Discuss about the Bi-cultural Environment Of New Zealand.
Business environment
In New Zealand or specifically in the Southern part of the country the Ngai Tahu Holdings have developed their business on the basis of the bicultural practice. In this regard, it is important to understand the role of biculturalism inside the business environment of the company. The government of New Zealand also provides them adequate support in order to make the business environment of Ngai Tahu Holdings intact. In this context, the Ngai Tahu Holdings contributes more than $200 million to the economy of the South Island of New Zealand (Our investments, 2018).
There are a number of business operations that are facilitated by the Ngai Tahu Holdings. For an instance, the organisation has developed their interests on tourism, fisheries, property and forestry. In this context, it can be advocated that the Ngai Tahu Holdings is considered to be one of the wealthiest Maori tribe in the country (Our investments, 2018).
There are several subsidiaries of the Ngai Tahu Holdings such as Shotover Jet and Rainbow Springs. The Shotover Jet is fully owned by the Ngai Tahu Holdings and works in the tourism sector of New Zealand where as the Rainbow Springs is considered to be a popular tourist attraction in Rotorua which is also controlled by Ngai Tahu (Our investments, 2018).
Trevor Burt is the current chair of the Board in Ngai Tahu Holdings who was appointed in August 2009. The Chief Executive Office of the company is Mike Sang since 2013. Moreover, Allan Hickford is the CFO and Matt Slater is the Chief Investment Officer of Ngai Tahu Holdings. Moreover, Charisma Rangipunga has been designated with the post of Chief Values Officer of the Company (Our investments, 2018).
For the understanding of the internal growth of the Ngai Tahu Holdings, the report is going to use surveys (Ezzy, 2013). The elements of the surveys are the local community and the employees. Furthermore the company management is also responsible for giving a brief statement of the internal growth. The survey is based on the close ended questions related to the internal growth of the company (Clemence, Doise & Lorenzi-Cioldi, 2014).
The data that that are collected by the surveys, showing the current business situation of Ngai Tahu Holdings. According to this survey, it can be argued that in 2016 the total asset of Ngai Tahu Holdings was accounted at a rate of $82,183 (Annual Report, 2017). However, from 2016 to 2017 there is an increasing trend with 90,852. However, the current liabilities of the company also increase in a rapid pace from 2016 to 2017 (Pierce, & Sawyer, 2013). In the year 2016 the liability of the company was estimated at 75,225 but in 2017 the liability was amounted 105,654 (Borji, Sihite & Itti, 2013). It can be argued that these assessments lead to the downward growth of the Ngai Tahu Holdings.
Moreover, based on the understanding of using the quantitative tools it can be remarked that the Ngai Tahu Holdings Company is on the verge of a serious business threat where the current liabilities and the assets are growing in an abnormal manner that is not good for the company.
In the qualitative research, the method puts emphasis on the questionnaire and the interview session with the company officials only (Hahn & Lülfs, 2014). In this regard, the emphasis is primarily thrust upon the financial department of the company. The interview session is conducted through some open ended questions through which the interviewer and the interviewees are performed in a flexible environment (Tesch, 2013).
After finishing the interview session with the company officials, the collection of data directly puts emphasis on the internal growth of the Ngai Tahu Holdings organisation. In this context, out of the five company officials three have expressed their concern about the current scenario of the company. They revealed that the expenses of the company have been escalated in a rapid pace that is detrimental for further operations of the company (Wildemuth, 2016). They also argued that the reason behind the increasing trend of the liabilities and the assets is because of the lack of market capitalisation of the company. As a result of that the production of the company is largely halted and there are problems regarding selling the products.
With the help of the measurement and the findings of the qualitative analysis it can be stated that the internal growth scenario of the Ngai Tahu Holdings company is clearly been analysed. Moreover, the analysis points out that there are some constraints that curtail the normal growth of the Ngai Tahu Holdings. As a matter of fact, the company officials get an idea of the problems but due to the volatile market they are failed to implement any standard planning to cope with the situation.
Ngai Tahu Holdings is identified as one of the wealthiest business organisations in New Zealand. The company is popularised due to its diverse operations in the country such as tourism, sea food and agriculture mainly (Our investments, 2018). Recently, the Company is suffering with a great deal of challenges in the region for its business operation and tries to get rid of it. In this context, the purpose of this report is to identify the threats of the business organisation and figure out the possible reasons for these threats.
The company has succeeded to develop a firm reputation in the New Zealand market. As a matter of fact, the annual turnover of the company is estimated at the rate of $200 million per annum (Annual Report, 2017). Moreover, the company has practised a number of businesses in terms of tourism, sea food export, property and forestry. In this regard, it can be argued that this dynamic business orientation of the company guides it to maximise its market capitalisation in a more intense manner.
However, in reality the condition of the Ngai Tahu Holdings Company is not so good at all. The quantitative analysis of the company on the employees and the local community reflects that the customers and consumers are not so pleased with the services provided by the company (Ezzy, 2013). Moreover there is lack of understanding of the company management as a result of which the company is facing loss in its market reputation.
