Final answer:
Situational leadership theory describes aligning leadership style with the maturity of employees and task requirements, acknowledging that different styles may suit different situations. This contrasts with the more rigid approaches of transactional and transformational leadership theories.
Step-by-step explanation:
A theory of leadership that focuses on identifying the relationship between task characteristics and employee readiness, and matching a supervisory response, refers to situational leadership. This approach suggests that there is no single "best" leadership style. Instead, effective leaders must alter their behaviors based on the task requirements and the maturity of their employees. Empirical research in Industrial-Organizational (I-O) psychology has examined various leadership theories, including Theory X and Theory Y, transactional leadership, and transformational leadership, each offering different perspectives on leadership behavior and its effects on followers.
Transactional leadership focuses on supervision and the achievement of organizational goals through a system of rewards and punishments. Conversely, transformational leadership involves leaders who are charismatic and inspirational, promote intellectual stimulation, and demonstrate individual consideration for their followers. These leaders aim to transform the organization.
Followers also play a crucial role in the leader-follower dynamic. Depending on their individual characteristics, such as their need for growth or need for leadership, followers will respond differently to various leadership styles.