The Role Of Top Executives In Dynamic Business Environment

Challenges Faced by New Zealand’s Economy

Discuss about the Role of Top Executives in Dynamic Business Environment.

A chief executive is an administrative head of the company. All decision related to the progress of the company is taken under his guidance. The top executive of the company is the source of inspiration for the rest of the employees. In a big organization a C.E.O plays pivotal role in addressing the managerial issues (Cloutier, 2015).They are shouldered with responsibility to work in the good faith of the organization to create a favorable environment. New Zealand is a fast growing economy of the world which has seen transitions due to availability of opportunities. The human resource department has to play a crucial role in retaining the skilled employees. Changing environment and technology has been influencing the fast-paced and unclear changes. It gives an important theory to reshape the managerial talent, developing stakeholder’s strategies, and managing people under variable business environment (Armstrong, 2016).

New Zealand in past years has seen a large amount of migration of native people to Australia in search of employment and opportunities which has affected the economy. Complex business environment has led to serious business threat to the country. New Zealand is facing a fast changing business trends by diversifying into various sectors. It has variety of business set up which has created plentiful of opportunities inside the country. New Zealand has world-class business and consumer services which differentiates it from the rest of the world. Most of the specialized employees are shifting to its local international branch for a growth in their career. The country has seen a vast creation of opportunities in past few years which was ignored due to availability of exposure and opportunities in other countries. Recruitment is becoming a major issue due to shift of talented population. While comparing the economy with the other economy New Zealand is a favorable land to pursue business. Although the local opportunities have increased but a major section has shifted to Australia due to availability of successful labor market (Green et al, 2013).

The shift of skilled labor to other countries has caused a fall in overall productivity of the country. The lower productivity has created a significant lower wages which has formed a huge income gap with Australia. The unemployment rate reported in the country was 5.3% which has been the lowest in past 7 years. The report also suggested that there is an increase of people who are not adding to the labor market (What’s behind the fall in unemployment? 2016).Reports have suggested that it has caused a severe damage to the economy. Quality of management, labor is the two essentials for a capital intensive economy. Productivity highly depends upon the performance of the management and the employees. Shortage of the skilled managers has caused a serious threat to the growing economy. A source reflects that small scale units should focus on retaining the skilled employees. The economy needs to concentrate its resources in developing the small scale units (Job market & key industries, 2016) (New Zealand Economic and Financial Overview, 2016).

Need to Adopt Dynamic Business Structure

The local market is changing with the shift in the business trends as globalization has changed the overall manner of conducting business. It has created a confused atmosphere in the global business platform. There is a substantive need to adopt a dynamic business structure to facilitate flexibility to the organization. Business models need to be reframed as per the surrounding and the global environment to compete with the other countries. New Zealand has all the resources which are essential in a developed economy. Technology revolution has led to a major shift in the business trends by increasing the exposure to market risk. A successful business strategy increases the possibility to offer sufficient opportunities to grow under difficult situation. The economy need to focus on its local people for creating sufficient resources by adapting new technology. The country needs good managers to enhance the overall productivity. Due to major shift of population the other country New Zealand has been facing serious threats regarding economy fall. The country has developed tourism, dairy farm, etc to create employment opportunity. It has fewer resources as compared to other developed countries. It need to focus on its population and should see the reasons which are majorly due to shift of population. The chief executive has to carry the responsibility to renew or to recreate the business plan. Mangers need to be more creative and productive while focusing on the future business opportunity and should have vision to solve the potential problems. With the change in management the managers need to be more flexible in their approach to solve the troubles of the organizations. They should be more focused on adopting the futuristic plan to develop the organization skills and order. The management has a responsibility to focus on the changing business environment practices. They should change their way of thinking by elaborating their prime focus towards nonlinear process. The managers need to adopt the policies which are essential to promote the overall expansion by regenerating the old structure. More focus need to be given on the managerial behavior and conventional practices which are causing harm to the development of the organization. The managers need to focus on the cost effective techniques to create a better atmosphere for the employees which will improve the overall efficiency. A manger should focus on encouraging innovative business practices within the organization (Folkman, 2013). They should develop a leadership skill which guarantees better performance by the employees. They need to be deviate towards nurturing better relationships with the stakeholders. Formation of relationship with the external stakeholders will enable the organization in managing the operating costs. Wisdom of the chief executive helps in balancing the relationship with the outside world which provides a great help. They are imbibed with qualities to deal in a complex environment. Uncertainty is attached with the dynamic business environment which causes financial crisis and difficulties which need to be tackled with high level of insight. The private sector has more opportunity as compare to the public sector, whereas the leaders need to focus on the dynamic business environment (Macky K and P Boxall, 2008).

