Innovation and Collaboration at Merrill Lynch Case Study Solution
At first,the research department at Merrill Lynch had poor teamwork as there were no specific team goals and no guidelines had been given for conducting effective teamwork. The analysts belonging to different segments were told in making a capital structure report, and it took a number of days for completing the final report in which the quality of the report was poor.
However, the steps taken for improving the collaboration among the team members such as through the department newsletter, conducting seminars for training, improving the performance management and defining well-planned goals had improved the research department of Merrill Lynch. I would feel comfortable in this type of environment as the collaboration among the team members is strong.
Answer # 2
Candace Browning is trying to encourage the analysts for working in teams at Merrill Lynch due to improving the performance of the analysts and improving the overall productivity of Merrill Lynch. Most of the analysts prefer to work individually and had little desire in working on groups. After Browning took measures in promoting collaboration among the researchers had improved the efficiency of the workers. The biggest obstacles to collaboration in the case were the desire of analysts working alone rather than in groups as it was shown that many of them were getting in conflicts or performing bad when working in teams or groups.
Answer # 3
The most successful collaboration for promoting collaboration which has been taken by Browning was the Cross-Sector Research as the analysts from different sectors were required to work in teams. By working with different sector analysts would make the future collaboration effective and also would create value for the company.
Answer # 4
The steps taken by Candace Browning for promoting Collaboration among the analysts which are cross-sector research, cross-asset research, capital structure reports, training seminars, department newsletter and others would improve the collaborative work in the future. The analysts would build trust and relationship among each other and would listen to their suggestions without arguing much.
Answer # 5
For improving the collaboration among the analysts working in groups would be to first define the visions, goals, objectives and target to the analysts working team. Browning could change the culture that would encourage in working in an innovative team. Browning should create an atmosphere for promoting creativity that will help in providing new opportunities and dealing with challenges effectively. Browning could celebrate when the analysts are able to complete its goals and objectives which would motivate them further in working in groups and also offer financial rewards for encouraging collaboration.................
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