Comparing Management Approaches Of CSL Ltd And Macquarie Group

Discussion

Discuss about the Introduction of Management of CSL Ltd and Macquarie Group.

An organization in the society lays a crucial role in the development of the nation’s economy. According to Stroes (2013), in Australia, the Gross Domestic Product is 1.1% in 2016 and they have $1499.30 as their average weekly earnings. In this business report, two organizations are taken into consideration- CSL- the Australian Blood and Serum Products Company and Macquarie Group- the investment-banking group. CSL is a global specialty biotherapeutics organization and offers innovative biotherapies for helping people with life-threatening medical conditions (CSL Ltd, 2016). On the other, Macquarie Group, known as top ranked mergers and acquisitions advisor and is a diversified financial services group that offers common people banking, financial advisory, and funds management services to corporate and retail clients (Macquarie, 2016). 

In this business report, the vision and mission statement of these two companies will be compared along with the values of the organisation and corporate social responsibility/sustainability. Moreover, the influence of stakeholders of these two organizations will be compared in this report and analysed whether these two companies have fulfilled their SMART goals, which is followed by the overall conclusion of the study.

Vision or mission statement

Grant (2014) illustrates that the mission of CSL Ltd. is to grow as Australian public company specialising in biological products that work for the benefits of the Australian and international health care. On the contrary, Cano-Garrido et al. (2016) depicts that the company vision to be committed with the Patient Care, Education and Research throughout their business procedure. CSL Ltd. recognizes that the staffs are valuable assets, contributes optimal therapeutic outcomes and promote wellness. Moreover, Wang et al. (2016) demonstrates that the concerned organization foster an environment that provides knowledge regarding rational use of medication and train their staffs to enhance their professional development, educating patients and healthcare professionals for using the medication and medical equipment with proper care. They also emphasizes on developing and conducting research for the efficiency of the medication by utilizing research methods and supporting interdisciplinary collaborative research.

The mission of the Macquarie Group is to work with integrity so that they can provide lawful business to their clients (Macquarie, 2016). This organization also offers high-end client commitment and then strives for consistently superior profitability. Macquarie Group also committed with their client and they respect them as their subordinates, peers and superiors. Teamwork and high standard of work is also a part of their mission for achieving the business objective of their organization (Köhler, 2014). Macquarie Group visions to be the leading investment group in Australia and across the world by creating long-term client partnerships and to attract, retain and develop the best professionals.

Vision or mission statement

CSL Ltd.

Zuris et al. (2015) illustrated that the values of the CSL are to set a foundation where every individual serve as a decision-making expert with some set of values that form the CSL Group. These values are customer focus, innovation, integrity, collaboration and superior performance.

Figure 1: Values of CSL Ltd.

(Source: CSL Ltd 2016)

CSL Ltd emphasised more on the customer’s need and intends to fulfill their heath threatening requirements. Moreover, they research for better ways by which they can resolve the adverse health situation of human beings in the society and integrity resembles their honesty and ethical consideration through which they precede their business activity (Gasser et al., 2014). Lastly, Edner et al. (2012) illustrates that collaboration and the superior performance that they value which resembles that CSL Ltd believed in working collaboratively to achieve the organizational goals and strives to perform the best in their work that is to save life from numerous disease. However, Stroes (2013) depicts that this organization has a particular area for improvements that is to deliver protein-based treatment to their patients at an affordable cost so that every patient can save from deadly disease.

On the contrary, Gennaioli et al. (2015) depicts that Macquarie Group values the opportunity that will benefit the community and their shareholders. The concerned group stands on three long-held principles- opportunity, accountability and integrity.

Figure 2: Values of Macquarie Group

(Source: Gennaioli et al. 2015)

The specific goal of Macquarie Group is to seek new opportunities in candidates who can serve their best to perform their business objectives. Thus, Sippel et al. (2016) illustrates that this organization starts with real knowledge and skills and encourages innovation, ingenuity and entrepreneurial spirit. Furthermore, Lewis (2013) portrays that this organization believes that with opportunity, accountability is the next step to ponder. Macquarie Group never compromise with their standards and take liability for their action on behalf of their clients and shareholders. The experts at Macquarie Group evaluate and manage risks in investments and make profitable decision so that not only the company can be benefited with their action but it will also advantageous for the community also. Metcalfe (2013) lastly demonstrates that integrity is the last principle that the concerned group follows which resembles that they accomplish their work and utilize client’s money honestly and fairly. The area where the company can improve is to educate the customers about financial literacy and financial technology by exploring advances in mobile payment options and integrating existing system with new formats.

