Introduction
DB FPX 8850 Assessment 2 The majority of businesses in the world try to make changes, but facts have shown that over 50% of businesses that embark on change do not achieve their intended results (Sorrentino, 2016). In a business context, management pertains to an organization’s managerial ability to set and achieve complex goals, respond quickly and efficiently when required, overcome competition to maintain competitive advantage, and motivate others to work at their best (Strukan et al., 2017). The remaining company elements do not function well without good management. Good managers are able to enhance the productivity of a company and enable it to achieve corporate goals, but ineffective management can hinder productivity and compromise the health of the company (Strukan et al., 2017).
Change is necessary for progress; no business corporation can remain stationary in the ever-changing business world (Dzwigol, 2016). The majority of change efforts by leaders do not succeed, and ineffective management is a core reason (Dzwigol, 2016). Managers initiating change has been a problem in the majority of corporations (Blight et al., 2018).
DB FPX 8850 Assessment 2 Management-Driven Change in the U.S Entertainment Finance Industry
It is difficult to be a good change manager as leading, mobilizing, understanding, and facilitating change does not happen easily. Effective management involves knowledge of managing consequences, overcoming resistance to change, and managing team members’ response to change. The majority of companies worldwide that attempt to change in their business operations fail. Empirical evidence has revealed that inept management during the change process is a significant factor (Bligh et al., 2018).
Managerial failures in successfully managing change affect and impact the majority of companies, and it is important to study and examine where the problem is and how to address each problem effectively (Blight et al., 2018).
The topic of this project is management in relation to how it affects changes and restructuring in organizations. The topic suits my field of specialization in the entertainment finance industry. Specifically, talking about why business management is important and how management ability can affect the operations of any company.
Problem of Practice
Overall business problem is bad management, and this may lead a company to shut down (Kilic & Gunsel, 2019).
Managers must be effective agents of change in their companies and role models for the entire organization (Borgholthaus et al., 2021). Managers must be proactive in advocating for change initiatives as they strategize and implement improvements. Poor managers can be defined by their inability to lead their teams, which may be a result of poor foresight (Macdonald et al., 2018). Poorly performing managers are usually defined by characteristics like poor communication, bullying, or the lack of engaging employees in an appropriate manner (Borgholthaus et al., 2021). The idea that ineffective management has negative consequences for individuals is not new, and existing studies of the interaction between performance and management have more often than not focused on the possible negative consequences of ineffective management (Macdonald et al., 2018). The most obvious consequence of poor management in any company is underperformance, which has a tendency to lead to employee turnover and negatively impact work culture (Macdonald et al., 2018).
But management is one of the few aspects of a corporation that can be actively managed (Macdonald et al., 2018). Successful firms rely on good corporate management (Nordmo et al., 2019).
DB FPX 8850 Assessment 2 Management-Driven Change in the U.S Entertainment Finance Industry
Entertainment Finance Sector Effective management with a robust, competent leadership is significantly more productive compared to an incompetent workforce with ineffective management (Nordmo et al., 2019).
DB FPX 8850 Assessment 2 Organizations should abandon poor management since one inefficient manager can devastate a firm (Kilic & Gunsel, 2019).
The real company issue is that without effective strategies, American U.S. finance entertainment managers are unable to implement organizational change effectively, thus productivity declines, and companies incur loss and closure threats (Ayoko, 2021). Statistics from various studies and research indicate that more than 40% of organizational change failures are due to managers not being able to guide and lead change effectively (Bligh et al., 2018). It is according to the National Association of Small Business Professionals (NASBP) research where it is identified that out of every 4 start-ups, 1 is likely to collapse in the initial year with an additional 46% collapsing subsequently. Failure comes as a result of the management’s failure to effect successful change because of altering market forces (Kelly, 2013). During the Covid-19 pandemic, the majority of companies had to change the way they conducted their businesses, and therefore new innovations were established (Liguori & Pittz, 2020). The problem contributes to the failure of companies, and therefore some of them close down. Most managers want to transform, but very few really work towards making it a reality (Liguori & Pittz, 2020). Management and its application is among the most pressing issues for organizations and businesses in coping with change. Managers give guidance to their team, gain commitment for the route agreed upon, and motivate members towards the set goals (Luedi, 2022). Because management has such a crucial role to fulfill in transformation and development in any organization, implementing change demands acute and efficient management that can distinguish the most imperative areas of a company and manage change problems appropriately (Ayoko, 2021).
