Management Practice and Theory 2022

Management Practice and Theory0
Management Practice and Theory
Name of the Student:-
Name of the University:-
Author’s Note

Management Practice and Theory1
Introduction
With the advent of 21st century, the concept of Managerial Theories took a significant
turn. With a more neo-liberal policies, the corporate organizations, played a pivotal role in
reshaping the organizational approach. Organizations, those who have experienced a steadfast
growth in 21st century, are empowered with greater organizational values. The leadership of
these organizations, impeccably trained with sheer brilliance have succeeded in creating an
impact on the corporate world. This essay tends to focus on several aspects of Managerial Skills,
with a reflective approach to the topic (Berman,2014). Also this essay tends to focus on several
terminologies and their connotations and perceptions from and individual’s as well as from an
organization’s perspective.
Discussion
The global corporate and organizational outlook took a vehement turn with the advent of
21st century. The realistic and more analytical approach to the situations eventually led to the rise
of several organizational theories. The several terms associated to the Managerial and Corporate
thesaurus started to depict different connotations (Hogan,2017). The newly emerged theories
have succeeded in creating an impact on the organizations in most effective way.
My personal experience in corporate world has so far been excellent. The organization I
am associated with is a renowned banking service in Australia. My organization ‘Westpac’
started its journey in 1817. Being the oldest banking service in Australia my organization has
experienced various dynamic situations, which eventually led it rise to the heights of its power.

Management Practice and Theory2
During the initial days, this organization was known as ‘The Bank of New South Wales’. And in
1982 it merged with another banking service, and the journey of Westpac started. Needless to
say, being an organization that dates back to 19th century, has been through various situations.
The newly emerged ‘Westpac’ faced situations like the decline of Soviet, the vehement advent of
Neo-Liberal policies.
The growth of an organization depends on the managerial skill and the aptness of the
leadership. Though the employees are the revenue generator and responsible for the productive
output of an organization, still the leadership of an organization plays a pivotal role in re-shaping
the prevailing ideas (Czaika,2013).
I have been working in this organization since couple of years, precisely a year or two. I
have witnessed changes brought into this organization. When I am using the term ‘Change’ I am
talking about the connotation that has been perceived in corporate world. Change is referred to
the alteration of the prevailing traits of an organization (Fowler,2013). Often it can be observed
that the change brought into the organization has been denied by the employees. The utmost duty
of the leadership is to look into this matter and resolve the issue with greater sense of
responsibility.
A pertinent question may arise, that why I have chosen Westpac? As an employee of this
renowned banking organization, I have seen so many changes adopted by the organization to
sustain in the market. The purpose of this organization is to serve people with the best banking
service possible. Apart from banking service, this organization looks after other segments, like