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On Wednesday, Treasurer Josh Frydenberg Australias economy stood up relatively well in the face of a global, once-in-a century pandemic (ABC NEWS: Matt Roberts). (Khadem, 2020)
The first recession of Australia after three decades. Economy is faring better than other advanced countries and declining while fighting against coronavirus infections. Treasurer Josh Frydenberg conceded that Australia will face a recession, after GDP data is released, breaking its record of 28 years without one. First recession of Australia but not bad as overseas and economists say state and federal governments could help to recover economy faster. It does not mean that Australians are not feeling the financial pain and thereby, economists highlight two big risks for Australias economy. Firstly, It is interesting to know what steps can be taken when job keeper ends and secondly, what happen in a second wave of covid-19 infections. (Khadem, 2020)
As the Treasurer revealed the national accounts data released on Wednesday through the slide below and said Australias economic contraction is not bad when compared to overseas. (Khadem, 2020)
Introduction
This essay explains the important concepts of management skills and help me to better understanding and applying it on the news article mentioned above. I want to highlight the current situation of Australia with related to its recession. As, the Australia is facing its first recession after decades which not only effects the business, people of Australia but also the countries around it. Recession can be defined as – a temporary decline in economy, which reduces trade and industrial activity and leads to fall in gross domestic product. Furthermore, some activities are taken into consideration and implementing the management theories and skills help businesses and organizations to create new opportunities for themselves. (viltard, 2016)
Applying intra and interpersonal skills
As the incubation period of covid-19 is 4.9-7 days, range from 1-14 days. Infected person will develop the symptoms within 14 days. Early testing may not detect infection and negative results cannot be use on an individual. Hence, a 14-day quarantine period become mandatory in Australia. (Kim Moloney & Susan Moloney, 2020)
Protect yourself and others from covid-19 Taking a Flu shot, avoiding visitors, using sanitizers, physical distancing, using masks, good hygiene, limiting outside food, and avoiding gatherings, public places etc. These are the most important principles which help to reduce the spread of covid-19, which later reduce the number of cases and help the economy to rise. (How to protect yourself and others from covid-19, 2020)
Managing and leading the organizations by technical skills
- Communication and motivation The covid-19 pandemic has hit many industries hard and to keep business running, managers and leaders are making hard decisions. Many employees work performance get affected. Using social media in many companies and adjusting the human capital management strategies to keep their productivity and employees experience as high as possible. Understanding employees need and concerns to share their thoughts. Leaders need to be authentic and honest, building better relationship with employees. (Silke Bartsch, Ellen Weber, Marion Buttgen, Ariana Huber , 2020)
- Planning and strategic thinking The government of Australia has implemented job keeper and superannuation for the workers. Job keeper payment helps the employees to earn an income during covid-19 ($1,500 per fortnight). Early release of superannuation up to $10,000 which financially support during covid-19. Work from home is a simple method introduced, which allows employees and companies to be well performed. (Mahoney, 1995)
- Problem solving and decision making The Australian government has managed the economy and only few projects has faced delays. The businesses are recovering, and actions are taken around to prevent further loss. Example study online, UberEATS, online shopping etc. are becoming strong during covid19. (stone, 2019)
Conceptual skills
Leadership plays a crucial role in this crisis and offers an opportunity to create more team cohesion and innovation. During the face of virus, many urgent decisions are requiring among many critically important values, how leaders and advisers make effective decisions about current crisis environment. This help team to take multiple decisions on covid-19 crisis and cope as well as possible with swiftly changing conditions. (Herman Leonard, Arnold Howitt, David Giles, 2020)
Management skills at workplace helps to grow successful businesses or organizations. Diversity management is a process which create and maintain a positive work environment. This study also examines the barriers of workplace diversity and how it can be severely related to managing employees with several other issues (Van Der Vegt, G. S., Bunderson, S. J., 2012). I analyze that, for better economy and productivity diversity can lead to more committed, better satisfied, better performance of employees for an organization. I also find that diverse work groups can reach more extended tenure and allowed more start-up phase than homogenous groups. Moreover, the economy which fall down during coronavirus outbreak is not because of lack of management skills but community factors are also responsible for it. Although, negative trends can be seen but leaders and employees are working remotely and making their organization successful during this hard time.
