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Solution
Table of Contents
1.0 Background of Briefing Paper. 2
1.1 Brief Background of Organisation. 2
2.0 Internal and External Factors Impacting LMD; Role of Organisational Strategy and Culture. 3
2.1 Internal and External Factors Impacting LMD. 3
2.2 Organisational Strategy and Culture Role. 7
2.2.1 Organisational Strategy. 7
2.2.2 Organisational Culture. 7
3.0 Leadership and Management Development Interventions Needed in Future. 9
4.0 Methods of Evaluation Applicable and Barriers Encountered. 11
5.0 Challenges Faced by International/Global Leaders and Managers within LMD.. 14
1.0 Background of Briefing Paper
In the contemporary business environment, leadership and management is increasingly facing new and unique challenges. According to CIPD (2022) these challenges are as a result of advanced technology, increase in globalisation and global pandemic. For instance, MJX LTD is currently being impacted by need to address the fast changing customer needs influenced by digitisation, rising fintech products and services, covid triggered market dynamics affecting customers’ needs. This is supported by Moldoveanu and Narayandas (2019) research which note that for organisations survival in today and future VUCA world (Volatile, Uncertain, Complex and Ambiguous) environment, leadership and management development (LMD) is essential to acquire skills and knowledge to be successful. In line with this background information, this briefing paper focuses on evaluating the future of leadership and management development within finance sector where MJX organisation operates. This would be achieved by evaluating the internal and external factors impacting LMD and influence of organisation culture and strategy, LMD interventions demanded in future, evaluation method and barriers and unique challenges faced by international/global leaders and managers.
1.1 Brief Background of Organisation
MJX LTD operates as a financial private limited company based in international market. In past years, it has acquired a strong niche in the financial services and products locally and internationally. It operates different departments including commercial development, sales and customers relations, investment research and portfolio management, trade, compliance, accounting and administration. As part of leadership and development , MJX LTD intends to acquire international standards and world-class financial products and services. This is while ensuring their operations are vigour, dedicated and innovation embraced to achieve excellence in services provision, quality levels, reliability, safety and customers care being their main goals. All these areas compounded influence need for LMD , managing internal and external factors and all hindrances for its success.
2.0 Internal and External Factors Impacting LMD; Role of Organisational Strategy and Culture
Today, organisation are increasingly appreciating the fact that for leveraging on competitive advantage and dominating their markets, investing in LMD is critical. According to Vogel et al. (2021), there has been immense changes in workplace inclusive of rapid technological change, increase in globalisation, change of organisation structure and change in career dynamics. There are internal and external factors which impact on LMD informed by need for intensifying and quality of LMD interventions.
2.1 Internal and External Factors Impacting LMD
2.2.1 Internal Factors
Considering the CIPD (2021) report on Resourcing and Talent Planning Survey, it evidenced that only 40% of the employers have put in place appropriate initiatives for leadership and management development. Also, Saputra (2021) literature review found out that internal factors analysis lead to an organisation LMD approaches not to be biased to theoretical practices but integrate practical, self-learning approach to harness the organisation internal operations. Focusing on MJX Ltd, to identify the internal factors which impact leadership and management development, SWOT Analysis tool is applicable (see table 1);
Table 1: SWOT Analysis Tool
In line with the SWOT analysis summary, the internal factors impacting the LMD include;
Globalisation and internationalisation of business practice- Globalisation has had a direct impact on leadership and management development approaches. According to Zeibote et al. (2019), globalisation has had a direct impact on employees transfers in international locations. The outcome of this is opening new opportunities and communication strategies. Considering MJX Ltd, serving travellers, travel industry players, the organisation has been prompted to invest in leadership and management development.
Size and Maturity of Organisations– As evidenced in Kabeyi (2019), organisation maturity identify the scope in which an organisation is in a position of facing challenges and seizing opportunities. Similarly, considering size and maturity of organisations, Leadership Maturity Model (Peter et al., 2020) can similarly be used to evidence the need for LMD . As illustrated in figure 1, the leadership maturity model phases is as illustrated below;
Figure 1: Leadership Maturity Model
Taking into account of MJX Ltd, changes have been prevalent including senior leadership changes, improved decision making, proactive go to market strategy and improved cooperation, communication and clarity. Hence, from these changes, an embrace of systemic leadership would be essential to integrate these changes to organisation operations (Heinen et al., 2019). MJX Ltd would be prompted to embrace strategies which entail learning by embrace of tools and dashboards, networking, experiential learning and formal classes.
Nature of management in organisation– Adopting the definition of Walker and Lloyd-Walker (2019) nature of management in an organisation is identified by the scope of organising people into groups and their management. This is by embrace of empathy, understanding and dynamism. Hence, the nature of the management in an organisation influence the scope in which self-initiated processes are pursued to educate, train and continuous development of leadership and management skills. Currently, MJX Ltd has been encountering a disconnect in the product engineering, sales and marketing teams. This has been impacting on collaboration and communication. The best practice in LMD would hence include what Mikova et al. (2019) reflecting on Mumford and Gold (2004) Levels of Management Development. MJX Ltd ought to focus on achieving a planned strategic MD. This would include and not limited to experiential learning, coaching and development and on the job shadowing.
2.2.2 External Factors
Today, the external factors impacting an organisation leadership and management development are beyond the organisation direct control. According to Singh et al. (2020) the external factors can be identified as inclusive of political, economic, social or technology. To evaluate the MJX Ltd external factors, the PESTLE Analysis (CIPD, 2021a) is applicable. This is as illustrated in table 2;
Table 2: PESTLE Factors Analysis
Political– The changes in global political environment influence on the scope in which leaders and managers development. This is supported by Maxfield (2021) which identify issues such as Ukraine and Russian conflicts impacting organisations operations, foreign currency fluctuations on of it’s key product offerings and customer footfall at the airports where it serves. For MJX Ltd for example, these conflicts have had an impact on the organisation competitiveness in financial sector and their operations. Through workshops and eLearning strategies, LMD would prioritise on the changes in their political environment and also customer service training to upskill staff on difficult customer expectations and changing trends.
Technology– There has been technological changes in MJX Ltd external business including increased technology growth and demand for digitisation. According to Eng et al. (2022) being a significant tool for increased management, technology aids development of effective LMD . For MJX Ltd, part of our development would entail harnessing their capacity for embrace of systems thinking, solving all encountered problems, design analysis and tools for approaching real-world projects. This would ensure we are able to withstand the consistent changes in their business environment with entire customers’ needs being prioritised.
Economic– The emergence of COVID-19 pandemic has had a direct implication on the scope in which organisations LMD are proactive towards change. For instance, Kirchner et al. (2021) argued that the leaders and managers who managed to react promptly and transparently were rewarded with appropriate outcomes. For MJX Ltd, to harness labour market environment and speed of change, COVID-19 pandemic emergence influenced how the organisation implemented budget cuts in areas of resourcing, spend, organisation restructuring leading to a development of a lean L&D team in the organisation. Hence, LMD can include virtual blended learning sessions which are not cost intensive learning strategies in their different subsidiaries.
2.2 Organisational Strategy and Culture Role
2.2.1 Organisational Strategy
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