Business Report: ANZ Organization

Table of Contents

Introduction

2. Findings and Analysis

2.1 Leadership Skills

2.2. Personal Development Plan

Strengths:-

Weakness

3. Outline how would the researcher communicate and implement the personal development plan as a manager.

Conclusion

Reference:

 

Introduction

In the context of the given report, the researcher will discuss the Anz organization in New Zealand and its personal development plan. The researcher will develop a plan in order to lead the individuals to meet their organizational and personal goals. In addition to this, the skills of leadership will be demonstrated to achieve entity and personal goals for the effective and efficient performance of the entity. Hence, the researcher will discuss the three leadership skills from the manager’s point of view in order to upgrade the position of a financial analyst and critically reflect how the manager can assist the person to take him into the next senior level. Therefore, a personal development plan will be considered in this report in order to improve those strengths or weakness.

2. Findings and Analysis

2.1 Leadership Skills

 

In the hierarchical level of Anz organization, the middle management sits between business leaders and IT professionals. Basically, having a good degree of experience, the manager in ANZ organization plan, assign, steer and purchase necessary resources while supervising their staff for the benefit of the organization (Basten, 2018). Every employee and the technical staff always need a leader, and thus the role of managing the organization falls on the hands of a manager. It is the responsibility of the manager to take control and build momentum over the team. The actions taken by a manager should speak louder than the original words. These types of endeavours can guarantee the team members so that they can collaborate on tasks and rely on each other (Jehow F. A., 2018). Offering an accurate mentorship gives the staff an exclusive opportunity to grow. Therefore, the manager in Anz organization wants to upgrade the role of the financial analyst. For doing that, the manager needs strong leadership skills. Here in this research report, Autocratic Leadership Style has been chosen.The main three crucial leadership skills which are required by the manager to take the financial analyst into the next senior level are discussed below:- 

Decision making skills

 

1. A strong and effective manager should have an eye on the whole process of business to learn which opinions and ideas are effective and which are not effective. It is a fact that Autocratic leadership always depends on the capability to learn by observing different things (Cain, 2019). If any team is not performing well, it is the responsibility of a manner to figure out the critical issue and help in addressing that issue effectively. The development of an employee is purely spending on the hands of a manager. They always watch on every employee’s performance. For the role of financial analysts, they need to learn how to use various tools in database and spreadsheets. It is the role of a financial analyst to integrate disparate data, encounter problems and make a presentation to the management (Humphreys, 2018). In addition to these, a financial analyst should be experienced as well. However, different managers prefer different representation of data modes. Some of them prefer graphs while others prefer financial tables. In order to upgrade the position of system analyst, a manager should be able to control the finance. Great creativity is required to shift the capital from one centre to another in order to make any purchase.

Accountability

2. It is the duty of the manager to take care of the responsibility and manage the finance department as well. For doing that, they need to allocate money for any definite purpose including capital and operational expenditures. The skills of bookkeeping are required by the manager to balance, calculate and record financials for the end of the fiscal year. However, it is very difficult to manage a budget (Rubens, 2018). A manager should also need to make sure that the overall budget is spent accordingly and must calculate the record of next year. If the manager can able to do all these things easily, then they can upgrade the role of a financial analyst so that he can take more responsibility at a senior level.  

Innovation 

3. There are only two processes of accounting which are used by Anz organization to record the business transactions. These two methods are accrual and cash basis accounting. Most of the organization including ANZ organization uses the accrual method of accounting. Hence it is the duty of a manager to know the meaning of accrual accounting (Gee, 2018). Understanding the basic difference between those accounting methods is very much essential for a manager to manage cash flows, obligations to vendors, level of spending and the due receivables from the clients. Therefore, all these skills are required by a manager to update the position of system analyst so that he can manage the business at the senior level. 

2.2. Personal Development Plan

a) The method of creating an action plan related to learning, values, reflection, knowledge, awareness, and long and short term goals for improving education, relationship, career and self-improvement are referred to as personal development plan (Tsai, 2018). Hence, the development plan insides some strengths and weaknesses of individuals. The researcher will reflect on the strengths and weaknesses of a financial analyst in Anz origination. The two strengths and weakness that a financial analyst needs to develop are discussed below:-

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SMART goals

Decision making

Accountability 

Innovation

Specific

It is very much essential for a financial analyst to become aware of the innovative technologies and should experience in the relevant field.

All those developments played a major role in streamlining the process of the industry. For a financial analyst, these necessary are necessary. Nowadays, companies want to hire such type of candidate in the position of a financial analyst who is experienced in the structured query language.

The analyst is required to study the financial plan, analyzing the practices of engineering and evaluating the new regulations at the same (Morrison, 2019). Hence, it is very much difficult for a financial analyst to perform all these tasks simultaneously within a limited time. 

