MBA502- Emotional Intelligence Cultural Intelligence and Diversity
I have selected the Automobile industry as I aspire to become a part of this industry in the near future. The automobile industry in Australia is one of the most prominent business industries that are operating in the country. The industry is filled with domestic and international car manufacturers that operate within the industry. The size of this business is very huge in financial ways. The automobile industry in Australia has not been a prominent one but has transitioned itself in recent decades. This industry is on its development stage within Australia and in this way, the firms within this industry will be able to use models and theory of emotional and cultural intelligence to transition its business operations in the country. I think that the Australian Automobile industry will be able to flourish with the application of modern emotional and cultural intelligence theories to make sure there is further growth within the industry benefiting the firms that are operating within this industry. This is also a reason because of which I have selected this Industry in the current assignment. I selected this industry to make proper evaluation over the application of theories that will help me to understand how these theories will help the industry practice in better its business operation by gaining higher purpose and stakeholder orientation.
Defining the higher purpose do stakeholder orientation
Higher purpose and stakeholder orientation are two factors that prominently come under the theory of Conscious Capitalism. Conscious Capitalism is a theory that refers to the political, social, and economic philosophy that a firm follows in its operation to gain higher benefits. Under this theory, it is stated that a firm should operate in an ethical manner while pursuing profits and benefits. By this, I have understood that the business must be serving all its stakeholders that are involved in the operational, financial, and social operations of the firm. Conscious capitalism is stated to be a concept that promotes free-market capitalism and states that this is the most effective way through which human progress and social cooperation can be achieved in an efficient manner. The term higher purpose and stakeholder orientation are a prominent part of this concept and are the part of four guiding principles that have been stated within this theory (Sisodia and Mackey, 2014). As per the principle of Higher purpose, the company should want to achieve or work on purpose that is beyond financial profit and while doing so it has to engage and motivate its other stakeholder as well to achieve higher purposes rather than just the objective of profit maximization. This resembles the social and environmental aspects and responsibilities that the firm wants to take so that there are high benefits that society and stakeholders can achieve through its operations. The term High purpose helps firms to see beyond the normal profit-making objective and provides elaborate views on the purpose for which the company should be operating collectively with the stakeholders of the firm. On the other hand Stakeholder Orientation is the second principle of conscious capitalism in which it is stated that there is a various stakeholder that firms have this includes but are not limited to employees, managers, customers, shareholders, investors, and suppliers. In a normal firm, the firm focuses on wealth maximization of its shareholder but a firm following conscious capitalism has a vision of creating a whole business ecosystem so as to create and optimize the value for all its stakeholders. This is a broader vision that the firm has and thus makes sure that the stakeholder orientation of the business is wider and valuable in nature. This shows that both of these terms resemble a greater vision of firms in the automobile industry. I think that through the use of these two principles the automobile industry will be able to transition itself as an industry that has a wider vision and value that it can serve to the society and environment. The principle of Higher purpose will help the industry to look beyond the purpose of profit mahjong making sure that the firms in the industry create added value for the society and environment whereas I think the principle of stakeholder orientation will make sure the automobile business ecosystem is transferred and there is the greater value provided to the stakeholders of the firm. I think that the application of these principles can be applied by changing the goals and perception of business within the industry to make sure a better business environment exists there within the industry creating gift value and business ecosystem for the stakeholders of the firm. These principles will bring disruptive and transformation changes within the Australian automobile industry making their social, ethical, and environmental purpose bigger so as to benefit a wider context of the society and stakeholders (Frémeaux and Michelson, 2017).
