QUESTION
Unit:
Date of lssue:
Williams College
Department
of
Business
and Finance
Assignment
Brief
qCF
Level:
7
Credit Value:
10 Credits
Date of submission:
1lth MaV 2OL2
Managing
Corporate
Responsibility in
the Wider
Business
Teacher:
Lovewell Chiti
lnternallyVerified:
Yes
InternalVerifier:
Veduia
L
Williams
College
Environment
Task 1 Understand
the wider implications
and effects of
global
l.l explain the
effects of
globalization
on national
economies
1.2 discuss the influence
of international institutions
on organizations
integration
on organizations
1.3
explain the role and responsibility
of European
Union membership
on the workplace
Task 2 Understand
the importance
of responsible
corporate
governance
in organizations
2.l explain the importance
of responsible
corporate
governance
in organizations
2.2 analyze the regulatory
requirements
that shapb corporate
governance
2.3 evaiuate
the impact of regulatory
requirements
on corporate stakeholders’interests
in
an
Organization
Task 3 Understand
the effects of
environmental legislation,
directives and
guidance
on
organizations
3.1 discuss
the economics of adopting
a
policy
of environmental
awareness in organizations
3.2 explain the actions
that need to be taken
by organizations
to maintain the environment
3.3 describe the measures
that exist to improve workplace
health and
safety
practice
Task 4 Understand
the socio-cultural,
ethical and moral issues
that affect
organizations in the
current economic
environment
4.1 analyze the responsibilities
of
organizations to improving
workforce
welfare
4.2
compare approaches
to the management
of diversity in
organizations
4.3 compare
organizational approaches
to ensuring
positive
policies
Managing Corporate
of workforce diversity
Responsibility in the Wider
Business Environment
Student Guidelines
1. You should write
this assignment in report style. Essential
parts
are
2. Complete
.
Title
page
.
Table of contents
.lntroduction
o
Main body
of the report clearly identifying the
separate
tasks
r
Conclusion
and recommendation
o
Reference and
bibliography
.
Appendices only if relevant and necessary
your
word count at the
front
page
of the report. Word count
excludes
title
page,
table
your
report in 3000 words with a 10% level of tolerance. Show
of contents, reference
page,
appendices
and charts
or
graphs
included in the
body.
3. Report should be word
processed
and
grammatically
correct. Pages should be
numbered. Use Times New Roman, font
12
and 1.5 line spacing. Show titles and
use bullet
points
for
a
better structure and
presentation.
4. List of references citing sources in Harvard
referencing
style is a must. Reference
may include bibliography
showing
your
wider study relevant to this module.
5. You will
pass
the
assignment only if
you pass.
all the outcomes’
6. Deadline of assignment
submission is 11th May 2012
7. You must collect cover
page
from
your
teacher
and attach with
your
assignment
before submission.
You must fill all the required fields on cover
page
like Student
Name, Programme,
Module title, date, and Signature.
8. The assignment
(hard
copy and soft copy in CD)
and should be submitted to the
relevant
people.
2
Williams College
Managing Corporate
Responsibility
in the Wider Business Environment
Unit Aim:
This
unit
provides
the learner with
an understanding of
the effect of legislation and
global
integration
on decisions,
organisations.
To achieve
this unit a student must:
policies,
processes
and
activities undertaken by
.
Understand the wider implications
and effects
of
global
integration on
organizations
.
Understand
the importance of responsible
corporate
governance
in
organizations
.
Understand the effects of
environmental legislation,
directives and
guidance
organizations
o
Understand
the socio-cultural, ethical and moral
issues that affect organizations
Scenario:
in the current economic
environment
Choose
an organisation that is listed
on the London stock
Exchange and assume
you
work as a senior
manager and
you
their responsibilities
in
respect
of ensuring
have
been asked to advise
new board members of
have to write
an article for
publication
in in-house
gffective
corporate
governance.
And
you
journal
on Environmental and Ethical
Responsibilities
of organizations and on
globalization
order to do this,
tasks
!, 2,3
and 4 have to be completed.
