Describe about Introduction to Management for Australian Biotechnology Company.
CSL Limited, an Australian biotechnology company meant to develop and deliver innovative biotherapies to save lives (Csl.com.au, 2016). The products such as blood plasma, serum, vaccine, anti-venom and other medical products help in treating or preventing serious human medical conditions (Csl.com.au, 2016). Macquarie Group Limited is global investment banking, funds management and has other financial services group in Australia. It is one of the largest investment banks and offers high profit margins to its shareholders (Macquarie.com, 2016).
The SMART goal framed for both the organization is to increase customer base by 15% through efficient products and services within a year (O'Neill, 2011).
CSL operates in over 30 countries with over 16,000 employees (Csl.com.au, 2016). CSL is committed to save and improve the lives of people with rare and serious conditions. The organization serves the core purpose of investing in Research & development is constant since years as it aims to identify, develop and commercialize new bio therapeutic products (Csl.com.au, 2016).
In contrast, Macquarie commits itself in providing long-term profitability and creating sustainable value for its shareholders. The organization has over 14,000 employees in 28 countries (Macquarie.com, 2016). The company aims to meet its stakeholders expectations while pursuing opportunities and maintaining a strong risk management framework (Macquarie.com, 2016). It is interpreted that both the organizations focus on the sustainability and securing the customers as they are the most critical part of any organization (O'Neill, 2011).
Values of the Organization
There are thousands of employees working across the globe and the organization believes in a set of values for working across the organization (Csl.com.au, 2016). The set of values also help the organizations and its diverse business areas in making decisions. The set of values were set out as common values in the year 2002 for the diverse business units (Csl.com.au, 2016). Firstly, they have customer focus as the company is passionate about meeting the needs of its customers. Customers are the central focus of any organization. Secondly, the company focuses on innovation and they continuously believe in striving to find new way of doing things. Thirdly, they believe in integrity and run ethical practices in their organization. Fourthly, CSL believe in collaboration and works together as a team to achieve better results. Lastly, CSL believes in superior performance and strives to be the best at what they do (Csl.com.au, 2016). The values of the organization help in attaining the ‘Achievable or Attainable’ aspect of the determined SMART goal. The goal of increasing customer base can be achieved using these values of the organization (O'Neill, 2011).
Macquarie is a global provider of financial services with thousands of employees across the world (Macquarie.com.au, 2016). In contrast with CSL, the quest for improvement of Macquarie is never ending. CSL focused on five principles while Macquarie’s organizational culture rests upon six principles (Macquarie.com.au, 2016). The values of Macquarie are integrity, client commitment, fulfilment of the people, delivering highest standards, teamwork and strive for profitability (Macquarie.com.au, 2016). These values are considered critical for growth and prosperity. The values such as teamwork, integrity, client commitment, and delivering highest standards are similar to CSL. Additionally, Macquarie focuses on greater profitability and fulfilment of its people as it is values (Macquarie.com.au, 2016). The organization can attain its SMART goals of expanding customer base by focusing on the organizational values (O'Neill, 2011).
Corporate Social Responsibility/ Sustainability
CSL commits itself for providing best practices and is governed by a global Steering Committee. The primary purpose of the Steering Committee is to drive awareness and make continuous improvements for aligning with the organizational goals and operational priorities. CSL makes significant investment in the functional areas such as Research & Development (Csl.com.au, 2014). The R&D process helps in expanding product and service portfolio that can significantly increase customer base. The organization also maintains safety and quality of the therapies (Csl.com.au, 2014). Since the main purpose of the organization is to serve its customers, maintaining quality helps in retaining existing and attracts potential customers (Csl.com.au, 2014). CSL puts emphasis on operating responsibly as it provides direct values to the employees. It also provides a positive work environment for the employees to work in. This is a core sustainability strategy followed by the company (Csl.com.au, 2014). It maintains diversity and balance in the workforce for achieving goals of zero fatalities, zero fines and zero safety violations (Csl.com.au, 2014). CSL also contributes US$32.8 million for supporting communities across the world (Csl.com.au, 2014). The company has donated emergency products to Red Cross agencies for relief support. Additionally, the company minimizes its environmental impact by reducing energy consumption, greenhouse gas emission, water consumption, waste generation and enhancing environmental sustainability (Csl.com.au, 2014).
