One of the alternatives is Philip should stay to work at Stuart

One of the alternatives is Philip should stay to work at Stuart Co. due to the several reasons. First and foremost, he is right in allowing his client’s financial goals to take precedence over his own family’s financial security. As referring to the case, Philip was following the CFA Standards of Professional Conduct towards his clients. It is under the duties to client that are loyalty, prudence and care (Code of Ethics and Standards of Professional Conduct, 2014). Secondly, he is such as good manager, hardworking and ethical businessman.

He has gained the clients’ trusts as he has been in the brokerage firm for a long time and well experienced. He has been working with Stuart & Co. for 21 years and being in a brokerage industry for 30 years. Thus, it will be such a waste if he leaves his position. Next, he also will be able to balance with his family’s financial security. When he able to meet the clients’ financial goal, he will be more trusted by the client and gained more client.

 As the result, he may be given a rewards or bonuses by his company for his achievement. In short, he should not be bothered because as he achieves his client’s goals, he should not worry about his family’s financial security. Last but not least, Philip is a sole provider for his family and almost 54 years old. If he decides to quit, he may having a hard time to find a new job at his age.

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There is a study which proves that as we get older, it will be hard for us to find a job. Also, the percentage of younger applicant get a call back from the company is higher than the older applicant (Neumark, Burn, & Button, 2017).

There are few things that Philip can do in order to get a bonuses and rewards if he stays in Stuart & Co. company. Firstly, Philip should motivate his employees or team to be more productive, effective and efficient. Danish & Usman(2010) state that motivation is the driving forces that encourage doing our works and tasks. Based on the case, the Top-Down approach management style is used by Stuart & Co. However, this approach causes the employee lack of motivation. To overcome this situation, Philip can use the personal control approach to motivate his team to achieve goal of the company. For instance, he approaches his team and gives a direct supervision of operation and employee management to motivate them. Direct supervision is to ensure that the goal is communicated clearly and at the same time to give guidance and support to the team or employees.

Also, Philip should forget about his own goal as it can cause goal incongruence with the company’s goal. According to Bradley, Folz, White, & Wise (2006), the goal incongruence can lead to conflicts between the members. If conflict happened, it may impact to the team work as well as the performance. In this case, Philip has different goals with the company where Philip wants to maximize the profit for Stuart & Co. and his client’s returns. Meanwhile, the company is more prefer to establish the long term relationship in the interest of the company. Philip thinks that this situation is unfair and unethically but for the company, the only thing that mattered is achieving the sales target. Indeed, achieving the goal of the company is more important than the personal goal. Thus, as a manager, Philip should focus on the company’s goal and lead his team to achieve the sales target. However, if Philip thinks that the sales target set too high or unrealistic, he has a right to speak and to be heard by the company because Philip is someone who has knowledge about the financial matters. However, if the company refused to change the sales target, Philip need to work harder and find a way with his team to achieve the goals.

Lastly, Philip can also start to invest a portion of his salaries, rewards or bonuses to the company. By investing his money, it provides a side income to Philip in terms of dividend to support his family and to pay their house. As referring to the case, Philip’s branch failed to achieve the target of sales. But, the overall revenue of the branch is increased. This shows that Stuart & Co has a good financial reputation. If Philip invests in this company, he will be able to enjoy a sum of dividend and he do not have to worry about his family‘s finance. So that, he can focus on the client’s interest but still support his family.

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One of the alternatives is Philip should stay to work at Stuart. (2019, Nov 21). Retrieved from https://paperap.com/one-of-the-alternatives-is-philip-should-stay-to-work-at-stuart-best-essay/

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