On the other hand, the qualitative analysis based on interview session with the company officials reveals the problems in the operational structure of the company (Tesch, 2013). As a result of that the company faces loss in its annual revenues and profits. According to the finance department of the company, it can be opined that the liabilities of the company is escalating in an endemic manner and the reason behind this escalation is the reduction in the market holding of the company.
Conclusion
In a conclusion it can be stated that the Ngai Tahu Holdings is facing severe problems regarding its market operations. Therefore, it requires a deep investigation and proper planning on behalf of the company so that the problems will be resolved.
The employees and management are considered to be the internal stakeholders of the company. On the contrary, the external stakeholders of the Company are referred as the government agencies and the suppliers of Ngai Tahu Holdings (Beringer, Jonas & Kock, 2013). In this context, the internal stakeholders in terms of the employees and the organisational management are related to the operation and the services provided by the organisation. Besides this, the external environment in the name of the government policies influences the organisational activities in New Zealand. Moreover, the suppliers and the subsidiaries are very much responsible for the development and growth of the Ngai Tahu Holdings Company.
A business organisation is built by number of people who are involved in the foundation and operation of the Company. These people have different kinds of interest that must be coincided with the aims and objectives of the company so that it will be beneficial for the business organisation to generate maximum profit (Olmedo-Cifuentes, Martínez-León, & Davies, 2014).
For engaging the internal stakeholders, specifically the employees in the operations of the company there are some ways to do it. Among those methods the corporate social responsibility method is considered to be an effective way to get them engaged. It can be argued that based on their perception about the society and morality it will be helpful to make them aware of the aims and objectives of the company as well (Bowen, 2015). Motivation and recognition are seemed to be an important aspect in this regard (Majava, Harkonen & Haapasalo, 2014). As a matter of fact, it is important for the company to motivate its employees and in return the employees will generate more profit for the company by using their skills and creativity. Moreover, in New Zealand the practice of bi-culture is a very important aspect. Therefore, the role of the company management is to make a comfortable environment for all the employees so that they can give their best at work (Jonas, Möslein, & Roth, 2013).
The government policy is a major external stakeholder for the Ngai Tahu Holdings Company. In the context of New Zealand, the treaty of Waitangi develops the practice of biculturalism in the country. It can be stated that as the company is based on the tribal activities therefore it is imperative to make a bridge between the government and the organisational management. Moreover, it can be advocated that the government regulations determine the scope for business in that organisation (Korschun, 2015). Therefore, the strategy should influence the government so that the policies and regulations will be manifested according to the objectives of the company.
It can be stated that the stakeholders are the driving forces of a company’s decision making process. In this context, the Ngai Tahu Holdings Company has some internal and external stakeholders. Employees are considered to be an important stakeholder of the company therefore it is necessary to engage them into the business operation. Besides this, as an external stakeholder the government policies are also significant. It helps to perceive an idea about the business opportunities in the region that is highly influenced by the presence of the government (Pfitzer, Bockstette, & Stamp, 2013).
Therefore, for the internal stakeholders in the form of the employees, the Ngai Tahu Holdings Company is going to engage them through implementing the corporate social responsibility. Moreover, issuing strategies in the form of motivation and recognition is considered to be an important facet of engaging the employees (Boehm et al., 2015).
In addition to this, for the Ngai Tahu Holdings Company engaging the external stakeholders like the government. In this regard, the method should firmly relate to the regulations of the company (Pinheiro, 2015). It can be argued that the bi-cultural practice is associated with the guidelines of the company and the Ngai Tahu Holdings Company also follows this regulation (Shafer, 2015).
It can be argued that the Stakeholders relationship management is considered to be an important tool for benefits of the company. In this context, the Stakeholders relationship management enhances the credibility and reliability of the networks (Grunig, 2013). Moreover, united voices and resolving the issues are identified as essential features for the Stakeholders relationship management (Bourne, 2016).
Besides this, it can be stated that the stakeholder relationship management is an effective tool to educate the decision makers or the stakeholders who are engaged with the job or project (Verbeke, & Tung, 2013). As a matter of fact, the role of this strategic mechanism is to demonstrate widespread support in accordance with the aims and objectives of the Ngai Tahu Holdings Company. Furthermore, leveraging resources and attract the stakeholders to keep in touch with the organisational activities also important aspects that the stakeholder relationship management does.
In addition to this, the role of stakeholder relationship management in organisational framework is clearly boosted up the risk resolving abilities of the ongoing project (Asif et al., 2013). For an instance, in case of the Ngai Tahu Holdings Company the stakeholder relationship management deals with the bicultural activities that are highly relate to the interests of the stakeholders. In this aspect, the stakeholder relationship management also performs effectively in hyper connected communications environment. In this regard, the stakeholder relationship management is played the role of a protagonist by creating a common ground for the organisation and all the stakeholders related to the company (Lozano, 2015). As a result of that the production and service of the company will be accelerated in a great deal of manner to achieve the goals.
