Organizational change is the methodology that helps the firm to move from their current position to some desired future state in order to increase their effectiveness. When the operational and regulation system of an organization get disturbed due to internal and external forces that occur frequently, the organizational change takes place and affect the entire work environment of the firm.
Twenty-five years ago, the government of Hong Kong was praised due to the implementation of a small, restricted model of government that was mostly suited to the growth of the capitalist economy. From that time onwards, the government and the firms that have been created as per the new model of government have expanded to a wider extent. Williams (2013) mentioned that the widespread of the organizations are mainly concerned to the public sector, thus it has been found that the public sector has grown too large. Therefore, it can be said that there are various reasons due to which rapid growth in the public sector of Hong Kong took place. Thus, its reflection can also be noticed on the organizational forms as well as on the change that takes place in leading and managing organizational development. As a result, in this essay, “export credit insurance industry” has been highlighted that belongs to the public sector of Hong Kong in order to analyze the key skills and competencies that are required to lead and manage the organizational change and development. For instance, the company “Export Credit Insurance Corporation” has been selected whose business nature is to protect exporter against risk of non-payment for export of goods and services in order to analyze the importance and key skills and competencies that are required for managing and leading the organizational change.
The ‘Future Back’ approach has been implemented to this analysis as it helps to look forward 3 to 5 years and also to identify the significant trends that might influence and impact the nature of ‘change landscape’ (Hayes 2014). It has been found that Hong Kong can be considered as the 8th largest trading economy across the world. It mainly handles the offshore trade and it has been found that the amount of offshore trade have increased with the passage of time. The offshore trade of the area has increased by 6.1 % in the year 2013 to HK$ 4954 billion than in the year 2012. On the other hand, the value of re-exports was found to be HK$ 3505 billion in the year 2013 that was increased by 3.8 % than the year 2012. Thus, it can be said that the amount of offshore trade has already exceeded the value of the re-exports of Hong Kong. Additionally, it has been noted that in June 2015, a total of 484416 people were employed in this segment of export and import as establishments have increased to 102413. Moreover, in the year 2013, this export and import sector accounted for around 20 % of the total GDP of Hong Kong. Therefore, it can be said that the “export credit insurance industry” is fully dependent on the export and the import industry of the country. Thus, with the growth of the export and important industry, the “export credit insurance industry” will also expand. The “export credit insurance industry” mainly provides three key roles – prevention, collection and insurance in order to merely transfer the risks of an exporter against risk of non-payment for export of goods and services. For instance, it has been found that the particular company “Export Credit Insurance Corporation” generally insures both commercial risks and political risks. By analyzing the facts and figures of the global credit insurance market, the trend of the “export credit insurance industry” can be better understood. As per the declarations by the ICISA members, it has been estimated that the credit insurance global market volume is USD is 4.3 billion. This huge size of the world market implies a positive trend to the particular industry. The world market shares include – Euler Hermes (37.0%), Gerling NCM (25.4%), Coface (15.3 %), Credito y Cauion (6.1%) and others (16.2%). Thus, it can be said that the market trend of the credit insurance market in Hong Kong is positive as it has a fully open market. Fullan (2014) mentioned that all these imply that the financial condition of the export and import sector is presently healthy and it will also lead the “export credit insurance industry” to run successfully in future.
Thus, it can be assumed as per the Moonshot that the company “Export Credit Insurance Corporation” will also run successfully as per the positive trend of the “export credit insurance industry”. It can also be said that the positive trend of the “export credit insurance industry” will encourage the particular company Export Credit Insurance Corporation to run efficiently and effectively in near future. The positive or the rising trend inspires the specified firm Export Credit Insurance Corporation to operate and regulate its business in the right direction and the reliable and authentic data that have been gathered will help the particular organization to encourage and enrich their functions in the specified field. It can also be said that the facts and figures of the past (history) will help the particular firm to imagine regarding the future prospect of the company as well as the industry.
In the global market, the Export Credit Insurance company shall be dependent on the export and the import of goods. As such, it is necessary for the business entity to evaluate both the commercial risk as well as political risks. The export credit insurance industry shall be dependent on the three roles of the business entity that includes prevention, collection as well as the insurance of goods. In the case of the Export Credit Insurance company the brand has been able providing insurance against commercial as well as the political risks of the business entity.
The export credit insurance company segment in the global marker thrives in a restricted model of governance. Thus, this shall ensure that the business shall consolidate in the present condition of the organization and make appropriate measures for organizational growth (Baden-Fuller and Haefliger 2013). The future back approach has enabled the business enterprise in establishing the organization approach in the next three to five years. The trends indicate that the organization is in a phase of growth. These trends indicate the general business growth of Export Credit Insurance Corporation.
