Role of managers in changing business environment: Case of Commonwealth Bank Australia
The project mainly highlights the role of managers in different organizational fronts. The role of managers in controlling the operations of Commonwealth Bank of Australia is exclusively mentioned in this project. Their main strategy is to create a positive brand image amongst the customers increasing the revenue cycle of the organization. The main frameworks of research methodology with the prime focus to highlight the aim of the research are also included in this study. The drawbacks of the given research are analyzed to forecast all the possible drawbacks that can be encountered in the managerial functions is the intensive finding of the following study.
Management perspective deeply reveals the management foundation of an organization. The study mainly discusses the different management perspectives of Commonwealth bank of Australia. The role of management in governing different functions of the organizational body is exclusively mentioned in the following context (Agnoletti, 2014). The role of managers includes the challenges the managers face in addressing today is changing marketing environment as well as the impact of socio-economic factor on the organizational competency. The social factors in this context mainly depict the diverse culture of organization in all prospects. In addition, the value and ethics of a company is also a prime focus of this assignment where the role and behavior of managers in maintaining the cultural heritage of Commonwealth bank of Australia is a major concern. The value and ethics play a major role in the light of this context where the culture of the organization becomes a deep factor for maintaining the reputation of the firm in all global perspectives.
2. Research Methodology
Research methodology helps in enabling the proper revelation of the topic. The data and information’s are collected in the light of the context enables to understand the proper inference of the topic. The challenges faced on the attainment of the research questions gives proper intervention of primary and secondary factors that are introduced in the ground level of the project.
The research questions helps to determine the competencies and key objectives of the project, in opting leverage benefits associated with the tools and techniques of organizational strategy.
Another aspect is to determine the cases and relating the data collected with the analysis process, which is also one of the key elements in the execution of the given project (Oliver, 2014).
Another factor is to correctly allocate data to different aspects of the project. The important foundation lies in collection of primary data based on survey and assigning it to the key concepts based on the revelation of the field project (Refer to Appendices).
The current research is based on the revelation of field project and thus, needs ample data from different sources. Therefore, both primary and secondary data will be appropriate to perform the data collection and analysis of the study facts. Survey is the potential strategy to analyse the collected data regarding the revelation of the field work. In this context, survey would enable the researcher to collect wider range of data from a larger population in the form of opinions.
This part would briefly look into the case study done by Robert K Yin and try to fathom how that is relevant in this essay. Yin has helped to make case study methods a routine in today’s world, which serves lavishly in conducting education researches. The first and foremost advantage of case study methods is its ability to perform tests based on real life contexts. Cases are formed within the real life context (Yin, 2013).There are mainly two reasons why case study methods are used. First, and most important, when the research aims to address a descriptive question. Alternatively, if it tries to look into a topic from a explanatory perspective. Secondly, case study methods help to observe and collect data in natural settings. Hence, the acquired data is always truer to the original purpose of the research.
3. Role of management
3.1 Roles and functions that managers perform
Manager's role in sustainability of an organization is numerous ranging from system control to system administration. Manager's functions both qualitatively and quantitatively on different prospects to fulfill all the responsibilities assigned to him. The function of a manager revolves around five key elements related to the sustainability of an organization, which includes proper planning activities, organizing, providing accurate staffing solution, taking a lead and controlling the entire firm. The managers are the main governing body who are responsible for addressing all the queries of its subordinates as well as providing effective solutions to all problems (Li, Jin & Wang,2014).
They monitor all the activities requiring human intervention, which effectively helps in analysis of human resources and its allied information. The manager is responsible for organizing all recruitment activities in a firm that includes recruiting and training newer talents and developing them to the next level to ensure the growth of the organization. These activities are often allied with the Human Resource Department to take charge of all the interdepartmental activities of the organization. The manager is also accountable for assigning the work processes to different department within the firm and supervising the activities and performance of different levels of organization for the effective implementation of the plan. However, the most effective step involved with the accomplishment of goals includes proper chalking of activities. The chalking of activities can be done by effective planning and mapping of business activities to achieve a particular goal.
3.2 Challenges and risks managers address in today’s changing organizations
There are a lot of challenges that the managers have to face due to the changing market conditions which mainly includes loss of economy due to several socioeconomic factors. The main challenge faced by the managers includes loss in provisions of proper security for securing all the company’s information in a central database. However, due to the advancement of technology several hackers and jammers are getting easy access to company’s innate information creating it as a base for various fraudulent activities. The hackers are using the name and brand image of the company to charge unnecessarily from the candidates for their own sake. Managers are incompetent to control these frauds in today’s global market, as the hackers are leaving no clue to be caught by the authority. The managers, if finds a way fails to provide proper motivational exercise to the young talents due to the incompetency on the manager’s end to follow proper credibility. The Managers have fewer incompetencies in today's technologically advanced world to keep up with the changing prophets of the society. The changing trends of information on the global level are also playing a major role in the adding concerns to the problem. The managers are often backdated and find it very irrelevant to fit suitably in today’s changing society. This in turn created several complications in the smooth running of the organization in all aspects.
3.3 Impact of politics and social environment on the management function
The political factors to the changing prophets of the management functions determine the interlinking of different aspects of resource management. The political factors hugely affect the working trends of the organization and it affects the economical front of the firm. The political contexts in different aspects of the society give a direct hit on the free market economy of the organization at different management perspectives (Hossain, Rasti, Tabassum & Abdelnasser, 2014). The political instability affects the changing trends of the organization aligning different services to different areas of operation. The growth is a mutual factor of globalization and the jurisdiction of the company is subjected to market risks and changes, which is also directly affected by the changes in political factors in the society.
