Lack of innovation and missing or incomplete global strategies could be two key areas of management weakness that are stifling productivity within Australian organisations.
In a new Australian Institute of Management (AIM) study, the responses of senior managers from more than 250 Australian organisations showed that while there was high confidence in handling financial management and adhering to workplace laws, managers consistently rated their performance poorly in areas related to people and performance leadership as well as creativity and innovation. “It was interesting to note that Australian managers realise there is a lot of room for improvement,” AIM’s Lauchlan McIntosh said.
The results suggested corporate governance is strong in Australia but also highlighted areas where managers need to improve to help drive organisations' productivity.
Key findings included:
Just 52% said ‘management demonstrates an international/global perspective and has a good understanding of global markets and global thinking’
71% of senior managers believed that HR planning is an integral part of the annual business planning process
65% agreed that management maintains a culture which is supportive of today’s employee values—not stifled by structure and hierarchy
Additionally, managers also assessed themselves as being most capable in financial management and managing external relationships to benefit their organisations; they scored much higher in these areas than most of their international counterparts.