Research Methodology
The efficient managerial perspectives help the organisations to acquire the commendable reputational value in this competitive ground. According to Waterhouse (2016), the proper organisational behaviour helps in improving the functional and technical skills to navigate the emerging challenges in the complex scenario. The study describes the managerial perspectives presented in ANZ bank, which is the renowned banking company based in Australia. The company has been maintaining the proper ethical codes to direct the employees towards success (Barclay, 2014). The guiding principles associated with the code of conducts and ethics of the company are quite appreciating in terms of setting the higher standards of business. The study will explore the ethical management of the company by specifying the effective corporate culture. The efficient management team and workforce together are performing with cohesiveness that becomes profitable to the company. There are various conclusions that can be drawn from this report, which shows that the report, which shows the company, has under the radar for ethical issues. The role of the management will also be signified in this study. In addition to this, the study will inform about the noticeable impact of social and political factors on the organisational functionalities.
The application of the research methodology helps in conducting the research in a systematic way. The research topic determines the management perspectives to organize the business functionalities. The study will be conducted by establishing the mixed research methods. Both the primary and the secondary research will be conducted to derive the ideas about the subject matter (Taylor, Bogdan & DeVault, 2015). In the secondary research study, the information will be gathered from the website, journal articles, annual report of the company, and books. The theoretical discussion in the study would evaluate the ideas regarding the managerial perspectives in accomplishing the specific business goals. The case scenario of ANZ bank is selected for conducting this particular research study. The managerial perspectives for organizing the business functionalities in different countries will be highlighted in this study.
In the primary data collection method, the qualitative data collection process will be selected for this study. The managerial perspectives and the association of the managers’ responses are important for conducting the entire study. The use of the positivism philosophy would be much preferable for the study. The positivism philosophy is quite helpful in extracting the hidden truth related to the subject. On the other hand, the use of the deductive approach will be much preferable since it deals with the existing theoretical values related to the organisation culture and ethics (Smith, 2015). The use of descriptive design is quite fruitful for the study to analyze the data derived from the managers of ANZ bank.
In the qualitative data collection process, the interview of 3 managers from ANZ bank will be undertaken. The use of the non-probability convenience sampling technique would be much preferable in this study. In this interview session, the managers would explore the strategic business functionalities. The managers would also provide the insights related to the corporate culture and the ethical business functions to support the research subject. The information gathered from the qualitative interview session will be analyzed by applying the appropriate methodologies. The interpreter can be used for memorizing the information derived from the qualitative interview session.
Role of Management
The gathered information is needed to be evaluated to prepare the further report. The business report is structured by collecting the relevant and necessary information related to the subject matter. Such information will be collected from the existing literature, annual report of the business, and other secondary sources. The report would also include the corporate culture and the role of the managers at ANZ bank to accomplish the business goals. After aligning the primary and the secondary results, the final recommendations would be provided at the end.
The organizations in this generation are looking for leaders who can inspire people and a vision, which is far-sighted. The people are looking for someone who have a broader perspective and have the capability of making bold changes in the organization which in turn will the organization to grow.
The managers in an organization act as a intermediary and try to achieve the goals and objectives of an organization through the employees working in that company. The interpersonal skills of the mangers will have to be good which will enable them to attain the objectives by performing other activities in the organization (Schulte, Kunisch & Ambos, 2015). There are mainly five functions, which the managers execute, and they are as follows:
- Planning
- Organizing
- Coordinating
- Commanding
- Controlling
The challenges and the risk faced by the managers include the continuous change in the environment, bargaining power of the consumers, restricting of the company, innovation, preparing for the future and leadership style. The variousfactors, which include the political, social, economical and environmental, affect the managerial functions. The managers have to continuously be prepared for the change of in the organization. There is a lot of uncertainty involved with it and is one of the biggest challenges faced by any manager. The bargaining power of the consumers are increasing day by day and the managers had to keep on changing the products depending upon the changing needs of the consumers (Johansen et al., 2015). The products created by any organization will have to be updated on a regular basis by adding value to it. The managers will have to innovate and promote innovation, which will enhance the quality of the product they serve. The environment of the organization has to be restructured on a regular basis to ensure that the productivity of the employees increases. The continuous restructuring of the organization is tough for the managers and is a challenge the managers are facing at a regular basis. The managers have to be far sighted which will ensure that the company is ready for any future possibilities. The manager will have to keep on using different styles of leadership depending on the situation as there is no correct style of leadership. The path chosen may be different but the desired result is same for all the organizations.
The political and the social environment are the macro factors, which affects the organization at a global level. The changes in the political environment will make the company to change its policies. The government keeps on changing and so does the policies in the organization. The companies have to be constantly aware of the political situations so that they can mitigate the risk involved in it. The bargaining powers of the consumers have become high because of the change in the market trends (Khilji, Tarique & Schuler, 2015). The market trends keep on changing and the organization will have to change their product depending upon the needs of the customers. The society is evolving and adapting different cultural values, which is causing a rapid change in the needs. Globalization has caused the advancement in the field of technology and the society is affected by this. Globalization has changes the needs and demands of the customers and thus, has affected the organizations in the market.
