The current report focuses on the EY Company (Ernest & Young). EY is one of the leading networks globally which provides professional services. This company has four major service lines like advisory, transactional advisory services, tax, and assurance. The company helps its clients to capitalize upon the transformative opportunities to fulfill the regulatory compliance and needs of the stakeholders in the fast-changing world. However, gradually EY has started facing various external as well as internal issues and challenges regarding the employees of the organization, the process of operation, a technology used by the company, and all the other issues related to the economic context for providing services of consultation.
The report aims to apply various theories and frameworks to address the challenges and issues facing by the company. The current report has analyzed various business development models in order to assess the problems and issues faced by Ernest and Young Company.The study in the report will focus on how PAS theory will work to shift the issues and complexities faced by the company into a competitive advantage and what are the challenges faced by PAS. Other than this, the report will also analyze the approach of the 7s framework developed by McKinsey to analyze the external factors influencing the operations of the company.
It is a common notion between the service industry-related companies to adopt strategic planning for the evaluation of the problems in the operations. It is suggested by various scholars that development plans and other policies can be introduced in the organization to minimize the unforeseen problems of the organization (Carruthers 2009). This is the reason why most of the organizations rely upon the key theories related to the operations of business and leadership to advance their approach.
According to Yaacoba et al, 2016, the major element is a pool of talented people or employees in the organization which works to escalate the startups. Employees of the organization majorly contribute to the upliftment of the performance of the organization at the very initial stage of operations of the company. In any service industry, it is the ultimate responsibility of the PAS team to work for the recruitment process so that the skills and knowledge of the individual can be analyzed. The major challenge is to excel in the knowledge of the employee. It is the responsibility of PAS to enhance the knowledge of the workers to save their time and apart from this the company has to deal with various partners in the same line and therefore the employees must need to know how to deal with the problems arising under such circumstances. This is the reason why PAS workers must work to enhance their ability to solve complex problems with the help of critical and strategic thinking.
As per Singh 2013, a leadership has a major influence upon the other members and employees in the organization. Various scholars have conducted interviews and surveys and the result had referred to the fact that whenever the process of management is embraced by a leader the organization works with full zeal. A good leader is always supported by followers it is important that whenever the employees in the organization need help to tackle any challenge or issue, it is the responsibility of the leaders of the organization to help them. The profit of the organization is directly proportional to the operations of the leaders and their followers. Under any circumstances when the prospect of the followers reduces to the extent, where they start feeling that the leader has stopped guiding them for any mission, the leadership of the organization also gets impaired. Therefore, it is very necessary to adopt a strategy of leadership in the organization to achieve the common goal of the organization. Leadership will only work when it will get support from the employees of the organization.
As per Indradewa 2019, it is important in the service sector industry like Ernst and young company, to focus and recognize the satisfaction and wants of the customers without compromising the company's objectives. The researcher had focused upon providing an understanding of the balance between the needs of the customers as well as the needs of the organization. The management of the company and the skills of leadership must work simultaneously to achieve its objectives. The management of the company must formulate certain policies which are employee-centric without jeopardizing the interest of the employees. Providing incentives to the employees can work to develop interest and motivation for the workers to achieve the goals of the organization. The management of the company must strategic Lee plan regarding their strategies to earn profit and gain market share amongst the competitors. Leadership and skills can help the management to analyze the potential customers of the company.
To fight from the challenges of the internal and external operations, Ernest Young must incorporate the McKinsey 7s model. In the late year of the 1970s, the 7s framework model was developed by Tom Peter's as well as by Robert Waterman. They had identified 7 internal elements that must be incorporated into the company to make it successful. This model can be applied under a diverse situation for exam meaning different departments that need to work together to achieve the ultimate goal of the organization (Dhawan 2016).The implementation of this framework can examine the future changes of the organization by aligning different departments to work for the progress of the company. There are two categories of 7s framework which are the soft elements as well as the hard elements. Soft elements are inclusive of the shared values, staff, style, and skills of the organization. On the other hand, hard elements are inclusive of the system of the organization, the structure, and the strategy of the organization.
Strategy - So far as the strategy is concerned, it must be noted that all the executive board of Ernest Young Company works to implement the policy of the organization under various aspects including the participation of the employees. Every company has the goal to expand in the market by gaining the largest Market share amongst its competitors. The same goal is being shared by Ernst and young. The name of the company is to expand the share of the market in the year 2020 by leading the people advisory service as compared to the competitors in the market. The unplanned strategies by the company had created a challenge for the company as the impulsive decisions to improve the operations of the organization without analyzing the demands of the market and requirements of the customer (Singh 2013). This is the major reason why Ernest and young have suffered various challenges and issues related to its operations and progress in the market. It must be noted that PAS is inclusive of a service time industry that incorporates the advisory service as well as the tax service therefore it becomes important to analyze and acknowledge the commitment of the workers of the organization to achieve the goal.