Measurable

There have many technological developments in the business of Anz organization (Byrne, 2018).

A financial analyst always understands the consequences of risk what will result for any kind of decisions (Ary, 2018).

A weak financial analyst always fails to utilize all the available materials and resources. These resources can include software packages, industry reports and assessment tools.

Achievable

A financial analyst should be able to perform complex calculations and become fully aware of the two accounting methods.  

Most of the decisions taken by analysts can have a major impact on the organisation. The impact can be negative or positive.

However, the analyst may not be familiar with all types of resources which are available in the industry (Gee, 2018).

Realistic 

A good analyst will understand the whole concept of materiality.

The analyst always does valid research in order to ensure that they have possessed all the relatable information.

It is one of the greatest weaknesses of a financial analyst. Those analysts who are unfamiliar with financial software can omit essential numbers to evaluate a financial report.

Timely

The analyst will still come up with remarkable conclusions when they do not have the entire concept as well as information.

A poor business analyst basically has weak organizational skills. Most of the experienced professionals are expected to complete multiple projects within a limited time.

The process of personal improvement plan consists of four steps which include the gathering of information from different sources, reflecting on the accumulated knowledge, recording and assessing the achievements within a determined time limit.

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b) Learning and training method

It is good to say that servant leadership can be regarded as the most effective kind of management style which does not tells how a manager will become an efficient manager. It is the reason, a personal development plan is very much necessary to build into an organisation (Cain, 2019). The opinion of creating a leadership development plan seems wonky; however, if any individual is always in a position of leadership, e.g, manager, then having a development plan consisting of written activities of development is very much essential. Therefore, for improving those two skills, the mentioned personal development plan will be followed:-

1. Definition of a remarkable leader- A good leader should possess ethical behaviour and must be honest for developing a positive business environment. They can able to communicate a vision succinctly and clearly and must be able to navigate complex and unthinkable solutions by using his creative skills. It should be the objective of a manager to set goals for each and every member of the organization. 

2. Self-assessment- A self-assessment is very much essential to be taken. By breaking down the strengths and personality traits, a manager will have more insights in their personal (Byrne, 2018). It should be an objective to take a self-assessment in order to identify own strengths and weaknesses.  

3. Identify the key values- The key values are referred to as core values. These are the principles which are used to make decisions and define ethics as well as integrity. Hence, in order to recognize the core values, it is an objective of a manager to choose some key values which are important to him such as advancement, achievement, affiliation, adventure, authority, affluence, autonomy, balance, collaboration, challenge, competency, community, courage, duty, enjoyment, fame, friendship, loyal, integrity, knowledge, personal development, self respect and responsibility.  

4. Personal vision statement- A vision statement reflects the core values and personality traits of a manager. In order to narrow this long objective, a manager needs to be focused on his self-assessment and personality traits as well as the principles or values which he used to make small and big decisions.

5. Identify the lacking and current leadership strengths- Now, the manager have posted written leadership qualities, core values and individual personality traits which every leader possesses (Basten, 2018). All those reflections can allow the manager to complete the next step which is to expand as an ideal leader. It should be objective of a manger to identify which skills they have and how they are different from traits. 

6. Set goals- The manager is required to write some goals for each and every employee so that they can work for it and achieve their target. The goals must be SMART. It stands for specific, measurable, attainable, realistic and timely. The objective of each employee should clearly define the role and responsibility of every employee. Thus, a strong and effective manager should have an eye on the whole process of business to learn which opinions and ideas are effective and which are not effective (Ary, 2018). It is a fact that leadership always depends on the capability to learn by observing different things. If any team is not performing well, it is the responsibility of a manner to figure out the critical issue and help in addressing that issue effectively. The development of an employee is purely spending on the hands of a manager. They always watch on every employee’s performance.

7. Make an action plan- The action plan is laid out the specific steps which the manager would take, the resource that he will use and the support system which he would have to build to reach out his SMART goals and stretch. A tool, for example, Trello is used which helps to track the record of everything.

The smart object is mainly the layer that contains all the image data from the vector images. The object mainly preserves all the images source content that contains all its characteristics that are original in nature

The learning object is mainly the collection of all the items of the contents, the practice items and the assessment items. This is the process which is established for the new way learning content. This learning object is totally self-contained. All the learning objects are totally usable.

