BBAB301A: Big Changes at Investment Inc. - Management Assessment Answer

Management Assessment Task

Two years ago, Investment Inc. appointed a new CEO to save the investment brokerage company from closing its doors. The CEO knew that he had to make major changes if the company was to survive. His experience told him that he had to start with the managers and the employees; he had always believed that the wellbeing of employees stands at the centre of any organisation’s success. The CEO first developed an anonymous survey to assess the job satisfaction and performance levels of the company’s investment consultants; the investment consultants created the company’s revenue, after all. The results of the survey clearly indicated that things had to change drastically.

The survey revealed that most investment consultants were very unhappy in their jobs. This led to low engagement levels and subsequent underperformance. The high levels of employee absenteeism and staff turnover further confirmed the low job satisfaction levels of Investment Inc.’s staff. It was as if the investment consultants did not feel important and as if management did not recognise their efforts in the company; management barked out orders and the investment consultants had to implement these orders, no questions asked. Performance management at the company entailed management focusing only on negative issues and not on the investment consultants’ achievements: a stick as opposed to a carrot approach to performance management. The investment consultants were not part of decision-making processes at all; it felt like management distrusted them. They further felt like ‘little cogs in a big moneymaking machine’. They also missed traditional consultant-client relationships, because the centralised data management system with standard operating procedures took over the investment function once they have signed up investment clients. It is as if they were only good enough to have limited and mechanistic engagement with clients. Investment Inc. only recruited highly qualified and competent investment consultants who were achievement-driven. Even though the company paid highly competitive remuneration packages, something was amiss; these micro-managed investment consultants soon became disenchanted and disengaged with their jobs. Changes in leadership The CEO immediately focused on changing the leadership style of all managers. He focused on instilling the following attitudes:

•  A manager’s primary role is to specify each employee’s task clearly, to reduce the barriers impeding task achievement and to facilitate employees’ increased performance.
• Managers should provide personal growth opportunities for employees to realise their potential.
• Managers should motivate employees and help them to achieve their job-related objectives; this should provide each employee with the opportunity to attain job satisfaction. Managers thus had to ‘identify and clear the path to achievement’ for each employee. The CEO further explained that the investment consultants were highly qualified and driven people who needed challenging goals; this change in attitude and subsequent leadership approach would drastically improve their performance and job satisfaction. With all this in mind, all managers needed to adapt their leadership styles to manage the investment consultants.

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