The direct link of management functions with the societal change is intensively through globalization. The human resource factors in the light of this context include different aspects of societal approach for enabling smooth employer to employee relationship in the firm. The modern organizational strategy because of changing social trends has led to the increasing focus on talent acquisition and recruitment, making it as a core strategy in the organizational behavior. The prime factor lies in bridging the gap between cumulative efforts and individualism for the common good of the organization (Mauri, 2014). The societal factors influence the working environment and growth oriented strategy of the organization focusing on latest work processes such as networking and outsourcing because of changing trends in society.
4. Organizational theory
4.1 Impact of values and diversity on the culture of organization
Culture of an organization is subjected to the market and societal changes paving a way for various cultural developmental ways in different prospects of the society. There are various organizational values that impacts the internal structure of an organization which includes control and vision statement, administrative changes and many more. The internal facets of the organizational culture calls for the urgent integration of the cultural change in organizational scenario with a proper vision sense of creating upper and lower management for performing different levels of operation in the firm (Brose, Frenette, Keefe & Stein, 2014, February). The values form vague compliances in a joint venture. However, the mixture is obtained from a system of assuming factors that hire managerial positions from representatives of different cultures to create a corporate as well as a cultural vibe. The inertia of the organizational strategy plays a great role in neglecting the market changes, undermining the risks and difficulties in the cooperative values of the business. Every organization has a unique perspective and therefore their culture varies significantly from one aspect to another in the society. The main challenge lies in accepting mere instances from the employees and addressing their claims, justifying the informal changes in the organization because of changes in pattern of society.
4.2 Impact of ethics on the culture of organizations
The integration of ethics in the organizational culture results in higher employability and growth in revenue over the past few decades. The equal opportunities allocated to all the assets of the company helps in creating a positive brand image amongst the customers increasing its customer circle all over the globe. It has significantly increased the societal participation in all perspectives of the organization making better relationship between the employees and increasing the corporate performance of the organization (Fehske, Fettweis, Malmodin & Biczok, 2011). Ethics imparts several criteria that helps the employee to voice their concern and fight for any injustice which eventually helps in equal treatment of all the employees. The relationship between the owner and subordinates marks the important link in highlighting the organizational culture that may cause a positive shift in employee’s behavior and culture. The solidarity approach of a society deals with the common interests of a group of people in achieving mutual tasks and goals of an organization.
5. Commonwealth bank of Australia
5.1 The role, behavior and performance of managers in Commonwealth bank of Australia
The Commonwealth bank of Australia mainly deals with the businesses all over New Zealand serving financial aid to people across New Zealand. This bank is an Australian based bank with its headquarter at Sydney. The roles of managers in the Commonwealth bank of Australia are to provide efficient financial services to all aspects of the society. The main concern of the managers is to raise maximum profit based on the achievement of specific objectives of the bank to obtain a particular outcome (Zoni-Berisso, Lercari, Carazza & Domenicucci, 2014).
The economy generation has been the prime concern for the company as it is based on acute coordination of team members, which is a responsibility of manager. Managerial effectiveness greatly influence the organizational structure as it directly impacts on the employees enabling them to perform to their utmost potential. Managerial functions play an important role in motivating the employees and thereby become a driving force in pushing the employees towards their goal. The managers of commonwealth bank monitor all business activities of the bank to target the customers directly on the global scale. There are different departments of management in Commonwealth bank of Australia that specifies the managerial functions and allocate it uniformly to perspective departments. Operational manager is one of them who is the trendsetter of the bank that mainly distinguishes the low income group and the high income group in the society.
Fig 1: Dividend delight of Common wealth Bank of Australia
5.2 Impact of values and diversity on the culture of Commonwealth bank of Australia
The diversity and values of the organization plays a great role in maintaining a good brand image in the eyes of the customers (Heap, 2014). The prime focus of the Commonwealth bank is to provide a value based provision to all aspects of the society. The value-based service of the organization mainly revolves around the fair treatment to all customers, irrespective of their economic background. The functionality of the bank also depicts the diverse aspects of cultural background and behavioral fronts necessary for the smooth run of the bank. The current working culture of the bank regards the overall improvement of the society in different managerial and behavioral fronts (Refer to Appendices).
5.3 Impact of ethics on the culture of Commonwealth bank of Australia
The respective corporation of Australia binds to the specific rules and regulation set by the Australian corporations amongst which, the ethics comes the first. The ethical issues highlight the brand image of the bank creating a wide space in the heart of the customers enhancing its business worldwide (Nicol, Thomson & Breslin, 2014). The ethical prospects include assignment of equal opportunities to all the customers of the bank irrespective of their financial background.
It has been concluded from the above prospect that the managers play an important role in the sustainability of an organization. The main reason behind this lies in the contribution of managers to incorporate changes in the organizational strategy to equip with the modern market condition. It is evident from the above context that globalization plays a key role in the development of all prospects of a corporate bank, resulting in a diverse and consolidated market. It is also concluded that the role of managers is important in curbing all the discrimination activities in the firm. In case of Commonwealth bank, the scenario is almost same with the position of managers at the utmost level.