A business report is a representation of business activities within the organization. For the preparation of the business report, proper understanding is the necessity because the organizational vision and mission achievement activities are part of this report. In this assignment, the DEF financial advisory firm is trying to develop their new telephonic advice service. Therefore, initially, a team structure will be chosen for the organization depending on its drawbacks and benefits. After that, the planning, organizing, leading and controlling change will be implemented as part of the organizational activity. Finally, the recommendations for the different functions of implementing the new strategy for change will be provided.
The virtual team is known as a group of individual who belongs to different culture, ethnicity, language and time zone but united by a common aim and objective.
The self-managed team is known as a group of employees who have associated with similar planning and their daily activities and duties did not have specific supervision system.
The benefits of working under a virtual work team are the flexible timing. Employees of the organisation can easily choose their work schedule. Besides that the management of this type of team is less expensive (Bakhru et al. 2015). In this type of team they the freedom of travel for the associate employees. The work-life balance process is better in this process. Most of the communication in this process is digital and can be selected by the employees.
The self-managed team has some significant advantages like greater employee accountability and responsibility. In addition to that, the level of freedom for innovation is also better than another type of team. There is also job satisfaction among the employees. Every employee among the group has a sense of accomplishment. Besides that, the individual team member’s skill useful for the main work plans (Carter et al. 2015). The employees also have a part in the ownership of the project, and therefore they try to give the perfect shot. Finally, employee morale is high in this type of project which is advantages.
The major problem is identified in the virtual work teams is the physical distance between the various team members. There are also time zone differences which have to take into account. Besides that, the communication skill becomes problematic, and lots of information can be possible if the management skill is not strong enough. Another problem is the maintenance of proper routine a schedule. A managing this area of positive motivation at a constant level is required. Besides that diverse multicultural team management become one of the most problematic areas. There are different work habit values and custom which need to maintain at the time of management, and it is a complex process (Cummings and Dennis, 2018).
There are also significant disadvantages of self-managed teams which is part of the administration. There is no meeting for the work planning and organising of this type of team. Besides that, the productivity is possible only after a positive direction. There is also a long time is needed for the decision making the process of this team. Finally, it can be said that the support and infrastructure have to be developed according to the work accomplishment of the team. But in this type of team, the Chaos is part of this process which is one of the drawbacks (Deci and Ryan, 2014).
DEF is one of the most reputed financial firms of Australia and have more than 300 employees, and the east coast of Australia are the offices of this company. The organisation already employs 30 people who include team leaders, IT experts, planners and administrative support staff for their telephonic advice service. The development of a virtual team will be more beneficial than a self-managed team. It will help the team to get proper supervision and also the work flexibility will help this team in achieving the purpose efficiently. The different-located office and their employees can work together under the virtual team (Dulebohn and Hoch, 2017).
1.1 Financial Planning Advice Division goals
The financial planning advice division goals are associated with both the operational and human resource management of the team. The short-term goals will help the organisation in starting the telephonic service for their customers. But the long-term goal will assist in achieving a strong customer base for the future. The short-term goals for this new innovative service are:
1. The organisation will be going to introduce a promotional campaign wire using the internet mediums like the organisational website, social media networks etc. This process will help the team in attractive the customer base for using this service.
2. Among 30 employees, who are recruited for this implementation of the new strategy for organisational productivity and profitability, will be provided with a proper training program (Hoch and Kozlowski, 2014).
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