Transurban Group Financial Report For Development & Improvement
There are two core components to this activity: to develop a draft report framework (plan) as an in-class
activity and then using that framework (plan) create an individual report based on the
organisation’s/companies organisational performance relating to: organisation culture change and
innovation, employee engagement, performance and reward.
By looking at the organisation’s/company’s website, business articles and Annual Reports, you will be
able to see whether it is possible to access enough information about its organisational practices to
address the following:
1. How is your selected organisation/company trying to improve the performance of its workforce?
• Include at least one performance related initiative and one way in which its success could be measured
2. How is your selected organisation/company trying to improve its culture?
• Include at least one culture-based initiative and identify the type of culture prevalent within the organisation/company
3. How is your organisation trying to improve their rates of employee engagement?
• Include at least one employment-based initiative and the likelihood of success?
The in-class component will provide you with an opportunity to assess your choice of organisation/company and its Human Resource practices.
Part B: ‘Individual Report’
The present study considers the Transurban Group financial report and discuss about the internal organizational factors such as performance innovations, cultural aspects, and engagement with the employees that can define the company's position and work environment. The individual report will discuss these areas of an Australian company called "Transurban Group." One of the leading construction companies, "Transurban Group" has taken various initiatives to improve their current position and acquire their desired goals. The company is engaged in increasing the 'GDP' growth of the country by generating toll taxes and building new roads and tunnels to develop the travel status of Australia.
The company is consisting of thousands of employees and is planning to give employment to more people by taking up different projects. The internal work environment of the "Transurban Group" will define its cultural aspects and engagement factors among the employees. The work culture of the company has been designed under the employee's satisfaction factors. The report will shed light on the company's existing development strategies and future improvement factors considering the Transurban Group financial report.
Performance Related Initiatives of “Transurban Group”
In the annual Transurban Group financial report the company has taken several 'sustainable goals' to increase its performance related to cost-efficiency, sales improvement, and performance sustainability. One of the significant performance-related initiatives has taken by the company is – "Decent Work and Economic growth."
- Goals: According to the Transurban Group financial report of 2019, the company is looking forward to acquiring sustainable ‘GDP’ growth per year by at least 7 percent. The company is engaged in providing better road services to allow people to save their travel time. It is directly linked with the productivity and economy of that city or locality. The company has aimed at saving 374,000 hours of workday 'travel time' savings (Transurban, 2019). The company is also aimed to develop the employment rate by giving a total of 25,000 jobs in construction projects by the company. The initiatives have been taken into account to fulfill by the year 2030.
- Measurable Factors: In the Transurban Group financial report of 2019, the company has not seen much growth since 2018. The employment headcount in 2018 was 1,407, and in 2019 it became 1,478 (Transurban, 2019). The employment factor is measurable by the number of projects and its progress rate. Since the company is mainly engaged in constructing highway roads and tunnels, it is essential to maintain sustainability in engaging human resources to increase the workflow(Dewar, et al., 2011). The company can measure the employment initiative by employing new workers and track their performance standards to keep their job secure.
The company is measuring the 'GDP' growth of the nation by maintaining the toll taxes efficiently. It is mainly dependable on traffic growth and the impact of foreign exchange. In the financial year of 2019, the company has seen a 2 percent growth in daily traffic. It gave a total 'revenue growth' of 2.3 percent. The company had saved a total of 69,000 workday 'travel time,' and Brisbane contributed a total revenue of 15.6 percent. In the Transurban Group financial report of 2019, the company measured an increased growth of 11.6 percent in annual revenue (Transurban, 2019). Another contemporary company in Australia, "Lendlease Group," had seen a business return of 12.8 percent (Lendlease, 2019). It is essential to look after other organization's performance strategies to develop sustainability for acquiring a better growth rate. The daily increasing level can make the 'GDP' growth measure of traffic and annual project progress.
What are the culture related initiatives of the company based on the Transurban Group financial report?
Observing the Transurban Group financial report, it can be stated that the “Transurban Group” has taken several initiatives to improve and sustain the company’s work culture and beliefs. The employees at “Transurban Group” can experience various development and sustainable strategies to maintain the workplace effectively. The company set some ambitious goals to improve the performance sustainability of the employees. One of the vital cultural initiatives that have been taken by the "Transurban Group" since the beginning is – “Flexibility and the Workplace."
