Essay on BlackRock: Analyzing Financial Success Amidst Global Competition

The core aim of this report is to analytically present crucial financial successes based on BlackRock, a firm based in NewYork that has progressively recorded supreme accomplishment in the financial industry. The report also accounts for the factors attributing to such a level of outmatched success about the present state of global competition and the financial crisis enshrined within the world economy. The reason behind choosing this firm is that BlackRock is not only the leading investment management firm across the globe but also the most money influential firm that appears head and shoulder above other firms in the financial industry (BlackRock, 2019). BlackRock initially specialized in risk management and fixed income but currently serves financial advisors and individual investors with substantial background information and educational research (BlackRock, 2019). The firm has achieved exemplary successes in both earnings and revenue growth in the previous year.

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Over the past decade, BlackRock has had a steady record of success and attained global recognition and awards. According to Forbes and Just Capital, BlackRock was ranked number one of America's most Just companies for 2020 (BlackRock, 2020). During the celebration of the U.S. most just companies, BlackRock was recognized for its priorities for American people, which include ethical leadership, work-life balance, fair pay, and equal opportunities (BlackRock, 2020). Unlike most companies, BlackRock was able to balance the needs of all stakeholders; hence demonstrating that purpose and profit go hand in hand.

Among the primary objectives of this financial firm in 2019 was to facilitate dialogue between beneficiaries and stakeholders, investors and their clients, and enable signatory transparency on responsible investment (R.I.) (BlackRock, 2020). BlackRock also submitted to commit to upholding the six principles for Responsible Investment (P.R.I.). The firm was able to accomplish these objectives, since according to the P.R.I. The assessment report, BlackRock, was ranked as excellent for governance and strategy (BlackRock, 2020). The assessment is a crucial measure of the progress towards industrial standard and common language.

BlackRock has maintained a substantial focus in assets management of its client throughout this evolution (BlackRock, 2019). It is thus evident that its mission which entails building the most worthy investment and become a universal risk manager, has been attained (BlackRock, 2019). Therefore, the dream of creating a better future is on the threshold of accomplishment. The firm also received an International corporate governance network (ICGN) award due to stewardship policies, implementation and genuine, insightful approaches which are a model to be followed by other firms.

According to the sustainable solution assessment (ISS-oekom), one of the leading rating agencies in the U.S. concerning sustainable investment research, BlackRock bears out an ambitious absolute performance (BlackRock, 2020). It was, therefore, awarded a corporate E.S.G. performance (BlackRock, 2020). BlackRock proved to be a sustainable financial firm able to incorporate corporate governance, social and environment factors (BlackRock, 2020). Thus, the firm was also recognized as the investor of the year by taking the lead in environmental sustainability and market participant.

The successes of BlackRock overstretch to beyond sustainability, risk management and investment banking and services. In 2016, the firm was ranked among the publicly traded companies that enshrine people development, inclusion, new controversies and diversity in its daily operation (BlackRock, 2020). Equileap ranked BlackRock among the top 100 companies that maintain gender equality and strict anti-sexual harassment policies (BlackRock, 2020). BlackRock thus continues to maintain a strong reputation in the financial industry.

The tables below represent an evidence summary based on the firm's governance, which is attributed to its success; hence it's worth.

Although BlackRock the leading universal asset manager, its success was gradual and was attributed by a set of factors that enabled the firm to stand out globally. The main pillar of the success of BlackRock financial firm is its culture and set of principle values (BlackRock, 2020). The set principle reminds about what the firm stands for, which in this case is to help the global population to invest in their financial wellbeing (BlackRock, 2020). The culture emphasizes on personal career growth and teamwork towards high and competent performance standard as a fiduciary to the clients. Therefore creating a 'one BlackRock' played a critical role in the journey towards success.

Unwavering commitments to the set principles and culture are important drivers of BlackRock success (BlackRock, 2020). A business or organization's culture does not only inspire employees to join together to achieve the firm's goals but also inspires them to solve difficult challenges and go beyond daily personal responsibilities. These responsibilities involve taking emotional ownership of every aspect of work by being passionate about performance and portraying and an insatiable appetite to learn. Through its commitment, the majority of the global population is saving for retirement and investing for future financial goals.