Task 1
Effects of
global
integration
on organisations
.
explain
the effects of
globalisation
and its
effect on organizations. ln
on national economies
and the company
r
discuss
the
influence
of international institutions
on
the organisation
o
explain
the role and responsibility
of European
Union membership on the
workplace,
including the orga nisation
3
Williams
College
Managing Corporate Responsibility in
the
Wider
Business Environment
on
Task 2
Corporate
governance
in
organisations
.
explain the importance
of responsible corporate
governance
in
organisations
.
analyse
the regulatory requirements
that shape corporate
governance
.
evaluate the
impact of regulatory requirements on corporate stakeholders’
interests in the orga nisation
Task 3
Effects of environmental
legislation, directives and
guidance
on organisations
.
discuss the economics
of adopting a
policy
of environmental awareness in the
organisation
o
explain the actions that need to be taken
by
the organisation to
maintain
the
environment
o
describe the measures that exist to
improve workplace health and safety
Task
4
practice
in the
company
Socio-cultural, ethical
and moral issues that affect organisations in the current
economic environment
.
analyse the responsibilities of
organisations to improving workforce welfare
r
Analyse approaches
to the management of diversity in the organisation
.
Discuss
the
organisational approach to ensuring
positive
policies
of workforce
diversity
4
Williams College
Managing Corporate Responsibility
in the Wider Business Environment
Performance
Criteria:
Grade DescriDtors
Pass
grade
A
pass grade
is achieved by meeting all the
requirements defined
in the assessment
criteria for
pass
for each unit.
Merit
grade
Merit
descriptors Indicative
characteristics
.
In order to achieve
a merit
the leamer must:
.
identify
and apply strategies to find
appropriate solutions
.
select/design
and apply
appropriate
methods/techniques
5
.
.
.
The learner’s
evidence
shows:
effective
j
udgements
have been made
cornplex
problems
with more than one
variable have
been explored
.
an effective approach
to study and
research has
been applied
.
relevant theories
ald techniques have
been
applied
.
a range of methods
and techniques
have been applied
.
a range of
sources of information
has
been
used
.
the selection
of methods
and
techniques/sources
has been
justified
.
the
design
of methods/techniques
has
Williams
College
Managing Corporate Responsibility in the Wider Business
Environment
.
present
and communicate appropriate
findings
Distinction grade
In order to achieve a
justified
.
been
complex information/data has been
synthesised and
processed
.
appropriate
leaming
tmethods/techniques
have been applied
.
the appropriate structure and approach
has been used
.
coherent,
logical developrnent of
principles/concepts
for the
intended audience
.
a range of methods
ofpresentation
have
been
used and
technical language has been accurately
used
.
communication has
taken
place in
familiar and unfamiliar
contexts
.
the communication
is appropriate for
familiar and unfamiliar audiences and
appropriate media have been used
distinction the learner must:
The leamer’s evidence shows
.
use critical
reflection to
evaluate own work and
justi$’
.
valid
conclusions
take
responsibility for
managing and organising
activities
.
conclusions have been arrived at t}rough
synthesis ofideas
and have beenjustified
.
the validity ofresults has been eva.luated
using defined
criteria
.
.
self-criticism
of approach has taken
place
realistic improvements
have been
proposed
against defi ned
characteristics for success
.
autonomy/independence
has been
demonstrated
.
substantial activities,
projects
or
investigations have been
planned,
6
managed and orqanised
Williams College
Managing Corporate Responsibility
in the
Wider Business
Environment
.
Demonstrate
convergent/
lateral /
creative thinking
Summary of
grades
In order
to achieve a
pass
.
7
.
.
.
activities have been managed
the
unforeseen has
been
accommodated
the
importance ofinlerdependence has
been
recognised and
achieved
.
ideas have been
generated
and dectsrons
taken
.
I
self-evaluation has taken olace
convergent and lareral thinking have been
applied
.
problems
have been solved
.
innovation and creative thought
have
been
applied
.
receptiveness to new ideas is evident
.
effective thinking has taken
place
in
unfamiliar contexts
all outcomes
and associated assessment
criteria
have been met
In order
to achieve a merit
Tn order to achieve a distinction
.
.
.
