, leadership, and strategic management. It is also useful for elective courses on leadership, managerial economics, and change management. The target audience is the participants pursuing master’s program in management or executive master’s program in management. The case study can be positioned in the middle of the course.

Assignment Questions

I. Critically evaluate the leadership style of Raghuram Rajan.
II. What are the dimensions of authentic and servant leadership? How does Raghuram Rajan’s style of leadership style link with the concepts of authentic and servant leadership?
III....................

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Abstract

Raghuram Rajan (Rajan) 23rd Governor of the Reserve Bank of India (RBI), well-known for his knowledge and frank views on the situations and challenges in the Indian and global economy. Raghuram Rajan has a global profile as the former chief economist of the International Monetary Fund (IMF) and was often endorsed by some analysts for having predicted the 2008 global financial crisis. In India, he has been recognized as champion who could control inflation and improve the central bank..

This case study has been built on the lessons of leadership style of Raghuram Rajan and presented a practical example of authentic and servant leadership. Authentic leaders are authentic in nature; they stick to their ideals; share information with followers; and encourage open communication with others. Rajan’s style of working as an authentic leader infused the hope and trust into the system and institution. Servant leadership put the development of followers first. They emphasize on persuasion rather than the power and own self-interest. Rajan was able to pursue his conviction even in the presence of central government of India. Characteristic behavior of the servant leadership include listening, empathizing, persuading, accepting stewardship, and serving the needs of the others. These traits were quite reflective in his working as Rajan revamped the working environment of the RBI and encouraged the morale of the colleague and co-workers. The case study provides practical implications of authentic and servant leadership drawn on the leadership lessons of Raghuram Rajan in managing the RBI.



Pedagogical Objectives

  • To evaluate the leadership style of Raghumram Rajan.
  • To describe the dimensions of authentic leadership and servant leadership.
  • To evaluate the appropriateness of authentic and servant leadership to other contexts.
  • To analyze decision-making in a complex environment with a long term sustainable and growth perspective lens.

Case Positioning and Setting
The case study can be used in the master’s business program courses on organization behavior, leadership, and strategic management. It is also useful for elective courses on leadership, managerial economics, and change management.


* GSMC 2017, IIM Raipur

This Case Pack Includes:
- Abstract
- Case Study
- Teaching Note (**ONLY for Academicians)
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