Management Challenges and Success: A Case Study of Leary and Chung at Merrill Lynch - Free Paper

Leary was employed at Merrill Lynch as a financial consultant after he had successfully managed the family business for many years. Leary joins Merrill Lynch to help and work with the clients for them to achieve their dreams. In the Elmville branch office, Leary was more aggressive and had higher goals; hence she terminated eight of the financial consultants that she inherited, and the consultants had challenges in implementing financial planning models. Leary focuses on developing personal objectives and goals, including having Elmville office performance at a relatively higher level. Leary preferred counseling and coaching employees in her branch in cubicles instead of assembling one by one in the office. According to Leary, managing in cubicles was more effective and less threatening than explaining themselves in the manager’s office. Leary’s first year in the branch office resulted in a 30% increase in business. The main aim of Leary was to establish a high-producing, group of professionals who assist one another and work mutually to give clients complete services which meet their long-term financial goals.

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In my evaluation of how Chung behaves and learns during training and at work, he is above average, and his performance generally was very impressive. Chung was very creative and innovative; he argues that for the Taiwanese market to be successful, it should be created differently and approached traditionally. This implies that Chung was a very responsible employee who desired success. During training, Chung scored pretty high and demonstrated the high potential of developing contact with other staff, the once introduced to him by Leary. He stands with his principles, as illustrated when he was unwilling to assist in sales, arguing that its a lower role and stating his position. After four months in training, Chung’s performance was impressive since he brought in big accounts worth $ 6 million, which attracted Leary’s attention. The performance of Chung and its achievements were pretty good, and it impressed other financial consultants at Merrill Lynch. Chung demonstrates high intelligence in handling the accounts, which followed compliance procedures and good trades.

Based on the impressive performance of Chung at the time he requested a private office, I would have considered accepting his request. He has performed impressively well without an office; hence I will expect that once he gets into I private office, he will perform extremely high since he will interact easily and freely with clients. The key factor to consider is the motive that drives him to request a private office, the weight of his reason for an office, and the possible outcome to be derived in a private office that cannot be attained in Merrill Lynch offices. Also, I will consider the advantages and disadvantages of having a private office in regard to the client’s interaction. Therefore, to improve Chung’s performance, I will advise working in teamwork with other financial consultants while his request for a private office is being reviewed. Also, I will improve Chung’s performance by subjecting him to more organizational training programs and rewarding him for his work well done. To enhance Chung’s relationship with me, I will maintain close communication and consult one another when faced with dilemmas in decision-making.

Leary’s performance was impressive since it contributed greatly to the success of Merrill Lynch. She is a good manager, as depicted by his effective management skills in the Elmville branch office. She performed extremely well in leading the branch toward impressive success and results, and due to his performance, business in the Elmville branch office increased by a 30% margin in his first year in office.

The key challenge in managing different cultural backgrounds is the language barrier. The management of different cultures needs to be approached traditionally. Therefore, a manager like Chung should understand well the culture of the people whom he intends to manage to introduce them to business. The dilemmas include understanding the tone of different cultural groups. Diverse cultural backgrounds have different tones; hence to understand and interpret them is a difficulty since they are interpreted differently.