Roles and Functions of Managers
The diversity in the organization has been one of the most phenomenons in the modern organization culture. The employees in the organization come from different backgrounds and they have different cultural values. This makes the culture at the work place diverse as everyone brings in something important for the organization (Stahl & Tung, 2015). This diversification of the culture is very much needed as it brings a new dimension in to the organization. The people working in an organization are transferred to other countries so it has common for an organization to set up a culture that is diverse in nature.
The cultural diversity of modern organizations is one of the most challenging factors the company has to manage. The ethical practices of the organization have to be mould in terms of the diversity in the culture present in the organization. The companies have to their principles, which will define the right or wrong that the employees will have to follow. The ethical practices will help to improve the quality of the products and services provided by the organization (Guiso, Sapienza & Zingales, 2015). The cultural diversity can lead to discrimination and bullying in an organization, the ethical policies and the practices will prevent the rights of the employees and protect them from any sort of harassment in the work place.
The company is associated with the effective robust risk management and governance team that is helping the existing employees to achieve the business purposes. The fruitful contribution of the management is quite commendable in terms of implementing the sound business strategies. The managers should have impressive interpersonal skills, as the present work culture scenario is highly competitive (Trevino & Nelson, 2016). The managers will have to allocate resources, provide directions to others and take decisions so the benchmark for interpersonal skill is high. The management functions performed by any manager include planning, commanding, organizing, controlling and coordinating. The maintenance of the applied values management is much committed towards developing the shared values determined by the company and deliver the adequate supports to make the business ethical and sustainable (Weiss, 2014). The corporate governance sustainability board is categorized into five sub-committees. These committees are:
- Environment, Governance, and Sustainability Committee
- Audit Committee
- Risk Committee
- Digital Business and Technology Committee
- Human Resource Committee
The Chief Executive Officer is the major person to guide the policies included in the Environment, Governance, and Sustainability Committee. The reports associated with the sustainable management are presented to the CEO. On the other hand, the management is also responsible towards managing the emerging risks in the banking sectors related to the bribery and fraudulent attempts. The Audit Committee is responsible for the entire internal audit report that provides the insights regarding the performance of the bank (Seval & Caner, 2015). It includes the agenda of the organisational functionalities that are needed to be performed by the associated workforce. The management pays attention towards the maintenance of the emerging issues with the functions and the concerns presented by the workforce through reviewing the audit report. The role of the human resource management is also much commendable at ANZ bank. The human resource department is responsible for making the employees aware of the associate policies against bribery and fraudulent work activities. The human resource management is even concerned about the motivational aspects of the employees by providing them the suitable work atmosphere (Nica, 2013). The digital business and technology committee maintains the technological development in the financial banking process. The development of the technological process to improve the advanced banking system is operated and managed by the Digital Business and Technology Committee. The management of ANZ bank even pays the attention towards monitoring the performance parameter of the employees to protect the discrepancy and bribery.
Challenges and Risks Faced by Managers
The social and political impact on the business environment of ANZ bank is much significant. The effects of the society on the business activities are concerned with the responsible business lending, climate changes, maintenance of footprints, and sustainable sourcing. The management is responsible enough to facilitate the human rights and promote the employee welfare in order to bring the most efficient performance outcome (Weiss, 2014). The company receives the adequate supports from the international brands due to the Climate Change Statement. The company is even much focused on identifying, improving and controlling the environmental performance by managing the performance at the workplace. The business has been maintaining the efficient approaches to ensure the corporate sustainability. Therefore, the company is taking account of the economic, environmental and social risks. However, on the contrary, the political interruption on the Australian Banks is affecting the taxation system in a significant way. Especially, in terms of the short term earnings per share and dividends, the banking sector in Australia has been facing the recognizable obligations from the political sides. It has thus become essential for the banks to respond back to these significant issues by the help of the government (Trevino & Nelson, 2016). It is even necessary to cope with the political abruptions for managing the sustainable performance of the banks for the effective performance in future. Undertaking more hands-on approaches to mitigate the conflicts occurred due to the political interference is also needed to be taken into the considerations.
The report consists of the different typologies of managing the internal performance of ANZ bank. The maintenance of the ethical standards and managing the environmental approaches are necessary for the survival of the company. Therefore, it can be recommended that proper review and monitoring of the company policies and regulations are essential for continuous development. The company can even seek advices from the experts in order to develop the ethical practices to sustain in this competitive scenario (Trevino & Nelson, 2016). Globalization is developing in a rapid way and technology has played the most important part in it. The study is based on the secondary information analysis that provides the fruitful insights regarding the application of the basic theories of the management function and the ethical perspective of the company.
