Strategic approach to corporate sustainability Essay Example for Free

Strategic approach to corporate sustainability Essay Woolworths Limited is one of Australia’s largest retailers with a presence in food, liquor, hotels, gaming, general merchandise, hardware, consumer finance and electronics. The company has a 90 year history of growth and innovation and has had a record of social responsibility along the way demonstrated with its support of community and charity organisations. Further to this the company has adopted rigorous environmental standards and recognised its position as one of the largest companies in the Australian market. It has incorporated a system of environmental checks and balances, and used its powerful market position to ensure suppliers are also adhering to similar rigid environmental checks and balances. All the while the company has made sound and successful financial decisions which have seen it grow from humble beginnings to its place as a top 20 Australian company by capitalisation and top retailer in the Australian and New Zealand market place. Despite its proactive response to the environmental and social impacts of its business, Woolworths has come under considerable pressure from media and other stakeholder groups over its pressure on growers and suppliers. The company has also been criticised about its â€Å"predatory† industry practices which has seen many smaller local businesses out of business due to the very competitive nature of Woolworths and its rapid expansion. Woolworths has a sound CS policy and strategy in place, however it may benefit from a more focussed brand and reputation management strategy which may address some of these criticisms before decisions are made on the execution of such strategies. Table of Contents Woolworths’ Limited – Strategic and Operational Approaches to Corporate Sustainability1 Executive Summary1 Table of Contents2 Introduction3 Woolworths Strategic and Operational Approaches5 Conclusions9 References9 Introduction Woolworths is one of Australia’s largest retailing groups and one of the largest companies listed on the Australian stock exchange, making up around 4% of the total capitalisation of the ASX (StateStreet Global Investors). Woolworths has a total market capitalisation of approximately $43 billion and is diversified into retail sectors such as groceries and fresh food, electronics and consumer electronics, liquor and gaming, fuel, hardware, general merchandise and financial services. Woolworths began operations in Sydney in the 1920’s, and through innovative and competitive marketing, pricing and product it grew rapidly to have stores in every state. Woolworths diversified further by opening department stores and acquiring businesses in strategic markets. The company also diversified into hospitality and liquor retailing and furthered its portfolio by acquiring businesses in electronics and hardware, and strategic partnering with financial services and rewards programs in more recent times. As such, Woolworths claims to serve over 28 million customers each and every week, have more than 3,000 stores and employ over 195,000 people (www.woolworthslimited.com.au). Given the size and scope of Woolworths on the Australian economy, the organisation attracts a great deal of attention for its corporate, social, environmental and economic activities on a daily basis. As such, Woolworths has a strong charter around its corporate governance, releases statements on its Corporate Social Responsibility and has a strong Corporate Sustainability plan in place, including reputation management. This report will look into these areas and where Woolworths is succeeding, and may still find room for improvement. Corporate Sustainability, Corporate Social Responsibility and the Triple Bottom Line Corporate Sustainability (CS) is an approach to business operations, strategy and management that is driven towards the creation of long-term value through economic, environmental and social considerations to decision making (Benn Bolton, 2011). CS is the delivery of long term success of the business along with consideration of the natural environment in which humans co-habitat and that of the society in which humans interact. There are overlaps between CS and other similar theories such as Corporate Social Responsibility (CSR) and the Triple Bottom Line (TBL). The main difference is that CS involves the strategy and risk management approach of the organisation (Weber, 2008). Shareholders can no longer be considered the only stakeholder a company needs to consider in their decision making processes, nor the only stakeholder that will hold the company to account (Brooks Dunn, 2012 p.240). CSR requires, at a minimum, compliance with the law, good corporate citizenship and compliance codes and requirements, but is actually focused on company’s performing at an â€Å"elevated level of quality in all they do† (Sarre, 2002, pg 3). There is also growing expectation of transparency beyond the traditional financial disclosures required of governing authorities. Carroll (in Crane, Matten Spence,2007) argues that there are four key elements to Corporate Social Responsibility from the