BUS201 Foundations of Business Success: Phillips Financial Project

This project addresses workplace bullying and cultural issues within Phillips Financial Services, a growing financial consulting firm in Australia. The assignment identifies problems stemming from a lack of cultural awareness among a diverse workforce, including stress, bullying, and a hostile environment. It proposes an appropriate organizational structure, explores suitable leadership styles to foster a healthy workplace culture, and recommends strategies for ethical working practices. The project culminates in the formulation of a 'Workplace Bullying Prevention Program' emphasizing multiculturalism, aiming to improve employee morale, reduce conflict, and address the ethical concerns within the Australian finance industry. The project draws upon the provided assignment brief, which includes examples of bullying behaviors, consequences, and relevant HR policies, and references the Fair Work Amendment Act 2013 (Cth) definition of workplace bullying.

Phillips Financial Services is a medium-size financial services consulting firm in Australia,
which has grown 50 percent in its workforce strength within the last six months. Though the
workforce is culturally diverse, but due to the lack of cultural awareness of the staffs, there is
conflict in the organization. A major chunk of the employees are from Australia, while there
are minor representation from other countries as well. The employees are unable to
understand the culture of the other workers coming from a diverse background. The lack of
understanding between the workers is leading to them being disrespectful towards others,
leading to a hostile environment within the organization. The organisation also a wide range
of age within the workforce that inculcates a conflicting viewpoint. The employees are
experiencing stress, and are being bullied by the Australian workers leading to a low morale
among the employees. Further, the organization lacks a formal organizational structure with
only the CEO, Marketing Manager and Chief Financial Officer to head the growing
population in the organization. The absence of Board of Directors is making it worse for the
organization to set a guidance and instil an accountability within the organization for a
healthy working environment.
The finance industry of Australia is itself embroiled in controversy and scandals. There has
been a fall in the Australian Ethics Index by 6 points since 2017, due to a steep fall in the
ethics index of finance sector (Pash, 2018). The public is losing its trust on the CEO of banks
and other financial institutions, and majority of the firms are being perceived as unethical
because of discrepancy with regards to the salaries of CEOs, bribery and corruption issues
and executive bonuses. The trend indicates towards a problem in the culture and motivation
of the employees, which is inducing them to indulge in unethical practices.
The paper intends to propose an appropriate organizational structure for Phillips Financial
Services, which will aid in developing a multicultural environment within the organization.
Further, the proposal would also explore the apt leadership style which will facilitate a
healthy workplace culture and recommend strategies to inculcate an ethical working
practices. The paper would also formulate a ‘Workplace Bullying Prevention Program’ which
would emphasize upon multiculturalism within the organisation.

References
Pash, C. (2018). The reputation of Australia's financial industry has collapsed, and now
ranks last in a major survey. [online] Business Insider Australia. Available at:
https://www.businessinsider.com.au/ethics-trust-governance-institute-australia-2018-8 [Accessed 1
Jun. 2019].