Analysis of Broadridge Managerial Approach
Broadridge is a financial solutions company serving the needs of financial firms involved in wealth and asset management and capital markets. The company is global, having operations in the United States, Canada, the United Kingdom, Australia, Czech Republic, France, Germany, Hong Kong, India, Japan, Russia, Singapore, South Africa, and Switzerland. While providing a valuable service to a large market, the extent to which the organization is spread creates a challenge for management: how to plan, organize, command, coordinate, and control the work of 7000 employees. For over fifty years, this company has grown and evolved and in the process combined several management and organizational theories,…show more content… The business unit is Matrix Financial Solutions (MSCS). The main holding company is lead by a board of directors, two board of managers, two presidents, two senior vice presidents, and seven vice presidents divided between four working units. Reporting to the vice presidents are team managers who lead teams of various numbers.
This structure is strongly reminiscent of a bureaucratic hierarchy in its titles, however, the employees at MSCS experience a “flatter” style of management. During a regular working day there appears to only be three levels of management: president/COO, vice presidents (all levels), and team managers. Employees are encouraged to interact with coworkers in other units and not discouraged from conferring with any of the upper management (grievances excluded, following the formal chain of leadership is company policy regarding this). Opportunities to “cross train” in other functions of the business are offered and strongly encouraged on a monthly basis. Finally, great deal of decision making is encouraged to remain with those most intimate with the topic, i.e. front line employees. This leaves managers free to address the more complicated and pressing needs of business functions and collaborating with their parent company. As Malone put it, “sometimes the best way to gain power is to give it away” (2010, p.45).
“Decentralization has three main benefits: 1) it nurtures