Accounting management on: Westpac

IntroductionThe Westpac is the multinational firm of financial services; it is Australian big four’s banks, and second largest banks within the New Zealand. This company is been chosen as it has an approach to everything with its vision and values, along with its approach to the women. Westpac follows refined values they are: Teamwork: where they work together so as to achieve similar goals. Integrities: where bank act in an honest manner- it does whatever it says it would do. Performance: it aims at delivering superior results to its customers. Westpac take these values to be a non negotiable aspect; it believes everything company does should be based throughout these values. The company believes that it should be mainly vigilant whenever this relates to understanding the values of things, moreover this is quiet vital for bank’s business. Westpac believes in valuing its staff, company also understand what its customer’s value as it could deliver this by using best individuals. The keys to it is valuing and understanding bank’s greatest asset its intellectual capital.

Main Body

a)                  Identify the leadership theory used in the company.There are two leadership theories which have been used at Westpac Company. The leadership theories which are used are Fiedler’s Contingency Model & Hersey Blanchard Model.

Þ    Fiedler’s Contingency Model:

The Fiedler contingency model has been referred to as one of the leadership theories which have been used at Westpac Company to prescribe one of the best ways for the managers to lead in their organization (Day, 2000). It must be seen that, the people working in the organization would adopt the different leadership styles as per the requirement of the situation.

Based upon the Fiedler’s theory of leadership, three situations or conditions have been seen at Westpac Company. They would be as follows:

Þ    Structure of the task involved

Þ    Position of power which the manager has in the organization

Þ    Relationship amongst all the employees working in the enterprise.

Based upon this leadership theory, two variables have been taken in to consideration such as “favorable & unfavorable” factors. Favorable factors refer to the type of variables which help any individual to work towards the accomplishment of the goals associated with the organization.

The members within the organization i.e. Westpac Company posses certain powers in their hands & the managers should keep in mind the various aspects such as rewarding the employees & punishing the subordinates as well. The power with the managers would mainly take into consideration the decision making process in the enterprise (Facteau, Facteau, Schoel, Russell, & Poteet, 1998).

Þ    Hersey Blanchard Model:The second leadership model or theory would refer to the Hersey Blanchard Model. This model majorly highlights the situational aspect of the same. The model majorly possesses various levels of leadership as well as plays one of the most crucial roles to determine the behavior of the leaders.

The various levels of leadership behaviors which should be kept in mind would refer to the following i.e.:

Þ    Task behavior: The task behavior majorly takes into consideration, the way the leader is engaged in the organization. The task behavior majorly takes into consideration the following i.e. what is to be done, when it is to be done, how it is to be done, etc. Proper involvement of the leader should be practiced in the organization (Facteau, Facteau, Schoel, Russell, & Poteet, 1998).

Þ    Relationship behavior: The relationship behavior majorly takes into consideration that, a two way communication should be maintained within the organization. The employees in the enterprise should listen, support & get familiarize with the various types of behavior in the organization (Day, 2000).

Þ    Maturity: The last aspect which should be kept in mind would refer to the willingness of the managers to take up different roles & responsibilities. The maturity levels of the enterprise would take into consideration different types of tasks, objectives or goals which need to be accomplished within the organization (Bruce, Avolio, Fred & Todd, 2009).

b)                  Evaluate the different qualities required by individuals at different levels of the authority.

Some of the qualities which are required by individuals at different levels of the authority have been discussed in this portion of the report. The qualities highlighted are as follows:

Þ    Low Level Authority: It has been noticed that, integrity along with dedication to accept challenges refers to the two most different qualities which are required by the leaders belonging to this section. Honest dealings well controlled emotions as well as absence of tantrums is practiced amongst the people belonging to this class. Dedication refers to the second different quality of the people belonging to this section. Dedication to accept more work as well as take up challenging work would help in order to take up a step forward & achieve high levels of opportunities to achieve great things in life.

Þ    Middle Level Authority: Leaders belonging to middle level authority generally take into consideration openness & magnanimity. Middle level authority is quite open to talk about new ideas & listen to each other’s view point regarding a particular aspect. This helps them to build a better coordination with its employees. Openness helps in order to build trust between the leaders as well as their followers. Magnanimity provides the leaders to have responsibility for the failures. This helps the leaders to practice effective leadership & build closeness amongst the team members.

Þ    Top Level Authority: Leaders pertaining to the top level of authority would consist of creativeness, assertiveness & fairness amongst the decision making. The people belonging to the top levels of authority should think outside the box without any constraints. Assertiveness shall be practiced by the people belonging to this group as it would help in minimizing the misunderstandings. Fairness shall also be practiced by the people belonging to this group. This leadership quality would act as one of the crucial factor which would help in order to maintain cordial relationships between the members within the organization.

c)                  Critically evaluate the impact or drawbacks of their leadership theory followed.

Drawbacks of the two leadership theories which are followed within Westpac Company have been described as under. They are as follows:

The diversity manager at Westpac had also identified that appeared numerous complaints regarding specific programs in case of women; who are in regarding Top Steps or Springboards (Gadget 2012). Resentment of Westpac which had built upon within few quarters which were demonstrated through recent experiences those involved company’s staff benefits programs (Hacker 2011). Company concentrated on providing appropriate incentives and other benefits to its employees, at the same time generated cost for Westpac. The two leadership theories adopted by Westpac eventually ignored its future growth prospects (Gadget 2012).

a)         Evaluate the managerial skills that are practiced in the company.

