Describe about the Organizational Behavior for Bureau of Economic Research.
“New Zealand’s chief executives face a challenging economic environment, with changing markets and technologies, in which the support of stakeholders, including key funders, is more guarded and conditional than it has been historically.”
Hutchinson and Boxall have worked on the critical challenges the chief executives of New Zealand are facing. In their article, they have focused on three sectors, namely, Private sector, Public sector, and Not-for-profit sector. New Zealand being a small country with a not so large population is easy to be a research subject. The researchers have used primary data mainly for the article. The data were collected from several chief executives’ answers to the questionnaires they were provided. Total 265 chief executives completed the survey. The article critique has considered the market of New Zealand while giving the review of the article by Hutchinson and Boxall. The major economic and management threats New Zealand is facing are examined here. The alternative and extensive paths are discussed next.
The strength of the article is identifying the problem of the amphibolic market is affecting the economy of New Zealand. The GDP of the country is not reaching to its full potential. The article has shown the ways the economy can improve. A big push is needed to achieve the expected pace to move forward at a faster pace. The economy is in dire need of such research, which will show the problems in the economy that are working as constraints. After the Global Financial Crisis, most of the major economies have started to grow back to its previous position (Petersen et al. 2012). New Zealand is still struggling with the small economy. Detailed research is needed to gauge the market attributes.
The weakness is the data used in this article was gathered from only 265 companies from the three major sectors of the economy. At least 735 companies are operating in these three sectors from which data could have been gathered. The article lacks a detailed survey of the group of New Zealand’s chief executives (Baker, Bloom and Davis 2015).
The strength of the article is that it has described its concepts in a broad view. The classification done here are sector specific, which includes the private sector, public sector, and not-for-profit sector.
The weakness of the article is that the economy needs is a market specific research. The market should be divided on the basis of the services and the products it produces. This way the results of the study would be more precise and industry-centric.
The strength of the article is that it mentioned the market size of New Zealand, which is smaller than most of the developed countries. A company can grow easily if the targeted customer domain is big, which criteria is not being full filled here.
The weakness of the article is lack of solution to this problem, which is to find larger markets. The presence of globalization and changing technology has to be used as a positive force for the companies in the country. By constant research and development, the businesses can find the market edge which can increase the market size for the companies. Export is the option available to the concerned companies for the purpose of addressing a bigger market.
Personal view point of the article focuses on the lack of proper economic policies and prescriptions which can be applied to get out of the stagnating situation in which the companies of the country are operating. Policy prescriptions should address the various facts such as targeted clientele, management issues, and business models. The provided data is not sufficient enough to make a sound economic prescription. More financial articles and researches have to be included to get the desired outcome. The reasoning ability of the researchers has to be guided through the economic concepts similar to the developing countries face. This is needed to figure out the market situation of the country (Blau, Ferber and Winkler 2013).
The personal view is, by segmenting the market on the basis of the goods and services will give the researchers the opportunity to address every problem each company is facing. It will reduce the overall cost of the research. It will also yield better results which can reflect the market position better (Png 2013).
Personal view point is, by increasing export and “export quality products,” the country can increase its GDP, which will later be used in order to boost the economy. The article has missed the point of turning the weaknesses of the economy to its strength (Mankiw 2014).
The article could have mentioned the role of the government which can help the economy to attain its potential. The government can not only play a vital role in the public sector and the not-for-profit sector but also in the private sector. Government intervention and injections in proper areas can boost the falling companies of the country (Knight 2012). The government of New Zealand can use the fiscal and monetary tools to create a positive economic environment for the enterprises that are struggling in the competition from the globalized market. The management sections can also get tremendous help from the government policies and subsidies (Bernanke, Antonovics and Frank 2015).
One has to agree with the article that New Zealand like any other major economies, is contesting technological revolution and globalization along with other economic perils. The best way to understand these attributes is to get information from the people who are dealing with these problems. As chief executive of a company deals with these issues, the writers approached thousand chief executives with their questionnaire. 265 of them completed the survey, among which 135 were from the private sector, 62 from the public sector, and 68 from the not-for-profit sector. The rate of response was 27 percent. They belonged to the industries like “banking and finance, professional services, health, media, construction, dairy and agriculture, social services, retail, charity, local government, and central government.”
The “thesis making process” is great for this article as, the survey was divided into two parts, namely, quantitative and qualitative sections. The chief executives have reported the vague and fast-changing market of New Zealand, which is restrained by funding pattern and its quantity. Market uncertainty organizational renewal plays a key role in most of the industries. The managers operating here require social and political skills to hold a good relationship with the stakeholders. With insufficient resources available, the authorities are trying to compete in the international market with the efficient allocation of those resources (Hutchison and Boxall 2014).
