Harvard Case - Finance Department Restructuring at the Field Museum
"Finance Department Restructuring at the Field Museum" Harvard business case study is written by Elizabeth Keating, Nadeem M. Ghani. It deals with the challenges in the field of Organizational Behavior. The case study is 20 page(s) long and it was first published on : Jan 1, 2002
At Fern Fort University, we recommend a comprehensive restructuring of the Field Museum's Finance Department, focusing on a strategic shift from a transactional to a value-added approach. This will involve implementing a new organizational structure, fostering a culture of collaboration and innovation, and empowering employees to contribute to the Museum's overall success. This restructuring will leverage technology and analytics to improve efficiency, enhance financial transparency, and support the Museum's mission of scientific discovery and public education.
2. Background
The Field Museum, a renowned natural history museum, faces challenges in its Finance Department. The department is characterized by a traditional, siloed structure with limited collaboration and a focus on transactional tasks. This has resulted in inefficiencies, a lack of strategic thinking, and a disconnect from the Museum's overall goals. The case study highlights the need for a transformation to address these issues and align the Finance Department with the Museum's strategic objectives.
The main protagonists in this case study are:
- Dr. William Suarez: The President and CEO of the Field Museum, who is responsible for the overall strategic direction of the institution.
- John Davis: The Chief Financial Officer (CFO) of the Field Museum, who is tasked with leading the Finance Department and ensuring its effectiveness.
- The Finance Department staff: The employees who are responsible for carrying out the day-to-day operations of the department.
3. Analysis of the Case Study
The case study presents a clear need for organizational change within the Finance Department. The current structure, characterized by silos and a lack of collaboration, hinders the department's ability to contribute strategically to the Museum's mission. This analysis utilizes the following frameworks:
- Organizational Structure and Design: The current functional structure, with separate departments for accounting, budgeting, and treasury, limits cross-functional communication and hinders the department's ability to provide holistic financial support.
- Organizational Culture: The existing culture emphasizes compliance and efficiency over strategic thinking and innovation. This culture needs to be transformed to encourage collaboration, risk-taking, and a focus on value creation.
- Leadership Styles: The case study suggests a lack of transformational leadership within the Finance Department. John Davis, the CFO, needs to adopt a more visionary and collaborative leadership style to inspire and empower employees to embrace change.
- Motivation Theories: The current lack of employee engagement and motivation can be addressed through a more performance-driven culture that recognizes and rewards contributions. Implementing a system of goal setting, regular feedback, and performance-based incentives can significantly improve employee engagement.
4. Recommendations
To address the challenges faced by the Field Museum's Finance Department, the following recommendations are proposed:
1. Implement a New Organizational Structure:
- Shift to a matrix structure: This will foster collaboration between finance professionals and other departments, enabling them to work together on strategic initiatives.
- Create cross-functional teams: These teams will be responsible for specific projects or initiatives, bringing together expertise from different areas of the Finance Department.
- Empower team leaders: Team leaders will be responsible for setting goals, managing resources, and ensuring the success of their respective teams.
2. Foster a Culture of Collaboration and Innovation:
- Promote open communication: Encourage regular communication and information sharing between departments.
- Implement collaborative tools: Utilize technology to facilitate communication and collaboration among team members.
- Encourage cross-training: Provide opportunities for employees to learn about different areas of the Finance Department, fostering a broader understanding of the department's role.
3. Leverage Technology and Analytics:
- Implement a new financial management system: This will improve efficiency, streamline processes, and provide real-time data for informed decision-making.
- Develop data analytics capabilities: Leverage data to identify trends, forecast future needs, and support strategic decision-making.
- Utilize technology for reporting and communication: Create interactive dashboards and reports to enhance transparency and facilitate communication.
4. Focus on Employee Development and Engagement:
- Provide training and development opportunities: Equip employees with the skills and knowledge necessary to thrive in a collaborative and data-driven environment.
- Create a performance-driven culture: Establish clear performance goals, provide regular feedback, and recognize and reward employee contributions.
- Promote work-life balance: Encourage a healthy work-life balance to foster employee well-being and enhance productivity.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: The restructuring aligns the Finance Department with the Museum's mission by promoting a culture of innovation, collaboration, and efficiency, ultimately supporting the Museum's strategic goals.
- External customers and internal clients: The changes will improve the Finance Department's ability to serve both external customers (donors, sponsors, etc.) and internal clients (other departments within the Museum).
- Competitors: By embracing technology and analytics, the Finance Department will be better positioned to compete with other museums in the field and attract and retain top talent.
- Attractiveness ' quantitative measures if applicable (e.g., NPV, ROI, break-even, payback): The restructuring is expected to generate significant cost savings through improved efficiency and process optimization, leading to a positive ROI.
6. Conclusion
The restructuring of the Field Museum's Finance Department is crucial for the Museum's long-term success. By implementing a new organizational structure, fostering a culture of collaboration and innovation, and leveraging technology and analytics, the department can become a strategic partner in achieving the Museum's mission. These changes will not only improve efficiency and financial transparency but also enhance employee engagement and create a more fulfilling work environment.
7. Discussion
Other alternatives not selected include:
- Outsourcing: This option could provide short-term cost savings but would also lead to a loss of control over financial operations and potentially compromise data security.
- Hiring external consultants: While consultants could provide valuable expertise, this option could be expensive and might not address the underlying cultural and structural issues within the department.
Risks and key assumptions:
- Resistance to change: The restructuring will likely face resistance from employees who are comfortable with the current system.
- Lack of leadership buy-in: The success of the restructuring depends on the commitment and support of the CFO and other senior leaders.
- Technology implementation challenges: Implementing new technology systems can be complex and time-consuming.
8. Next Steps
Timeline with key milestones:
- Month 1: Form a restructuring task force, conduct a comprehensive needs assessment, and develop a detailed implementation plan.
- Month 2-3: Communicate the restructuring plan to employees, conduct training sessions on new technology and processes, and begin implementing the new organizational structure.
- Month 4-6: Monitor progress, address any challenges, and make adjustments to the plan as needed.
- Month 7-12: Evaluate the impact of the restructuring, measure key performance indicators, and celebrate successes.
By taking these steps, the Field Museum can successfully restructure its Finance Department, transforming it into a strategic asset that supports the Museum's mission and ensures its long-term sustainability.
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Case Description
Discusses the challenges that internal departments face as organizations grow and expand. The Field Museum in Chicago, Illinois, grew significantly over a short period of time, creating considerable problems in the finance department, as staff and systems failed to keep pace with the evolving demands placed by the museum departments. These problems resulted in outdated policies and procedures, unhappy users, and frustrated employees. The finance department needed big changes but had to make them while maintaining vital functions, improving morale, and instituting new policies and procedures. Discusses several key nonprofit management issues, including change management, the role of leadership in a crisis, the challenge of informal personnel networks and knowledge management, and key financial issues facing nonprofit organizations.
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