Structure - The management of Ernst and young is managed by PAS. This is the conventional approach related to the management of human resources in the organization. Structure plays an important role to collaborate the internal environment of the organization with the clients. Therefore, the structure of the organization regarding its every department and team must be organized. It must be clear as to who will report to whom. The organization must come out from its conventional system which can become a vulnerability to the company. And educate structure will provide a lead to the employees to overcome the inconsistency. The ultimate aim of PAS is to scale up the company and this becomes a challenge. The issue identified with the late application of PAS is that a lot amount of time gets wasted in the process of recruiting and managing things this is a more time-consuming process.
Leadership - It is one of the most important styles which were adopted by the organization to meet the ultimate goals of the organization. PAS works as a consulting culture especially for short projects which need a rapid strategy to address the issues (Dhawan 2016). If proper leadership is available in the organization, it can become easier for the employees to understand the difference regarding the issues and challenges, and accordingly the same can be addressed by them. PAS can help the employees to adapt themselves to the changes required in the organization.
System - The system for the work environment of the organization also plays a major role in determining the future profitability of the organization. Earnest and young include an advisory service. According to the system of PAS, a staff is recruited to provide the services of advisory and tax to the customers. Thereafter, a quarterly review is conducted to monitor the same. PAS can help the organization to operate within various learning tools and services to provide support to the customers by increasing the growth in the corporate culture with the use of various technologies.
Staff - It is one of the major factors that work for providing services of advisory to the parties. It is the staff was the experience and ability to meet the expectations of the customer (Strandholm 2016). It must be understood that the service of PAS only highest qualified employees to scale up the business by developing a comprehensive team of experts who can face the complex issues and challenges of the organization with the help of their knowledge. PAS recruitment can be very helpful for the organization.
Skill - This element of the 7s model refers to the skills of the employees that are needed to deliver the service. According to the PAS services, the employees of the organizations take assistance from the Human resource department (Singh 2013). It must be noted that the skill of the employee works both for the external as well as an internal department of the organization.
Shared value- It is that element of the 7s model which guides the actions and behaviors of the workforce in the organization. Ernest and young workers with the values of honesty and loyalty with the customers and similarly the same standards are being followed by PAS.
Therefore, it can be categorically said that these core values of McKinsey 7s model belts and strengthen the ethics of the operations in the organization. Also the PAS advisory services is solely based upon ethical values by keeping Reliance with the satisfaction and needs of the customers. So it is an undeniable fact that the model varies its application from different cases. So far as its application in the case of Ernst and young company is concerned, PAS, incorporation of various business models and the application of McKinsey 7s model will help Ernst and young to cope up with their challenges and issues face internally as well as externally.
Therefore, it can be concluded after analyzing the various challenges and issues faced by Ernest Young Company which is majorly focusing upon providing people advisory services in the country that the company must work to adapt PAS from the initial stages of the development of the company. It is also important that this Service industrial company must also focus upon various other management factors and must incorporate the 7s Model developed by McKinsey. Various other business model analyses has helped to analyze the challenges offered by the organization in terms of its operations related to leadership, internal management, the culture of the company, issues related with human resource department as well as the other internal operations. The literature in this report had identified the fact that there are various departments upon which the company must focus at the early stages of its incorporation. on the other hand analytical techniques also plays a major role to assess the impact of improvement in various business models. If the approach of the 7s Model, PAS, and other business models are incorporated then it is not difficult for Ernest Young to come out from the challenges and issues suffered by the company for a long time.
Yaacob, N.M., Mahmood, R., Zin, S.M., and Puteh, M., 2016.Factors affecting the performance of small business start-ups under Tunas MekarProgramme.In Proceedings of the ASEAN Entrepreneurship Conference 2014 (pp. 3-14).Springer, Singapore.
Indradewa, R., 2019. Human Resources Implementation Using the McKinsey 7S Method for Business Startup: Duck Nugget Frozen Food. Journal of Multidisciplinary Academic, vol. 3, no. 3, pp.11-14.
Singh, A., 2013. A study of role of McKinsey's 7S framework in achieving organizational excellence.Organization Development Journal, vol. 31, no. 3, pp.39.
Carruthers, H., 2009. Using PEST analysis to improve business performance.In practice, vol. 31, no. 1, pp.37-39.
Strandholm, K., 2016. Competitive strategy, environmental scanning and performance: a context specific analysis of their relationship. International Journal of commerce and Management, vol. 11, no. 1, pp.1-1
Dhawan, I. 2016. Literature search for research planning and identification of research problem.Indian journal of anaesthesia, vol. 60, no. 9, pp.635–639.
Remember, at the center of any academic work, lies clarity and evidence. Should you need further assistance, do look up to our Management Assignment Help
5 Stars to their Experts for my Assignment Assistance.
There experts have good understanding and knowledge of university guidelines. So, its better if you take their Assistance rather than doing the assignments on your own.
What you will benefit from their service -
I saved my Time (which I utilized for my exam studies) & Money, and my grades were HD (better than my last assignments done by me)
What you will lose using this service -
Unfortunately, i had only 36 hours to complete my assignment when I realized that it's better to focus on exams and pass this to some experts, and then I came across this website.
Kudos Guys!Jacob "
Proofreading and Editing$9.00Per Page
Consultation with Expert$35.00Per Hour
Live Session 1-on-1$40.00Per 30 min.
Doing your Assignment with our resources is simple, take Expert assistance to ensure HD Grades. Here you Go....