.
pass
requirements achieved
all merit
grade
descriptors achieved
pass
and merit requirements achieved
all distinction
grade
descriptors achieved
Williams College
Managing Corporate
Responsibility
in the
Wider Business Environment
SOLUTION
Explain the effects of globalization on national economies
Globalization brought about various changes in economy of the world as industrialization gained a new and broader perspective after the introduction of global integration in the world economy. Almost all countries and their economy got affected with it; it widened the scope for world level business and also for liberal trade between two countries. Global integration can be seen from the point of view of any organization in which it accelerated its reach and profit to sky reaching standards. National economies of developed as well as developing countries got affected, globalization helped them to have pace with the growing world but on the same time made growth and development difficult for the domestic marketers. National economies of countries like U.S, Japan, and U.K etc got benefits as they gained new scope for expansion and broaden their reach in the small countries and expand their businesses. On the other hand, it can be said that developing and underdeveloped countries suffered due to open global market, stiff competition with world level brands and products etc. developing and underdeveloped countries got benefits also from global integration like free trade, scope for development, increase in exports and imports. All these helped the economies of developing and underdeveloped country to get benefits from trade and internationalization of market. [Ibrahim]
Discuss the influence of international institutions on organizations
The influence of international institutions on organizations is very high in today’s world of globally connected world. International institutions decide upon the global market trends and policies which various countries and their trade practicers have to abide with. Also those international institutions promote fair law and principles in international markets so that fair chance and distribution could be attained. These institutions govern the trade policies and they are the market drivers, although it is advantage being implemented because as competition is very stiff nowadays in terms of market capture and brand awareness, it is of great help to the organizations as organizations can focus on advertising and brand promotion irrespective of unnecessary hindrances like monopoly in market, price distribution as per the firm’s wish and several other disturbances which gets avoided due to international institutions who work as supreme market makers and guide the businesses to flourish with legal and proper work culture. [Ismihan et al, 2008]
Explain the role and responsibility of European Union membership on the workplace
European Union membership affects the organizations on very large scale. The EU membership means there is freedom of trade and movement in all the member countries without many processes like passport verification etc. when there is movement of people, services, goods and raw materials it accelerates the trade and development of firms as organizations benefit with high level of customer base, large raw material market, easy transportation of goods and services, expansion of business all over the member countries and many such benefits. [Kenber et al, 2009] These benefits help the organizations to increase their business opportunities and this has led to development of industrial trade and businesses in all member countries. It also promotes standardized system of law and practices, this feature of EU membership helps the organizations to easily follow the legal obligations without many hindrances and concentrate on trade practices as law and policies are same in all member countries. The member countries have common foreign trade and security policy which enables them to promote high level of industrialization, trade, exports and imports etc in their countries even if member country is less developed. In context with workplace, duties of European union is that they must promote the firms of all member nations to go for easy trade and establishment of business anywhere, freedom of transport within the member countries and development of firm through high sales and brand awareness. By doing this, EU and faith of European countries in this union will increase more and more and membership could be increase more. [ www.eur-lex.europa.eu, 2008]
Explain the importance of responsible corporate governance in organizations
Corporate governance means the set of certain rules by means of which the execution of work and decision making in the organization takes place without interference in rights and duties of each other in the firm. Corporate governance also means protection of rights and powers bestowed in each stakeholder and top level management and it prevents the conflict of interest from taking place. Responsible and duly maintained corporate governance helps the organization to have peaceful atmosphere in the firm without conflicts and grievances; responsible corporate governance also helps an organization to strategically manage with the motivation of workforce to retain in the firm as there is lack of conflicts and corporate level disagreements in the firm. Corporate governance promotes easy brand image in the market as employees are biggest brand makers for any firm as today is the world of employee branding and not employer branding, therefore if employees and stake owners are happy and highly motivated with the firm, the chances of grievances and difficulties decreases. A related concept also says that corporate governance is also meant to safeguard economic efficacy and wealth of the firm. This can be seen as an indirect approach to corporate governance as with proper governance of all policies and practices, company’s economy can flourish well without much unnecessary expenditures on untimely recruitments, conflict resolutions and after effects. . [Colomen, 2012]
Analyze the regulatory requirements that shape corporate governance
