netrashetty
Netra Shetty
BlackRock is a global investment management firm based in New York City. The company acquired Barclays Global Investors in December 2009 under the BlackRock name, making it the largest money manager in the world.[3] The deal had been approved by Barclays shareholders and announced on June 11, 2009.[4]
As of December 31, 2010, BlackRock’s assets under management total US$3.561 trillion across equity, fixed income, cash management, alternative investments, real estate, and advisory strategies. Through BlackRock Solutions, BlackRock offers risk management, strategic advisory, and enterprise investment system services to a broad base of clients with portfolios totaling approximately US$9 trillion.[5] BlackRock is publicly-traded, with Bank of America, PNC Financial Services, and Barclays PLC holding 7.1%, 20.3%, and 19.7% respectively, with the remainder owned by institutional and individual investors, as well as BlackRock employees.
The Labels Rarely Describe The Contents
The TQM/PQM problem is hardly unique. Most labels describing a number of organization change and improvement efforts have become meaningless. For example, when an executive talks about building a team-based organization, he or she may mean instilling a "teaminess" attitude. Or this might mean using temporary task forces to solve problems. Possibly the executive envisions filling their organization with employee improvement teams (similar to quality circles). Or he or she may want to develop self-directed workteams with no direct supervision. Some times "Reengineering" describes layoffs or traditional "slash and burn" cost cutting exercises. In other cases, reengineering means a change to the organization's structure. Sometimes it means installing new information technology systems. Or reengineering could be a radical revamping of the macro, strategic processes that establish how most work and customer interactions flow across the organization.
Successful change and improvement initiatives are integrated or "whole" rather then partial and piecemeal. They flow from the organization's basic reason for being, values, vision of the future, and strategies. The effort is intertwined with the organization's operating goals, systems, and measurements. These changes and improvements aren't programs bolted on the side of the organization. These approaches are tightly intertwined and connected to management systems, daily practices, and behavior.
As he continues a long string of successes in building "the new GE", CEO Jack Welch observed, "The winners of the 90s will be those who can develop a culture that allows them to move faster, communicate more clearly, and involve everyone in a focused effort to serve every more demanding customers". At Multifoods, the international food processing giant (brands include Robin Hood and Bicks), Human Resource vice president, Bob Maddocks finds that "the improvement process isn't separate from good leadership and management practices". He adds, "We want everyone involved in operating the company, focusing on customers, and improving our processes and systems. It's got to become a way of life for all of us".
Whatever labels are used, a "wholistic" or systems approach to change and improvement means reversing the inward focus, management-centredness, and vertical management found in most organizations.
Reversing Direction
FROM
TO
1. Internal Focus Customer Focus
Products and services are pushed out to the market Products and services are pulled through the organization
Management and internal professionals "know best" "Naive listening" keeps everyone tuned to changing needs
Performance measurements are top down and aimed at maximizing internal control Rigorous measurements are based on customers' perceptions of value
2. Functional Management Horizontal Management
Departments are narrowly accountable for the results of their individual units Managers are accountable for understanding and managing core strategic processes that flow across departments
Departmental walls cause work and customers to "fall between the cracks" Customer needs drive the key work processes that are managed across departments
Management intuition and hunches drive decision making and resource allocation Rigorous data and analysis help clarify systemic cause-and-effect relationships
3. Management-Centeredness Total Involvement
Management's needs come first in a "command and control" hierarchy Managers become "servant leaders" to a team-based organization
Employees serve management Employees serve internal and external customers
Information is hoarded Information is widely shared
As of December 31, 2010, BlackRock’s assets under management total US$3.561 trillion across equity, fixed income, cash management, alternative investments, real estate, and advisory strategies. Through BlackRock Solutions, BlackRock offers risk management, strategic advisory, and enterprise investment system services to a broad base of clients with portfolios totaling approximately US$9 trillion.[5] BlackRock is publicly-traded, with Bank of America, PNC Financial Services, and Barclays PLC holding 7.1%, 20.3%, and 19.7% respectively, with the remainder owned by institutional and individual investors, as well as BlackRock employees.
The Labels Rarely Describe The Contents
The TQM/PQM problem is hardly unique. Most labels describing a number of organization change and improvement efforts have become meaningless. For example, when an executive talks about building a team-based organization, he or she may mean instilling a "teaminess" attitude. Or this might mean using temporary task forces to solve problems. Possibly the executive envisions filling their organization with employee improvement teams (similar to quality circles). Or he or she may want to develop self-directed workteams with no direct supervision. Some times "Reengineering" describes layoffs or traditional "slash and burn" cost cutting exercises. In other cases, reengineering means a change to the organization's structure. Sometimes it means installing new information technology systems. Or reengineering could be a radical revamping of the macro, strategic processes that establish how most work and customer interactions flow across the organization.
Successful change and improvement initiatives are integrated or "whole" rather then partial and piecemeal. They flow from the organization's basic reason for being, values, vision of the future, and strategies. The effort is intertwined with the organization's operating goals, systems, and measurements. These changes and improvements aren't programs bolted on the side of the organization. These approaches are tightly intertwined and connected to management systems, daily practices, and behavior.
As he continues a long string of successes in building "the new GE", CEO Jack Welch observed, "The winners of the 90s will be those who can develop a culture that allows them to move faster, communicate more clearly, and involve everyone in a focused effort to serve every more demanding customers". At Multifoods, the international food processing giant (brands include Robin Hood and Bicks), Human Resource vice president, Bob Maddocks finds that "the improvement process isn't separate from good leadership and management practices". He adds, "We want everyone involved in operating the company, focusing on customers, and improving our processes and systems. It's got to become a way of life for all of us".
Whatever labels are used, a "wholistic" or systems approach to change and improvement means reversing the inward focus, management-centredness, and vertical management found in most organizations.
Reversing Direction
FROM
TO
1. Internal Focus Customer Focus
Products and services are pushed out to the market Products and services are pulled through the organization
Management and internal professionals "know best" "Naive listening" keeps everyone tuned to changing needs
Performance measurements are top down and aimed at maximizing internal control Rigorous measurements are based on customers' perceptions of value
2. Functional Management Horizontal Management
Departments are narrowly accountable for the results of their individual units Managers are accountable for understanding and managing core strategic processes that flow across departments
Departmental walls cause work and customers to "fall between the cracks" Customer needs drive the key work processes that are managed across departments
Management intuition and hunches drive decision making and resource allocation Rigorous data and analysis help clarify systemic cause-and-effect relationships
3. Management-Centeredness Total Involvement
Management's needs come first in a "command and control" hierarchy Managers become "servant leaders" to a team-based organization
Employees serve management Employees serve internal and external customers
Information is hoarded Information is widely shared
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