Values of the organization

CSL Ltd.

Lewis (2016) mentioned that corporate social responsibility (CSR) at CSL Ltd can be seen through their business approach that is to save life from deadly diseases by conducting business ethically and providing benefits to economy, society and environment. Tricker (2015) also depicts that the concerned organization behaves responsibly to represents their sustainability of their company. Trong Tuan (2012) illustrates some of the corporate responsibility towards the community that can be achieved through measureable approach like- researching and developing new medicines for unmet needs, ensuring safe therapies, providing a positive working environment, supporting our patient, biomedical and local communities and diminishes the adverse impact on the environment. This organization develops protein-based medicines that help to curb human health challenges in future. The R&D department of CSL Ltd is a member of Board’s Innovation and Development Committee and leads the Global PharmaPlan Committee to innovate new medicine for wellbeing of people (CSL Ltd, 2016). CSL Ltd also measures the carbon footprint and takes active participation in climate change programs for identifying carbon risks and opportunities. Furthermore, this organization provides awareness regarding the increasing problem of global warming and climate change through their education programs, and public reporting.

Figure 3: CSR rating of Macquarie Group

(Source: Macquarie 2016)

The Macquarie Group have a CSR rating of 55% compared to all investments companies (Macquarie, 2016). Bouvain et al. (2013) mentions the concerned group has committed 49% of the company’s commitment and effectiveness with their clients and global community. This also resembles that they have shared a portion of annual revenue in the voluntary work and charitable giving. The social responsibility can be achieved through measurable goals of valuing their employees by fulfilling their labour relations and labour rights (Michelson et al., 2016). Macquarie Group also initiates for fair treatment of each employee and robust diversity (EEO-1) programs and addressing to core ILO standards for labour codes. Haskiâ€ÂLeventhal (2013) on the contrary describes that this group also values the environmental performance, diminishes the environmental footprint and participate in making the community as well as their employees learn about the energy-efficient operations and the concept of reusability along with the pollution prevention programs. This group also emphasize on digital work so that the use of papers can be reduced. Lastly, in governance corporate responsibility, Lewis (2013) mentions that the company provide rights and responsibilities and discloses all the policies and procedures for boards diversity and better organizational policies.

Corporate Social Responsibility/Sustainability

CSL Ltd.       

Weeks et al. (2014) defines that stakeholders are the independent party that are directly and indirectly committed with the organization and affected by institutes activities and helps in achieving the business goals set by the organization. Stakeholders can be the owner of the company, the employee and their families, customers, investors, government, community and business partners.

Figure 4: Key stakeholders of CSL Ltd

(Source: CSL Ltd 2016)

The key stakeholders of CSL Ltd are patient groups, employees, investors, healthcare professionals, plasma donors and other that is illustrates in the above figure are those, who helps in achieving the business goals for treating people with the best treatment (CSL Ltd, 2016). These stakeholders cover different activities like provision of educational material to their patients and society people. Cano-Garrido et al. (2016) depicts that regular meeting, biennial survey, visits to major suppliers conversation with health professionals are some of the stakeholder engagement programs that CSL Ltd follows. Zuris et al. (2015) portrays that this organization undertake roadshows and forums to make their investors knowledgeable about their business approach.

Figure 5: Key stakeholders of MACQUARIE GROUP

(Source: Macquarie 2016)

The stakeholder of this group understands the needs of their key stakeholders by providing them banking and financial advice so that they can make proper investments for a secured future and achieve the business objectives (McManus et al., 2014). The investments analysts of this group helps in decision making for disrupt decisions in order to introduce new ideas for better productivity and profitability. Government and rating agencies of the company put their effort by measuring their performance and suggesting new ideas for the development of investment approach.

Conclusion

In this business report, two different companies are taken into consideration that is CSL Ltd and Macquarie Group. The former company provides protein-based treatment their clients whereas the former organization provides money investment related advice to their clients. CSL Ltd targets to provide their treatments at an affordable cost and the latter organization plans to provide opportunities to candidates so that they can invest their money in a better way for secure future. Moreover, the stakeholders for each organization helps these organization to achieve their business objectives and the results can be measures from the satisfaction level of the clients. CSL Ltd already helps in the treating many people and Macquarie Group successfully provide investments advices to institutional, corporate and retail clients and thus it can be concluded that both the organization have realistic achieved their business goals and intends to develop. Thus, both the company have achieved their SMART goals and have confidence in the truth that depicts their believe and value.

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