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1632 Downloads 16 Pages 4049 Words
Business organisation is identified as an unit or group of people working with each other with a motive of profit maximisation. It is a part of organisation under one administration set up for the objective of earning maximum amount of money for its managers by making different items existing for sale in marketplace. There are some characteristics of business organisation such as separate identity, independent ownership, independent management, element of risk and many other. All these are essential for the company to accomplish their predetermined goals and objectives. In order to leading business, an organisation face different issue and problems. It is the role and responsibility of owner is to identify proper culture, resources, competence etc. All these are assist that journey and if the services and products offering is accurate to attain the defined goals (Al-Somali, Gholami and Clegg, 2015). In present assignment, given organisation is RETSA, it is not for profit insurance organisation that was established in the 1920s. They mainly emphasised on the requirements of professionals and trade or labour unions such as accountants and lawyers. This report divided into different parts which cover leadership and organisational practices, contribution of leader in providing motivation to staff members. Identification of change management method and own reflection of leadership style which is also determined in this project.
RETSA it is not for profit insurance company that was constituted in the 1920s. Main aim of this business is to earn maximum amount of profit by providing effective services and products at reasonable price. In the past, they mainly emphasised on the needs of trade unions and professionals like accountants and professional.
Current leadership: It is important and essential for the company leader to guide and motivate their ass staff members with aim to achieving common goals (Balmer and Wang, 2016). In RETSA, they mainly focused on the need of staff members related to salary and different laws and regulation. In this, leader of the insurance company provide different option of working and motivating them as per its work and performance.
Organisation of RETSA: In 2010, company moved to their places with aim to maximising sales and profit. It is a combination of the more flexible junior members and new building has enabled business entity in order to make important saving in general administrative costs and sales. Current environment of the company is attractive for both employees and business. Along with them, existing workers are highly knowledgeable and skilled regarding the business's goods and operating approaches (Davies, 2016). All entire workforce are work together with motive of accomplishing long term gaols and objectives in a systematic manner.
Leadership style: It is one of the main and essential part which is follows by the each and every organisation in order to gain maximum amount of capital. There are different styles by RETSA insurance company apply three aspects which are determined as below:
Transformational leadership style: Under this type of leader are capable to inspire their staff members perpetually with a common vision or objective of the future. As per the give case study. RETSA is mainly emphasised on accountants and lawyers consents of trade union. This kind of leader has integrity, clearly transmit a vision, sets clear goals and fix a better example related to inspires, encourage, supports employees to work effectively (Doppelt, 2017). Thus, this style is externally beneficial for enterprise and its staff workers to accomplish their personal and professional goals.
Democratic or Participative leadership: It is another important style of leadership which is apply by the RETSA in order to encourage and motivate their all trade union while working and performing business operation. Such kind of leader provide significance to the team members opinion and involve them in the process of decision making. So it is essential and important to engage all employees for purpose to achieving common goals and objectives easily.
Servant leadership: It is important and beneficial theory which is apply by the non-profit organisation. RETSA is also a non-profit business which deals in different kind of insurance. It is the better suited for leader who render their services and goods to the company and community development programs (Escrig and de Menezes, 2015). With the use of this leadership style, leader of the organisation involve the entire group in the process of decision making and provide equal acknowledgement to whole staffs for achieved goals in successful way. This style beneficial for company as well as employees to maximise their performance and productivity level in certain time duration.
Organisational practices: These are the actions and behaviour of trade or labour union of the enterprise. This type of practices are placed instantly extracurricular of the core culture. There are different practises of organisation but as per the case study of RETSA, three practices are highly suited which are determined as below:
Management Reward Emphasis: It is one of the main and essential part of the organisation practice which is important for the manager of RETSA to provide proper salary and increase performance. It is also beneficial for individual in different terms such as accurate bonus, stock operations, profit sharing and team bonus (Greenwood, 2016). So it is good for the business entity to maximise base of employees and increase their sales and revenues. It is also valuable for the staff members to attain their personal objectives and goals in an effective and efficient manner.