The different types of managerial skills which have been practiced within the organization i.e. Westpac has been discussed as under:

Þ    Interpersonal skills

Þ    Communication skills

Þ    Decision making skills

Þ    Leadership skills

Þ    Time management skills

Þ    Conceptual skills

b)         Suggest skills that need to be practiced for improvement.

The skills which shall be practiced within the Westpac Company in order to satisfy the needs of the customers have been defined in this portion of the report (Jacqueline 2009). Westpac Company shall develop different types of skills which would help in order to achieve varied diversities within the workplace, its recruitment policies, training and systems, along with workplace policies so as to attract or keep the efficient and all bright individuals available (Jacqueline 2009).Moreover, the company i.e. Westpac shall preach to entirely convert, diversity which means it must ensuring that its workplace is diverse in ethnic, cultural, age, educational or gender makeup, along with customers such as top and down hierarchical levels not merely its lower levels (Jacqueline 2009).

One of the major improvements which shall be carried within the organization i.e. Westpac would be to follow different types of process and structures, towards devolving responsibilities and authority (Kirkpatrick 2001). Various reforms shall be taken into consideration within the workplace i.e. Westpac which would help to maintain an innovative company as well as discover an area of their workforce and management. This would help in liberating company’s improvements in its performance (Leach 2009).

a)         Evaluate how to overcome barriers to change in the organization.

There are mainly two way with barriers which would create a problem to enable an appropriate change in the organization i.e. Habit &Rebellion. The two barriers have been discussed as follows:

Þ    Habit:

According to one of the famous writers, Habit has been defined as “Habit which could not be changed with stipulated time”. It is a fact that, we all are creatures of God who posses certain habits either negative or positive. This aspect acts as one of the major barriers to change in the organization. This refers to one of the ways through which various unproductive as well as waste less process could be seen.

Þ    Rebellion:

Rebellion refers to the second barrier which could be seen while enabling the change in the enterprise. It should be seen that, the main players in the organization should perform their roles in the best of their manner. This would help in order to act upon the various changes. Rebellion would create negativity in the enterprise which would lead to an unsuccessful change in the organization (Chhetri, 2006).

Change could challenge individual’s experience,’ abilities, practice, and customs within Westpac. It could be even observed as threats to the company. This could create barriers or resistance to changes (Hacker 2011). For example, whenever job roles of managers and employees changes, they feel that it has lead to losing of their power or status. Whenever jobs get cut, all remaining employees start feeling insecure (Hacker 2011). This could cause low in morale or lead to their poor productivity (Beer 2003). In order to overcome these barriers: the major key processes which company must use to overcome this resistance to all changes are working closely with its employees, or getting them involved within the programs (Nadler 1984). Positioning the Westpac as choice of employers gives company larger pools of talent so as to draw it within the market of labors (Nadler 1984). This might help company in gaining diverse ranges of experiences and skills through having diverse individuals who want to work for the company (Nadler 1984). This could also help in overcoming resistance to change, reducing attrition rates or improving morale, along with employee effectiveness: this would add up good business for the company (Nadler 1984).The introduction of the new aspects in change management is the challenges for Westpac; as it requires a strong leadership, or flexible structure, individuals who are familiar with these changes, must apply them successfully within the organization (Hacker 2011). These changes must be welcomed as the ideal case, with a systematic approach towards processing changes (Rita 2010). Within these cases, the Westpac’s abilities in adapting a new environment, new variables, or a new challenges could become deceivable towards achieving specific goals. Hence, these prospects would help in overcoming resistance to change (Rita 2010).

b)         Make recommendation how the company can improve.

The following recommendations shall be taken into consideration which would help in order to improve the organization i.e. Westpac Company. The recommendations are as follows:

Þ    Critical evaluation of the issues being faced within the organization shall be done. The various leadership theories, models shall be implemented within the enterprise (Ashour, 1973).

Þ    Critical review of the issues identified should be done with the help of one of the main aspects of organizational behavior i.e. Leadership Theories & models.

Þ    Implementations of the various leadership theories, models & research on the topics mentioned should be done. In case of applicability of the leadership model, the various theories such as Hersey Blanchard & Fiedler’s Contingency Model (Giber, Carter & Goldsmith, 2000).

Þ    Various plans, theories as well as procedures should be taken into consideration which would help the organization to grow in the years to come (Ashour, 1973).

ConclusionHence, it could be concluded that Westpac Company shall use the leadership within Westpac Company. The leadership theories which are used are Fiedler’s Contingency Model & Hersey Blanchard Model. The various levels of leadership behaviors which should be kept in mind while implementing the leadership theories. The task behavior majorly takes into consideration, the way the leader is engaged in the organization. The task behavior majorly takes into consideration the following i.e. what is to be done, when it is to be done, how it is to be done, etc. Proper involvement of the leader should be practiced in the organization (Facteau, Facteau, Schoel, Russell, & Poteet, 1998).  Maturity: The last aspect which should be kept in mind would refer to the willingness of the managers to take up different roles & responsibilities. The maturity levels of the enterprise would take into consideration different types of tasks, objectives or goals which need to be accomplished within the organization (Bruce, Avolio, Fred & Todd, 2009).

The major key processes which company must use to overcome this resistance to all changes are working closely with its employees, or getting them involved within the programs (Rita 2010). Therefore, it is been recommended that company must adopt a diverse approach in its functioning.  As a diverse workforce experience or knowledge can aid towards generating profits for future growth in Westpac (Rita 2010).

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