The regulatory requirements that shape corporate governance are accounting frauds, accountability of people in the business, customs and policies for external stakeholders like suppliers, customers etc, protection against corporate scandals, safeguarding long term success of the firm with direction and control in efficient, transparent and professional manner. In more precise manner, they can be noted in following manner: preservation of rights and equitable treatment of shareholders, managing the interests of stake owners like suppliers, creditors etc, roles and responsibilities of the board, ethical behavior and integrity in the organization, maintaining transparency and proper disclosures wherever necessary. The corporate governance rules are mandatory rules and regulations which the organization and its employees must be made aware about, if the guidelines will be easily and fairly communicated, mistakes and flaws will be less prone to take place. Corporate governance is not a thing to be followed, it is set of such guidelines which make an organization, it has to be made a part of the firm itself, and regulations elating to corporate governance help the firm to manage with the external as well as internal environment with ease and systematic way. Corporate governances have a legal existence in eyes of the country judiciary as well, they have to abide as per their guidelines and not abiding the rules of it may call for judicial hearing in front of the country court or law. The code of conducts and laws are issues by certain legislations, authorities, national or international associations. These help any firm to make their internal corporate governances in sink with that of the country governance made for that industry. The corporate governances mostly vary as per the given parameters like auditing i.e. internal audit and external audit, board and management structure of the firm, corporate social responsibility and compliances, financial information and its transparency in disclosure to stake owners and shareholders, structure of ownership and exercise of control rights. [SBI, 2012]
Evaluate the impact of regulatory requirements on corporate stakeholders ‘interests in an Organization
The stake owners are highly influenced by the regulatory requirements of the organization as it gives them guarantee and security for trading and doing business with the particular firm. It also helps the firm to gain existence in the eyes of market people like the customers, debtors and creditors that the firm has regulations over it which will prevent it from doing malpractices and frauds on large scales. Suppliers, distributors, customers and employees, all are stakeholders in an organization and their working gets affected with the regulatory requirements which the organization has to meet. Their interest remains protected and rights are preserved in the firm, the firm has guidelines for day to day businesses and those guidelines help the firm to framework a proper routine relationship with the customers and other chain of people involved. Grievance handling and resolving on short notices and less time is one of the features which corporate governance gives to the firm, with the help of strict compliance, the stakeholders are happy and satisfied with the firms’ performance. Compliance makes the organizational system of work well managed and quick. Voluntary recommendations made by the international and national level institutions are to be involved in management code of conduct thereby making the management of organization systematic and trustworthy. Although stakeholders interest in an organization is protected by corporate governances but it cannot be said that even the best standards are protectors of the rights of stakeholders to fullest level. Even with best corporate governance standards also, some firms have seen instances of corporate misconduct. It has been seen that corporate governance practices are evolving in nature, there is no definite set of rules but they keep on varying as per the industry malpractices being encountered. It’s the duty of the firms to maintain and develop corporate governance rules and codes with due diligence so that rights and duties of the stakeholders in the firm could be preserved and by doing this we guarantee a better managed organizational culture and corporate practices in the parent country.
Discuss the economics of adopting a policy of environmental awareness in organizations
There is a very booming and nice concept being followed in corporate sector nowadays and that is organization’s taking onus of environmental preservances and protection. These concepts are part of organization’s corporate social responsibilities which they think as their mandatory responsibility to follow. We have seen that many companies follow the slogan “go green” and the reason behind it is the increasing seriousness of the world science towards reservation of natural resources and various companies have taken the responsibility of following the necessary legislations on environment protection. It is not limited to just a concept of donating money by the firms for various environment protection NGO’S or making of hospitals and gardens for environment protection but corporate are inbuilting serious environment protection methods which are laid down by the government of various nations for protecting the environment. Such measures are abiding government made rules and regulations on vehicle fuel being natural gas, recruiting such staff and drivers for vehicles who have environment friendly knowledge of driving and license for that and those organizations have transformed their productions, advertising, packaging and discretion of waste material also as per environmental legislative standards. The government and the economies have made certain mandatory legislations in today’s world for maintain minimum standards on environment protection but these standards are to be achieved by the firms and they are doing so in a very motivating and serious manner. Some organizations have changed their packaging methods from plastic usage to environment friendly paper made packets and wrappers. Organizations have changed their production methods as per environment control standards like disposal of waste in certain safe areas only, having large chimneys of long heights so that environment of living areas do not get polluted.
