You will be acting as a team of consultantsto a fictional global professional services firm with expertise in accounting, auditing and tax advisory. In all aspects, the firm is comparable to KPMG. Your task is to produce a report to advise the organisation’s Australian unit (a business comparable to KPMG Australia) on what should be done to effectively manage employees.
With the ramified economics changes and complex business structure, each and every organization needs to follow proper ethical and legal compliance program which may increase the overall outcomes and efficiency of the business at large. Each and every organization needs to follow the proper structured program and work process which may strengthen the output of the organization and will create value on the investment (Coutinho, et al. (2018). With the increasing complexity, company might face issues related to work culture, team working, production process complexity and reporting issues. In this report, Cosmos auditing and accounting firm company has been taken to evaluate the employee’s issue and motivation programs. It is assessed that company has face high employment problem in their work process due to the complex business structure. Ideally, employees have issues and hurdles in their working due to the advancement in the technologies and changing accounting standards and laws. It is analyzed that with the consistent amendment in the laws and international auditing standards, employees who are indulged in the audit and accounting functioning have faced issues while pave with the changing auditing standards. These consistently changing value chain activities of the Cosmos auditing and accounting firm and compliance program have resulted to big problem for the employees and consistently demand rigorous efforts from the employees. In this report, motivation to employees and problems faced by them in the auditing and accounting program has been discussed. It is analyzed that if employees are constantly motivated by undertaking proper motivation program and theories such as Maslow’s motivation theory, ERG theory and practical based need theory then it will surely add value to the satisfaction level of clients. In this report, practical emphasis have been made on the issue and problems faced by the Cosmos auditing and accounting firm in their business functioning and how proper motivation program could add value to the business functioning of employees (Snejana, 2018). However, in this report, only four main employees issues have been discussed which are very imperative to be resolved for the better and effective functioning of the Cosmos auditing and accounting firm. In addition to this, implementation of the motivational theories and its impact on the busienss have also been discussed which will be used to motivate employees to meet the set targets and goals in determined approach (Pererva, et al. 2017).
It is the international firm indulged in providing the auditing, taxation and accounting services to the clients on international level (Biewen, et al. 2018). It is analyzed that company have been providing the taxation and accounting services to the listed company on international level with a view to assists other companies to save tax and implement the proper tax planning. It also provides the key audit services which strengthen the transparency of the reporting frameworks and assists organization to establish the harmonization in the domestic and international reporting frameworks. This company has followed the matrix organizational structure in which all the expert’s employees will be indulged in providing the audit and accounting services to the listed companies to strengthen the transparency of their reporting frameworks. All the employees who are indulging dint eh audit and assurance program will be certified public accountant who endeavored towards strengthen the reporting frameworks and establish harmonization in the domestic and international reporting frameworks (Quested , et al. 2017).
There are several types of employees who are working in Cosmos auditing and accounting firm such as accountants, certified public accountants and staff members and administrators officers who takes all the tactical decisions to run the busienss effectively (Doni, Drago, & Paoloni, (2018). Ideally, employees related issues arise among the employees who are indulged in the audit and accounting program due to the consistent amendment in the auditing and accounting standards (Stupnisky, et al. 2018). This consistent changes in auditing and accounting standards demand high level of expertise and overtime of these professional employees so that they could provide best consultancy to the organization in their regulatory compliance and accounting program (Nuttin, 2014).
In the modern day firms managing of employees have become difficult. This is because there are several issues that arise within the firm which are related with the management of employees. With the changing global business environment the problems are getting widened. Companies like Cosmos which are highly dependent on the workforce needs to rethink about the problems that the employees are facing so as to do the better management of the employees. This also helps in improving the workforce effectiveness as well as increasing their productivity. Among the several issues faced by the fictional firm related to employees, the four major issues are as follows (François, J2018).