Organisational Structure: Structure of the organisation is one of the main thing for attracting large number of customers towards business products and services. In RETSA. There are different departments whose are work with achieving common interest and goal in given time period. In the last year company has faced maximising pricing pressure that has ventilated it maximising premiums of policy. The exploding numbers of foreign travellers and throw out individual in the country are maximising the demand and need for the support of Specialist Doctors and those with the best image are capable to gain the fees level they charge (Grob and Benn, 2014). This has place a large amount of force on the ability of business in order to keep up profitability. So it is important and essential for the company and individual to increase their effectiveness and performance.
Control System: It is another important and basic elements of the organisational practice that help the company to identify market results, cost canters, standers, profit, report canters, mutual goal setting, plan and investment centres and many other. It is a best system, which renders the wanted response by monitoring the output in a systematic manner. With the help of SISO and MIMO method company easily achieve long term goals and objectives in limited time duration. It assist both business and employees to increase their productivity and performance level in an effective and efficient manner.
Significance of leadership theories and organisation practices: All these are essential and important for the company and its staff members to gain competitive benefits and advantages within an organisation. Further, it also assist to deals with difficult situation in easy way. According to RETSA case study, leader need to encourage, support and motivate staff members in a systematic manner (Jacobs, 2016). There are mainly three types of leadership styles such as Transformational, Democratic or Participative and Servant. These are assist the leader to direct and guide their employees related to accomplishing long term objectives and goals. On the other hand organisational practices includes certain aspects such as Management Reward Emphasis, Organisational Structure and Control System. These are support to motivate workers. Further, they are motivated so that they provide their full dedication in their work and activity. It turn in the higher achievement of sales and revenues in allotted time period (Johnson, 2016).
Conclusion: From the above mentioned details, that can be concluded that business organisation is the part of the company success and development. In order to leading business organisation at different levels, fir apply different tools and techniques such as leadership theories and organisational practices. Both are support the individual and company to maximise their productivity and effectiveness in an effective and efficient manner.
RETSA is a “not for profit” insurance company that was established in the 1920s. In ago, they mainly focused on the inevitably of Labour Unions & Professionals such as Professional and Comptroller. The “professional medical insurance market” is comparatively small and in the mass marketing era which not reasoned enchanting by the main insurance enterprises. The number of the concern has been created on a daily basis (Karikari, Cobham and Ndams, 2016). Related to the ascendant position that it applied to sustain in these insurance industry and the comparatively low volume of assertion made by its customer, company has exceeding broad financial reserves.
“Low cost” internet channel: For Private Health Insurance RETSA ‘trailed ’a new “low cost” internet channel In year 2017. It is supposed to adjunct the present rendering for Professional Services enterprise and Trade or labour Unions. This innovative channel creates maximum utilisation of the front edge information or data systems state formulated in the High-Performance and strong Unit in the Accounting department. These include completely web design and automated underwriting that develops the claims process an“self-service” purchasing much easier for clients. This channel is more essential and useful for the company for render basic health insurance goods with few options that clients accessed on self-service through the internet. In this, this project manager has reacted by introducing two types of bonuses- first for those that accomplish 90%+ prompt group action and the second one is retention bonus, its successfully finishing 6-months service.
Implementation of Low cost internet channel: In this leader, staff and many other stakeholders give their full dedication and efforts in this. In order to implement this, business leader apply different types of leadership theories such as Servant, Democratic or Participative and Transformational. These aspects are assist the manager to direct and guide their employees for applying such kind of internet channel (Mann and Graham, 2016). This tool highly essential for the success and development of company. In this leader mainly emphasised on to accomplish predetermined goals and targets in limited time duration. Another role of the leader and other stakeholders is to provide accurate training and development to their workforce about internet channel. Further, they are trained and has to attract large number of customers towards insurance services.
