This report aims to examine the student’s compatibility with the organisation discussed in the assignment 1, which, in the present case, is Medibank Health Insurance. I am a management student with intent to work in Medibank Health Insurance. However, identifying my strengths, weaknesses and potential is essential to realise if I would be fit for the above mentioned company. The evaluation would be conducted based on my SWOT analysis and the data acquired through the Meyer Biggs Personality Type Indicator test. The result of the test does not merely indicate the opportunities and the threats to identify the scope of personal improvement but also helps in understanding whether I am compatible with the organisation.
Medibank Health Insurance is an Australia based healthcare company, availing health insurance and solutions. Evaluation of the managerial practices and ethical conducts of the organisation, in the assignment 1 has availed the information concerning the organisation’s approach towards and expectations from its workforce, which would serve as a key determinant of it I am fit to serve as an employee in the organisation.
As the report is directed towards the examining my fit with the Medibank Health Insurance, therefore the main research question is:
The subordinate questions entailing the main question are:
Deductive research approach has been used in this research to identify whether I am fit for the Medibank Health Insurance, which is expected to be ideal for reaching a logical conclusion based on existing practices and theories (Sekaran and Bougie, 2016). Unlike the inductive research approach, the deductive approach is capable of reaching conclusions that are more specific and narrowing down the outcome to address specific problems (Woiceshyn and Daellenbach, 2018). As research question in this study concerns with the organisational fit, that is if I am fit for an employment in the Medibank Health Insurance therefore, specific deduction is required based on the theoretical as well as practical information. Deductive approach is more suitable for achieving that target.
I have opted for critical reflection as it is identified as the most suitable method of research in case of professional learning. As in this particular assignment, my suitability in the work force of Medibank Health Insurance is under scrutiny therefore critical reflection might be the most suitable method for this report. In addition, only qualitative data has been used for the study as they would avail an in-depth understanding of different aspects of my skills and abilities that might be useful in making me fit for Medibank Health Insurance. Quantitative data, despite its ability of ratio analysis might not be suitable for this study as they would not be able to avail detailed insight of the reason behind the deduction (Sekaran and Bougie, 2016).
|
Strengths |
Weaknesses |
|
· Strong communication skills · Planning ability · Analytical skills · Leadership quality · Intuitiveness · Adaptability · Strong theoretical knowledge |
· Little regard for feeling over thinking during decision making · Need for details · Comparatively slow decision-making · Tendency to overanalyse · Lack of experience |
|
Opportunities |
Threats |
|
· Career in business management · Team leading · Internship in Medibank Health Insurance for skill development · Medibank Health Insurance – market leader in Australia |
· Inexperience · Perceived as controlling or rigid · High competition · Speedy technological advancement |
Table 1: SWOT analysis
(Source: Created by student)
From the table above, which is developed based on the result of my Myers-Biggs Personality Type Indicator test (Refer to the appendix) it is evident that the most suitable department for me in the Medibank Health Insurance would be the management department. Based on my answers I have been categorised under the ENTJ group, which is characterised by the qualities like good communication skills, ability to plan, and leadership quality. The best suited operational responsibilities for individuals belonging to this department are that of a leader or manager. In addition, the Medibank Health Insurance with largest market share in Australia (27.6%) provides best opportunity for me to access and understand the health insurance market of Australia (Comparing Expert, 2018). Therefore, interning as a management apprentice in the organisation might provide me the opportunity to improve my managerial skills and industry specific understanding.
However, as can be seen in the table above, my lack of professional experience and the need for detailed analysis before decision-making might be a hindrance in performing the role of a manager. This might also be attributed to my little regard for feelings as a determinant of a business decision. Pettigrew (2014) identified that a major part of an organisational leader’s responsibility is the ability to quick and balanced decision-making. D’Innocenzo, Mathieu and Kukenberger (2016) further added that experience, knowledge and intuition is the key to management of business issues. Therefore, to gather experience and knowledge I might need to begin my service in Medibank Health Insurance as a member of an operational team and then develop into a team leader and management staff. My apprenticeship moreover, might help me to learn from my senior and improve my decision-making skills. However, if not overcome, this weakness might hinder my growth as a management staff and risk my employment in Medibank Health Insurance.