The situations mentioned above lead to the solution of efficient allocation of available resources. The article suggests three simple ways for the managers operating in the market, based on the findings: managing uncertainty, managing stakeholders, and managing resources. Managers with a systematic approach towards the problems find better solutions for the situations. According to Hutchison and Boxall, the Human Resource specialists also play a crucial part in the development process of different sectors. They have to bridge the gaps between internal and external boundaries. The country is stagnating in the vicious circle of low production because of the low participation of the HR specialists (Czarnitzki, Hussinger and Schneider 2015).
According to the authors, the problems private sector faces are slightly different than the public and non-profit sectors. The reason behind this is that private sector’s moves are profit-earning oriented. Among the 135 personnel from the private sector, 32 percent reported market risk as the primary factor that affects the market. It is followed by ‘access to finance’ and ‘dialog with the stakeholders.’ The qualitative section points to the rapidly changing consumer values due to evolving technologies (Zavadskas and Vaidogas 2015). This attribute makes the authorities operating in the private sector question their business model very often. It also causes a shortage in revenue constraining the companies to grow (Froeb et al. 2015).
The Public sector and the Not-for-profit sector have similarity in their results. According to the executives from these sectors, the “change in economic climate, ” is the main reason for the market risk.”Fundraising and cost escalating” are the other two top-ranked market risks according to the article. According to the chief executives of not-for-profit companies, the help from the government is not coming at the desired proportion. With the insufficient revenue and escalating costs, the companies are not being able to work at their full potential. The financial constraints are leading to attrition in the not-for-profit sector (Bekaert, Hoerova and Duca 2013).
Moreover, the article could have mentioned the role of the government which can help the economy to attain its potential. The government can not only play a vital role in the public sector and the not-for-profit sector but also in the private sector. Government intervention and injections in proper areas can boost the falling companies of the country (Knight 2012). The government of New Zealand can use the fiscal and monetary tools to create a positive economic environment for the enterprises that are struggling in the competition from the globalized market. The management sections can also get tremendous help from the government policies and subsidies (Bernanke, Antonovics and Frank 2015).
Conclusion:
The article can be a pioneer to its successors. It has shown the ways the next studies can move. New Zealand needs a big push to come out of the stagnating economy which most of the domestic companies are facing. The article has addressed the problems which are sector specific. The broad categories done by Hutchinson and Boxall are able to show the government intervention requirements, especially in sectors like public and not-for-profit. The research was based on the primary data, which makes the results reliable. The research even after addressing so many areas still lacks some specific platforms. Having a larger sample size could have reduced the sample errors caused by the absence of more information. The economy of New Zealand will have better utility from market specific research which is missed by the article. The article could not brief how the apparent weaknesses of the economy have the potential to strengthen the economy. The article with the help of a more detailed survey and followed by several economic prescriptions has the power to be the tool the country needs.
References:
Baker, S.R., Bloom, N. and Davis, S.J., 2015. Measuring economic policy uncertainty (No. w21633). National Bureau of Economic Research.
Bekaert, G., Hoerova, M. and Duca, M.L., 2013. Risk, uncertainty and monetary policy. Journal of Monetary Economics, 60(7), pp.771-788.
Bernanke, B., Antonovics, K. and Frank, R., 2015. Principles of macroeconomics. McGraw-Hill Higher Education.
Blau, F.D., Ferber, M.A. and Winkler, A.E., 2013. The economics of women, men and work. Pearson Higher Ed.
Czarnitzki, D., Hussinger, K. and Schneider, C., 2015. R&D collaboration with uncertain intellectual property rights. Review of Industrial Organization, 46(2), pp.183-204.
Froeb, L.M., McCann, B.T., Ward, M.R. and Shor, M., 2015. Managerial Economics. Cengage learning.
Hutchison, A. and Boxall, P., 2014. The critical challenges facing New Zealand’s chief executives: implications for management skills. Asia Pacific Journal of Human Resources, 52(1), pp.23-41.
Knight, F.H., 2012. Risk, uncertainty and profit. Courier Corporation.
Mankiw, N.G., 2014. Principles of macroeconomics. Cengage Learning.
Petersen, A.M., Riccaboni, M., Stanley, H.E. and Pammolli, F., 2012. Persistence and uncertainty in the academic career. Proceedings of the National Academy of Sciences, 109(14), pp.5213-5218.
Png, I., 2013. Managerial economics. Routledge.
Zavadskas, E.K. and Vaidogas, E.R., 2015. Bayesian reasoning in managerial decisions on the choice of equipment for the prevention of industrial accidents. Engineering economics, 60(5).
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