Responsibilities of Top Executives

New Zealand is a developed economy with ample of opportunities and a set of skilled labors. Organizations need to focus on retaining the employees and supports them in achieving the targets. HR managers are playing a significant role in building the rapport of the organization. Special need is given on developing interpersonal skills to survive on a long run. Managers should focus on building a good rapport inside as well as outside the organization. The high level manager is focusing on redesigning the overall structure while managing the limited resources. The country has limited resources which need to be utilized with due care. The CEO focuses on improving the ongoing issues related to the dynamic environment. They have to utilize various tools to improve the work structure under the dynamic situations (Jan Brinckmann, 2008). The leaders need to frame the training programs as per the changing environment to provide the employees with best skills. It focuses on how a manager at different hierarchy interacts with each other to balance the overall productivity in the organization. Expansion of processes to enhance the employee productivity is a necessity in the market by developing the core process. The country needs to realize the role of H.R practitioners in shaping the employees future which can’t be ignored for a longer time. In this fast-paced economy the skills of executive officers helps in drafting the plan for the future of the organization. They need to commit themselves to increase the low productivity issue faced by the country in recent past. Management development and excellent human resource practice can only prove to be a significant tool in arranging the process under the variable circumstances (Truss, C., Mankin,D.and Kelliher,2012).

Technology and environment are posing difficulty on the survival because of change in the global economy. New Zealand is a developed economy with abundance of new avenues to serve the purpose. The dynamic nature of business environment is posing a risk on the organizational behavior. The role of chief executives is increasing due to shift in the business practices. The chief executives responsibilities are increasing with the dynamics of environment. Stakeholders are given more preference due to rise in instability in business (New Zealand Productivity Commission, 2013).

The country is witnessing brain-drain in averse of good opportunity. Although the country has best managerial skills but it is seeing a fall in the productivity. A high number of skilled employees are directly related with the productivity. Managerial skills need to be seen from a different side to increase the overall output, so that the people do not move to other places in search of new opportunity (Mello, 2014).

An economy needs manpower to increase the overall productivity. New Zealand has seen a change in the trends due to shift of its population to other countries due to availability of less exposure. The shift of skill population to Australia and other countries has affected the growth which has caused degradation in the output. Managerial efficiency need to be given special attention to adapt the changes taking place in the global environment. The changing environment has created an urgency to retain the skilled employees. Managers need to adopt a systematic approach towards new possibilities. Market is flourishing at a large scale which is creating ample of opportunities at the local land. There is only a need to focus on the strategic development of the resources to promote regional employment.

References

Armstrong, M. (2016). Strategic Human Resource Management. Kogan Page Publishers

Cloutier, R. (2015). Becoming a Global Chief Security Executive Officer: A How to Guide for Next Generation Security Leaders. Butterworth-Heinemann

Folkman, J. (2013) Top 9 Leadership Behaviors that Drive Employee Commitment

(Online).Available from: https://zengerfolkman.com/wp-content/uploads/2013/05/ZFA-9-Behaviors.pdf (Accessed on: 23/09/16)

Green R, R Agarwal, P Brown, H Tan and K Randhawa (2011) .Management matters in New Zealand: How does manufacturing measure up? Ministry of Economic Development, Wellington. (Online).Available from:   https://www.mbie.govt.nz/publications-research/publications/economic-development/2011-occasional-papers/Management-matters-in-NZ-11-03.pdf (Accessed on: 23/09/16)

Jan Brinckmann, J. (2008). Competence of Top Management Teams and Success of New Technology-Based Firms. Springer Science & Business Media

Job market & key industries. (2016) (Online).Available from: https://www.newzealandnow.govt.nz/work-in-nz/nz-jobs-industries (Accessed on: 23/09/16)

Macky K and P Boxall (2008) Employee experiences of high-performance work systems: An analysis of sectoral, occupational, organizational and employee variables. New Zealand Journal of Employment Relations 33(1), 1–18.

Mello, J. (2014). Strategic Human Resource Management. Cengage Learning

New Zealand Economic and Financial Overview, (2016). (Online).Available from: https://www.treasury.govt.nz/economy/overview/2016/17.htm (Accessed on: 23/09/16)

New Zealand Productivity Commission (2013) (Online).Available from: https://www.productivity.govt.nz/about-us/why-is-productivity-important (Accessed on: 23/09/16)

New Zealand’s Challenges, (2016). (Online).Available from: https://neweconomics.net.nz/index.php/new-zealands-challenges/ (Accessed on: 23/09/16)

Top 10 economic issues facing New Zealand, (2010). (Online).Available from: https://www.nbr.co.nz/article/top-10-economic-issues-facing-nz-134039 (Accessed on: 23/09/16)

Truss, C., Mankin, D.and Kelliher, C. (2012). Strategic Human Resource Management. OUP Oxford

What’s behind the fall in unemployment? (2016). (Online).Available from: https://www.radionz.co.nz/news/political/295704/what’s-behind-the-fall-in-unemployment (Accessed on: 23/09/16)