Effect of self-awareness on management behavior
Self-awareness helps to identify and promotes management skills, better understanding and making effective decisions and also motivating one another. Good management skills are important for all organizations to achieve its goals and objectives.
The management skills applied on the given news article are (moss, 2018)
- Understanding the needs of stakeholders and communicating them.
- Approach and bring organizations together to solve the problems.
- Implementing new ideas.
- Forming firm relationship with customers.
- Supporting the team and building trust.
- Decision making.
- Identifying key principles of good communication.
- Strong emotional intelligence.
As per the article, the growth of Australia slowed 0.3 per cent in the March quarter and annual growth was 1.4 per cent which is the weakest downturn. Economists assume that gross domestic product (GDP) will go negative in the quarter of June due to the coronavirus shutdown. (Khadem, 2020)
Studies indicate that, to achieve economic growth a country must rely on its international trade to boost the gross domestic product of country. The theories of trade instead of aid with poverty reduction work harmoniously towards the increased benefits of the country and public. (Babatunde, M. A., Oyeranti, O. A., Bankole, A. S. &Ogunkola, E. O.,, 2012)
The behavioral management theory helps me to understand the human aspect to workers and employees as important assets to achieve goals and special interest among workers make them feel special in a particular part of group. Theorists like Elton Mayo started looking on employee satisfaction and working conditions a way to increase productivity. (Smith, 1987). This initiate the human relations movement for management like spend time, express interest, reward each other and motivating to work harder. These kinds of behavioral management maintain the positive energy at workplace.
Managing conflict, teams, and organizational change
Management skills has always been well performed by the managers and other workers in an organization but certain aspects may hinder the work of other member or teams which may lead to failure of relationships or interpersonal conflict. The study also aimed to uncover the moderating roles of personalities to reduce conflict. (Mahmood Anwar, khurram shahzad & qazi ijaz-ul-rehman, 2012)
The five common conflict resolution behaviors are :- (habas, 2019)
- Avoidance (avoiding the conflict)
- Competition (competing to win conflict)
- Accommodation (hire another person)
- Compromise (setting a fair solution)
- Collaboration (finding a solution)
However, this process is not straightforward when put in practice. Setting some ground rules for conflict management behavior. So, during the economy recession, strong personalities need to consider for the success of projects. A great example of conflict is providing financial support to citizens and residence of Australia and not considering the overseas students and other temporary resident.
The workers can be stay motivated by holding their confidence level and ensuring their safety and facilities at workplace. Some of the workplace have set some rules regulations to help the employees with related to physical and mental health.
The organizational change management continues to mentor businesses on certain basis of tools and transforming into what successful change management means. Explaining the change curve of businesses and how impactful it is on people emotionally. The change is affecting people daily which results in feeling depressed or confused at a certain point. In this digital age, changes are happening so quickly that many people do not have enough time to get their heads around it. Damian Martina, a senior Account executive of Simplus Company discuss that organizational change may resist, and leaders need to be prepared to support the workers emotionally. Remote working decision taken by organizations and implementing to support people, like setting some workers who are comfortable to work from home and selecting peoples (example- 50-60 age group members) who are at risk to get infectious. Using social media or creating applications for communication, like Zoom, skype, WhatsApp etc. communication is an informal way to build relationships. Lot of people are facing the possibility of losing jobs and leaders has to be stronger to help those employees by linking to other local companies. (cohen, 2020)
Five ways to manage the change during covid-19 to help Aeconomy:
- Creating a go forward plan which can evolve with time.
- Making short term achievements highly transparent and accessible.
- Different incentives management.
- Identifying passionate and influencing workers for the organization.
- Applying and redefining robust communication process.
