Effective Management Practice Samples †MyAssignmenthelp.com

Question: Discuss about the EffectiveManagement Practice. Answer: Introduction In the present scenario, effective management practices have become essential for the growth and success of the organization. Furthermore, strong management helps in carrying out smooth flow of all business operations and activities (Lewin et al. 2016). It also supports in an accomplishment of a companys aim and objectives in the best possible manner. The present research report is based on two different companies which are Aristocrat leisure limited and Fortescue Metal group. It can be expressed that Aristocrat leisure limited is the organization which is indulged in the manufacturing of gambling machines. The company is based in Australia and was established in the year 1953. On the other hand, Fortescue Metal group was founded in the year 2003 and deals in the production of Iron ore. The research report highlights vision or mission statement of the selected two business enterprise. In addition to this, the values of both organizations are also mentioned in the present study. A vision or mission statement In simpler terms, a vision statement can be defined as a statement which reflects the overall purpose because of which an organization carries out its business practices and activities. The mission statement is important because it represents the reason due to which a company exists in the marketplace. In the context of Aristocrat leisure limited, it can be expressed that the vision of the company is to create the best and worlds greatest gaming experience every day for the gamers (Nicoll 2014). The business invest resources such as human, technological and financials to develop products and service which can ultimately result in enhancing the gaming experience of people. On the other side of this, the vision of Fortescue Metal group is to become the leading and most profitable producer of iron ore all across the globe. To accomplish the above-mentioned vision, the business has focused oneffective management of human resources and building a culture which promotes innovation (Lu 2015). Comparison and contrast After carrying out the comparison between the visions statements of mentioned two companies, it has been analyzed that the statement has some similarities and certain difference. The similarities between vision statements of Fortescue Metal Group and Aristocrat leisure limited is that both the companies are focusing on becoming the best in the entire industry. On the one hand, Aristocrat leisure limited emphasize on becoming the market leader by enhancing the gaming experience and on the other hand, Fortescue Metal group focuses on becoming the market leader by enhancing its operations and profitability. However, the similarities between two companies are that both are concentrating on making the best utilized of their human and technological resources to accomplish their vision. Values of the organization Values can be termed as a very important part of the organization and the rationale behind this is that it is the values and beliefs which make one business completely different from other market players (Rani et al. 2016). The values of the organization can be the extent to which it cares for its employees, involves client or customers, deliver services on time, promotes teamwork and maintain honesty in the entire process of communication. These values have resulted in creating the sense of satisfaction among workers and has also resulted in motivating them to give their best towards attaining the goal of high customer satisfaction level. Regarding Aristocrat leisure limited, it can be expressed that its value emphasizes four major factors which are passion, integrity, respect, and courage (Morison Ramsay 2015). At the time of carrying out operations and tasks, it can be stated that each every employee to adhere to these values. Furthermore, the values of Aristocrat leisure limited plays important role in motivating the employees regarding accomplishing business goals and objectives. On the other hand, values of Fortescue Metal group focus areas such as enthusiasm, safety, integrity, empowerment, determination, etc. The selected company always treats its employees as the family member and its strong culture has played a crucial role in overall business success (Crommelin 2014). After carrying out the comparison of values of the two companies, it has been analyzed that the values of Fortescue Metal group are entirely different from the values of Aristocrat leisure limited. Fortescue Metal group focuses on safety and empowerment of workers whereas Aristocrat leisure limited focuses more on working with passion. However, it can be critically argued that the nature of both the businesses is completely different from each other and therefore, there is a clear difference in values of the same. Corporate social responsibility Corporate social responsibility can be defined as the way in which an organization takes care of environmental and social concern in their overall business practices. In the modern era, practices such as corporate social responsibilities have become essential for long terms success of companies(Suliman, Al-Khatib Thomas 2016). These practices help a brand to lower down the negative impact of its operations on society and environment. Other benefit of CSR practice includes improvement in public image and attracting investors. A company such as Fortescue Metal group focuses a lot on accomplishment its responsibilities towards environment and society. The brand has always encouraged and respected diversity at workplace. In addition to this, addressing environmental challenges is also considered as a very important part of Fortescue Metal groups CSR strategy. The businesses also deal with issues linked with climate change, human rights, water resources, ethical conduct, biodiversity etc. through its CSR practices. The iron ore manufacture has developed different policies and practices which help in conducting the business practices in ethical manner. for example it has developed policies linked with areas such as risk management, diversity, environment, human rights, procurement etc. Apart from this, the company is also well aware about its responsibilities towards environment and to accomplish the same, it has developed strategies linked with lowering down the negative impact of iron ore production on envir onment(McWilliams 2014). Company such as Aristocrat leisure limited is into the business of manufacturing gambling machines and it also has certain responsibilities towards society which needs to be accomplished in the best possible manner. As per its CSR strategy, the company always tries to maintain the highest and best possible standards of probity. In addition to this, it also lays emphasis on promoting responsible gambling which is essential part of the society. The brand has always encouraged its gamers to be responsible while gambling and take the best possible decision during uncertain situations(Cheng, Ioannou Serafeim 2014). Further, Aristocrat leisure limited has also been able to integrate technology and legal aspects in its overall business practices. In terms of environmental protection, Aristocrat leisure limited has developed wide range of strategies. For example it is making use of the resources which can be recycled and which are energy efficient in all its business sites. In addition to t his, the brand has also redeveloped its manufacturing practices to ensure the elimination of all hazardous substances. For the protection of people working with the company, aristocrat leisure limited has always encouraged making use of a diversified workforce and eliminate all form of discrimination within its activities. On the basis of the comparison carried out of both the companies, it can be asserted that both the brands have developed smart objectives to accomplish their corporate social responsibilities. The use of smart objectives has supported both the selected organizations by providing adequate directions towards the accomplishment of their responsibilities. It can be analyzed that accomplishing responsibilities towards environment and society has also supported these brands to develop a strong brand image in the entire marketplace. Stakeholders mentioned in the corporate statement Stakeholders can be defined as the people or entities which are directly or indirectly affected by the operations and business activities of a company. Furthermore, directors, employees, business owners, suppliers, trade unions, etc. are considered as the key stakeholders of any organization. After carrying out the comparison, it can be expressed that both the companies have mentioned stakeholders such as employees and investors in their corporate statement. The selected businesses focus on offering adequate opportunities for growth and development to all employees (Korschun, Bhattacharya D 2014). Apart from this, the corporate statement of Aristocrat leisure limited and Fortescue Metal group clearly highlights that stakeholders such as employees are very important assets which contribute to the success of these brands. On the other hand, stakeholders such as investors are also mentioned in the corporate statement of these companies. Both the businesses emphasize providing adequate return against the investment made by all the investors. Conclusion From the above, it can be concluded that Fortescue Metal group and Aristocrat leisure limited have some similarities and differences in their values and vision statement. It can also be inferred that the values of these brands have played very important role in providing success on the corporate ladder. From the study carried out, it can be concluded that both the business are well aware of their corporate social responsibilities and have developed effective strategies to accomplish these responsibilities. Apart from this, employees are considered as the most important stakeholders by both these brands. References Cheng, B, Ioannou, I Serafeim, G 2014, 'Corporate social responsibility and access to finance', StrategicManagement Journal, vol 35, no. 1, pp. 1-23. Crommelin, M 2014, ' A Further Strand of the Federal Principle: Fortescue Metals Group Limited v The Commonwealth.', Journal of Energy Natural Resources Law, vol 32, no. 4, pp. 509-518. 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