Strategic Recommendations of the Aged Care Industry in Australia - Essay Example

Strategic Recommendations of Aged Care Industry in Australia Name Course Institution Instructor Date Market Size & Trends In Australia, the Aged Care Industry is one of the most innovative. It has a well-developed profile of companies that are involved in development and service offering to old people. There is a considerable number of sub-sectors that offer their services to certain market segments. Some of these industries include generic aged care firms (Chesterman, 2016), medium and small sized Aged Care Industries and contract service providers. In the global market, the provision of Aged Care services in Australia have a proportion of 2.5 %. Financial and Corporate Performance The key function of the Corporate Strategy team is to work with the Corporate Centre, Business Units and various Project Teams to set the strategic direction and objectives for the Aged Care Industry in Australia. Some of our core objectives are to oversee the overall strategic direction of the industry, ensure the alignment of the BUs’ strategies to the agencies strategy, shape and enable the agency strategy, etc. Strategic Plan Preparation – This entails coordinating the creation of the industry’s annual strategic plan. This function includes engaging with all the various businesses, functions and project units, gathering and analyzing their data, developing alternate scenarios and plans for the Group and individual units in concert with their management teams. Business Environment Scanning – The corporate strategy unit monitors the business environment to identify both opportunities and threats that may affect profitability using various strategic tools. Variance Analysis – This consist of preparing a regular analysis of actual results, including diagnostics on any significant revenue shortfalls or expense variances that may occur. Advisory Role – The strategy team is expected to contribute ideas and recommendations to deal with issues across all departments or functional areas of the Group. The corporate strategy staff could be likened to in-house consultants working with the CEO and Management to address discrete, strategic questions. Business Development – This entails the conception and execution of ideas the Group needs to achieve its strategic goals, including joint ventures, mergers, and acquisitions, divestitures, etc. Strategic capability development – This involves working with all the components of the business to improve their capacity to identify, analyze and make better strategic decisions. Some of the new forms of Aged Care Industry in Australia that are emerging as a result of some of the factors enumerated previously are small core organization strategy that foresees major Aged Care Industry operations; dynamic networks and flexible work teams as well as imaginary corporations. In the wake of such strategies, employee relations are also changing Aged Care Industry project teams and independent departments in units in Aged Care Industry in Australia. Aged Care Industry in Australia will evolve into flexible, temporary networks of individuals linked by technology to achieve its objectives while maintaining its independence. Aged Care Industry in Australia is evolving and displaying the characteristics and work ethos (Clinton, 2004). One way to create a competitive advantage that is creating high barriers so if the barriers to entry is high, it dosesn't easy for new comer or competitor to creating the better product the our product.On the contrary if the barriers to entry are low, the new comer or competitor is easier to copying or even they can make the better product then us.Therefore we are suggesting for making the high barriers to avoiding the competitors or newcomer copying or even make the better product, besides we also suggested for evaluated the fixed cost periodically in order to make the cost more efficient and effective. Strategic Options In many organizations, the critical resources are always seen and often, treated as a step-child; it is not regarded as an integral part of the company and, therefore, not included in the core decision-making arm of the Aged Care Industry (Lacey, 2014). This section will attempt to explain the importance of the critical Resources in the achievement of a company's MVGOs, by considering Human Resources, Financial Resources, Technology Resources, Buildings and equipment (physical resources) and, finally, linking these roles to the goals and objectives of the Aged Care Industry in Australia Strategic Objective: Service provision to old people is the operational tools in Aged Care Industry used to provide guidance in the achievement of the vision and mission statements of an organization. It puts into motion the concepts and ideas contained in Aged Care Industry mission. The role of Human Resources in Aged Care Industry in Australia: Though the primary role of a human resources department in Aged Care Industry is to hire, train, retain, and evaluate employees on a continuous basis, these processes are always done with the Aged Care Industry mission as a guiding light. The Human Resources department conducts these responsibilities based on the stated mission and vision of Aged Care Industry, and