business perspective, namely economic, legal, ethical and philanthropic (p.62). Further to CSR is the concept of the â€Å"Triple Bottom Line† (TBL). This theory is concerned with how business operates in managing its economic sustainability, much like CS, however moves further into considerations of both environmental responsibilities and social responsibilities of the operations of the company (Elkington, 1999). Recent studies have linked the influence of TBL on business performance where it has been shown that addressing and working towards improved environmental outcomes can positively affect all three aspects of the TBL and improving social responsibility standards can improve environmental aspects greatly also (Gimenez, Sierra Rodon, 2012). In economic terms, CS is the long term-term survival and success of the company (Dunphy,D, 2002). Woolworths produced its first CSR Report in 2005 which focussed on its policies, commitments and CS related performance (Maseeha, Indu, Purkastha, 2008). The corporate  policy is made quite clear in the CEO’s statement where he (Grant O’Brien) outlines the fact the business desires to increase its market share and levels of growth. In taking CS into account he also addresses other related issues which are the enablers of CS, these being innovation, social responsibility and in the CS statement he talks about â€Å"earning trust†, â€Å"serving our community†, â€Å"using resources wisely† and â€Å"building the best retail team† (www.woolworthslimited.com.au). The four main types of CS Strategies as defined by Baumgartner and Ebner (2010, p. 78),are Extroverted, Introverted, Visionary and Conservative. Woolworths has elements of each in its strategy, which will be discussed in this paper, while looking at how these help the company meet its four goals of: extend leadership in food and liquor; maximise shareholder value in our portfolio; maintain our record of building new growth businesses; and put in place the enablers for a new era of growth. The blending of CS with CSR and TBL can be seen as the evolution of sustainable management principles and practices, and ultimately the goal is not of just economic growth, but that of a sustainable business which engages stakeholders and meets their needs through effective communication, action and results over time (Ricart, JE, Rodrà ­guez, Mà  Sà ¡nchez, P, 2005). Strategy, Business Models and Risk Management The Business Model and the Strategy of the business are terms that are often used interchangeably, however there is a distinct difference between the two. Osterwalder, Pigneur and Tucci (2005) describe the differences and relationship between the two concepts as related by the model being the blueprint for how the firm does business, the strategy the way it operates and brings the model to life. Business models can be further defined as the representation the core logic and strategic choices made to capture value along a value chain, but the model is not strategy (Shafer, SM, Smith, HJ Linder, JC, 2005). Strategy is further defined as the execution of the model and bringing the plans to life (Linder, JC Cantrell, S, 2001). The business model concept provides the basis for the management of the firm to analyse, implement and communicate strategic choices (Shafer, SM, Smith, HJ Linder, JC, 2005). A business model is an important tool in defining the actions of the firm, the mission and goals of its very core existence and how it delivers value for stakeholders through delivery of the TBL. The model defines the value proposition of the firm, the stakeholders involved and how they are engaged, the resources utilised and how they are used, the value chain and suppliers, human capital and how all these various aspects relate, along with external influences upon them, to deliver a sustainable business. Strategy is the implementation of the business model, it is how the plans and ideas are brought to life. The business strategy is often referred to as the way the model is brought to life and delivers value. It must be stated, however, that strategy is not the actual execution of the plans (Martin, R, 2010). Execution and strategy are different in that strategy is the intellectual concept and execution is the physical delivery of the plans to achieve goals (Martin, R, 2010). Where strategy is often seen to fail is that senior management may deliver the ideas without consultation and integration of front-line staff who are closer to stakeholders, customers, suppliers etc. (Martin, R, 2010). Risk Management overlays the concepts of both business model and strategy in that it is how the business anticipates, adapts and reacts to change. Risk is defined as an essential feature of decision making and accountability (Benn Bolton, 2011). McShane, Nair and Rustambekov (2011) state the reasons risk management is important include â€Å"value-increasing benefits of reduction in expected costs related to the following: tax payments, financial distress, underinvestment, asymmetric information, and diversifiable stakeholders† (pp 643). As such, the authors state that risk management is important in increasing the value of the firm. Newer theories on risk management