Laferla Insurance’s Mark Laferla Jr wants to trade micromanagement for delegation in 2024

Laferla Insurance Joint Managing Director (MD) Mark Laferla Jr is intent on switching up his management style in the coming year, going from micromanagement to delegation.

Delegation is a leadership style that involves giving employees and other team members the responsibility of finishing tasks, a much more inclusive alternative to the stricter micromanagement style.

However, there is a fine line between delegation and micromanagement that leaders must be aware of. Should they delegate too much too soon, they may seem absent to the team, yet if they delegate too infrequently, they may be seen as too controlling. Ultimately, a balance must be reached, but in order for this to be done, the business leader needs to also trust their team.

Leadership styles were one of the topics we discussed with Mr Laferla Jr for MaltaCEOs.mt’s end-of-year series, as he gears up for what is set to be a busy 2024.

Mr Laferla Jr, together with his brother Keith, have been at the helm of the family business since 2021 after their father Mark Laferla Sr handed them the reins. Being propelled to the top of a business comes with its challenges, especially when it comes to management. To Mr Laferla Jr, like many other business leaders, it is a gradual learning curve that takes time.

What 3 words would you use to sum up your 2023? Why?

Fast, inflation, and globalised.

Frankly, this year feels like it flew by, even faster than usual. Inflation of course was a major factor across all aspects of business and international current events keep underlining how globalised the economy really is, and how a trigger in one part of the world can have ripple effects across all corners of the globe.

What personal accomplishment from the past year are you most proud of?

Helping people in need, even in the smallest of ways, and knowing that I did my bit to help others.

What are you most grateful for this year?

Family, friends, and loyal colleagues.

How are you going to spend the New Year?

Unwinding from a hectic end to the year and gearing up for a busy 2024.

What are the biggest opportunities and challenges you believe 2024 will bring?

2024 will bring continued uncertainty and market volatility due to the many factors at play in a global sense.

But at the same time, the biggest challenges create unique opportunities. We have a few projects in the pipeline precisely aimed at making the most of such opportunities, so 2024 is looking like it will be a busy and hopefully rewarding year.  

Is there a particular skill you’d like to develop in the new year?

It would be great to learn how to delegate tasks and not micromanage everything as much as I tend to do.

Is there something you’d like to change about your daily routine?

I quite like my existing one to be honest.

Where do you see yourself in a year’s time?

Hopefully having enjoyed a busy 2024 and having seen certain projects come to fruition.