the talent and training required to achieve this mission (Stanton, 2005). Finance: The finance department in Aged Care Industry is responsible for raising and managing the financial capital needed by the Aged Care Industry for investment assets like buildings, production machines, operational vehicles, and other big-ticket items Aged Care Industry might need to start and keep in business. It is also responsible for the proper keeping of the accounts of Aged Care Industry, and generating financial reports for both internal and external use. Purchasing: Like the finance department, the primary objective of the purchasing department is to conduct its services in line with Aged Care Industry strategic objectives towards achieving its mission. Mindful of this, the department forward's its staff and skills needs to the HR department which, in turn, recruits and trains the right employees to carry out their duties in the Purchasing Department. Information technology: Every organization has an information technology system run by an executive-level manager who is responsible for making sure that it has the necessary tools in place to provide the required information the managers and employees need to make a decision (Lacey, 2014). The management information system in Aged Care Industry in Australia must be designed in line with the strategic objectives of that organization. Operations Management: This is an area of management that consists of all the activities involved in Aged Care Industry in Australia offers to the old people. From the production manager to the assembly line staff; from the delivery drivers to the in-house equipment repair technician. Recommended Strategy Aged Care Industry in Australia management team is responsible for supplying the staff needs of all the departments that make up the agency, based on information from the Administrator of Aged Care of these industries and forecasts based on senior management's expansion and diversification plans. The hiring or recruiting process involves advertisement of job openings for both internal and external applicants (Lacey, 2014). Depending on the number of positions available, the management team will review applications and resumes and, from the information contained therein, match the skills of the applicant to the required qualifications for the available job openings. The ability to attract and select human resource having the right knowledge, skills, and attitude is an important function of management team The next responsibility of the Aged Care leadership team is to ensure an efficient running of the industry, and this is done by training the new hires, retraining old employees and resource allocation. In most cases, it could be two-fold: (1) Agency-wide policies, goals, objectives and vision and, (2) their roles and responsibilities in the various departments they will be working. The departmental part of the training process is most often conducted by the department managers, but in line with policies and procedures developed by the governance team, according to the strategic goals of the agency. Incorporated in this training process is the acquainting of the new employees with the organization’s facilities and control systems. Regularly, employees applied for and moved to a new opening within the body. These new positions mean different responsibilities, require new skills, and access to limited agency information. To ensure that these employees are well-acquainted with the responsibilities and duties of their new positions, the governance team conducts retraining programs. The retraining could be done in-house or by an outside consulting firm; however, regardless of who leads the training program, the curriculum will still be developed with the organization's strategic goals in mind (Gagliano, n.d). Another importance of good governance in the agency is to ensure performance evaluation of employees is regularly done. While evaluations are performed to reward employees for hard work, it is also an opportunity for the senior management to review the overall performance of employees to determine whether these performances are still geared towards the achievement of the agencies strategic goals (Lacey, 2014). Departmental managers, based on criteria developed by the leadership team, conducts the evaluation/appraisal process for employees in their immediate departments. The reports are then forwarded to Administrator of General Services for review and recommendations, after which Administrator of General Services communicates their final compensation recommendations to the leadership team; thereby, completing a cycle that started with that team. The management and leadership team is responsible for structuring a benefit/compensation package for employees based on skills, academic qualification, years of experience and responsibility within the agency, and comparable worth. Benefits include salaries, commissions, bonuses, incentive payments, profit-sharing, health insurance programs, employee retirement benefits and stock option programs. The team is responsible for reminding staff of important dates for expiration/renewal of some of the advantages. The style of top management in Aged Care Industry in Australia plays a huge role in whether an