Contemporary Issues in Business and Management

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Contemporary issues in business and management
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Introduction
Contemporary management issues examine the way organizational reacts to address
various emerging issues in an organization. Management issues are dominant in most of the
organizations as a result of current and past practices. Furthermore, the contemporary business
environment is very competitive with diverse organizations imposing high quality of human
resource to survive the rapid competition. However, management of the human resource has
remained to be the main challenge to various organizations. The challenges have been a key
determinant of variation that exists between the diverse organization in terms of performances,
market shares and profit margins. Due to the tough management challenges, many organizations
have identified the management issues and strategized on their solutions. Therefore, the paper
seeks to identify key management issues arising from ANZ Company’s planning, organizing,
leading or controlling process, the impact of the issues on business performance and
contemporary management tools to address the issues.
Brief introduction of ANZ Company
Australia and New Zealand Banking Group Limited (ANZ) Company is one the leading
financial institution in Singapore. The company was founded as a representative office of New
Zealand and Australia Banking group in 1974 (Australia and New Zealand Banking Group
Limited, 2019). The financial institution was later converted to an offshore bank in 1980 and
upgraded to the wholesale bank in 2002. In Singapore, ANZ Company offers an integrated
solution of corporate banking and institutional, retail banking, financial markets, investment
banking services, private banking and trade finance.

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Key contemporary issues arising from Australia and New Zealand Banking Group Limited
Currently, ANZ Company has experienced diverse management issues that have
significantly slowed down the growth and development of the company. Currently, the key
management issues faced by the company include; organizational culture, allocation of human
resource, poor leadership, poor planning, retentions, workforce conflicts, low employee
engagement, the poor commitment of key staff, change management issues and relationships
with customer care. However, the two main contemporary management issues faced by the
company include organizational culture and poor governance or leadership.
Currently, Organizational culture has emerged to be the current management issues faced
by ANZ Company. Furthermore, the organization culture of the company has significantly
influenced the four functions of management (planning, leading, organizing and controlling)
leading to poor performance, the decline in market shares and low turnovers. According to Wei,
Samiee and Lee (2014 p.49), organizational culture is underlying values, beliefs, assumptions
and the ways of interacting that lead to the unique psychological and social environment of an
organization. Furthermore, organizational culture in an organization may include experiences,
expectations, values and philosophies that guide behaviors of members and is expressed in
member’s self-image, future expectation and interaction of workforces.
ANZ is also facing a contemporary issue of leadership with some departmental leaders
and supervisors failing to deliver effective services to workforces and customers. Poor leadership
in the company has significantly spoiled the reputation of the company and interfered with
operations and performances. According to Rouse (2009 p.463), poor leadership is inability of a
leader to inspire others, motivate performances and create sustainable value. Further research

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conducted by Kelloway, Turne, Barling and Loughlin (2012 p. 35-59) emphasizes that when an
organization faces a poor leadership, other contemporary management issues such as low
turnover, and poor employee engagement and commitment arises. Therefore, leadership as a
contemporary issue in the ANZ has significantly influenced the organizational behavior of the
company.
Impact of key management issues on the Australia and New Zealand Banking Group
Limited company’s performance
Diverse management issues have different impacts on business performances.
Organization culture of ANZ Company has significantly influenced the strategic planning of the
organization by coming up with issues of “inconsistency”. For example, with ANZ
organizational culture focusing on developing a conducive working environment and the
strategic plan of the company involving ramping up of production, employees have significantly
resisted the need for working faster and harder and therefore recording declined performances.
Furthermore, with incontinences in the company, it becomes hard to mobilize resources and
control processes as it becomes hard to determine the stability of general performances.
Organizational culture issues
Organizational culture also influences the performance of the company by interfering
with the chain of influence. For example, in ANZ, the organizational chain of command is
different from the chain of influence with powerful personalities having more influence than
their position warranty. Research conducted by Weiss and Coll (2011 75-86) shows that when
there is a conflict between the chain of command and chain of influence, employees are likely to
resist changes and organization may fail to control its process. Therefore, the chain of command
culture experienced by the company has seen many strategies passing through the chain of