Recommendations: From the above mentioned, it can be recommended that low cost internet channel are important and essential for the company to attract large number of customers and achieve maximum amount of capital. Company should apply different kind of leadership theories and approach. This is highly valuable for the insurance firm to established their business operations at international stage.
Conclusion: As per the above mentioned detailed, it can be concluded that low cost internet channel assist the business organisation to attract maximum number of clients as well as out their strong image in marketplace (Morgan, 2017). Along with them, firm used different kind of leadership approach which support for the development and implement of internet channel. It is highly essential for them to provide entire information and data regarding business services and products.
According to the Perera, (2014) motivation is one of the main and essential part for the company and its staff members. It is the role and responsibility of RETSA manager to use appropriate theory of motivation. For applying them, they easily encourage their entire workforce for working and functioning business operations and activities in an accurate manner. There are mainly two types of motivation theory which are determined as below:
Content theory: This theory mainly focuses on determination of requirements of an employees. It identifies modifying needs of individual with time. There are different essential and important theory which are includes in this are:
Maslow's Need Hierarchy Theory: This model is provided by the Abraham Maslow in year 1943. This aspects cover different parts which are determined as below:
Physiological Needs: It is the role of CEO is to provide basic needs to their staff members, including food, air, water and many other.
Safety and security needs: It is another part of the theory which is essential for the business manager. In order to implement low cost internet channel in their business operation, company should try to give safety, security and other health related services. Further, they can give their full attention for accomplishing such way.
Love and belongingness needs: Another part of the Maslow's need, it is the role of CEO of the RETSA to give sense of belongingness, affection and love with friends and family (Pruzan and et. al., 2017).
Esteem Needs:Under this, employees starts developing and enhancing requirements of self-worth and esteem such as dignity and respect.
Self-actualization needs: It is another part of the theory which is essential for the manager fulfil basic desire and needs of company in limited time duration.
Herzberg’s Two-Factor Theory: It is provided by in 1959 by the Frederick. This theory includes two factors which are determined as below:
Hygiene factor: this factor includes salary, working conditions, work environment, safety and security etc. if these aspects are not fit them it creates unhappy and dissatisfaction among employees with their job.
Motivating factor: In this company insurance company motivate their all staff members for implementing low cost internet channel in an effective and efficient manner. So it is important for the RETSA to reduce employees turnover and maximise customer base in a systematic and easy way (Rees and French, 2016).
Process Theory: This theory describe the behaviour of employees in different terms such as sustained, stopped and directed. There are some necessary theory which are included in this are:
Reinforcement Theory:- It is another important theory which describe that behaviour and reaction of employees in business functions. It reduce the internal aspects of people and emphasis on better outcomes. This theory includes different parts which are determined as below:
Positive Reinforcement: With the use of this, manager of RETSA maximise employees response to accomplish long term goals and objectives in limited time duration.
Negative Reinforcement: By applying this concept, business manager easily decrease negative energy and aspects from the workforce.
Punishment: This identifies the undesirable or unwanted consequence of a specific behaviour.
Extinction: Under this business entity reduce response rate related to re-enforcement like ignoring.
3 Key factors apply by the CEO in order to motivating employee in the implementation of low cost internet channel:
Providing fair remuneration and salary: It is one of the main and essential factor which is apply by the RETSA, CEO in implementing low cost internet channel with motive to accomplish predetermined goals.
Providing rewards: It is another essential for the organisation to giving better facility and rewards to the employees as per its performance (Sharma, Mithas and Kankanhalli, 2014). So that they are motivated and tires to develop internet channel which assist to gain maximum amount of money.
Involve in major decision making process: It is the role and responsibility of company CEO to involve their entire workforce in major decision making process. This process mainly related with the creation of low cost internet channel.