The restrictive model of governance shall strengthen the inherent financial condition of the economy, and make measures for ensuring survivability in a competitive market environment. Griffin (2013) mentioned that this model has contributed substantially to organizational growth and sustainability of enterprise operating in the export credit insurance industry. The future back approach has been essential in developing strategic marketing strategies in creating a distinct brand image among the buyers. According to Hkecic.com (2016), the future back approach shall be utilized in analyzing the market condition, and responding appropriately for the market growth. This approach has helped the organization in analyzing the market needs and assisting the organization in raising external finance from different sources. In this regard, the future back approach can be used in determining the sustainability of a business entity. Haines (2016) mentioned that the recent trends in the export import business indicate that it is in a growth phase with rising profitability and lower administrative costs.
The amount of offshore trade has increased over a period, with the establishment of newer business markets in the international trade. The export credit insurance industry has played a pivotal role in providing insurance against commercial and political risks in the context of the international export and import of goods.
Goetsch and Davis (2014) mentioned that the payment of the lower amount of taxes has been an essential factor that has contributed extensively towards the success of the offshore trade in the global market. As such, it is necessary that operational processes of the brand shall have to be positively influenced through the sales revenue obtained through the offshore trade business segment. The export credit insurance company has been offering insurance against financial as well as non-financial risk in the global market.
Kapferer (2012) mentioned that this is a major business portion of the export credit insurance company that has a considerable impact on the sales revenue of the export credit insurance company. The offshore trade has been signifying factors that has affected the operational strategies of the export credit industry, and has lead the export credit insurance company towards a greater market share.
According to Hill (2014), the export credit insurance industry has experienced massive technological changes in the recent times. These technological changes have brought about innovation in the workplace, and have lead the organization to give consistent performances over a period of time. Booth (2015) stated that managers possessing the required leadership skills should have the necessary competencies to identify the discrepancies in the workplace, and bring about the changes in the workplace. In this regard, Hitt et al. (2012) noted that the export and the import business policy would need a structured guideline to execute the business functionalities as per the long-term goals of the business enterprise
This would reduce the transportation and the distribution cost and adds to the financial strength of the export credit insurance industry. The import and the export business would have an impact on the business sustainability of business enterprise. Galliers and Leidner (2014) mentioned that effective leaderships should be required from the management of the organization in leading the export credit insurance industry towards acquiring newer business markets. As such, this shall influence the business organization in increasing the business volume by enhancing the amount of export and import. Besides this, Anderson (2013) noted that the export credit insurance industry attributes refer to a flexible working environment and employee policies that shall facilitate employee potential and growth. In this regard, the human resource policies shall have an effective role to develop the skills and the aptitude of the persons. As such, it is necessary to implement regular training schemes to enhance the productivity of the employees. In addition, the export industry attributes shall refer to the financial and the operational competencies of the business enterprise. Holsapple (2013) stated that these two attributes should help the business entity in developing the operational policies of the business entity, and lead the organization to further growth.
The sustainable organizational change shall assist the business entity in developing the appropriate business policies in aiding organizational growth and sustainability in a competitive market environment. According to Cummings et al. (2014), to bring about innovation there must be alterations in each aspect of the production and the distribution processes of the organization. The import and the export industry thrive on innovation in the workplace. This has only been possible due to the implementation of the advanced technological mechanisms in the country. Besides this, the transportation and the distribution process has been an essential part of the export credit insurance industry.
Jenkins and Williamson (2015) stated that in the case of the export credit insurance company, it is necessary that that the organization has the required operational constituents which shall ensure smoother business operations. Apart from these factors, it is essential that Export Credit Insurance Corporation adhere to the local laws and the regulations of a particular country. According to Eden and Ackermann (2013), the entities operating in the export and import organization would have to strictly follow the local laws and the regulations to conduct their business in an effective manner. Therefore, the change management process shall be facilitated after considering factors like the economic condition of the country, the market position of the company and the nature of the product or the service line the organization is currently operating.
Role of Management
For offering effective work life balance, it is essential that the organization provides an employee friendly policies for facilitating employee growth. The management of the organization has the ability to execute the business functionalities as per the vision and the mission of the organization. The management operating in the export credit insurance company shall decide upon the vision and mission of the organization operating in the export credit insurance industry.
Organization Change and Development
It is essential that an export credit insurance industry is governed through a strong leadership. As such, this shall assist the business enterprise in aligning its operational activities as per the long-term objectives and the goals of the organization operating in the export credit insurance corporation.. It is also the responsibility of the leadership group in the organization operating in the export credit insurance industry to find out the employee issues in the workplace and respond appropriately towards resolving them. Developing appropriate foreign business policies shall assist the export credit insurance industry in establishing providing insurance against effective foreign export as well as import of goods. As such this would assist the business enterprise in enhancing the productivity of organization as well as reducing the operational costs
The export credit insurance industry shall require continuous upgradation and innovation that shall the business enterprise in achieving operational efficiency. As such, innovation is the primary characteristics in the case of towards executing consistent business performances over a period of time Thus, the change initiative process implemented in the business organization. In the case of Export Credit Insurance Corporation, the band has been implementing change initiatives have been implemented in regular intervals of time. This has assisted the business s organization to execute smoother business operational policies.