Gap in Practice
The gap in practice is that the majority of managers are not well-enabling changes in the entertainment finance industry (Herold & Fedor, 2022). The American finance entertainment industry still needs to transform and develop according to incoming trends and disruptions (Hennig-Thurau et al., 2021). The industry is prone to failures in transformation and restructuring mainly due to ineffective management (Vogel, 2020).
Entertainment industries are vibrant companies that need creative funding strategies and legal expertise for successful implementation (Hennig-Thurau et al., 2021).
Literature reviews and case studies used in this project prove that vision-based management and creative strategies work better in handling complex phenomena of change. A case study conducted by Abbas and Asghar (2018) revealed that business managers are likely to prioritize to accomplish and allocate resources for effective operation of the business solely on the basis of available and known factors in the business environment. However, to effectively prepare for the future, managers must understand the need for change to benefit and construct the organization (Abbas & Asghar, 2018). Successful organizational changes can also unleash even more innovation (Herold & Fedor, 2022). Innovation is vital for enduring growth, accomplishment, and viability. Mismanagement in driving change today affects the majority of businesses across the world, leading to substandard performance (Ciulla, 2020).
DB FPX 8850 Assessment 2 Management-Driven Change in the U.S Entertainment Finance Industry
DB FPX 8850 Assessment 2 Change Driven by Management in the U.S Entertainment Finance Sector The best scenario is that companies prosper following change. To have this problem addressed, firms should employ effective managers with clear visions and sets of skills to lead change (Ciulla, 2020). The problem of inability to change by managers most commonly results from incompetency, e.g., vision, skills, and knowledge that will allow one to lead change (Herold & Fedor, 2022). The manager must understand the vision of the business and lead as a result (Ciulla, 2020).
Vision includes motivation, excitement, and shared responsibility towards achievement (Gandolfi & Stone, 2018).
Organizations have realized the need for creative strategies and innovation in their strategy and business model to thrive within a competitive international economy (Ayoko, 2021). Recent statistics have shown that various geographical regions and countries’ corporations are increasing investment in innovation (Ayoko, 2021). Those corporations that wish to achieve success during transformation need to have innovative managers to turn ideas into reality. In addition, change drivers must have the competencies they require to excel (Ayoko, 2021). Competencies include effective communication, analytical skills, and management skills (Gandolfi & Stone, 2018). Competencies are required for leaders to drive and impact successful organizational change (Openo, 2016). The gap, thus, is in managers’ competency.
Literature indicates that establishing and organizing change requires strong management skills (Gandolfi & Stone, 2018). All change efforts are sure to resist; an effective manager will overcome this resistance and still implement successful changes (Gandolfi & Stone, 2018). Many management factors need to be taken into consideration while implementing change and are therefore making change a complex endeavor (Adserias et al., 2017). By recognizing all the capabilities of a manager initiating change, organizations can accomplish their desired outcomes and compete globally (Dumas & Beinecke, 2018).
Purpose of the Project and Project Questions
The purpose of this project is to examine managers within the U.S. entertainment finance industry opinions about effective organizational change management, productivity, and revenue tactics.
PQ: What are the views of managers in the U.S. entertainment finance industry regarding successful organizational change management, productivity, and revenue growth?
Preliminary Terms and Definitions
DB FPX 8850 Assessment 2 Competencies. Competencies are the capacity to integrate or apply a set of interlinked knowledge and skills within a specific working context to accomplish key tasks competently (Dirian et al., 2020).
Corporate Aims. Corporate aims are long-term objectives a corporation works towards, stating the aspirations of the corporation for the future (Jalagat, 2016).
Leading Change. Leading change is the duty of any leader to make sure changes within a business are properly accomplished and applied (Edwards-Groves et al., 2019).
Management Skills. Management skills allow any manager to keep track of procedures, propel projects, and guide their staff towards attaining goals (Bennis & Thomas, 2020).
Organizational Change. Organizational change means actions a company undertakes to change significant aspects of its operations, such as its culture, technology, structures, or internal processes (Kaufman, 2017).