ANZ Bank has established the business entity in 34 markets, such as in New Zealand, Australia, Europe, Asia Pacific, Middle East, and America. The company prioritizes the cultural diversity by engaging the workforce from almost 200 different cultural and ethical backgrounds. The company considers the culturally diverse and inclusive workforce and delivers the super regional strategies (Murphy, 2016). The management is much concerned about the ethical practices that the diverse workforce needs to follow while performing the functionalities. The corporate culture of the company focuses on establishing the core values, such as integrity, collaboration, respect, accountability and excellence (Anz.com, 2017). The management is responsible enough to facilitate the human rights and promote the employee welfare in order to bring the most efficient performance outcome. The cultural value of the company is based on following aspects:
- Celebrating the differences with the diverse workforce is the core value of the company. By celebrating the differences, the company can connect with the colleagues and the customers in a better way. The establishment of the networking groups is developing the interests and ideas of the diverse workforce (Deegan & Shelly, 2014).
- The establishment of the innovative leadership teams is quite beneficial for the company to develop the performance parameter of the diverse workforce (Champoux, 2016).
- The greater leadership approaches and the contributions of the leaders are much commendable in terms of inspiring the workforce and leading them in a better way.
- The company recognizes the differences in the businesses and brands. Therefore, it focuses on establishing the uniqueness by considering the shared values and the specific goals (Anz.com, 2017).
Impact of Political and Social Environment
The maintenance of these core values and cultures is leading the company towards achieving the business objectives. The contribution of the management is much commendable in such cases. It is important to mention that the company is also much concerned about the maintenance of the ethical business process to ensure the business progress in an ethical way. The employees are provided with benefits, incentives and travel facilities so that they can balance both their personal and professional life in an effective way (Bellé, 2013). The ethical codes of conduct are developing the ethical mannerism among the workforce while performing the organisational functionalities. The further section of the study will shed lights on these ethical codes of conduct to manage the ethical parameter of the business.
The code of conduct and ethics in ANZ Bank is associated with the different guiding principles and policies that are contributing in establishing the high performance standards of the business (Shah, Anwar & Irani, 2017). The employees, both permanent and part timers, at ANZ need to comply with the Code of Conduct and Ethics. Apart from the employees, even the consultants and the contractors are also following these ethical regulations in order to do business with ANZ Bank. The non-executive directors at ANZ Bank are following the guidelines present in the Non-Executive Director’s Code of Conduct (Anz.com, 2017). As per such guidelines, the shareholders need to embrace the practices ad principles to consider the better performance outcome in the internationalized context. The shareholders even need to be the ‘early adopters’ that signify the essentiality of complying with the unpublished laws and appropriate recommendations before these create any remarkable effects. In addition to this, the shareholders need to take the active role in discussions of the effective performance of the corporate governance (Purce, 2014). The maintenance of the regulations is needed to be the major focus of the shareholders.
The company encourages the banking partners for adopting the similar types of the ethical Codes of Conduct. It has been observed that the company is committed to present, report, and detect fraud, bribery, and corruption. Accordingly, the company even developed the robust procedures and policies to achieve such purpose. The Anti-Bribery and Anti-Corruption Policies of ANZ Bank prohibit the bribery and corruptions that might take place directly or indirectly or through the third parties. These policies are based on the best practices and legislations of the Australia and international countries. The policies even include the guidance issued by Social Accountability International and Transparency International. The Counter Terrorism Financing Policy and Anti-Money Laundering policies are implemented to establish the minimum guiding, directing, and standardized evaluation of preventing the money laundering and terrorism financing process (Crane & Matten, 2016). On the other hand, the Global Fraud Policy is established the direct the understanding the fraudulent activities across the globe (Anz.com, 2017). This policy is much beneficial for making the people understand their responsibilities in detecting the fraudulent functions. It provides the fruitful insights about suspecting and reporting the fraudulent attempts. The Whistleblower Policy is introduced for encouraging integrity, openness, and accountability. The employees and contractors associated with ANZ Bank can raise their concerns regarding the suspected fraud functioning in the legal and ethical standards.
Organizational Theory
Conclusion
The study describes the managerial perspectives presented in ANZ bank, which is the renowned banking company based in Australia. The study explains the ethical behaviour of the ANZ bank to prevent fraudulent functions and bribery. The efficient management team and workforce together are performing with cohesiveness that becomes profitable to the company. The corporate culture of the company focuses on establishing the core values, such as integrity, collaboration, respect, accountability and excellence. The management is responsible enough to facilitate the human rights and promote the employee welfare in order to bring the most efficient performance outcome. There are various conclusions that can be drawn from this report, which shows that the report, which shows the company, has under the radar for ethical issues. The management pays attention towards the maintenance of the emerging issues with the functions and the concerns presented by the workforce through reviewing the audit report. The company made amendments and had taken measures to mitigate the issues, which will minimize the problems faced by the company. The various roles and functions of the managers are described a simple way which the innovation and the organization culture. The corporate practices of the organization show how the company tries to provide benefits, allowances and other facilities for the employees of the company.
References
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Anz.com. (2017). Anz.com. Retrieved 1 July 2017, from https://www.anz.com/about-us/corporate-sustainability/employees/diversity-inclusion/cultural-diversity/
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