While the table above avails an understanding of the opportunities and threats that my strengths and weaknesses pose, it does not explain their relevance in context of the external environmental factors. The following table might provide a better understanding of it.
|
Factors |
Details |
Opportunities |
Threats |
|
Political |
Government making private insurance simpler · Industry standards introduction |
Simplification of operational requirements |
Inadequate awareness |
|
Economic |
· Increased market |
Increased employability |
Changed skill requirement |
|
· Slow GDP growth (Hutchens, 2018) |
– |
Reduced expenses Lack of employment |
|
|
Social |
47% of population consume private health insurance Increased preferences for private insurance |
Scope for larger workforce |
Changed customer demand |
|
Technology |
More robots in work force Software robotics Innovation |
Increased efficiency Consistent decision making Scope for fast learners |
Reduced manual staff requirement Need for knowledge updates |
Table 2: Opportunities and threat posed by environmental factors
(Source: Created by student)
In 13th October 2017, the Australian government announced a range of packages for reforming the private health insurance to make it simpler as well as more affordable for the common people of Australia (PwC Australia, 2017). This is expected to attract more customers to the private insurances. Moreover, as Medibank Health Insurance is the market leader in this industry its sales as well as employee requirement is expected to increase creating better opportunities for student like me, aspiring for a career in the organisation. However, with the introduction of new industrial standards arises the need for learning to adhere to them, failure in doing which might risk severe violation of law.
The private health insurance industry of Australia has increased by 5.7% between the financial years 2016 and 2017, which marks the expansion of market as well as the industry making better room for new professionals. However, the GDP growth of the country has rapidly slowed down by 2.8% threatening the potential downfall in the income hence purchase ability of the consumers, which would lead to a reduced demand of employees as well (Hutchens, 2018).
As can be seen in the table above, around 47% of the Australian population consumes some kind of private insurance and with the escalated number of consumers, the need for management and analytical skills along with the ability for quick decision-making has escalated (Glover, n.d.). Hence, my attention for details and analysis might improve my scope of employment as a management staff in Medibank Health Insurance. However, my inability to take decision without a detailed analysis might prove to a hindrance.
Threat of becoming irrelevant or redundant due to failure in keeping up with the technological requirement is a major threat with the fast advancement of technology in the health insurance industry. In addition, with the increasing emphasis on the use of robots for improving the operational aspects, by the CEOs of private health insurance organisations the threat of reduced manual employees arises (KPMG, 2017). Moreover, it also might affect the technological requirements for employment in tbe Medibank Health Insurance.
Managing the workforce diversity is one of the key aspects that determine the effectiveness of the workforce in a multicultural workforce environment. Medibank Health Insurance, due to its wide spread operations as well as the nature of its business addresses customers and employees that belong to different ethnic, racial, cultural, religious and gender groups. Medibank Health Insurance, in its management of the workforce emphasises on the value of having a diverse workforce and through its strict anti-discriminatory policies ensures that it allows equal opportunity of growth and development for all tis employees (Medibank, n.d.). Kohler (2016) identified that identification of the cultural differences between the staff members and encouraging acceptance in the work environment are the major responsibilities of a team leader as the unique and diverse background of the team members is the key to innovation. Lisak and Erez (2015) added that the diversity in a team, in terms of expertise and cultural background allows contradictory opinion, which is the determinant of positive performance.
As I intend to serve as a management apprentice in the Medibank Health Insurance, it is essential for me to ensure that any kind of discriminatory practice is avoided in the workplace to ensure maximum productivity. My management practices need to adhere to the federal as well as the state anti-discrimination law along with the Fir work Act 2009 (Cth), to avoid unlawful practice of discrimination in terms of race, including national and ethnic background, colour, immigrant status, disability, sexual orientation, gender identity, gender in general and age (Australian Human Rights Commission, n.d.). Erbe (2014) pointed out that even the companies with most active advocacy of cultural diversity in work place through their policies and practices might enforce the cultural norms of the dominant cultures. Machado and Davim (2017) on the other hand, marked that every organisation has its unique organisational fingerprint, a set of norm and the employees that behave against the norms or the framework are recognised as the misfit. In such circumstances, it becomes essential, for a management staff, to ensure that the norms of the dominant culture do not add to the organisational fingerprint. Otherwise, the employees from the other cultural background would be treated as misfits, which is to be perceived as the discrimination.