have evolved into Enterprise Risk Management (ERM), and may be said to include eight elements essential for achieving strategic, operational, reporting and compliance goals (Arena, M, Arnaboldi, M, Azzone, G, 2010). These eight elements are 1. Internal environment and how  risks are seen by the firm; 2. Objective setting; 3. Event identification; 4. Risk assessment; 5. Risk response; 6. Control activities; 7. Information and communication; 8. Monitoring and ongoing management. More recently risk management has also begun to look at the importance of reputation management as a part of the risk management framework (Dowling, G, 2006). In the past risk management frameworks have only identified reputation management at the point of crisis and have often made it the responsibility of PR to address any events. Dowling (2006) states that an effective risk management framework should also incorporate the ongoing recognition of the importance of reputation management and this should be addressed by the board and included in the formal agenda of the board. Woolworths has identified its strategy in its annual reports and also has a defined risk management strategy. Woolworths also has a rigid business model across the wider group as well as individual business units. The remainder of this report will identify key areas where Woolworths sets out a strategy to obtain its CSR obligations to its stakeholders as well as obtain its financial goals. The discussion will also discuss how Woolworths may further its CSR and CS strategies towards reaching all goals and managing key risks along the way. Woolworths Strategic and Operational Approaches Woolworths sets out a four point strategy in its 2012 Annual Report, these being: 1. Extend our lead in food and liquor 2. Act on our promise to maximise shareholder value 3. Maintain our record of building new growth 4. Put in place enablers of a new era of growth The following analysis of Woolworths will discuss key areas of the business along with the strength and opportunity, along with a discussion on how the CS of Woolworths may be further enhanced for each area. Woolworths has set out an ambitious plan to not only be the biggest retailer of food and liquor in the Australian market, but also to continue to increase its market share. This is done by an expansion in the number of  outlets it has, and in 2012 alone, 126 new outlets were opened throughout Australia across the various brands the organisation operates (www.woolworthslimited.com.au). This growth is one of the quickest expansions Woolworths has reported, and is partly driven by the firm’s recent strategic move into hardware retailing. Woolworths plans to rapidly increase its presence in the hardware market with 150 new stores in the pipeline over the next five years. Supply Chain Control and Environmental Responsibility Ricart, J, Rodrà ­guez, M Sà ¡nchez, P 2005, ‘Sustainability in the boardroom’, Corporate Governance, vol. 5, no. 3, pp. 24-41 Sarre, R, 2002, Re-thinking corporate practice and corporate governance in light of recent corporate collapses: Some evaluative questions and agenda items. Viewed 16 April 2013: http://www.evaluationcanada.ca/distribution/20021030_sarre_rick.pdf Shafer, S, Smith, H, Linder, J, 2005, ‘The power of business models’, Business Horizons, vol.48, no. 3, pp. 199-207 Siromon, D, Hitt, M, Ireland, R.D., 2007, Managing Firm Resources in Dynamic Environments to Create Value: Looking Inside the Black Box, Academy of Management Review, Vol. 32, No. 1, 273–292. SMH, Heinz Cans Coles, Woolies, as viewed on 15 May 2013 at http://www.smh.com.au/business/heinz-cans-coles-woolworths-20110829-1jid6.html StateStreet Global Investors viewed 18 April 2013: http://www.spdrs.com.au/etf/fund/fund_holdings_SFY.html Weber, M 2008, ‘The business case for corporate social responsibility: A company-level measurement approach for CSR’, European Management Journal,

Office of Homeland Security Essay -- Homeland Security Governmental Es

Office of Homeland Security Just as our parents and grandparents remember where they were and what they were doing when President John F. Kennedy was shot, so will it be with this generation when asked the same questions pertaining to September 11, 2001. This horrific event will be a scar on the body of our wonderful nation until the end of time. Parents lost children, children lost parents, spouses lost their heartmates – so much anguish and emotional devastation demands that something be done to prevent tragedy like this from occurring in the future. This is why President George W. Bush created the Office of Homeland Security. This cabinet-level position was created in lieu of the 9-11 attack on the World Trade Center and the Pentagon and will report directly to the President himself. In an executive order given on October 8, 2001, President Bush stated as follows: By the authority vested in me as President by the Constitution and the laws of the United States of America, it is hereby ordered as follows: Section 1. Establishment. I hereby establish within the Executive Office of the President an Office of Homeland Security (the ``Office'') to be headed by the Assistant to the President