Part 1
Introduction
New Zealand is a small country but it is economically globalised and has a great association with other countries in terms of trade and commerce in international trade relations. Therefore, highly advanced, secure and fast banking services are very much required. BNZ is one of the largest banks within New Zealand. It has a long history as it started operating in the Australian territory as early as 1861. The bank is having operations in all major regions of Australia. Apart from banking it also offers other financial services. The social issue of gender discrimination is addressed by the company because the recent United Nations has indicated that the standards of the women equality at work place in New Zealand is low and that more measures are required for successful implementation of the same (Bnz.co.nz., 2018).
In 1861 The Bank of New Zealand was formed, in the beginning as a private company, however in the next month it was incorporated by “The New Zealand Bank Act 1861”. The company was authorised to issue banknotes. In the 1944 the government had declared the nationalisation of the bank. In 2008 the company completely rebranded itself as BNZ. Today the bank is one of the largest in New Zealand and Australia.
The case study describes the recent fate of the women in work place in New Zealand. Though there are enough reasons to believe that the country comprehensively is taking appropriate measures to establish equality and women empowerment, however this is also true that the present standards on which the women empowerment level in work place is judged within the country. The United Nations has declared that the standards are not high enough and there must be measures to ensure that these are raised to ideal. The BNZ has established some very practical and effective rules to ensure that diversity is work culture is maintained and women empowerment has been given special importance in the list.
The various efforts taken by the company in order to ensure workplace diversity and especially women empowerment are, Approaches and procedures were audited, modified or changed where essential to help the expectation of the assorted variety system and, specifically, sexual orientation adjust. They checked on their manager esteem suggestion to decide if they were alluring as a business over a scope of ability pools, including ladies. Changes were made to the wording of work commercials. They likewise took a comprehension at enlistment works on, including ordering that there would be at any rate one lady on the short-list for all senior parts and there would be a lady on the talking with board. Supporting their sexual orientation balance motivation, the bank likewise ordered that all parts would be promoted as ‘offering adaptable work rehearses’. The company trusts this is a territory that drives a light-footed and profitable workforce, too as backings work/life adjust. They guaranteed a ‘sexual orientation focal points was connected to the ability forms, which has brought about expanded ladies in the bank’s ability speeding up cycles and, vitally, in the progression records for official and basic parts.
Three Other Non- Listed Ethical Issues
Three other ethical issues that were not listed in the case study are, (a) Abnormal work hours which is unethical. The ethically standard work hour is considered as 8 hours a day. Abnormal working hours result in frustration among the employees which affects productivity and there is higher chance of attrition among the work force. The company must be giving more importance to the balance between work and life of the employees. (b) Abnormal targets that cannot be achieved. Unachievable targets alienate the employees and make them lose their confidence. When they feel it impossible to achieve their target they simply lose interest in their job. (c) Not paying the employees as per the minimum standards of the country. Money is the biggest factor of motivation for the employees and giving proper payment is important for employee retention and proper productivity.
(a) The work hours should be kept at 8 hours per day and the employees must get one day week off along with listed holidays.
(b) The bank must consider before setting targets, about the limitations of the human beings. Abnormal target settings will cause a drop-in employee retention.
(c) Every country sets their minimum pay to the employees, the bank must not engage in unethical activities like paying less than the minimum standards or paying late.
(d) The company must be regularly engaging in the revision of its existing policies to adapt new policies with changing dimensions of the world.
(e) There are various factors apart from monetary incentives which help the employees in getting better interested in their jobs and their productivity is increased. These factors may be health benefits, tours and trips and extra holidays.
Conclusion
Ethical standard is important to establish the business in a sustainable way which will lead to growth of both the employees and the business. Ethics is business must be followed both by the employees and the employer. The question however remains about by whom and how will the ethical standards be set. The Bank of New Zealand has effectively prepared the case study after thorough research about the existing ethical practices within the organisation and the correctional measures about the possibilities of correcting the flaws and gaps that exist within.
