Leadership Value System and Employees' Perspective of United Finance Company
Added on 2021-05-31
26 Pages5660 Words339 Views
FinanceLeadership ManagementReligionPolitical Science
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Running head: ORGANISATION AND SECTOR LEADERSHIPORGANISATION AND SECTOR LEADERSHIPName of the Student:Name of the University:Author note:
1ORGANISATION AND SECTOR LEADERSHIPTable of ContentsIntroduction......................................................................................................................................21) Literature Review........................................................................................................................3a) Departmental Structure and Systems of UFC SAOG..............................................................3b) Leadership Value System and Impact on Employees and Management.................................5c) Analyze Difference among Competitors.................................................................................5d) Competitor differentiation impact on United Finance Company............................................72.a) Development of Finance Sector...........................................................................................7c) Implications on United Finance Company SAOG..................................................................93) Changes in Oman’s Financial Sector....................................................................................11a) Six Conditions.......................................................................................................................11b) United Finance Company SAOG implementing digital transformations.............................134) Critical challenges faced by United Finance Company SAOG............................................14Conclusions....................................................................................................................................16Recommendation for United Financial Company.....................................................................17References......................................................................................................................................18
2ORGANISATION AND SECTOR LEADERSHIPIntroduction The concept of leadership is neither a recent nor a unique development to the publicsector. Leadership is regarded as the most significant role of the public sector leaders which isimplemented to bring resolutions for issues and challenges experienced in specific businessscenario. The focal point of leadership further plays an integrating and engaging role amongseveral (Businessdirectoryoman.com 2018) Human Resource Management entities incorporatingrecruitment and selection, induction and development, performance management, along withpublic services and succession strategies. The report will intend to evaluate structural frameworkand the existing Leadership Value Systems and Structure of United Finance Company S.A.O.Gand its impact on the leadership technique, management and the employee base. The paper willfurther cast light on the way the finance sector through which the company operates has evolvedalong with its difference between its competitors. United Finance Company SAOG is known as apublic shareholding company based in Oman that provides services related to leasing andfinancial solutions (Ufcoman.com 2018). The organization further offers a broad array ofproducts catering both conventional as well as non-conventional finance, cooperate depositsalong with insurance provides through several bank institutions. It must be noted that UFCSAOG has been fundamentally involved in the provision of vehicle and equipment financing,composite loans, bridge loans, installment plans along with funding of receivables and leasing inthe Sultanate of Oman. UFC SAOG being founded in the year 1997 is headquartered in Muscatalong with a network of branches located in Ibra, Firq, Al Qabail, Salalah, Barka and Mawelah(U.S 2018). Furthermore, it must be noted that the company provides services of vehicle andequipment financing in the Sultanate of Oman. The company operates through Corporate andRetail sectors and offers heavy equipment and commercial vehicle finance. The company has
3ORGANISATION AND SECTOR LEADERSHIPrecently announced unaudited income results for the period that ended on 31st March, 2018. UFCSAOG has further reported to earn a total income of over OMR 2.5 million in comparison to itslast year’s income which was estimated at OMR 2.8 million. The major shareholders of thecompany included Oman Hotels & Tourism Company SAOG along with First National LLC(Businessdirectoryoman.com 2018). 1) Literature Reviewa) Departmental Structure and Systems of UFC SAOGThe organizational design of UFC can be analyzed by viewing at 7 chief internalelements namely strategy, structure, systems, style, skills, and staff and shared values. Strategy- UFC according to recent reports has granted the principle to merge with Bank Nizwaon further operations. Bank Nizwa has disclosed in an official statement related to the Muscatbourse that it has interacted to United Finance through a letter of interest in order to reveal thepotentialities of a strategic unification between two entities (Yaseen 2014). Structure- UFC’s primary business services involve banc assurance, consumer finance forvehicles and other loan requirements, debt consolidation. Furthermore, the company purchasesfinancial contracts with startup companies (Al Kharusi and Başci 2017). The company’smortgage products and services operations along with specialized investment funds are operatedthrough UFC’s subsidiaries. Style- United Finance Company considers evolving as a true market leader within the domain offinance in relation to well-developed risk asset portfolio, economic health and good corporategovernance through an immensely self-driven as well as motivated team consisting of visionary
4ORGANISATION AND SECTOR LEADERSHIPleadership as a form of its corporate leadership ( Gheeraert 2014). In order to accomplishconsumer expectations and further achieve their vision, UFC SAOG has introduced severalattractive services for composite loans, debt factoring as well as investing of receivables andstart-up companies in the Sultanate of Oman. Skills- UFC SAOG being one of the major investment companies endeavors to offer enhancedquality service to its customers (Singh and Fida 2015). The Nucleus Software with its expansionin the UAE has been leveraging its industry expertise as well as solution skills that will facilitateUFC in developing its competitive edge as well as product innovation capability. Values and Principles-The Company aims to be the leading financial services organization fortheir investors and the community through the providing excellence in the department ofcustomer service. Furthermore, UFC has successfully developed associations that reflect anencouraging difference in the lives of their consumers (Pradhan et al 2014). System- The UnitedFinance Company leadership team is accountable for supervising its operational as well asbusiness progress activities to accomplish sustainable development and further achievecompany’s mission and vision. Employee Base- UFC Oman comprises an asset base of RO 120 million, with over 12,000contented customers, around 7 branches and more than 140 employees (Manchanda andMukherjee 2014). b) Leadership Value System and Impact on Employees and Management Several studies have observed the impacts of transformational and transactionalleadership techniques of the UFC firm. The leaders of the company acknowledge its employeesto accomplish specific vision for the company itself that constructs effective work productions.
5ORGANISATION AND SECTOR LEADERSHIPFunctioning within the culture that promotes freedom in religion, the leaders of UFC furtherengages into intellectual stimulation that involves appealing the rationality of the subordinatesand facilitating them to challenge the assumptions and to review previous problems in innovativeways (Imam and Kpodar 2013). The intellectually stimulating leaders may further empower theemployees of the company to have active participation in the decision making procedures andfurther developed an opinionated staff base. c) Analyze Difference among Competitors Oman Orix Leasing Company, one of the competitors has recorded highest businessvolumes in its record. Gross lease receivables of the organization raised by 14% to RO 260Million in comparison to the RO 220 Million in 2016. The development has resulted in anincrease of over 1.50% in the operating revenue earnings (Looney 2013). The National Finance however has maintained a positive development in the trajectory.The net finance assets have rose over 4% during the year in order to reach RO 200 million fromRO 190.5 million in 2016 (Rajasekar 2013). On the contrary the Muscat finance has continued to maintain a relatively cautiousapproach towards asset growth and net loans and advance reduced by RO 6 Million in 2016. In2016, the company has reduced its provision charge to the earnings by 9% (Al-Malkawi, Pillaiand Bhatti 2014). It is further to be noted that incremental provisions that comprised of aroundRO 1 million and cumulative provisions that included reserve interest achieved RO 16 million.
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