It is to be understood by the management of any firm that every employee is different from each other and hence they are having different kind opinions regarding anything. It is also to be noticed that if the individual differences increases there is always a chance of breaking of trust. This might lead to personality clashes. Most of the time it has been seen that there are many people within the organisation and each and every one of them has their own goals and objectives. Whenever other stands in front of others there is always a chance that a conflict may arise between them. This conflict of interest is not good for the organisation and the team culture. Management of individual differences has become one of the major issues in the organisational behaviour. There are various elements of individual differences like values, personality, thinking skills etc. It is the role of the management to make sure that the individual different may not supersede the interests of the organisation or it might bring negativity in the work environment. Cultural diversity has been playing a very larger role in creation of this issue hence needs to managed properly (Golinska-Dawson, Kosacka, & Werner-Lewandowska, 2018).
There are various associated theories in this regards but the most widely used theory is Social Cognitive theory. The social cognitive theory is theories that is used in various domains and are linked with individual’s knowledge acquisition. It is directly associated with the observing others within the context of experiences, social interactions as well as other outside media influences. This theory suggest that when a person observes a model performing the behaviour, the other person usually understand the sequence and use it as a guide for understanding the behaviour of the person in the future. This is beneficial in the individual differences as it helps one person to understand the other person. This is again helpful in understanding the behaviour that is created through cultural differences. This theory suggests watching other’s behaviour and hence replicating the same so as to understand them. This is highly effective in the case when huge amount of diversity exist within the firm. In the multinational firm since huge amount of cultural differences exist hence companies need to use this theory (Kruglanski, 2015).
With the increasing diversity in the busienss process functions of Cosmos auditing and accounting firm, it is analyzed that company should follow proper organizational polices and program (Zhang, & Lang, 2018). These issues have emerged due to the complex work process and increasing complexity in the business. Cosmos auditing and accounting firm should make the team of those employees who are from the same cultural background and make efforts to strengthen the work process (Berson et al. 2015). The diversity in the organization will promote the innovation and creative work functions which will add value for the better working program of organization (Kaufman, & Taras, 2016). Cosmos auditing and accounting firm needs to follow the proper internal control system and promote the team work sprit in which only standards organizational culture should be promoted. This will overcome the issues related to race, gender, cast and other work program in determined approach. The diversity in the process system should be taken as positive side by using the effective work program and effective work policies will add value to the busienss functioning in effective manner (Liebowitz, Gerde, & Davies, 2015).
This is another major issue within the organisation. This can be understood by the fact that there are many people that are from different cultural backgrounds and hence it is essential for the management to understand the needs of the employees. This helps in bringing higher motivational level in the employees. Why motivation is important can be understood on the basis of the fact that without motivation an employee cannot concentrate on their work. This is not good for achieve the desired target. Companies take use of the various approaches so as to improve the motivational level of the employees. Rewards and compensations have played a very larger role in this regards. For further improvement in the motivational level it is essential that organizations take use of the theories of motivation. There are series of motivational theories that are available with the firm. All the theories signify to the same fact that motivation is necessary within the organisation and can only be fulfilled when the needs of the employees gets fulfilled. It is the role of the management to understand each of these needs as well as find the way in which their requirements can be fulfilled (Aliyu, & Nyadzayo, 2018).
The theory of motivation that Cosmos can use is the Maslow theory. It is the most basic theory and suggests understanding the basic needs of the employees. His theory suggested all the needs of the employees as well as the order of importance they have in increasing the motivation. It suggests that most basic need of an individual is Physiological needs while the element that increases the motivation to the highest of level is Self-actualization. In between there are safety, belonging or love, esteem that also plays a part in the motivational level of the organisation. As the different needs gets fulfilled higher employee satisfaction can be attained. This automatically improves the motivational level of the people (Aliyu, & Nyadzayo, 2018).