- Cultural Prevalent: The company has a vast number of employees engaged in several different projects around the nation. The company has implemented the best management practices to accommodate their employees with flexible working hours to sustain their work interest and strength(Kohll, 2018). The company ensures the working arrangement to be flexible and comfortable. In various scenarios, the company allows its employees to report from their home. The company provides high technologically advanced video conference facilities and specific working hours to not mix up personal and professional lives.
The company is mainly focus on providing satisfaction to its employees. The company has been conducting several targets to acquire satisfaction levels from their employees, such as – mandatory leave during parental or carer requirement, extreme illness and in other vital issues, job splits and part-time working facilities, and retirement facilities. The company also provides its employee's health services such as vaccinations, health and skin checkups, and routine exercise. The company advises on personal financial management, nutrition goals, and mental health support (Transurban, 2020).
- Improvement Factors: The construction companies in Australia provide almost 8 percent of the country's total 'GDP' and are an essential sector for population development, consumer needs, and financial growth. The construction companies in Australia provide millions of jobs to their citizens directly (Ai Group Economics and Research Team, 2015). It is essential to ensure job satisfaction to a large number of workers and engineers related to the construction companies in Australia. The main measurable factor for providing the work culture initiatives of "Transurban Group" is to measure the company's behavior to support the employees' performance.
The employee retention rate is one of the vital factors illustrated in Transurban Group financial report to understand the success generated from the mentioned cultural initiative. The company has set a goal to arrange routine checkups and healthcare facilities that need to be covered and measure its improvement level annually. The company needs to set up workshops to teach various work managing and conducting strategies for reducing the stress level. The effective communication process can lead the company to measure whether the employees get their work facilities properly.
Engagement Related Initiatives of “Transurban Group”
Based on the Transurban Group financial report, the company has taken several employee engagement initiatives to develop and sustain the workflow. The HRM and customer operations manager had expressed the five development strategies of "Transurban Group" – 'community engagement,' 'technology implementation,' 'customer and operation management,' 'operation development and delivery,' and 'network planning and forecasting’ (Donaldson, 2014). One of the 'employment-based' factors that the company is trying to improve is – "Diversity Policy."
- Initiative: The “Transurban Group” has already assigned several employment policies to make the talent group diverse irrespective of gender, race, and region. It solely based on the individual's skills, experience, and work capacity. The company is trying to improve its diversity among the employees by emphasized the employee's achievements, contributions, attributes, and best skills. The company has taken some specific areas to work on effectively – 'cultural diversity,' 'flexible work practices,' 'gender diversity,' and 'inclusion.' The company has improved its gender equality as almost 45 percent of the executives, and 25 percent of the board members are women.
Another competitor company of "Transurban Group" is "Atlassian" has implemented a tool called "Textio" that helps the company to promote job vacancies more inclusively. The company has witnessed a growth from 10 percent to 57 percent among the women from a technical background in two years after incorporating this tool (Yeung, 2019). "Transurban Group" also needs to integrate various digital strategies to attract people with the best skills and experience to create a diverse work team. The company does not have any gender pay gap. However, it is unclear whether the company has a fair salary policy or not (equileap.org, 2017). The company can create a clear framework on how they want to engage their employees effectively to sustain performance growth.
The current state of "Transurban Group" in engaging employees is good. The company already has almost equal participation of both genders, and they try to engage them in the various decision-making process (Gleeson, 2017). However, the improvement related to "Diversity Policy" is needed in the hierarchy section of the company, where it mainly dominated by men with almost the same background. One the other hand, the 'fair wage' factor is also a vital improvement point to develop the productivity of the company.
The factors under “Diversity Policy” that the company is planning to improve are – 'gender equality', 'talent-based selection,' 'equal participation,' 'fair wage,' and 'flexible work environment.'
- Success Factors and Likelihood (for improvement):
“Flexible Work Environment”
The organizational practices in various companies in Australia are different and according to the company's capacity. The entire discussion is based on the Transurban Group financial report and it can be concluded that the company is a renowned construction company that provides development services to the nation and employment to thousands of people directly. The company's performance initiatives are directly related to financial growth and the employment factor. The company is setting its goal to save thousands of workday 'travel hours' to give the citizens of Australia time-efficient days. The company has taken charges of several projects that can incorporate thousands of new workers.
Considering the overall analysis on Transurban Group financial report, it can be stated that the cultural and engagement initiatives of “Transurban Group” are based on the employee’s satisfaction factor and their engagement policies. The company has emphasized giving a flexible work environment to make the employees stress free and encouraged. On the other hand, workplace diversity can engage a large number of employees for different gender, background, experience, and skills. The employment diversity can bring the company creative ideas to achieve desired success.
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