Explanation of the understanding gained and how it will help further
According to me, the improvement in the automobile industry can be obtained by developing some skills through which I can maintain a good relationship with both the internal and external stakeholders. The qualities are the most essential part which I need to develop to improve the company’s management and customer service. This could support the organization to attract more customers and this will result in an increment in the profits of the company. Whereas, maintaining the stakeholders efficiently can also support the organization to expand its business. I need to develop my skills in understanding the needs of the stakeholders and also need to develop my verbal communication skills, through which I can easily attract the interest of the stakeholders. According to me, the stakeholders are the most essential part of the organization so it needs to be maintained effectively. Maintaining the stakeholders in the organization will help the company to achieve long term objectives. I need to enforce the laws and regulation which are assigned by the government accurately. So, the support of the government can also be gained. The stakeholders support the organization to improve their selling and earning huge profits. According to the automobile industry, I need to maintain some qualities of mine as well as the management to improve customer service which the customers mainly demand. I also need to maintain a good relationship with the suppliers who provide me the products. I can maintain a sequential manner with the suppliers by paying the amount of the products at the right time. This may help the supplier to feel secure in providing me the products. I also need to maintain the internal stakeholders properly so that they perform their assigned tasks in an efficient manner. Internal stakeholders are known as employees. I need to provide some better facilities to the employees so that they feel secure and comfortable. This could result in performing the tasks effectively. The qualities which need to be gathered are the ability to build trust, the ability to motivate and engage others through influencing and persuading. The company provides job securities to the employees and sue that the employees perform the assigned tasks effectively. This also provides employees with a fair communication opportunity. Similarly, the external stakeholders are maintained carefully as the company can be a great benefit to a community providing tax money, access good products and services, providing job facilities to the people of the community and community program improvement program (Helfaya, and Moussa, 2017). The organization can also support the community by maintaining the business sustainably. The government is another external stakeholder that needs to maintain perfectly as the company can gain some financial support from the government. The government also provides regulatory oversight, ethical practices, and legal concerns (Indeed, 2020). I need to develop the quality of interacting with others which can gain the interest, and through this, the organization can obtain the organizational goals. The encouragement in the business environment needs to provided by me so that every employee feels motivated and due to this they could engage their full ability to perform the tasks efficiently. I need to maintain the workplace effectively so that everyone feels comfortable. Similarly, the skills and knowledge also develop the intelligence of the employees in the workplace, I need to organize some seminars through which the employees will get some proper knowledge which they can implement while performing the tasks in the organization. The quality of meeting with the stakeholders mainly who are resistant to change is required. The data management system which I need to develop through which the customers will gather important information about the organization. Maintaining the management system perfectly os the most vital part which the organization always needs to observe. I also need to develop the training of the employees who are assigned in the customer service department effectively by organizing orientation meetings and also I need to improve the trust issue among the investors so that they feel secured while investing the capital in this company. Investors are the backbone of the company so they need to be maintained effectively to achieve certain objectives. The organization is correlated with the stakeholders in the case of the achievement of successful objectives.
U Theory and its application in industry to fulfill the high propose and stakeholder orientation to become a conscious business and contribute to the society and environment
U Theory is an evident change management process through which I can bring changes within organizations and at a collective level in the industry. I have selected two stages or steps from this U theory of change management which are Redirecting and Institutionalizing using which the change of bringing in the principles of higher purpose and stakeholder orientation can be achieved in an effective way. I have understood that these principles of conscious capitalism will revitalize the automobile industry in Australia and will further transition the firms and their purposes in a huge manner creating a great and wider business ecosystem. The steps of Redirecting and Institutionalizing are important within the U theory to ring in changes prominently so that the firm is able to adapt to the changes in an effective manner. Now it is important to understand that Redirection is a step within the U theory in which I will ensure that the redirection of purpose and stakeholder orientation can be done. This will be done by seeing the changes needed and understanding the changes that should be made in the industrial ecosystem and firms to make sure that these two principles are successfully adapted within the business operations of the firm. It is important to consider that in this step only the redirection of goals and purpose will happen to make sure that the change needed for establishing the principle is initiated. In this way, there will be initiation of the business operations that are used by the firm in their operational activities. The means of Redirecting and Institutionalizing are significant inside the U hypothesis to ring in changes unmistakably with the goal that the firm can adjust to the adjustments in a viable way. Presently comprehend that Redirection is a stage inside the U hypothesis where I will guarantee that the redirection of direction and partner direction should be possible. This will be finished by observing the progressions required and understanding the progressions that ought to be made in the mechanical-biological system and firms to ensure that these two standards are effectively adjusted inside the business activities of the firm. Institutionalizing will be a stage in which the change is established and made prominent through setting norms and principles. In this Stage, I will set norms and principles so that there are changes made prominent within the industrial operations following which the purpose and goals of firms inside the industry will change aa the goal of creation Concurs business urbanization will be achieved.
Frémeaux, S. and Michelson, G., 2017. The common good of the firm and humanistic management: Conscious capitalism and economy of communion. Journal of Business Ethics, 145(4), pp.701-709.
Helfaya, A. and Moussa, T., 2017. Do board's corporate social responsibility strategy and orientation influence environmental sustainability disclosure? UK evidence. Business Strategy and the Environment, 26(8), pp.1061-1077.
Indeed, (2020) INDEED Available at https://www.indeed.com/career-advice/career-development/stakeholders-in-the-workplace Accessed on 9th June 2020
Sisodia, R. and Mackey, J., 2014. Conscious capitalism. Highbridge Audio.