Another issue is related to the motivation to employees. Many of the employees in Cosmos auditing and accounting firm are facing issues related to their work and complaining about the salary and return available to them (Kruglanski, 2015). It is analyzed that company has faced this issues due to the unmatched hiring process in which all the employees are hired at the different Pascale as per their qualification in the process (Noe, et al. 2014). The main recommendation to mitigate these issues is related to introduce the bonus, dip, bonus and employee stock options which could be used by management to make employees feel motivated. In addition to this, Cosmos auditing and accounting firm also needs to use the proper meeting and grievance portal to mitigate these types of issues (Kruglanski, 2015). Management should conduct the motivational meeting for employees so that they could feel that they are also growing with the growth of the organization at large. However, in the short term, it may increase the overall cost of business process but in long run, it may negatively impact the business functioning at large (Plc, Orga, & Chigozie, 2017).
One of the biggest problems that the modern day firm faces is of the communication. Since the communication is the base of the work process hence it has become essential for the organisation to make sure that they have an effective communication mechanism installed within the firm (Certo, 2018). This will help in removing the errors that might get created due to misinterpretation of the information. Since there are many data leak routes that are present hence it has become essential for the firm to make sure that they have a secured communication line ups. With the development of technology the communicating with different stakeholders of the firm got easier. Huge communication gap exist in any firm because of various reasons but the biggest reason for it is the cultural difference. Since Cosmos has employees from various parts of the world hence they face problems in understanding each language interpretations. It is the role of the management to ensure that all the all the aspects of the communication is understood and properly implemented within the organisation (François, J2018).
In order to overcome this issues there are various theories that can be used by the Cosmos like Critical theory, information theory etc. In this Information theory will be perfect for the nature of the work Cosmos has. Information theory is associated with the fact that how the information travels with the limited amount of mistakes. It concentrates on the fact of concentrating on the fixed messages so that it cannot be altered. Many a time it is seen that various aspects of the data are neglected this leads to generation of in capabilities in terms of communication. It also suggests that various measures must be used by the firm to limit the errors in the communication. This is highly used in the information technology where encryption and decryption can be used so as to eliminate the problems of errors. This theory also suggests that a person might even hold the message recipient more accountable than the sender for the final version of the communication.
In order to mitigate communication related issues among employees, management needs to use the cyber computing enterprises resources planning system. It will not only establish the proper work program and but also set up the proper online system process to strengthen the communication process program in determined approach. Nonetheless, anti-virus software will also be used to protect the key confidential information in Cosmos auditing and accounting firm. Currently, employees are using the mail and manual communication process to cover the details and sharing information with each other. After using the information cyber computing systems, all the employees will be given separate user ID and password who will directly connect with the online dashboard with each other’s, In addition this, a small web will also be created for employees to connect with each other’s so that they could share the required information with each other’s. This online cyber computing system should be protected by the company by using the anti-virus software program. The major problem arises when organization had to face high loss in its busienss due to the non-availability of the information in the busienss process. However, with the ramified economic changes and advancement in the technologies, Cosmos auditing and accounting firm should indulge in installing the cyber computing system to strengthen the work process and establish the automation in the information sharing in its busienss process.
Another major problem that exists in any organisation is related to the job satisfaction. With the increasing pressure in the modern day business managing the job satisfaction of the employees is becoming difficult. It is to be seen that there are many people that are working under the same roof but has different kinds of demands from their job. If these demands are not fulfilled than it leads to huge negative approach towards the work. Lower job satisfaction leads to employee turnout in the organisation. Many employees leave their job due to frustration. With the globalization the competition has not only increased between the organizations but has also enhanced in terms of the employees performance. Companies are expecting very high performance from the employees at the same time employees also demand for the higher reward. Type of facilities that are provided to the employees also plays a very major role. When the demands related to the workplace and their social demands are fulfilled employees always tends to love their jobs. Work culture and environment at the workplace place also plays a much greater role.
