Leading From Behind the Screen: Business Leaders Adapting to Virtual Performance Management

Abstract

Leaders of financial organizations do not have sufficient competencies to lead virtual employees, which contributes to lower engagement and retention rates. This qualitative inquiry technique study explored eight financial leaders’ perspectives on the competencies required to effectively lead and engage a virtual team. Six themes emerged from the data: The importance of consistent, frequent communication to support engagement and collaboration in a virtual environment, the importance of leaders managing performance by holding employees accountable to achieve expectations while providing role clarity, clear priorities, and ensuring productivity, the importance of leaders getting to know their employees both personally and professionally, their goals and motivations, and encouraging and empowering employees to make decisions while providing development opportunities, the importance of having competence using technology effectively to communicate, enhance employee engagement, and be available to employees, the importance of leaders embracing new ways of work, changing technology, and different team dynamics while understanding and respecting work-life balance, and the importance of leaders recognizing the value each employee brings. Virtual leaders must adapt and improve their skills and methods in a remote setting to promote the success of their employees and achieve results.