Tag Archives: faculty
Families remain at the heart of business worldwide, representing over 70 per cent of business in most economies including Australia. Many call their business by their family name – Faber-Castell, Estee Lauder, and our own Australian Coopers and LinFox – closely linking their social identity as a family to the business.
As The Economist noted in the special 2015 April edition on family business, this interrelationship between the family and business is both the strength and weakness of family business. Family business scholarship describes this as the influence of socioemotional wealth on family business decision-making or the influence of the family’s norms, values and ties on business strategy. Managing socioemotional wealth increases the complexity of leading a family business, especially in today’s dynamic business world.
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Superannuation assets in Australia now total almost $2 trillion. That’s more than Australia’s gross domestic product and places our super industry as the fourth largest pension market in the world. The considerable growth of superannuation assets over time is largely attributable to the compulsory flow of money into super funds each year. In fact it is estimated that the industry will be larger than the Australian banking sector within the next two decades.
Recent regulatory discussions, propelled by the Cooper Review of 2010 and the more recent Financial System Inquiry, have focused on reforming the governance of super funds given their economic significance. A particular focus of the reforms has been on the trustee directors of super fund boards.
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With a disturbing number of suicides in recent times, FIFO work has rightly come under scrutiny. A government inquiry in FIFO workers’ mental health is on-going at present. This month, Deloitte hosted an event bringing together academic, business, personal, and consultant perspectives to discuss this important issue.
In their presentation, Professor Sharon Parker (Business School) and Karina Jorritsma (Psychology) argued for the importance of research in this field. The demographic and occupational profile of FIFO workers identifies them as a group likely to be exposed to mental health risks. Many FIFO workers face work demands that existing research has shown can affect mental health, such as less than ideal shift systems, home-work conflicts, and low levels of job control. In addition, FIFO workers face unique demands, such as the challenge of living away from family for long periods of time and of needing to live on site when at work. Currently there is a lack of quality research about the effects of these demands on mental health.
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As trimester one of our MBA Full Time and Flexible programs draw to a close, one of the most valuable experiences students are likely to have experienced along their journey is that of networking. During an MBA program, meeting as many new people as possible including other students, academic staff and industry leaders, can set candidates up for success and create a richer student experience. UWA’s MBA Full Time program puts a strong emphasis on networking to broaden our student’s horizons and open them up to a range of professional experiences.
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On behalf of the UWA Business School I attended the recent Perth presentation by the Reserve Bank of Australia, represented by Dr Alex Heath. Chatham House rules fostered a vibrant discussion but constrain its representation here. Rather, I offer some personal opinions concerning the recent course of monetary policy abroad and in Australia.
There is immense uncertainty concerning economic performance in the “big four” economies: Europe, the US, China and Japan. Europe and Japan are stagnant, with associated tensions building, China is slowing and the US is beginning to recover. Conflicts therefore arise between the monetary policies suited to the stagnant economies on the one hand and those better tailored to the emerging US on the other. Yet financial globalisation ensures that no region can escape the effects of the monetary policy regimes of the others.