The industry attributes mainly depends on the product and the service line the organization is currently operating. The export and the import segment can be unpredictable by nature, since it is based on the economic condition of various countries. Thus, the industry has to take account for the various uncertainties in the external business environment to avoid any financial losses that the business enterprise can incur. The Export Credit Insurance Industry has been facilitating the export and the import of goods in Honkong for a considerable period. This has assisted the business organization to enhance the operational policies of the business enterprise
Table 1: Key Attributes of Leading Strategic Change
(Source: Created by Author)
The key management attributes identified in the above section shall refer to certain organizational policies and structures that would have an impact on the operational processes of the business enterprise. As such, Hubbard et al. (2014) stated that developing a flexible working environment to offer employees a flexible working environment is one of the primary responsibilities of the management of the company The business strategies of the business enterprise shall be enhanced if the management adopts such policies. According to Mendenhall and Osland (2012), it is essential that the management to guide the organization towards attaining the business objectives has adopted leadership skills. Besides this, the leadership of the organization shall emphasize on identify the discrepancies in the existing business functionalities.
As such, this shall assist the management of the organization to take rectification measures that shall aid the business growth of the organization. In this regard, Shields et al. (2015) mentioned that considering the consumer behavior has been essential for aiding the growth of the organization. As such, it is necessary that the recent consumer trends and the preferences shall have to be identified in delivering consistent business performances over a period of time. Thus, these factors shall have to be identified in framing appropriate business performances over a period of time. Kuipers, (2014) mentioned that the organization change and development in the case of the public sector organization have to be executed as per the needs of the market.
In this regard, it is necessary that the changes implemented in the case of the public sector organizations would address the issues that are pertinent in the operational policies in the organization. According to De Waal (2013), the change drivers identified in the case of Export Credit Insurance Industry are the core competencies of the organization. These competencies include the financial and the operational constituents of the business entity . The Export Credit Insurance Industry being a major contributor to the sales revenue possess the required competencies in establishing new business segments within the domestic market of Honkong. This would help the business organization in achieving business sustainability in an intensely competitive market environment.
As a manager, I would have to act in accordance to the existing needs of Export Credit Insurance Industry in the Honkong market. In addition, it is necessary for a manager to identify the reasons behind the implementation of the changes in the organization. As a leader/manager of the organization, I have to consider the external environment of the organization in facilitating organization change for the organization. The factors that include the external market constituents are the pricing policies adopted in the organization as well as the intensity of the market competition. In addition, I feel that the change initiatives implemented in the organization. As a manager of Export Credit Insurance Corporation, I would have to strictly adhere to the operational policies of the business organization in executing the daily business functionalities of the organization. Thus, the necessary import export laws and the regulations of the various countries have to be duly followed in framing effective business policies. However, I have to identify the change drives that would lead the organization to overcome the threats that can adversely affect the business sustainability of the business entity. As a manager, I feel that communication is one of the primarily considerations in developing coordination among the business entity. Therefore, effective communication from the top management of the organization shall assist the business enterprise in executing the business functionalities as per the short-term objectives and goals of the business entity. As a manager, I have to assist the business entity in adjusting to the vulnerable market environment. This is my primary role as a manager in the organization.
The export credit industry in the global market operates in an extremely vulnerable market environment. As a manager, I have to assess the market environment in creating strong business policies to assist business growth in an intensively competitive market environment. Therefore, it is necessary that as a manager I communicate effectively with my subordinates to assist the organization in the growth. Allocation of job responsibility is one of the primary responsibilities to enhance organizations productivity. Therefore, I shall allocate the job responsibilities in accordance with the skills and expertise of the workforce. As such, it shall be of help to the business organization in effectively planning as well as division of the business functionalities of the organization.
As a manager, I have the responsibility to assess organizational performance in regular intervals of time. This shall assist me in identifying the discrepancies and taking measures for organizational growth. Being a manager, organization I have to innovate every aspect of the production as well as the manufacturing processes in the organization to bring about organizational changes in the organization. In this regard, a manager has to evaluate the type of the product and the service line the business entity is currently functioning. Besides this, there must be a balance between the domestic business and the international businesses.
As such, this shall assist the business enterprise in controlling the operating expenditures of the enterprise, thereby, strengthening the financial condition of the business enterprise. To compete successfully in the global market, the export credit insurance industry has to offer distinctive products and services to the buyers.. The manager has to forecast the market condition of the domestic and the international market and prepares the budget accordingly As a manager, I have to identify the change drivers in the organization that can help the business organization to achieve the required growth.
These include the financial and the operational competencies of the business organization. The existing business functionalities of the business organization shall be influenced by certain business attributes like the nature of the product and the service line as well as the prevalent pricing policies of the business enterprise. Thus, the change initiatives that have to be adopted in the business organization shall address the existing needs of the organization and take pertinent measures for organizational growth. As such, the alterations adopted in the business entity shall facilitate the organization in enhancing the operational efficiencies in the organization, thereby, reducing the operational expenses of the organization.
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