Acrux Ltd: Overview, Management, CSR, Employee Benefits - Essay.

Meet the Top Managers: Michael Kotsannis, Bruce Parncutt, and Nina Webster

The three prominent managers in Acrux Ltd are Michael Kotsannis, Bruce Parncutt and  Nina Webster.

Michael Kotsannis has a rich experience that spans to the market of the pharmaceutical industry. Being a Chief Executive officer he is able to execute the company proceedings in an effective manner. The rich experience of more than 25 years is another glory that helps him the proceedings.

Bruce Parncutt has a strong career in investment manager and looks after the part of the financial analysis, merger, as well as acquisition.  He is the chair of the risk committee and guides the business that relates to the financial domain.

Nina Webstar is the commercial director and looks after the development of the project management along with a strong emphasis on the research and development sector. Having a vast experience of 20 years in the pharmaceutical industry she tackles the operations with ease (Acrux Limited, 2016).

As per the description of the managers, it can be said that the mangers are vastly experienced and uses the rich experience to guide the destiny of the company. Therefore, the leadership rests on the experience they contain. As per the description and the proceedings, it is evident that the managers of Acrux use the pacesetting style that has the major aim of accomplishment of the task because of huge standards of excellence. The managers of the company are endowed with immense experience and hence, do the task personally to set an example (Acrux Limited, 2016). Therefore, a level of motivation is set by the managers and employees are self-directed that leads to a great result. The leadership style is an innovative yet effective in nature.

The performance of the managers is effective in nature because the company has made strong profits that indicate the training of the leaders and the managers has been in tune to the desired results. As per the financial report, it can be commented that Acrux made profits in the year 2016 and the comparison from the past year indicates the level of influence the managers had to the employees along with other factors. This led to a significant result.

The stories that circulate regarding managers is that the manager is present to guide and direct the company by influencing the employees of the company. In short, the theoretical description is provided whereas the managers play a leading role in directing the employees. Further, it is even stated that it is the manager who strives for the mission and vision and keeps the employees updated. As per the saying, the managers plays a leading role in shaping the destiny of the company. Moreover, the managers are entrusted with the task of getting the job done by employees. It is the manager who deals with the employees and ensures the organizational objective is attained.
Acrux is dedicated for the development and commercialization specialty and producing pharmaceuticals for a global market that helps in providing greater returns to the shareholders. Therefore, the main aim of the company is to enhance the foothold in the market and provide greater returns to the shareholders. Acrux develops various topical, as well as transdermal products that are commercialized through licenses (Acrux report, 2016a). It is banking more on the on-site laboratories, clinical, as well as commercial experience that will help in fetching more customers.
The framework of Acrux corporate governance provides guidance on decision-making process that helps in planning and supporting the practices of the business, company culture and helps the company to fulfill the shareholder duties. The directors, as well as management,  understand the advantages of a workforce that are inclusive and values the concept f diversity in the organization (Acrux report, 2016a). Diverse workplace helps in assisting the company to achieve the strategic goals and in turn attain the shareholder value.

Workplace diversity can be termed as the difference that is present between people in the organization.  It is simple as per definition but goes beyond race, age, tenure, the function of the organization, education, etc. The company rewards the performances and embrace a diversity tat various level of the organization, provides a framework that helps both the employees, as well as the company in reaching the apex (Acrux Limited, 2016). The Board is of the opinion that diversity in the workplace attracts, retains, and influences the employees from a huge pool of talent and no there is no bias in terms of recruiting the talent. Regular assessment is made by the board and recommendation is done accordingly. 

Safety, Environmental Protection, and Corporate Social Responsibility at Acrux Ltd

The company strives to produce an environment that is safe for the customers, as well as suppliers. To ensure this, the company directs employees to adhere to all the directions and law laid down by the company. It is done to comply with occupational health, safety and other policies pertaining to risk management (Acrux, 2016). The company strives to lessen the environmental influence of the activities of the business and this is done through the regular enhancement of the performance of the environment, protection, as well as safety. The company under the activities of CSR with utmost attention so that it can return to the society what it has taken for creation of wealth (Albuquerque et. al, 2013).  To lessen the environmental impact it has provided strong training to the workforce that helps in discharging of the responsibilities.

Further, Acrux helps the society by constantly enhancing the research and development process to provide high-quality drugs. The Acrux technology is one of the additional benefits that can be attained and the drugs can be transmitted through the skin. The technology of Acrux has provided an immense advantage to the users and in particular the society.  The patients are now able to get an enhanced level of therapy that contains the control of drugs that reduces the toxic peaks, lessening the frequency of administration of drugs and great convenience in the usage. The CSR of the company have led to the attainment of the greater status of the company, however, some disturbances were noted. In the approach to CSR, the company failed in the medical condition because the patches are spotted on the skin and the oral drug has an unpleasant taste. The patients are unable to intake the oral medicines and hence needs to be transported through the skin.

Therefore, the CSR has pertained not only to the society at large but also stressed on the development of the internal organization where the workers are provided strong environmental conditions so that work is performed with ease. Acrux is committed to enhancing the value of the shareholder in tune to the responsibility that tags it as a good citizen. The company ensures that adequate information is provided regarding the affair to the stakeholders in a well defined time (Deckers, 2010). This ensures that the market is provided the information on a regular basis regarding any changes or differences that might have concerned the organization.

