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Raghuram Rajan: Authentic and Servant Leadership*

CASE STUDY, ORGANIZATIONAL BEHAVIOR
ET Cases - GSMC, 9 Pages
AUTHOR(S) : Vikash Kumar Milestone - Human Resource Consultancy Services Private Limited, Nikunj Kumar Jain - International Management Institute New Delhi

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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 2016. Rajan had announced his willingness to join academics after end of his first term as Governor in RBI in the month of September 2016. 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 leave. 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...................

Raghuram Rajan: Leadership Style

Leadership has become difficult in today’s complex, turbulent and challenging environment. In such a turbulent and challenging times, it has more important to have genuine leadership having renewed focus to restore confidence, hope and optimism; to recover from catastrophic events and become resilient to uncertain events. Transformational or Charismatic leadership may have a discrepancy vision that can result in failure of organizations..........

Raghuram Rajan: Authentic Leadership

“Authentic leader knows who they are, know what they believe in and value, and act on those values and beliefs openly and candidly”. Looking at the career and his contribution in the world of finance and economics and India per se at this stage there is no doubt about the caliber and commitment of Raghuram Rajan as one of the best RBI governor to India. Raghuram Rajan knew that what he was doing..............

Raghuram Rajan: Servant Leadership

“Servant leadership goes beyond their own self-interest and focus on opportunities to help followers grow and develop. They don’t use power to achieve ends; they emphasize persuasion”.

Raghuram Rajan was able to pursue his conviction in front of strong leadership of central government of India. He took all the decisions taking long-term vision of sustainable growth of Indian economy.......

The Way Ahead

Trust is an important dimension for authentic leadership. Trust can be developed by ability, benevolence and integrity. Raghuram Rajan’s academic profile developed the faith in everyone for his ability to take decisions and his decisions improved the economy. Benevolence was reflected as he almost refuted the demand to cut down the interest rate out of his compassion or benevolence in the interest of the lager masses.............

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. .............

Exhibits

Exhibit I: Letter from Raghuram Rajan to His Employees After Resigning

Exhibit II: RBI Governors

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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Product code: OB-1-0053, OB-1-0053A

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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