Explain the actions that need to be taken by organizations to maintain the environment
In order to maintain the environment, organizations have to include environment protection in their mission statements so that their goal also revolves around safe and clean environmental production of goods and services. Some organizations follow environment protection legislations and regulations with due concern but it is not followed on serious grounds in all organizations specifically those which are in remote areas of any state or country. The environment friendliness could be attained by many measures being implemented by each and every organization of the corporate sector. Firstly, maintenance of environment can be attained by minimizing production based errors like leakage of fuels from machineries, leakage of poisonous gases from containers and cylinders and any other such damage taking place which may affect the environment very badly due to a minute negligence. All production units must be thoroughly audited, evaluation of internal machines and external infrastructures should be done on regular intervals, organization’s safety and maintenance department should be made more scientific. Apart from this, environment protection can be attained by transportation being more environment friendly like use of CNG should be implemented in all vehicles being used by any organization even the small cars or company buses, this is a method already adopted in most of the places but is still not practiced in underdeveloped countries and some remote areas of developing countries as well. Cleanliness should be motivated by the organization on ground level also. The employees should be motivated for cleaner environment through effective utilization of plants, machineries, chimneys or other large and heavy equipments. There should be regular training sessions on environment protection and its advantages in our lives, this method will inbuilt instant thought in the employees for protection of environment as their mission and duty. [Bansal & Gao, 2009]
Describe the measures that exist to improve workplace health and safety practice
In order to improve health and safety practices in an organization, one must focus on implementation of mandatory labor laws on ground level. All such laws and mandatory rules have been made to protect the safety and security of the workers and the employees. Organization should focus on appropriate maintenance of health and safety standards through inspections on regular and unannounced basis, health hazards being communicated to the employees and the workers beforehand only to prevent accidents from taking place. Safety standards should be conveyed and workers should be properly trained for heavy machineries. Safety gadgets and uniforms should be provided and more importantly all those welfare and safety related equipments and uniforms provided should be regularly checked and timely re[placed by new ones as maximum cases of accidents and mishappenings occur in case of poor quality safety features in the firms. Thus it can be said that safety standards can be achieved by proper audits, evaluation of machineries, supervisors giving proper training and counseling to the employees and also with the help of safety standards being increased to genuine level.
Analyze the responsibilities of organizations to improving workforce welfare
There is an immense need for organizations to increase welfare facilities for the employees and the workers in today’s world where organizations are moving extensively towards cost cutting and heavy workloads on the employees. Welfare means extra facilities being provided to the employees or workers of the firm in form of sanitation, canteens, lighting and proper ventilations etc. with the help of welfare facilities, workers and the employees cannot be told but motivated to work and feel good being associated with the firm. Welfare is a motivational factor for any worker associated with the firm as health and safety are minimum standards but welfare is additional standard of employee upliftment but it should also be seriously followed because welfare facilities motivate the employees to retain in the firm where they are working. Welfare facilities help the workers to increase their productivity and move towards growth and development as proper sanitation, canteen facility and adequate lighting will allow the employee to work with peace of mind and being highly comfortable on the job. Comfort and welfare of employees not only motivates them for retaining in the firm but major importance of this practice lies in the fact that with proper welfare facilities, employees health and capacity can be accelerated more for working. Increase in productivity of the employee, having peaceful work culture with less grievances and complaints and less health related issues taking place as employees and workers have their own company canteens and rest rooms, such practices improve the organizational standards and employee involvement on the job. [http://www.tendringdc.gov.uk]
Compare approaches to the management of diversity in organizations