for Homeland Security. (Boston, sec. 1). The first director of the Office of Homeland Security is a Pennsylvanian Republican, Governor Tom Ridge. â€Å"The post †¦ will be comparable to a domestic variation of the National Security Advisor, said a senior administration official† (Stenger, 2001: screen). Governor Ridge is more than qualified for this illustrious, though sadly needed, position. In the Presidents address to a joint session of Congress and the American people he states that Governor Ridge is â€Å"a military veteran, an effective governor, a true patriot and a trusted friend† (Address, 2001: screen). His military experience includes serving as infantry staff sergeant in Vietnam where he earned the Bronze Star for valor. As the first enlisted Vietnam combat veteran elected to the U.S. House he was re-elected six times (Biography, 2001: screen). As Governor of Pennsylvania he began his term in 1995. Since then he has cut taxes every year in office. His Education Empowerment Act helped more than 250,000 children in the states lowest-performing schools. The Office of Homeland Security has many functions that it will perform to ensure the safety of the... ...21 by the National League of Cities reveals that two-thirds of cities over 100,000 are reassessing their emergency plans, although 83% have a terrorism response plan in place† (Kenworthy, 2001: screen). The largest impact that the Office has on American citizens is, in fact, a greater feeling of togetherness. Works Cited Boston_Liberty. â€Å"Establishing the Office of Homeland Security and the Homeland Security Council – Text of EO.† 10 Oct. 2001. Online Posting. FreeRepublic. 1 Apr. 2002. Kenworthy, Tom. Struggling to Create A Homeland Defense. 8 Oct. 2001. 1 Apr. 2002. Stenger, Richard. Domestic Security Czar to Tame ‘Bowl of Spaghetti.’ 21 Sept. 2001. 1 Apr. 2002. The White House. 1 Apr. 2002. The White House. Sept. 2001. 1 Apr. 2002. The White House. Oct. 2001. 1 Apr. 2002. Office of Homeland Security Essay -- Homeland Security Governmental Es Office of Homeland Security Just as our parents and grandparents remember where they were and what they were doing when President John F. Kennedy was shot, so will it be with this generation when asked the same questions pertaining to September 11, 2001. This horrific event will be a scar on the body of our wonderful nation until the end of time. Parents lost children, children lost parents, spouses lost their heartmates – so much anguish and emotional devastation demands that something be done to prevent tragedy like this from occurring in the future. This is why President George W. Bush created the Office of Homeland Security. This cabinet-level position was created in lieu of the 9-11 attack on the World Trade Center and the Pentagon and will report directly to the President himself. In an executive order given on October 8, 2001, President Bush stated as follows: By the authority vested in me as President by the Constitution and the laws of the United States of America, it is hereby ordered as follows: Section 1. Establishment. I hereby establish within the Executive Office of the President an Office of Homeland Security (the ``Office'') to be headed by the Assistant to the President for Homeland Security. (Boston, sec. 1). The first director of the Office of Homeland Security is a Pennsylvanian Republican, Governor Tom Ridge. â€Å"The post †¦ will be comparable to a domestic variation of the National Security Advisor, said a senior administration official† (Stenger, 2001: screen). Governor Ridge is more than qualified for this illustrious, though sadly needed, position. In the Presidents address to a joint session of Congress and the American people he states that Governor Ridge is â€Å"a military veteran, an effective governor, a true patriot and a trusted friend† (Address, 2001: screen). His military experience includes serving as infantry staff sergeant in Vietnam where he earned the Bronze Star for valor. As the first enlisted Vietnam combat veteran elected to the U.S. House he was re-elected six times (Biography, 2001: screen). As Governor of Pennsylvania he began his term in 1995. Since then he has cut taxes every year in office. His Education Empowerment Act helped more than 250,000 children in the states lowest-performing schools. The Office of Homeland Security has many functions that it will perform to ensure the safety of the... ...21 by the National League of Cities reveals that two-thirds of cities over 100,000 are reassessing their emergency plans, although 83% have a terrorism response plan in place† (Kenworthy, 2001: screen). The largest impact that the Office has on American citizens is, in fact, a greater feeling of togetherness. Works Cited Boston_Liberty. â€Å"Establishing the Office of Homeland Security and the Homeland Security Council – Text of EO.† 10 Oct. 2001. Online Posting. FreeRepublic. 1 Apr. 2002. Kenworthy, Tom. Struggling to Create A Homeland Defense. 8 Oct. 2001. 1 Apr. 2002. Stenger, Richard. Domestic Security Czar to Tame ‘Bowl of Spaghetti.’ 21 Sept. 2001. 1 Apr. 2002. The White House. 1 Apr. 2002. The White House. Sept. 2001. 1 Apr. 2002. The White House. Oct. 2001. 1 Apr. 2002.