The result of my Myers-Biggs personality type indicator test (refer to the appendix) indicates that I belong to the personality type ENTJ (Extraverted Intuitive Thinking Judging), which is characterised by the leadership quality, planning ability, organisational skills and creativity (Furnham, 2017). In addition, the SWOT analysis performed in the previous section in adherence to the PEST factors also indicates that an apprenticeship in Medibank Health Insurance would help in developing my management skills, decision-making ability and knowledge of the private health insurance industry. Moreover, the approach of the Medibank Health Insurance towards diversity within the workplace, which marks it as a preferred work environment for me.
However, my tendency to overanalyse the available data and little regard for the feelings that might be the basis for intercultural practices might serve as a barrier in my fit with the Medibank Health Insurance. Yet, my adaptability might help in overcome that barrier as I learn from the practices in the company. Therefore, it can be stated that, Medibank Health Insurance, and more specifically its management department might be a suitable option for me to work and develop my managerial skills.
Conclusion
Through the evaluation presented above it is evident that, Medibank Health Insurance might serve as a fit option for work for me. On the other hand, the SWOT analysis along with the PEST evaluation of the opportunities and threats indicate the areas that need to be improved for ensuring proper fit with the company. Quick decision-making and lack of experience is an issue identified through this analysis. Undertaking smaller tasks of management and practicing decision making within the classroom and during academic events might help in overcoming that issue to a certain extent. In addition, updating the industry knowledge and technological skills in frequent intervals might also help in ensuring my fit with the management department of Medibank Health Insurance.
References
Australian Human Rights Commission (n.d.) Workplace discrimination, harassment and bullying, Retrieved, December, 05, 2018, from, https://www.humanrights.gov.au/employers/good-practice-good-business-factsheets/workplace-discrimination-harassment-and-bullying
Comparing Expert (2018), Top 10 Private Health Insurance Companies in Australia: 2018, Retrieved, December, 05, 2018, from https://www.comparingexpert.com.au/health-insurance/companies/
D’Innocenzo, L., Mathieu, J. E., & Kukenberger, M. R. (2016). A meta-analysis of different forms of shared leadership–team performance relations. Journal of Management, 42(7), 1964-1991.
Erbe, N. D. (Ed.). (2014). Approaches to managing organizational diversity and innovation. USA: IGI Global
Furnham, A. (2017). Myers-Briggs Type Indicator (MBTI). In Encyclopedia of Personality and Individual Differences (pp. 1-4). Cham: Springer International Publishing
Glover, L. (n.d.) Australian Health Care System, Retrieved, December, 05, 2018, from, https://international.commonwealthfund.org/countries/australia/
Hutchens, G. (2018) General Insurance Industry Review 2017 Australia’s GDP growth slows to 2.8% as weaker spending hits economy, Retrieved, December, 05, 2018, from, https://www.theguardian.com/business/2018/dec/05/australias-economic-growth-slows-to-28-as-weaker-spending-hits
Kohler, R. (2016). Leadership in Multicultural Organizations. In Optimization of Leadership Style (pp. 7-21). Wiesbaden: Springer Gabler
KPMG (2017) General Insurance Industry Review 2017, Retrieved, December, 05, 2018, from, https://home.kpmg.com/au/en/home/insights/2017/11/general-insurance-industry-review-2017.html
Lisak, A., & Erez, M. (2015). Leadership emergence in multicultural teams: The power of global characteristics. Journal of World Business, 50(1), 3-14.
Machado, C., & Davim, J. P. (2017). Managing Organizational Diversity: Trends and Challenges in Management and Engineering. Switzerland: Springer
Medibank (n.d.) Home – Medibank Careers, Retrieved, December, 05, 2018, from, https://careers.medibank.com.au/
Pettigrew, A. M. (2014). The politics of organizational decision-making. Abingdon: Routledge.
PwC Australia (2017) Insurance Facts and Figures – 2017, Retrieved, December, 05, 2018, from, https://www.pwc.com.au/insurance/insurance-facts-figures17.pdf
Sekaran, U., & Bougie, R. (2016). Research methods for business: A skill building approach (7th ed.). New Jersey: John Wiley & Sons.
Woiceshyn, J., & Daellenbach, U. (2018). Evaluating inductive vs deductive research in management studies: Implications for authors, editors, and reviewers. Qualitative Research in Organizations and Management: An International Journal, 13(2), 183-195.
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