Managing diversity is a very vast concept which is being implemented nowadays in organizations to increase organizational growth and stability and also for accelerating global market capture of the firms in different economies of the world. Diversity management in context with an organization means that managing with the differences on account of gender, age, race, country or community. Such differences should not evolve in organizations and every employee must be treated equal in front of the management. Diversity management also means that one should focus on balanced recruitments and team shuffling so that majority or dominance of any cast or culture or community or any such type couldn’t prevail in the firm. Dominance on the basis of workforce diversity can be withholding factor for any firm in terms of employees being more involved in company politics than their work and this may decrease the efficiency of the workers and the employees. This should be prevented from taking place and therefore in today’s competitive world, organizations should focus on managing workforce diversity and motivating all the employees to work as a team rather than working on individual profit basis. Diversity management is a slow and gradual process and for successful implementation of this, organization needs to recruit competent employees, train employees for global market conditions and maintain strategic management in the firm. [www.ag.gov.au, 2008]
Compare organizational approaches to ensuring positive policies of workforce diversity
Organizations to ensure workforce diversity management can take help of various strategic management policies so that each entity of the firm accepts the workforce diversity management with utmost zeal and care. The important step is analyzing inner strengths and weaknesses of the communicator i.e. mentors, trainers, HR, first line officers who may show lack of understanding of seriousness of matter personally and professionally. Discussing ideas and implementing on ground level is very different and it has been increasingly found that people talk about new ideas but work pattern never changes to a high level. Workforce diversity management for really being implemented, strategic human resource management should be practiced like strategic recruitment keeping in mind the diversity which has to be attained, also there should be training sessions for managers and supervisors for tackling team in systematic manner of diversity management, organizational task teams should have equal number of female and male work force, equal number of senior and junior work force and similar strategies can be implemented. Apart from this, diversity management can be attained by group building techniques where groups of employees on the basis of diversity management should be formed and employees should be told to work under such groups and reshuffling should also be done on regular intervals so that employees adjust to diversity they are facing and become competent enough even to work in not so known to atmosphere of the firm. Such practices will increase diversity in organizations and promote growth and development of organizations on global level as employees will be competent enough to work under pressure and unacceptable conditions as well. [DIC, 2011]
References:
1. Musa Jega I brahim, effect of globalization on development of underdeveloped economies, viewed on 2nd May, 2012, <http://www.econ.cam.ac.uk/cjeconf/delegates/ibrahim.pdf>
2. Mustafa Ismihan, Hasan Olgun, Fatma.M. utku Ismihan, 2008, globalization of national economies, international research journal of finance and economics, viewed on 2nd May, 2012, < http://www.eurojournals.com/irjfe%2014%20mustafa.pdf>
3. European union, 2006, Official journal of European union, viewed on 2nd May, 2012, <http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:C:2006:321E:0001:0331:EN:PDF>
4. Mark Kenber, Oliver Haugen, Meddeliene Cobb, 2009, effects of EU climate legislations on business competitiveness, climate and energy paper series, viewed on 2nd May, 2012, < http://www.theclimategroup.org/_assets/files/The_Effects_of_EU_Climate_Legislation_on_Business_Competitiveness.pdf>
5. Benett, Colomen, 2012, what is corporate governance, the economic times, viewed on 2nd May, 2012, <http://articles.economictimes.indiatimes.com/2009-01-18/news/28462497_1_corporate-governance-satyam-books-fraud-by-satyam-founder>
6. SBI, 2012, what is corporate governance, Applied corporate governance, viewed on 2nd May, 2012, < http://www.applied-corporate-governance.com/definition-of-corporate-governance.html>
7. Pratima Bansal and Jijun Gao, 2009, organization and environment, Sage Publications, , viewed on 2nd May, 2012,, <http://www.ibcperu.org/doc/isis/10330.pdf>
8. http://www.tendringdc.gov.uk, Workplace health, safety and welfare, , viewed on 2nd May, 2012, <http://www.tendringdc.gov.uk/NR/rdonlyres/F8853635-72F8-4725-91EE-6D41B148CEB6/0/Workplacehealthsafetyandwelfare.pdf>
9. Workplace diversity, what is workplace diversity, 2008, viewed on 2nd May, 2012, <http://www.ag.gov.au/Documents/Workplace%20Diversity%20Program%202008-2010.PDF>
10. DIC, workplace diversity strategy, 2011, viewed on 2nd May, 2012, < http://www.immi.gov.au/about/plans/workplace-diversity/workplace_diversity_strategy_2011-2013.pdf>
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