The leadership strategy adopted by BlackRock is one that paints the future of the organization (Donate., 2015). According to Larry Fink's letter, who is the Black Rocks C.E.O., Black Rock intends to get involved in the lives of companies that show the utmost partnership with his firm (Georgescu, 2018). Throughout the year, the company holds occasional meetings with partner companies to enlighten about new ways of operation (Georgescu, 2018). In this regard, Larry demonstrates a transformation style of leadership that advocates a complete reorientation mechanism to run the organization. In his description, the C.E.O. demonstrates specificity when setting goals (Georgescu, 2018). He does this by laying out particular tactics that the company intends to use to communicate to model best practices for employees at different positions (Georgescu, 2018). These qualities presented by Black Rock management are potential contributors to its successes,

Without a vision, employees often work hard but might fail to achieve essential goals. The role of the organization's vision is to unite staff to work under a common goal; hence positive results are achieved (Georgescu, 2018). Black Rock C.E.O. asserts that their vision is entangled with leadership strategy (Georgescu, 2018). With a clear vision of what the company intends to achieve, the leadership strategy gives the team ability to measure and located the extent of their progress within the vision at a specific time and therefore able to define direction which could be either getting further away or closer (Georgescu, 2018). The outcome of this mannerism is the steady progress and success recorded by Black Rock in the past decade.

Attaining recognition and being awarded for valuing diversity is among the major success of BlackRock (BlackRock, 2020). The universal recognition arises from encouraging recognition within the firms. When a team or individual achieve great results beyond expectation, the company appreciates by celebrating the achievement. Recognition of employees instils a sense of engagement and commitment, thus encouraging excellent results even in times of stress. Majority of the employees believe that personal recognition at the place of work is a great source of motivation (Larry, 2020). A culture of recognition and gratitude allows employees to recognize each other, thus creating a great sense of cohesion and community.

BlackRock investment philosophy is based on a model-driven investment approach that is internally developed. It seeks to attain consistent outperformance by balancing risks, returns and costs (Bartsch, 2019). Its solutions are, therefore built upon a legacy of commitment and innovation. BlackRock reveals that the combination of experienced investment professionals talents creates a global platform to invest. It also adopts outstanding analytic and research policies which creates a compelling proposition for investors. Based on the philosophy, investment teams make decisions within prescribed frameworks which are aligned with the organization's risk management practices (Tokic, 2018). Each team is designed to invest according to a unique process, style and philosophy. The success is also attributed to the high level of discretion to allocate stock beyond individual, industrial and regional boundaries.

BlackRock C.E.O. asserts that maintaining a high ethical standard reputation has been among the most important assets (Larry, 2020). Maintaining a high level of integrity rooted in exceeding customers expectations and high standards as required by laws and regulation have significantly contributed to the success (Larry, 2020). BlackRock is based on zero tolerance to unethical or illegal conduct. These conducts include fraud, political contributions, and corruption (Larry, 2020). High ethical standards could be attributed to BlackRock's success since to attract such a massive number of clients. The trust must have been gained throughout a consistently good reputation.

In the general public view, BlackRock is the most admired company across the dimensions of acceptable corporate performance. It has recorded indisputable success in terms of social responsibility, customer satisfaction, innovation, financial strength, and development. BlackRock is an innovator driven by continuous change to assist clients in achieving financial goals and guiding financial institutions and professionals in building rigid financial futures. However, BlackRock's success was gradual and is attributed to various factors such as unwavering commitment to the set principles and culture, a transformational form of leadership, high ethical standards, and a relevant vision.

Regardless of the type and size of the industry or financial sector involved, it is difficult to thrive without financial fluency; therefore, keeping monetary affairs in order is essential (Maarof & Mahmud, 2016). To achieve financial fluency, the organization involved must show readiness and commitment identical to BlackRock's. Local financial institutions such as saving and credits cooperatives should embrace BlackRock leadership and management strategies, which will allow them to offer personalized and customer-focused experiences. It would also be crucial to reconstruct the vision, and the organization's culture since most Saccos demean the benefits associated with staff recognition (Maarof & Mahmud, 2016). Maintaining high ethical standards will attract more clients hence gaining financial fluency.

Conclusion

In conclusion, I believe that BlackRock conveys crucial information, which, if implicated, would lead to great accomplishments. The information is applicable in financial, technological, social, or other institutions that intend to increase their internal performance. I am also certain that gaining trust from customers is the pivotal milestone for success in any financial institution since they require clients to partner, trust, and invest their assets with them. Most financial firms take long to attain significant achievements due to the mode of management and lack of innovative and creative strategies of operation. In recommendation, firms ought to understand that the world is changing fast; therefore, new innovative techniques of operation will prove imperative for survival in the industry shortly.

References

BlackRock. (2020, March). Awards and Recognition. BlackRock, p. 3. h...