There are various theories that can be used for achieving higher employee motivation within the organisation. But the can be highly beneficial. It is most widely used theory in the whole world. The main part of the theory is that satisfaction is determined based on the discrepancies between what one wants in a job and what one has in a job. This is an excellent comparison that can reflect the job satisfaction. Employees always value the amount of autonomy or freedom he has been given within the organization. When the personal value of the organization meets the facet of the job it always improves the satisfaction level of the employee. The higher the facet similar to the value of the person, the higher is the chance that management can achieve higher job satisfaction. This is also evident from the fact that employee always looks for importance within the organization and hence companies must let them feel so.
Job satisfaction is the major part for achieving the set objectives and goals. The management of Cosmos auditing and accounting firm should follow the proper motivational program to meet the basic needs of employees. The motivation theories such as Maslow’s motivation theory, ERG theory and practical based need theory assist organization to meet the current needs of employees and also strengthen the work process of employees with the proper motivation (Lepper, & Greene, 2015). In order to increase the job satisfaction of the employees, company needs to link the benefit of the organization with the employee’s growth. It is analyzed that if these processes are followed then it will eventually add value to the better satisfaction of employees at large. Job satisfaction of employees depends upon the benefits delivered to them and the incentive plans. If proper HRM planning and process is followed such as providing proper training and development program, reward system and motivation process work meeting then the management of Cosmos auditing and accounting firm could easily motivate employees to deliver the best outcomes. It will also strengthen the work process and lower down the job attrition of organization at large (Hargie, 2016). It is advisable for the Cosmos auditing and accounting firm to increase the job satisfaction by using the motivational theory, reward system and establish the proper nexus between the organization development and employees growth. It will not only lower down the employee turnover but also strengthen the work system of the company on the sustainable basis in long run (Shuck, Collins, Rocco, & Diaz, 2016).
There are several issues which have been faced by employees in Cosmos auditing and accounting firm while providing the auditing and accounting services to the clients. However, there are main key issues which are concerned to the management of the employees and negatively impacting the busienss functioning (Parker, et al. 2017).
There are several recommendations which could be undertaken to make the busienss performance and employee work program of Cosmos auditing and accounting firm better and effective. Some of them are given as below (Dau-Schmidt, Finkin, & Covington, 2016).
Conclusion
There are several fact sand details about the Cosmos auditing and accounting firm which have shown why employees have faced high complexity and problems in their work program and how it has resulted to the negative outcomes on the business functioning. However, use of the proper motivation program and effectively learning practice will be of good use for mitigating these issues. Ideally, employees are facing the issues like overtime and mismanagement of work which not only impact the organizational work process but also result to negative outcomes to the busienss clients. It has been observed that employees have suffered management issue due to the less effective internal control system program and non-effective motivational work practice. It is analyzed that motivational practices is the backbone to strengthen the work process system and mitigate the possible employee’s related issues. It is analyzed that Cosmos auditing and accounting firm needs to set up proper internal control system process to timely identify the employee’s conflicts and issues which so every they must be facing while discharging their assigned duties. In addition to this, it is further observed that management department needs to consistently follow the motivation theories such as Maslow’s motivation theory, ERG theory and practical based need theory which will not only strengthen the work process of employees but also motivate them to deliver the best outcomes in the best interest of the organization. Furthermore, it is evaluated that if Cosmos auditing and accounting firm wants to create value on its investment then it will first have to establish the proper nexus between the organization development and employees growth. It is further observed that there are several other programs such as incentives, dip, bonus and employee stock options which could be used by management to make employees feel motivated. In addition to this, proper training and development program will also play pivotal role in mitigating the employee work related issues. It is further observed that team work spit and mutual collaboration would assist Cosmos auditing and accounting firm to crate synergy in its work functions and add value in the key deliverable of the organization at large. Now in the end, it could be inferred that if Cosmos auditing and accounting firm uses the proper motivation theories and key structure program then it will not only mitigate these issues but also add value for the better satisfaction at large.
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