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Key elements of a successful business
Key elements of a successful business
Key elements of a successful business
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Of all the pathways to growth, investing in our people is most important”. 3M considers, if their employees will grow that will unlock their energy and activities which are important for customers, this lead to company growth. Apparently, 3M 's first chairman of the board, William L. McKnight, was a unique leader and 3M has had remarkable leaders at all levels of the company ever since.
3M corporate governance rules describe how to organize business on a daily basis, which conducts permanent growth. These principles represent a framework that describes the roles, rights and responsibilities at different organizational levels. 3M’s Board of Directors supervises the Chief Executive Officer and Senior Management, and insures that company’s procedures
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3M is engaged to being a responsible company with uncompromising integrity in all its business with local, state or provincial and national governments, and their prime contractors and subcontractors around the world. In all of 3M business with governments, 3M mindfully respects the laws, rules, and regulations that dominate our government relations.
Be Loyal - 3M 's employees are loyal. They place 3M 's interests first doing their jobs; their personal activities do not clash with 3M 's business; and they keep in secret 3M 's information.
Be Accurate - Performance, keeping promises to customers and ensuring accuracy in financial and other business records influences 3M’s reputation. People and stakeholders must have confidence in the accuracy of 3M’s accounting and reporting systems.
Be Respectful - 3M’s principles contain respecting each other and social and physical environment.The company’s goal is sustainable development through environmental protection, social responsibility and economic progress.
Sustaining 3M’s Code of Conduct and values is the accountability of everyone acting on 3M’s behalf. Everyone has responsibility to act promptly about a possible violation of 3M’s Code of Conduct or law.
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It is obvious that executives and managers at both British Petroleum and Transocean have changed the civil right statement “by any means necessary” to reflect their desire to make profits. The unethical behavior that has been engrained within both business cultures calls in the question the ethics of all powerful oil based companies. Leaders must be attentive and adhere to all safety and maintenance concerns. The damage and loss that was incurred could have been avoided if executives would have made more logical and ethically based decisions. Leaders should be able to recognize their psychological tendencies and correct them when making ethical decisions for their businesses. Through striving to make ethical decisions, organizations can set the tone for company morale and success.
Krames, Jeffrey A.. What the Best CEOs Know : 7 Exceptional Leaders and Their Lessons for Transforming Any Business.
The corporation’s business is carried out by its management, under the direction of the Board of Directors. The Board, and each committee of the Board, has complete access to management. Also, the Board and committee member’s has access to independent advisors as each considers necessary or appropriate. Mallor, Barnes, Bowers, & Langvardt (2010) state that the Board of Directors also, issues shares, Adopts articles of merger or sha...
In today’s distinctly knowledgeable world, it is essential, as stated by Paine, Deshpande, Margolis & Bettcher (2005), for corporate companies to maintain certain codes of conduct. Paine et al (2005), continues to mention that organizations such as the European Commission have endeavored to endorse codes of conduct as the main drivers for corporate social responsibility. The principle aim of having codes is to assist companies effectively operate in diverse and varying cultural and geographic locations. This is especially important for exploration companies such as those involved in the mining industry. Although the Global Business Standard codex, as highlighted by Pain et al (2005), discusses eight underlying ethical principles, in this paper, our focus will be on only three of these which are listed as follows; reliability, dignity, and fairness principles. By analyzing each of these three principles, this paper will effectively evaluate business conduct in the mining industry.
Clearly Polycom’s success does not just stem from quality products and services, but also from the employees who are in the trenches every day; creating new products, increasing productivity, maintaining and increasing customer satisfaction, excellent customer service, etc. Foresight, innovation, and strategic planning are a daily routine to keep the company a successful competitor in the market. It is without a doubt that Polycom needs qualified leadership. High caliber leadership/management is vital to successfully run a global enterprise of this statute. Constant re-organization and product structure changes are necessary to adapt to current and future consumer demands. I interviewed one of the leading managers at Polycom to find out what it takes to keep the machine rolling and what the typical duties of a manager entail.
The founders hired a CEO to continue guiding the company on the path towards success but realized too late that they overlooked an important component. The CEO lacked the character and traits needed to positively develop and lead the company and its people. After facing a major decline in customer service and an uptick in employee turnover, The Home Depot realized that it needed to resort back to the basic guiding principles. They must choose a leader that buys into the same vision and philosophy that the company was built upon. The leader must behold the same values that were cherished by the founders and must be willing to invest in nurturing the culture, the associates and customers.
We recognize that our success as an enterprise depends on the talent, skills and expertise of our people and our ability to function as a tightly integrated team. We appreciate our diversity and believe that respect - for our colleagues, customers, partners, and all those with whom we interact - is an essential element of all positive and productive business relationships.
Managers also speak of constituency relations when formulating their company's ethical standards. This usually requires the creation of statements of corporate responsibilities for each individual company. Most of the codes describe the company's commitment toward certain groups rather than...
Corporate governance implies governing a company/organization by a set of rules, principles, systems and processes. It guides the company about how to achieve its vision in a way that benefits the company and provides long-term benefits to its stakeholders. In the corporate business context, stake-holders comprise board of directors, management, employees and with the rising awareness about Corporate Social Responsibility; it includes shareholders and society as well. The principles which...
Organizations need strong leadership and strong management to challenge the status quo, create visions of the future and inspire/motivate members.
Organizations that only have top management as the board members are more susceptible to accounting malpractices. Members of the board should preferably own shares in the company to ensure diligence when it comes to the interests of the company. Apart from the Board of Governors, there should also be an audit committee in place to oversee the financial dealings of the bank. Members of the board and the audit committee should have basic financial knowledge. Some of the members should also be experts in finances so that they can detect any anomaly that may take place in terms of financial reporting. An overhaul of the regulatory framework is required to empower authorities to intervene immediately, and make improvements. New technology is required. Manual antiquated processes should be eliminated because this causes greater human error and poor
Many companies are starting to realize just how much of an impact their decisions and operations make on society. Intel, an American corporation that designs and manufactures chips for computers and other various types of integrated technology, is at the forefront of the social responsibility movement within the technology business. Intel’s co-founder, Andy Grove, built the company based around the management views of Peter Druckers as written in his book, “The Practice of Management”. This book has an entire chapter dedicated to “The Responsibilities of Management”. Drucker’s book states that businesses and those running them have a responsibility to consider how their actions may affect society. The choices of one organization may affect many parts of the world. According to Drucker, when businesses are making management and operation decisions, they must “consider whether the action is likely to promote the public good, to advance the basic beliefs of our society, to contribute to its stability, strength and harmony”. This means that it is up to the upper management of an organization to make sure that any decisions a company makes coincide with the values of society and will have a positive impact on society (Wartzman, 2014).
Nottingham Trent University. (2013). Lecture 1 - An Introduction to Corporate Governance. Available: https://now.ntu.ac.uk/d2l/le/content/248250/viewContent/1053845/View. Last accessed 16th Dec 2013.
The General Electric Company (GE) is organized with its chief executive officer, shareowner, and board of directors on the top of the pyramid, followed by their executive leaders and corporate staff. GE’s Board of Directors ensures the company serves the interests of shareowners and other key stakeholders with the highest standards of integrity and compliance. Serving equally as tough critics and wise counselors, they provide in-depth oversight of the major strategic issues of the company (General Electric Company, 2012). The authority officially vested in the board of directors is assigned to a chief executive officer (CEO), who occupies the top of the organizational pyramid (Bateman & Snell, 2011). There chai...