RESEARCH PROPOSAL 8
Intoday`s business world, leaders have the responsibility to makedecisions and execute leadership strategies that are intended to helpthe organization move forward. Some of the abilities that aredemanded from them include resilience, agility, flexibility torespond to situations, ability to adapt, the quick definition ofpurposes, and execution of strategic priorities, to mention just afew. These are capabilities and competencies can make a company moresuccessful than ever before if practiced. Senior frontrunners,especially those of Multinational Corporations (MNCs) should providean environment that allows for the adoption of these abilities orqualities.
ThermoFisher Scientific is an international firm with affiliated companieslocated in 50 countries. The corporation has about 50000 employeesand a revenue of approximately $17 billion. In 2006, twoorganizations merged to form the Thermo Fisher Scientific. Theyinclude the Thermo Electron and Fisher Scientific. After the merger,the business has witnessed tremendous growth indicated by the numberof acquisition transactions that have been made since then. Its lineof business is designing and development of biotechnology products(Datamonitor, 2011).
Thecompany has a mission of working with their customers to make a safe,clean and a healthier environment. Through the development ofbiotechnology products, it can help customers to improve patientdiagnostics, accelerate life sciences’ research, increaselaboratory productivity, and provide a solution to complex analyticalproblems. In January 2016, the institution announced their desire toacquire Affymetrix after the board agreed unanimously favoring thedecision to buy the enterprise. Through the acquisition, ThermoFisher is yet to expand their market to clinical services. Affymetrixoffers multiplex analysis of biological systems at the genetic,protein and cellular level. The objective of the acquisition was theimprovement and strengthening of leadership in biosciences and thecreation of new market opportunities in the field of geneticanalysis. Later in 2014, the MNC completed the acquisition of LifeTechnologies, thereby making Thermo Fisher Scientific the trailblazerin specialty diagnostics and applied markets (Zacks, 2016).
Withsuch high number of employees and finances involved, overseeing thefinancial performance of the management is imperative. Even thoughthe establishment has a sound financial position in the global marketcurrently, its top leadership must adopt performance managementstrategies that result in the improvement of the monetary situationin the future. The mergers and acquisitions undertaken may sometimesaffect the running as these companies join it with their formeremployees. These workers may not recognize the working culture ofThermo Fisher Scientific as such, leadership skills and experienceis required to incorporate a Thermo Fisher Scientific`s workingculture in them. Another challenge with these mergers is that theenterprise expands its market into new geographical areas, which itmay have little knowledge of how they operate. Thus, theunderstanding of the culture and recognition of workplace diversityin these regions may take time if the senior administration is tooslow or unable to find proper supervision and leadership tactics todeal with these concerns.
Thisoverview aims at giving an analysis of problems that MultinationalCorporations face to maintain their relevance in the globalmarketplace. With the current competitive business environment, MNCsface stiff competition, which requires the establishment of properdecision models to facilitate the regulation of people as well asfinances to remain in the market actively and also improve its fiscalposition. Some ways have been developed to find out how bestgovernance can be facilitated by these firms to ensure continuousgrowth and productive development. However, the tremendous advancesin technology have shifted ways in which corporate headship waspreviously understood and implemented by the multinationalcorporations.
Significanceof the Study to Leadership
Thestudy is intended to outline various alternatives that can form theguidelines for the comprehension of leadership as well as controlstrategies and how well governance can be incorporated to facilitatethe progress of the financial state of business. These changesmajorly rely on the approach taken by the management rather thantools deployed.
Oneof the changes as far as leadership is concerned is the shiftingfocus from supervision and control to alignment concentration.Companies should major on the development of new ways of teamwork andcollaboration as a means of aligning the business operations. Theseare ways that facilitate the faster exchange of information between,managers, teams, and employees and also allow knowledge andproficiencies to flow with ease across functions, departments, andunits. Another importance of the approach is to enable the detectionof issues and solutions faster and ensure flexibility in the processof adjusting to new circumstances and most importantly, to speed upthe implementation of new processes, procedures, and methods.
Seniorleaders are the ones accountable for the creation of this alignmentculture (Crossan et al., 2015). A culture built on mutualunderstanding rather than focusing on who is right or who is wrongenables organizations to incorporate new insights quickly, convertthem into choices, decisions, and execute them efficiently. These areimportant in maintaining the customers by ensuring that they aresatisfied at all times.
Anothercrucial change that can bring improvement in organizational headshipto help in the growth of the MNC is the close interaction amongvarious departmental managers and the rest of the organization. Thedynamics in the business world have changed such that top leaders canbe easily be disconnected from the corporate difficulties and issueswhen the distance between them and the other personnel widens.Therefore, these people need to improve their ways of interaction sothat the entity is given the top priority to remain at the front ofthe game (Crossan et al., 2015). By ensuring different interactionsthrough the combination of traditional focus and mechanisms thatdefine the operation of the company together with a focus on theinformal cross-departmental networks, the gap can be reduced.
Thetools and systems are often less visible and may define success orfailure in an enterprise. Understanding the structures andcontrivances is critical for supervisors to handle the changingbusiness complexity. Closer contact between senior managers and teamswithin the organization is likely to facilitate the realization ofthe vision and mission of the firm.
Lastly,the shifting to cross-cultural thinking, as opposed to one culturalreflection, is likely to improve the company’s leadership system.The mergers and acquisitions have resulted in businesses moving tonew countries with markets that mature and develop more rapidly.These locations are also opportunities for ambitious andself-confident competitors therefore, creating a challenge forguidance. One important thing that leaders should find out is ways ofunderstanding and aligning themselves with the local culture oremphasis on building acceptance of the local marketplace. It iscritical that they change their thinking and instead concentrate onreconciling and bringing together the best of both cultures insteadof paying attention to one culture as the best fit (Crossan et al.,2015). They need to incorporate this into their agenda.
Threequeries have been formulated to form a guideline for the study. Theyare stated below:
How can leadership be used in the development of teamwork to help the organization in the improvement of its financial position?
How can leaders improve their interaction with the rest of the organization so as to enhance communication and service to customers?
How can leadership and management strategies assist in the understanding of culture and developing market acceptance?
Overthe five decades, many companies have entered into mergers andacquisitions that make their topmost managements complex because ofthe geographical locations. Also, there are increasing demands fromcorporate heads because of the rising number of employees andresources alike. The leaders are required to adopt new techniques andplans to cope up with the upsurging demand. There are a variety ofways in which good governance can help in the improvement of thefirm’s financial status. All organizations should adoptconstructive and strategic policies to help them manage their humanresources as well as assets. Without proper strategies, the successof an entity may not be realized.
Someof the changes in leadership that were outlined include shiftingfocus to alignment rather than on management and control, ensuringcloser interaction between leaders and the rest of the enterprise,and adopting cross-cultural thinking as opposed to one culture fitsall.
Crossan,M., Seijts, G., & Gandz, J. (2015). Developingleadership character.Routledge
Datamonitor(Firm). (2011). ThermoFisher Scientific Inc.New York, NY: Datamonitor.
Zacks,I. R. (January 20, 2016). Thermo Fisher: Life Technologies SynergyDrive New Buyouts. ZacksInvestment Research, 2016-1.
Zacks,I. R. (May 18, 2016). Thermo Fisher Posts Solid Q1 AffimetrixIntegration Continues. ZacksInvestment Research, 2016-5.