Conclusion: From the above mentioned detain, it can be concluded that motivation theories are important for the manger in order motivate their employees regarding implementation and development of low cost internet channel in a systematic manner. It is beneficial and essential for the company to accomplish desired and long term objectives.
Change management theory: It is the techniques, tools and process to handle the large number of person side of variation to attain the wanted business outcomes (Warwick, 2014). It incorporates the business techniques that can be applied to assist individuals in order to make personal transitions outputting in the realization and adoption of change. One of the best methodology of change management is Kotter’s 8 steps model which includes different steps which are determined as below:
Increase urgency: It is the first steps which is important for the company to increase urgency in an effective and efficient manner (Kotter’s 8 steps model, 2016). At this, manager of the RETSA getting large number of person to really feel and see the requirement for change. As per the case study, company change their business operation which effects on its performance and profitability level.
Build guiding teams: Under this stage, manager of the company build an effective team in order to implement low cost internet channel with aim to achieve long term objectives and targets in limited time duration (Warwick, 2014). It is another important part of the business entity to increase their sales and revenues.
Get the vision right: Vision of the RETSA is to increase sales or revenues by rendering quality services and products. Changes in the management that also effects on business vision and performance.
Communication for Buy-in: In the organisation, there are different employees who are work with together with aim to achieve maximum amount of capital. It is the role of CEO is to communicate all information related to changes in the culture, introduction of low cost internet channel and many other.
Enable action: Under this manager take an action about implementing low cost internet channel in an effective and efficient manner. It also support to increase customer base in the organisation.
Develop short-term wins: At this stage, company develop their short term goals and objectives with motive to attract large number of customers towards business products and services (Davies, 2016). In this they tries to develop an effective internet channel which is beneficial for accomplish their predetermined objectives.
Don't let-up: Under this they Don't let-up with difficult situation and condition which assist them to increase their profitability and productivity level in easily. Low cost internet channel assist the business to attract wide range of the clients in limited time period.
Make it stick: At this stage, role of manager is to make an effective decision which help to reduce uncertainty of company and accomplishment of higher success and development in marketplace (Balmer and Wang, 2016).
Strength and weakness of Kotter’s 8 steps model:
It is essential for the company to develop an innovative plan and idea in their business operations.
This model assist the business manager to mange all activities and functions in proper manner.
It is a costly product and required some knowledgeable employees.
It is difficult for the business manager in order to attain long term wins in limited time period.
Leadership style is very essential for me to handle difficult situation in an easy manner. My own leadership style is democratic which is appropriate for the me in order to apply Kotter's 8 steps. This is essential for me to guide all workers related to the business operations and activities. It is accept of the RETSA because with the help of democratic style I am capable to manage all situation in an effective and easy way. It is essential for me as well as organisation to develop business operation at different level. Traditional leadership style is less essential as compare to modern tool. In this I will prefer Low cost internet channel which assist me to easily maintain entire work and operation of company.
Democratic leadership style is appropriate to change business environment and culture as per the needs and wants of customers. It order to develop this tool in organisation, I have different roles and responsibility in relation to provide effective training and development to the workers who are actually working in the company (Al-Somali, Gholami and Clegg, 2015). It should apply by the company to manage their all functions and operations in systematic manner. Kotter's 8 steps model help the business and me to reduce difficulties and issues in the organisation as well as maximise customer attraction at more. Democratic leadership style is suitable for the RETSA to handle entire situation in easy way.
From the above mentioned report, it can be concluded that business operation is one of the essential part to develop their long term success and progress in marketplace. In order to leading business organisation, company use different tools and techniques which assist them to attain predetermined goals. Process and content theory of motivation, leadership styles and Kotter's 8 steps model are beneficial for the organisation to motivate their all staff members for achieving common goals in limited time duration. Leadership style also support them to manage and handle difficult situation or condition for accomplishment of wanted goals. Kotter's 8 steps model is also useful part of the change management that support for attracting maximum number of customers towards business products and services.
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