Negative consequences of improper management skills
The career outcomes may also get effected by covid-19 crisis. High quality survey research suggests that economy loss in all countries is strongly because of tourism. In addition, 26% expect to miss out the promotions that they would have at workplace is lost. This fear of a negative impact on vulnerable groups, migrants, and others. It is observed that many panel members believe that labor market have different work relations and different priorities at workplace. This also indicate that working conditions has changed the work life balance in the covid-19 crisis. (Diane A Mollenkopf, lucie K ozanne, Hannah J stolze, 2020)
Conclusion
In summation of this report, management skills are recognized to be necessary for the improvement of economy recession. This report also helps to understand the theories of management especially behavioral management. Diversity at workplace plays a vital role in making organization successful and the challenges faced by the country. Encouraging trade and businesses and supporting them financially make it easier for the country to grow its gross domestic product (GDP). Positive aspects will overpower the negative and thus, country has to be prepared themselves adequately to suffer the crisis. On the other hand, recession can be overcome by applying good management skills at workplace and making more flexible ways for the employees to stay motivated and focused. I conclude that, management skills play a vital role in every sector of the world and can be helpful in managing the recession.
References
- Babatunde, M. A., Oyeranti, O. A., Bankole, A. S. &Ogunkola, E. O.,. (2012). Exports trade, employment and poverty reduction. International journal of social economics, 857-899.
- cohen, S. (2020, may 14). Five ways to better manage change during COVID-19. Retrieved september 2020, from Forbes: https://www.google.com/amp/s/www.forbes.com/v/s/www.forbes.com/sites/committeeof200/2020/05/14/5-ways-to-better-manage-change-during-covid-19/amp/%3famp_js_v+0.1&usqp=mq331AQFKAGwASA%253D#ampf=
- Diane A Mollenkopf, lucie K ozanne, Hannah J stolze. (2020). A transformative change in response to covid-19. Journal of service management .
- habas, C. (2019, december 05). Five conflict management strategies. Retrieved september 2020, from small business – human resources: https://smallbusiness.chron.com/5-conflict-management-strategies-16131.html
- Herman Leonard, Arnold Howitt, David Giles. (2020). Crisis management for leaders coping with covid-19. Journal of Management .
- How to protect yourself and others from covid-19. (2020, August 19). Retrieved from Australian government- Department of health: https://www.health.gov.au/news/helth-alerts/novel-coronavirus-2019-ncov-health-alert/how-to-protect-yourself-and-others-from-coronavirus-covid-19
- Khadem, N. (2020, june 05). ABC News. Retrieved september 01, 2020, from abc.net.au: https://www.abc.net.au/news/2020-06-05/australia-coronavirus-recession-compares-international-countries/12322260
- Kim Moloney & Susan Moloney. (2020). Australian quarantine policy. Public administration review.
- Mahmood Anwar, khurram shahzad & qazi ijaz-ul-rehman. (2012). Managing conflict through personality management. African journals of business management, 3725-3732.
- Mahoney, J. T. (1995). The managemet of resources and the resources of management. Journal of business reseach, 91-101.
- moss, B. d. (2018, october 24). Management skills. Retrieved from Better workplace-better world: https://www.shrm.org/hr-today/news/hr-magazine/book-blog/pages/the-top-10-management-skills-you-need.aspx
- Silke Bartsch, Ellen Weber, Marion Buttgen, Ariana Huber . (2020). Leadership matters in crisis-induced digital transformation:how to lead sevice employees effectively during the covid-19 pandemic. Journal of service management.
- Smith, J. (1987). Elton Mayo and the hidden hawthorne. Work, employment, and society, 107-120.
- stone, C. (2019). Online learning in Australian higher education:opportunities, challenges and transformations. Research gate, 1-11.
- Van Der Vegt, G. S., Bunderson, S. J. (2012). Learning and performance in multidisciplinary teams: The importance of collective team identification source. Academy of management journal, 532-547.
- viltard, L. A. (2016). Blurred limits in a borderless world. Independent journal of management and production, 380-412.
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