3. Implementing the personal development plan as a manager.

Personal development means the continuing process of increasing the knowledge of the employee or bettering their skill. The process of personal development is mostly decided by the manager, how the company will train new employees or how they will train old employees so they can accept new regulations. The manager also needs to train themselves along with the employees. Personal development will help the employee to learn more about where to invest their staff and where not to, this definitely helps the development of the organization (Gee, 2018). As a manager, the researcher has to take full responsibility of updating and renewing new skills. Personal development is a long term process of shaping and organizing the learning skills of the worker of the company. 

a) Personal development improves the overall performance of the organization by improving each employee of the company. Personal development is a process of training the employees individually.

Personal development teaches the employee about their aim, goal. They explain the goal of the organization to the employees and how hard they have to work to achieve that goal.

Provide the activities that will help the employee to achieve their goal. 

Find out the exact point of organization and person. Which field should be developed and which skill can be improved. 

Provide access to current realities to the employees.

b) Personal development plan help to structure the process of thinking. Sometimes the manager develops perfect planning for the organization but fails to take proper actions to make that plan work and that is why developing personal planning is important for any organization (Ary, 2018). The researcher has designed a personal development plan for the company about how to communicate and implement. The design is provided below:

The goals of the organization should be defined to the employees as they deserve to know every detail about the organization.

The employee should set their priority and works to achieve the aim, so do the managers. 

A deadline should be provided to get work done. That’s how the employees will be in a hurry and pressure. The work will be done in the time.

c) Evaluating the implementation

The employee should understand their strengths, and the manager should be able to understand the strength of the employee and give them the work they are good at. 

The opportunities come from various field, the manager should be able to identify the opportunities in order to develop the organization. As well as the threats should also be identified so they cannot harm the company. 

The manager should invite new skills to the organization and teach the employee about how to develop the new skill.

The manager should provide planning for the organization as proper planning help the organization to achieve their goal faster.

The organization should take support from other organization and continue a healthy relationship with other organization.

The manager should measure the progress of the company. That will help them to figure out either the company is making progress or they are running a business on loss.

Conclusion

 In this report, the researcher has explained about the personal development plan which the manager of Anz organization in New Zealand should take in order to build an effective team and management. The development plan is made in such a way that every individual and organizational leader can meet their personal as well as organizational goals. The researcher has discussed three leadership skills which are very much essential for the manager of Anz organization so that he can upgrade the position of system analyst in their organisation and promote him into upper senior level. The personal development plan is made to improve the mentioned strengths and weakness. Hence, it is concluded that it is the duty of the manager to take care of the responsibility and manage the finance department as well. They need to allocate money for any definite purpose including capital and operational expenditures. A manager should also need to make sure that the overall budget is spent accordingly and must capital the calculate the record of next year.

Reference:

Ary, D., Jacobs, L. C., Irvine, C. K. S., & Walker, D. (2018). Introduction to research in education. Cengage Learning.

Basten, F., Evers, A., Geijsel, F., & Vermeulen, M. (2018). 21st century leadership skills for learning networks.

Byrne, A., Crossan, M., &Seijts, G. (2018). The development of leader character through crucible moments. Journal of Management Education, 42(2), 265-293.

Cain, C. M., Pollok, L. J., Rodriguez, M. A., Edwards, C., &Cumpsty-Fowler, C. J. (2019). Evaluation of the Texas Injury Prevention Leadership Collaborative Essential Leadership Skills Training. Texas Public Health Journal, 71(2).

Gee, D., Schulte, M., & Matsumoto, R. R. (2018). Use of the Individual Development Plan (IDP) as a Career Planning Tool to Track Accreditation Standards in a Doctor of Pharmacy Program. American Journal of Pharmaceutical Education, ajpe6825.

Humphreys, B. P., Kurtz, A. J., Portrie, C., Couse, L. J., &Hajnaghizadeh, F. (2018). Advancing Leadership Skills: A Multiyear Examination of LEND Trainee Self-Efficacy Growth. Maternal and child health journal, 22(10), 1377-1383.

Jehow, F. A., Gikandi, J., &Mwencha, P. (2018). EFFECT OF TRAINING AND LEADERSHIP SKILLS ON EMPLOYEE PERFORMANCE IN DEVOLVED GOVERNMENTS IN KENYA: A CASE OF WAJIR COUNTY. European Journal of Business and Strategic Management, 3(4), 87-104.

Morrison, G. R., Ross, S. J., Morrison, J. R., & Kalman, H. K. (2019). Designing effective instruction. Wiley.

Rubens, A., Schoenfeld, G. A., Schaffer, B. S., & Leah, J. S. (2018). Self-awareness and leadership: Developing an individual strategic professional development plan in an MBA leadership course. The International Journal of Management Education, 16(1), 1-13.

Tsai, J. W., Vanderford, N. L., &Muindi, F. (2018). Optimizing the utility of the individual development plan for trainees in the biosciences. Nature biotechnology, 36(6), 552-554.

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