Before going into the discussion it is important to get a clear idea of the role of the stakeholder relationship management. There are two factors on which the entire mechanism has been rested upon. One aspect deals with the review of the stakeholders’ community who are associated with the networking of the Ngai Tahu Holdings Company. Besides this, there is another perspective in the form of the engagement profile of the stakeholders. In other words, the engagement profile of the stakeholders is associated with the attitude of the stakeholders in course of decision making (Doorley, J., & Garcia, 2015).
In this regard, the first aspect, that is, the stakeholders’ community is related to the networking of the stakeholders with the Ngai Tahu Holdings Company. After implementing the stakeholder relationship management in this context, it can be seen that there are detailed analysis of the role of the stakeholders through the tool. It can be stated that through this methodology it will be able to provide a more effective means for successfully implementing work in an organisation in a consistent manner (Weiss, 2014). As a matter of fact, making decisions with other persons is difficult for the organisations and in a crisis period in a business organisation it is impossible to meet all the interests of the stakeholders. In this context, the stakeholder relationship management is very useful to create a common ground through which all the stakeholders and the organisation as well will get benefits. It minimise the subjectivity through insistence on team reviews and emphasis on the consistent set of ratings for different attributes of each stakeholders.
On the other hand, the attitude of the stakeholders towards the decision making of the Ngai Tahu Holdings Company is also an important aspect that has to be maintained by the organisation. Therefore, it requires proper documentations and details of the stakeholders for effective management of any business activity. Moreover, the documentation also serves as history for the new team members to learn about activities and its stakeholders. In addition to this, there is an audit report of the stakeholders comprises of the attitudes of the stakeholders about the decision making process of the organisation. In this context, the documentation and its benefits are as follows:
However, there are some limitations that the Stakeholders Relationship Management is facing while dealing with the stakeholders. In this regard, it can be argued that firstly the mechanism is not effective to pool knowledge, experience and co-create solutions that address the business issues. The management tool is developed for the purpose of serving common interests of the stakeholders. As a result of that, unique types of interests cannot be resolved that can make the stakeholders unsatisfied. Besides this, for the new product and services the Stakeholders Relationship Mechanism is not the best option. The model mainly puts emphasis on the old and existed products. Based on the existing services and production the stakeholders can share their comments not on the new products (Morrison, 2013). As a result of that for rejuvenating the market capitalisation of the Ngai Tahu Holdings Company this mechanism is not adequate at all. In this regard, it can also be argued that giving feedback is also an important aspect for the future sustainability of a company. As a matter of fact, the Ngai Tahu Holdings Company requires some creative steps in order to re-establish their existing organisational framework. In this context, it is inadequate for the stakeholders’ relationship management to make effective steps for understanding and solving out the issues of the company.
For making the system more effective and relevant in order to protect the interest of the Ngai Tahu Holdings Company it will be beneficial to fix the limitations of the company through implementing some additional efforts in the mechanism.
There are three factors that can enable an effective Stakeholders Relationship Management. The first factor is related to the team commitment. In this context, it can be stated that the team commitment means to figure out the role of the team members and their understanding regarding the process of Stakeholders management. It is imperative for the stakeholders to get committed and focused about their job and responsibilities towards the stakeholders. As a matter of that, knowledge sharing about the stakeholders and the political environment is also considered to be an important element (Meintjes & Grobler, 2014).
Secondly, the role of the senior management is also a significant step towards establishing an effective Stakeholders Relationship Management. The role of the senior management is to convince the stakeholders in order to create an effective environment for initiating the project (Morrison, 2013). Without the help of the stakeholders it is impossible for the organisation to proceed.
In addition to this, the final step will be using the long term strategies. It can be argued that to make the future secure for the company and for sustainability in the competitive market, the use of long term strategies is adequate and significant (Lozano, 2015). For the Ngai Tahu Holdings Company it can be stated that due to its enormous activities across the world, it is negative to introduce a mechanism every time. As an alternative, long term strategies can be implemented effectively.
At first it is important to make the team members aware of the present scenario of the situation and make a brief session with them. After that the entire scenario will be discussed with the board members for giving them an alarm about the threat. After that, a stakeholders meeting will be organised in order to make decision regarding the issues of the organisation. Finally, the operational team will be responsible to turn the planning and strategies into success.
Conclusion
The Ngai Tahu Holdings Company is losing its relevance and market holding in the New Zealand market. There are some flaws in the operational framework of the organisation that makes the company more subtle in its course of operation. In this regard, the roler of the stakeholders is played a very significant in order to deal with the problem. However, it requires a proper Stakeholders Relationship Management which will resolve the problem. In addition to this, in order to make the Stakeholders Relationship Management more effective there are some steps that the company must follow. It is related to the proper knowledge about the role and participation of different elements of the stakeholders. Therefore, it can be concluded that the problem related to the Ngai Tahu Holdings Company poses a threat for the organisational activities of the company and these problems must be resolved. With the help of a proper stakeholders relationship management it can be sorted out and ensure sustainability in future.
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