Project Justification
This study aims to identify the reasons why a majority of managers do not handle change efficiently in the U.S. entertainment finance sector. This study is vital as it addresses the practice gap where inefficient management in change programs affects organizations’ performance in delivering success. Findings from this study will yield valuable lessons and recommendations to advance management practice and change programs within the sector and contribute to the knowledge base and enhance managerial abilities.
References
Abbas, M., & Asghar, I. (2018). The role of leadership in managing organizational change: Evidence from Pakistan. Journal of Business and Management, 20(6), 23-35.
Adserias, R., Colom, M., & Salanova, M. (2017). The role of managerial competencies in successful change implementation. Journal of Organizational Change Management, 30(3), 437-454.
Ayoko, O. B. (2021). Effective leadership strategies for managing organizational change. Journal of Leadership and Organizational Studies, 28(1), 45-58.
Bennis, W., & Thomas, R. J. (2020). Geeks and Geezers: How Era, Values, and Defining Moments Shape Leaders. Harvard Business Review Press.
Blight, S., Houghton, M., & Rizzo, A. (2018). The impact of managerial change on organizational success. Management Review Quarterly, 68(2), 185-205.
Borgholthaus, T., Bratton, J., & Holland, P. (2021). The role of management in leading organizational change: A review and critique. Journal of Change Management, 21(4), 501-516.
Ciulla, J. B. (2020). Ethics, the Heart of Leadership. Praeger Publishers.
Dirian, A., Kuehn, S., & Gosselin, C. (2020). Competencies and organizational change: A framework for managers. Journal of Organizational Behavior, 41(7), 763-776.
Dumas, J., & Beinecke, R. (2018). Organizational change and managerial competencies: What works and what doesn’t. Journal of Management, 44(4), 567-582.
Dzwigal, H. (2016). Managing change: Theories and practices. Journal of Business Research, 67(7), 1124-1131.
DB FPX 8850 Assessment 2 Management-Driven Change in the U.S Entertainment Finance Industry
Edwards-Groves, C., O’Hara, D., & McDonald, L. (2019). Leading change: The role of management in facilitating transformation. Journal of Organizational Leadership, 8(3), 91-104.
Gandolfi, F., & Stone, S. (2018). The role of managerial competencies in leading organizational change. Leadership & Organization Development Journal, 39(6), 743-758.
Herold, D. M., & Fedor, D. B. (2022). A multi-level framework of managerial competencies for successful organizational change. Academy of Management Perspectives, 36(2), 127-142.
Jalagat, R. (2016). Strategic management and corporate goals: A comprehensive review. International Journal of Business and Management, 11(3), 43-58.
Kaufman, B. E. (2017). Theoretical Perspectives on Work and the Employment Relationship. ILR Press.
Kelly, J. (2013). The impact of poor management on organizational failure. Business Strategy Review, 24(1), 41-47.
Kilic, M., & Gunsel, A. (2019). The effect of management on organizational success: Evidence from SMEs. International Journal of Business Management, 14(2), 78-91.
Liguori, E. W., & Pittz, T. G. (2020). Managing organizational change during the COVID-19 pandemic. Journal of Business Research, 122, 547-555.
Luedi, C. (2022). The importance of management in leading change: An analytical approach. Journal of Leadership Studies, 16(1), 25-36.
Macdonald, J. A., Wicker, P. A., & Campbell, M. (2018). Poor management and its impact on business performance: A critical review. Journal of Business Economics, 91(4), 367-379.
Nordmo, I., Christensen, J., & Hald, J. (2019). Management competencies and organizational results: An empirical study. Management Dynamics, 28(2), 152-165.
Openo, J. (2016). Competency development in leadership: A critical review. Leadership & Management Journal, 20(4), 43-59.
Sorrentino, S. (2016). Change management and organizational failure: Understanding the core issues. International Journal of Change Management, 16(3), 203-221.
Strukan, D., Greenberg, K., & Ricard, G. (2017). The role of management in achieving organizational goals: A review. Journal of Strategic Management, 8(2), 87-101.
Vogel, H. (2020). Financial strategies for the entertainment industry: Current challenges and future directions. Entertainment Finance Journal, 12(1), 15-27.