organization can thrive as an open system or not. Top management at Aged Care Industry in Australia needs to appreciate the open systems approach and be able to design the appropriate mechanisms to support all levels of staff in the discharge of their duties. This is because the skills of the staff will be different at all levels (Lacey, 2014). Management should appreciate the structural features of each unit and also be able to differentiate while at the same time integrating with the environment. In this case if management appreciates that staff of a creative organization are talents and have an intrinsic motivation to give of their best. For Aged Care Industry in Australia to grow its market share and achieve its growth targets, the leadership has to appreciate that it is operating in an environment and needs to respond to the market. The ability to monitor old people needs as crucial for Aged Care Industry in Australia leadership to function effectively as an open system (Croft, 2008). Aged Care Industry in Australia has to create a culture which is a derived from the environment but defined by the leader. Therefore if the leader is the closed system type of leader, her ability to clearly define the culture, belief and value system of the Aged Care Industry in Australia, their ability will be greatly impaired. The role of the top management is so crucial that it is described as the reflection of the Aged Care Industry in Australia. In Aged Care Industry, where the top person is at sea with regards to the operations of the organization, the Aged Care Industry in Australia will not maximize its potential. Finally, the Governance team is responsible for ensuring that senior management is aware of government regulations; current changes in such regulations, and how the laws affect the strategic goals of the organization. It is also responsible for disseminating such information like new labor laws, Aged Care Industry in Australia rules and regulations and Equal Employment Opportunity Commission laws to employees. These could come in the form of seminars, handbooks. Final Strategy The apparent stability in periods of organization transformation obscures significant changes in what they refer to as changes in the body structure. These organization changes are influenced by the Aged Care, as well as by other factors, but this does not feed directly back into Aged Care Industry decision- making because they are not being monitored since they are not considered necessary, assumed to be stable, or simply are too difficult to measure (Melchiorre et al., 2013). However, failure to learn and changes the self-enforcing properties of the industry could under certain conditions, lead to less stability of the industry in the face of the public. In light of the difficulty of measuring and understanding learning and changes in real- time, learning will is vital in Aged Care Industry in Australia (Lacey, 2014). The development of tools by the Aged Care Industry in Australia to disseminate learning, in combination with the constant development and permutation of learning in other spheres within the industry. As well as the ability to import ideas from outside sources, make the learning field a little-understood battlefield with far reaching long-term influences on the industry performance. Monitoring and Control of Future Performance Based on this study the following recommendations should be adopted by Aged Care Industry to Monitor and Control of Future Performance: The industry should create an advanced protocol for checking whether all infrastructure documentation are well planned for proper cost estimation. The agency should establish concise and clear guidelines of service provision. Once set the management should train other staff on new policies. The industry should create a system check to reduce the planning test process. They should consider implementing quality assurance to facilitate customer attraction. The industry should consider establishing punctuality policy to minimize the rate of absenteeism. References Chesterman, J. (2016). Taking control: Putting older people at the centre of elder abuse response strategies. Australian Social Work, 69(1), 115-124. https://www.tandfonline.com/doi/abs/10.1080/0312407X.2015.1076868 Lacey, W. (2014). Neglectful to the Point of Cruelty; Elder Abuse and the Rights of Older Persons in Australia. Sydney L. Rev., 36, 99. https://heinonline.org/HOL/LandingPage?handle=hein.journals/sydney36&div=7&id=&page Melchiorre, M. G., Chiatti, C., Lamura, G., Torres-Gonzales, F., Stankunas, M., Lindert, J., ... & Soares, J. F. (2013). Social support, socio-economic status, health and abuse among older people in seven European countries. PloS one, 8(1), e54856. https://journals.plos.org/plosone/article?id=10.1371/journal.pone.0054856 Clinton, Michael. Management In The Australian Health Care Industry. Frenchs Forest, N.S.W.: Prentice Hall Health/Pearson Education Australia, 2004. Print. Croft, Helen. The Australian Carer. Frenchs Forest, N.S.W.: Pearson Education Australia, 2008. Print. Gagliano, Josie. The Australian Ageing Generation Handbook. Print. Stanton, Pauline, Eileen Willis, and Suzanne Young. Workplace Reform In The Healthcare Industry. New York: Palgrave Macmillan, 2005. Print. Read More