Poisonwood Bible: Analysis of Ruth May

Point/Purpose: The classic novel The Poisonwood Bible, by Barbara Kingsolver, features, among her three other sisters and mother, Ruth May Price, who is the 5 year old daughter of Reverend Nathan Price, who has been stationed in the Congo for a mission trip in the name of the Baptist Church in the year 1959, a time when many of the racial biases and attitudes toward Africans and women are still prevalent in the US, especially the Prices home state of Georgia.These biases and views have rubbed off on Ruth May, who as a young child absorbs and regurgitates all that she hears and experiences, which is why Ruth May represents the ignorance of some Western views towards the customs and general bias towards anyone with an African background. However, as she is integrated into her new society, Ruth May is able to befriend the entirety of the children in the settlement.Quotation/question: The biased way that Ruth May has been taught to see her future, along with how young and uneducated she is shown when she says, â€Å"Father says a girls can’t go to college because they’ll pour water in your shoes,† (pg 117). The way that Ruth May talks about her own gender and the Africans is very ignorant. Commentary: Ruth May has been affected by her surroundings very dramatically.The way that she thinks about Africans and women in a lesser manner than American men shows makes her situation a perfect example of nature vs.nurture. In this case, Ruth May is a product of her past, and her biased outlook on life is due to the way that she was brought up in the southern United States, which was a hotbed for racism in the early to mid-20th century. This state of mind is not permanent, however. Ruth May is just a child, and it is believed that children’s minds are the most moldable, so even though she had a prejudiced mind Ruth May has changed by hanging around the African kids.Ruth May is not only a character, as she could very well be an attempt by the autho r to show the biased nature of the south in 1959. Ruth May is an innocent result of her father and other men’s prejudice towards women and Africans. Technique: Barbara Kingsolver’s method to defining Ruth May’s character is based on her limited vocabulary and grammar knowledge, along with showing how she is a sponge for information.The way that Ruth May is allowed to be within the vicinity of conversations that the other girls would normally be unable to listen into shows how it is believed that, since she is just a young child, she is unable of making sense of the more mature topics that may be discussed. And this is true for the most part, as Ruth May mostly just simply files away the information that she may have been privy to. The author shows clearly Ruth May’s age along with her innocence and ability to accept information easily by writing from her point of view in the way that it would be expected a 5-year-old would think and act.

Holly Fashion - 2683 Words

cASE 6 HOLLY FASHIONS RAT I O A N A LYSI S Billion-dollal a pparel c ompanies s uch a s C alvin K lein a nd L iz C laiborne a re unusual i n t he g arment i ndustry, w hich c onsists p rimarily o f m uch s malier apparel m akers. O ne s uch f irm i s H olly F ashions ( HF), l ocated i n C herry F lill, New J eriey. H F w as s tarted 1 4 y ears a go b y W illiam H amilton a nd J ohn W hite, who b etween t hem h ad o ver 2 5:yearso f e xperiencew ith a m ajor g arment m anufacturer. A nd t he p artnership i nitially b lended v ery w ell. H amilton, r eserved and i ntrospective, i s e xtremely c reative w ith a r eal f lair f or m erchandising a nd trend s potting. M ainly a s a r esult o f h is g enius, t he H F l abel i s s†¦show more content†¦WORKING CAPITAL CONCERNS Hamilton s uspectst hat F {Fsi nventory i s excessive a nd t hat capital i s u nnecessarily t ied u p i n i nventory. \ n/hites p osition i s t hat a l arge i nventory i s n ecessary t o p rovide s peedy d elivery t o c ustomers.H e a rgues t hat our c ustomers expect q uick s ervice a nd a l arge i nventory h elps u s t o p rovide i t. Hamilton is skeptical of this argument and wonders if there isnt a mole efficient w ay o f p roviding q uicker s ewice. H e k nows t hat a c onsultant r ecommended t hat H I very s eriously c onsiderb uilding a s tate-of-the-artd istribution center. T he p roposed f acility w ould a liow F {F t o r educe i nventory a ld a lso handle big orders from retailers such as Kmart and Wal-Mart. VVhite rejected the suggestion a rguing t hat t he e sttnated $ S-million t o $ 8-mi11ion ost i s e xcessive. c Hamiiton a lso q uestions \ / hites c redit s tandards a nd c ollection p rocedures. Hamilton t hinks t hat \ / hiteShow MoreRelatedHolly Fashion2692 Words   |  11 PagescASE 6 HOLLY FASHIONS RAT I O A N A LYSI S Billion-dollal a pparel c ompanies s uch a s C alvin K lein a nd L iz C laiborne a re unusual i n t he g arment i ndustry, w hich c onsists p rimarily o f m uch s malier apparel m akers. O ne s uch f irm i s H olly F ashions ( HF), l ocated i n C herry F lill, New J eriey. H F w as s tarted 1 4 y ears a go b y W illiam H amilton a nd J ohn W hite, who b etween t hem h ad o ver 2 5:yearso f e xperiencew ith a m ajor g arment m anufacturer. A nd t he p artnershipRead More American Pie Essay4608 Words   |  19 Pagesand use them for inspiration which also shows that the music of our past still has an effect on the music of any time period. 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