Employee Benefits Provision: Wages, Leave, Long-Term Services, and More

The income of the employees due to their services till the reporting date, if accumulated as benefits of the employees is collectively termed as employee benefits provision. Wages, annual leaves and also long-term services in all comprise these types of benefits. Remuneration rates are put on such nominal sums which are the liabilities of the employee due till the reporting day which includes the wages, annual leave, and the long-term leaves, and these are to be paid when the liabilities are settled. Contributions to the superannuation funds are made by the consolidated entity and when the matter to pay off the obligation arises then they are charged as expenses (Hooks & Staden, 2011). If a bonus is payable with respect to the employee's contract of employment then only it is tracked by the consolidated entity, but for this, the amount needs to be such that can be easily measured. The consolidated entity works and follows the principal of Employee Share Option Plan (ESOP). Consolidated Statement of Comprehensive Income recognizes the fair value of options is seen as an expense. When this happens then the employee is able to entitle the options (Goodstein, 2011). A binomial option pricing model is used to treat the fair value of options. Using a binomial option of the grant date market value is determined. During this period the employees are able to take up the options.

The main difference was noted in the termination benefits as compared to other companies. It defines the traits of the company and the different company has different sets of options designed for the employees. If the employee’s contracts get terminated before the normal specified date, then the employee can enjoy the termination benefits. Thus this is the advantage for the employee who is terminated from the job. If the entity enabled to withdraw the offers of no- contractual benefits or in the case where entitlement to contractual benefit arises, then only the termination benefits are tracked by the consolidated entity. In order to maintain consistency with the current year information reclassification of the comparatives is made (PBR, 2017). The employee share option plan is controlled by the consolidated entity. It was seen and reported that no fair value option was followed during the financial year 2015.it has also been tracked that 1794000 new option were brought into action under the certain plan during the financial year 2015. The key managerial person plays an important role in the company. Thus it was noticed that on 30^th June 2016 4260000 options wherein the hand and under the control of the most important management person.

Four Key Skills for Success at Acrux Ltd: Goal-Setting, Risk-Taking, Communication, and Integrity

It is vital for one’s career, be it a man or a woman to have a through experience and also a powerful technical and scientific background to gain success in the industrial field. It has been heard from a lot of people about the frustration felt by a woman from a glass ceiling, “not a physical barrier erected by ill-intended CEOs rather an attitudinal hurdle consisting of unconscious stereotypes and perceptions.” It is not only the hard work in the field of technical competencies of a woman which is responsible for the healthy foundation of a management, but it should also be taken into account the work of the other colleges. It is important for the woman manager to use her abilities simultaneously keeping in mind her expectation and being an efficient manager is not everything (Coyne & Garvin, 2013). It is necessary for both men and women to continuously keep on increasing their knowledge in the different field and to enhance their specialty if they want to be a manager. 

Ability to Establish Goals and to take Risks

It is thought by many people that a woman comprises of personal inner strength which is vital for combat in the field of engineering or to be a scientist. To choose a career for women it is very necessary to learn the societal programming. it has been seen that those women who somehow push the barrier of the society and pursue technical career often display their strength and mental ability to overcome all the odds (Levine & Prietula, 2013).

 For working in the industry we have to always face risks. It is not sure for an employee that their job will exist or not after a particular period. It can also happen that a scientist or an engineer begins a project but after a specified time may be shifted to some other work. It is recommended that employees should have an appetite for adjustment and should have the mental ability for changing career direction (Alter, 2013).

Strong Communication Skills

It is important for one to have communication skill, especially in industries where a strong team ethics is the most. It is important for all employees to express themselves clearly. Communication skills are a mark for once recognition and respect and such will have a direct bearing on the sales of Acrux Ltd.

Integrity       

Integrity means to be perfectly honest with others and with ourselves. It is way by which you track your weakness and strength. It should always be kept in mind to never say anything negative about your previous job or any employee who is fired from your company 

References

Alter, S. (2013). Work System Theory: Overview of Core Concepts, Extensions, and Challenges for the Future. Journal of the Association for Information Systems, 14(1), 72-121.

Acrux Limited. (2016). Code of Conduct. Retrieved June 1, 2017 from

https://investors.acrux.com.au/FormBuilder/_Resource/_module/NjepwR2K-EWQX6Fr9BvRNg/file/code-of-conduct-200715.pdf

Acrux Limited. (2016). Management Team. Retrieved June 1, 2017 from https://www.acrux.com.au/about/management-team/

Acrux. (2016). About Acrux. Retrieved 2 October 2016, from <https://www.acrux.com.au/about/>

Acrux report (2016a). Financial Report & Accounts.  Retrieved May 1, 2017 from

https://investors.acrux.com.au/FormBuilder/_Resource/_module/NjepwR2K-EWQX6Fr9BvRNg/file/Acrux-Financial-Report-for-the-year-ended-30June2016.pdf

Albuquerque, R, Durnev, A & Koskinen, Y. (2013). Corporate social responsibility and firm risk: theory and empirical evidence. Boston University.

Coyne, I, & Garvin, F. (2013). Employee relations and motivation. Work and Occupational Psychology, 22(10), 23-46

Deckers, L. (2010). Motivation; Biological, Psychological and Environmental. Boston, MA: Pearson

Goodstein, E. (2011). Ethics and Economics, Economics and the Envir1onment. Wiley

Hooks, J & Staden, V.CJ. (2011). Evaluating environmental disclosures: the relationship between quality and extent measures.  British Accounting Review, 43(3), 203-213.

PBR. (2017). Allergan Finance LLC. Pharmaceutical Business Review. Retrieved June 1, 2017 from <https://www.pharmaceutical-business-review.com/archive?SearchTerms=Allergan+Finance+LLC>

Levine, S. S, & Prietula, M. J. (2013).  Open Collaboration for Innovation: Principles and Performance. Organization Science, Harvard Press