Management and Business Practices of Australian Super Market

Question: Discuss about the Management and Business Practices of Australian Super Market. Answer: Introduction: Thesis Statement: Critical assessment of the business practice of Australian Super impacts upon the effective business deals with the clients of the organisation so as to increase the number of membership thus contributing greater number of funds in the Australian economy. The following essay is going to analyse the business and management practices in Australian Super, an organisation that handles the superannuation fund for the Australian people. Australian Super is a non-profit organisation and it is one of the largest firms in the country in terms of superannuation funding management. Business practices are the set of rules, methods and process employed and/or pursued by the organisations in order to develop the capability of business performances. Business practices can be called the collective behaviour of individuals who participate within the same organisation. Since the concept is about collaborative participation, Australian Super can be regarded as the most efficient and apt example of such practices. However, the report strictly focuses on the HPWP system implemented in Australian Super. Discussion: Background of the Organisation: Australian Super is a superannuated and pension fund that has more than two million direct members all over the country thus becoming one of the largest industry funds in Australia. The total amount of assets managed by Australian Super is more than $100 (AUD) billion. It has undoubtedly become one of the largest investment funds in the world. A basic norm of the company is to profit only the members. The fund is run by MySuper authority. It does not pay profits and dividends to the shareholders. This is a non-profit organisation led by its CEO Ian Silk. According to PA Murray (2014), organisational structure of a company- profit or non-profit- asserts the mode of business practice of it. It has the facility and ease of business dealings that has been in effect from the age of industrial venture in the European countries. However, the concept of organisational structure has become quite different and innovative. Though the case organisation does not have any business partners it has its external as well as internal stakeholders spread in the country. the major shareholders of the company bar the members of ACTU (Australian Council of Trade Union). The shareholders are involved with the organisation through Australian Council of Trade Union Super Share Holding Pty Ltd. since there is a strong back up from ACTU; the organisation has less risk in breakage of the funding economy. There are different groups of the organisation that regulate the service according to their deployment. The corporate service group of the organisation take care of accounting, expense and revenue analysis, risk of enterprise and compliance management. The group also guides the fresh members during funding risks and audit responsibilities. The membership group tries to generate funding scope for the retired or working Australians. The opportunities comprise of tenders, working unions and strategic partnership. The membership group follows four streams of working. These are Growth, Growth Effectiveness, Business Partnerships and Product. Strategy and People partnership group of the organisation takes the responsibility of carrying out proper business strategies in various departments such as Information Technology, Project Management and Strategy Analysis The customers relationship group performs day to day delivery of service to the members of the fund. This group also strengthens the relationship between the external members of the organisation with the internal ones so as to create a bridge of communication. The branding group is responsible for advertisement and branding of the new funding policies as well as the promotional activities of the organisation in the Australian market. The main responsibilities of the group consists of research of the market, public relation and campaigning. Another team is deployed to manage the superannuation contribution of two million members of the organisation. They are responsible for managing the entire accounting of $100 million (AUD). Since the core activity of the organisation stands upon investment of the members, the team is deployed to make the members understand different investment plans that are supposed to be beneficial for them. Investment team is the most active one in the organisation as the team carries out the core activity of Australian Super (AustralianSuper - Our business, 2017). Australian super attracts the talents and gives value to the most competent people in the business. An example can be sited through the recruitment of Andrew baker as the funds new head of Proposition and Product. Most effective working member of the fund is the freelancing group. Australian Super has been providing value to the number of freelancers who are hired by the organisations. There are different working genres in the organisations that are effectively influencing entire marketing and promotional activities of Australian super. Value proposition is not only related to the employee selection but it also related to the effective strategies employed in order to enhance memberships. The created value for the company comprises of return of superior investment, sustainable insurance, insurance affordability, free financial advice, service of education for the members, life time support to the members, advocacy and recommendation on behalf of the members and so on. Value proposition of Australian Super depends on the funds belief and objective that is to enhance and ease the life of millions of Australians who enjoy superannuation after retirement. This is to secure the life of them and circulate their money in broader market. (AustralianSuper - What Is Freelancing The Freelance Economy, 2017) Australian Super has designed its code of conducts in order to ensure the practice of understanding the value of the members: recognising and managing conflicts of interest, safeguarding integrity in the workplace, corporat e responsibility and sustainability and so on. Value proposition is set to improve the performance level of the employees through setting HPWP (High Performance Work Practice). High Performance Work Practices (HPWPs) are the management strategies for the employees in order to increase the level of productivity and profit of a company or an organisation. If proper strategies and tactics are employed in a systematic way, it increases the competency and engagement of the employees. High Performance Work Practices thus improve the quality of work culture, build the trust of the clients or the customer upon the organisations- as a consequence multiplies profit. Followings are the contents of High Performance Work Practices (HPWPs) that are the strategic paradigms: Realistic Job Reviews Implementation of Psychometric and Validated Employee selection tools Employee on-boarding Strategy Continuous Mentoring and Leadership development Tactics Creating SMART goals Flexible Job Specification In-house problem solving Competence Based Pay In-house Knowledge Management System Innovation Programs There are three basic aspects of High Performance Work Practices (HPWP). These are the cognitive aspect, the emotional aspect and the behavioural aspect. Three of the aspects of HPWPs are focused in order to bring improvement among the employees so that their work performance can bring profit to the company. However, Australian Super is not a profit organisation. Hence, the basic performance level of the employees is checked through rising interest of the member (Employee Value Proposition-Australian Super, 2017). Though the organisation runs non-profit business, it has different approach to the market economy of Australia. It runs on the circulation of money invested by the members. Hence, customer relationship is duly looked after. The CRM team is responsible to reach to the greater number of interested customers objectifying to increase the number of members in the country. The organisation targets the retired people so as to make sure that their superannuation plan secures their future. SWOT:: Conclusion: Australian super is the major funding organisation in the country that handles the superannuation fund of more than $100 million. The SWOT analysis of the organisation clearly indicates the business context of it while giving service to the members. The team management of the company has the ability to grow faster with the flow of changing market economy. References: AustralianSuper - Building supplier relationships in business. (2017). Australiansuper.com. Retrieved 14 April 2017, from https://www.australiansuper.com/tools-and-resources/blog/2016/11/building-supplier-relationships-in-business.aspx AustralianSuper - Our business. (2017). Australiansuper.com. Retrieved 14 April 2017, from https://www.australiansuper.com/about-us/careers/our-business.aspx AustralianSuper - What Is Freelancing The Freelance Economy. (2017). Australiansuper.com. Retrieved 14 April 2017, from https://www.australiansuper.com/tools-and-resources/blog/2016/10/how-a-flexible-workplace-drives-employee-engagement.aspx Employee Value Proposition-Australian Super. (2017). Australiansuper.com. Farrell, S., Allan, M. (2016). New rules of engagement.Superfunds Magazine, (418), 44. https://www.australiansuper.com/~/media/Files/Adviser%20services/MasterSuper%20Employee%20Plan_Product%20Disclosure%20Statement.ashx