Question

• Why do finance professionals need to achieve a balance between being task focused and people focused in order to support the effective implementation of organisational strategy?
• Why are the following environmental analysis tools : PESTLE, SWOT and VRIO useful for organisations to predict the need for change within their organisation?

• What is organisational culture? How can finance professionals encourage diversity, inclusivity and collaboration within the finance team?

Answer 1

1 ) Finance professional has the responsibility to tackle the whole of the financial process of the organization and also the work is towards the meeting the shareholders good all the money should be used judicially without any embezzlement and fraud so the greatest level of the ethical professionalism is being required in carrying out the finance work. The work can be either of auditing or investment management etc so a high level of people management is also required in the line of the profession they have to maintain the confidence of the public that their money is in safe hands and for the organization, it is very essential to monitor the activities of finance as any fraud can lead to loss to a company in terms of the monitor also in terms of reputation so managing the person is an essential part of it so that right candidate can only take care of this kind of activities relating to the money. Finance profession also has to deal with various type of problems which require more of workforce collaboration so overall there is an inherent need for balance in task and people in fulfilling the company strategy in the field of finance.

2) PESTLE, SWOT and VRIO are the tools used professionally to carry out various kinds of the analysis relating to the business environment for the company like the pestle analysis is done to get an overall view of the macro environment of the company like political, economic, social, technological and legal environment, in turn, the complementary of the pestle is VRIO it analysis the situation inside the organization based on four-factor value, rarity, irritability, and organization in company and swot is done to analyze the strengths and weaknesses of the company and the remaining opportunities and threat associated with the organisation so all these tools are used to predict the overall environment of the organization based on its internal and external factor and through this organization predict the area in which they are lagging so that they can carry ou the required change in order to be successful.

3) organization culture refers to the system of shared belief and values which govern the people behavior within the organization, so it creates a unique social and psychological environment which makes people behave in a particular way in the organization.

Finance professionals can encourage people by taking an inclusive approach to deal with financial problems Professional can encourage people from various demographics and ethnic background, subject knowledge in making a team so by solving a problem by making a team based on various backgrounds will encourage diversity and inclusion and also make people learn from each other which can create efficiency and workplace collaboration. this will also give rise to new ideas where businesses can take input benefitted upon. so finance professionals should take steps to include people from different backgrounds also one should try to make a team based on diversity so that increased collaboration can take place.