Similar to CSL, Macquarie puts significant efforts for environmental, social and economic responsibility as a part of corporate social responsibility. It follows the approach for managing environmental and social risk by complying with the International Finance Corporation Performance Standards (Macquarie.com, 2016). For its employees, Macquarie makes full use of the opportunities for the clients, shareholder and the people. The company operates globally and has a dynamic workforce which is fundamental to their success (Macquarie.com, 2016). The organization focuses on attracting, developing, engaging and retaining talented individuals. They also provide employees with the opportunities with career development and provides safe and healthy environment for them to work (Macquarie.com, 2016). The company promotes sustainable investments across the globe. Not only for the employees, Macquarie focuses on environmental impacts just like CSL. They seek to manage waste, maintain carbon neutrality, improves supply chain practices, water management and reducing energy consumption across global operations (Macquarie.com, 2016).
These factors contribute in achieving SMART goals as these efforts leave a positive footprint in the minds of customers. The efforts enhance reputation and credibility that helps the customers and investors in having a positive mindset (Hunnicutt, 2012).
Stakeholders are the people or bodies who are affected by the organization actions, policies or objectives (Louche and Hebb, 2014). Every organization comprises of internal and external stakeholders (Husted and Allen, 2011). For CSL, the stakeholders are given as follows:
Employees- The employees are an integral part of CSL as they have taken the organization to this level. Their research and efforts are making the organization prosper and address the needs of the customers (Csl.com.au, 2014).
Customers- The central focus of any business is its customers. They need to be confident that the products and supplies by CSL is done with highest integrity at all time. Both donors and patients are its customers and are taken care of by the company (Csl.com.au, 2014).
Suppliers- The suppliers of the organization are the blood donors and plasma donors. It is necessary for the organization to ensure health and safety of the donors and their blood and plasma. CSL needs to ensure that the donation made by them is safe both for the organization as well as the donor’s well being (Csl.com.au, 2014).
Distributors- The Company has distribution centres through which it distributes collected plasma. They also distribute in-licensed vaccine that is critical as the distribution needs to be pure and safe (Csl.com.au, 2014).
License Partners- The biotherapies and market vaccines require licenses before it is sold in the market. The license partners are affected by the operations of the business and affect the operations of organization (Csl.com.au, 2014).
Similarly, Macquarie has certain stakeholders who are affected by its operations and objectives given as follows:
Shareholders and Investors- The shareholders are the customers of the company and Macquarie keeps open lines of communication with them. They ensure maximum engagement through domestic and international seminars, conference and roadshows (Static.macquarie.com, 2016). Macquarie provides a direct avenue for maximum engagement and providing access to information (Static.macquarie.com, 2016).
Employees- In contrast with CSL, Macquarie also engages with its employees and values their feedback. The employees are regularly encouraged and motivated through annual performance appraisal. The organization runs a holistic staff wellbeing program, Macquarie Plus that provides non-financial benefits to its employees and helps in psychological development (Static.macquarie.com, 2016).
Government and Regulators- Macquarie makes direct submission through various government review bodies, regulatory agencies, public officials and officers. The company supports vibrant democracies and contributes its services on policy related matters (Static.macquarie.com, 2016).
Community- The Macquarie Group Foundation is responsible for providing financial and pro bono support to programs and community organizations. Just like CSL, the Foundation provides financial support to charities across the world. The company encourages innovative thinking. A dedicates space called Bulb is used for social innovation (Static.macquarie.com, 2016). Not just this, Macquarie also funds the cancer patients from curling treatment. They also support students in Hong Kong through skills sharing (Macquarie.com, 2016).
Suppliers- The company has a dedicated vendor management office to deliver the programme and improving insight of strategic suppliers. There company tracks contract performance, delivers value, develops new ideas and conducts supplier meetings (Static.macquarie.com, 2016).
Both the organizations, CSL and Macquarie consider stakeholder engagement as a foundation of corporate responsibility. The stakeholders for both companies cover several activities (Das Gupta, 2013). The organizations actively collaborate and support its stakeholders. The stakeholder engagement shall help in attaining the SMART objective of the company as it shall enhance the credibility (Coombs and Holladay, 2012). With greater stakeholder engagement, the organization shall be praised for sustainable business practices. With efficient business practices, the customers shall witness the company’s efforts and thereby willing to make purchase from the company (O'Neill, 2011).
Conclusively, both the organizations can increase customer base by 15% through efficient products and services within a year. The business operations and processes are established globally. It is interpreted that both the organizations focus on the sustainability and securing the customers as they are the most critical part of any organization. The organization can attain its SMART goals of expanding customer base by focusing on the organizational values such as teamwork, integrity, client commitment and more. The efforts for CSR enhance reputation and credibility that helps the customers and investors in having a positive mindset towards the organization. With efficient business practices, the customers shall witness the company’s efforts and thereby willing to make purchase from the company. CSL and Macquarie consider stakeholder engagement as a foundation of corporate responsibility. Therefore, the customer base can be expanded as the stakeholder engagement is positive and there are significant efforts for maintaining sustainability.
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