Part 2
In Europe, the banking situation has improved to a restricted degree as a result of the whole deal renegotiating undertakings of the “European Central Bank (ECB)”, which ensured there was a considerable measure of liquidity in the structure. Additionally, the proposed banking affiliation, when totally realized, will give the ECB supervisory vitality to mediate direct in any of the Eurozone’s more than 6,000 banks. In any case, until the point that remaining vulnerabilities are tended to and periphery economies upgrade, it is likely going to be seen continued with challenges for banks and borrowers as improvement in Europe stays calmed. In the US, the photograph is more fun loving yet in the meantime mixed. Improvement in 2012 was certain however underneath whole deal designs, and the cabin recovery remains direct and scrappy. Furthermore, in spite of the way that associations and purchasers are starting to get yet again, credit improvement stays erratic. China seems to have assembled a fragile touching base without swinging to the level of lift used as a piece of 2008 and 2009. Additionally, in a charming whole deal progression, banks now have greater chance to veer off from the People’s Bank of China benchmark financing costs for stores and advances. In snappy improvement economies other than China, 2013-14 will see advance immense enthusiasm for system and the progression of higher-end organizations to lessen dependence on unrefined materials and items conveys. Improved corporate organization and a diminishment in the traverse of the casual economy will empower firms to get to capital markets for sponsoring and depend less on bank endeavour.
Looking at recorded scenery of the budgetary markets in the United States, it was terrible banking practices and general society complaint after the offer exchanging framework crash of 1929 that accomplished the “Glass-Steagall Act of 1933” (Maues, 2013). Oddly, the Act took after an enquiry into whether business banks had sold unsound securities to their customers, in this way changing over potential horrendous credits into securities issues. The Act accordingly limited business banks from ensuring, holding or overseeing in corporate securities, either particularly or through securities branches. In expert’s view, the stresses that incited the Act were in a general sense the same as those at display being voiced – particularly in association with stresses over banks’ designs of activity and the offer of unsound securities to confused monetary authorities. The Act all around influenced centred conditions. For instance, the tremendous proximity of critical US wander banks in Europe can be taken after back to the use of this Act, which secluded hypothesis banks from business banks. The Act similarly influenced the supervision of banks, generally in the United States, yet furthermore in various territories on the planet, including Europe.
In New Zealand the “code of banking practice” has been established and followed which states “This Code has been prepared by the member banks of the New Zealand Bankers’ Association and is effective from 1 July 2012. It replaces the Code of Banking Practice which took effect from 1 July 2007. Compliance by participating banks with the Code is considered by approved Dispute Resolution Schemes through complaint investigations undertaken from time to time. Formal review of this Code by participating banks will be commenced within three years of the effective date. Consultation with the public (including interested organisations) will take place during the review process. Changes to banking practice, technology and legislation may also justify an interim review and amendment of the Code. This Code records good banking practices. We agree to observe these practices as a minimum standard. This Code is not a complete record of our relationship with you, as specific products and services may have their own terms and conditions. These terms and conditions may include additional rights and obligations for both you and us. This Code does not alter or replace those terms in any way” (Nzba.org.n, 2018).
The “general destinations, reason and mission of a business” that have been set up by its administration and “conveyed” to its workers. The “authoritative goals” of an organization ordinarily centre around its long range aims for working and its “general business reasoning” that can give helpful direction to representatives trying to satisfy their directors.
Organisational goals are very important to have a clear direction about the future of the organisation and how the organisation will be run in various situation with the participation of various people.
The globalisation of economy has led to a situation where the organisation goals are set keeping the global economy in mind. A large number of companies either have presence in multiple countries or conducts business with multiple countries. In such situation the companies have to set organisation goals that are aligned with diversity and cultural variation within the workplace.
One of the modern business practices identified in the case is “BNZ identified high-performing women in all areas of the business and noted their aspirations. We are now providing particular support and development for them. By actively setting goals for the development of women and identifying that talent for development opportunities, we are ensuring they are making it to management succession planning lists, to reduce the risk of them leaving the organisation.” Therefore, the bank has taken the most modern method of encouraging women at workplace. It is found in various research works that giving responsible positions to women in the organisation actually performs better in terms of productivity. Women are in many ways more responsible about the assigned work and they tend to be more patient in situations of pressure. However till date there is an underrepresentation of women in all the levels of the corporate scenario in America. A research called “Women in the Workplace 2017” which has drawn “on data from 222 companies employing more than 12 million people, as well as on a survey of over 70,000 employees and a series of qualitative interviews”. Our company BNZ has contributed exceptionally in the field of employing high performing women in various fields of its business area. It is important to expand on this endeavour and take the initiative forward and include more women in ore important spots.
As already mentioned that women empowerment is one of the most prominent workplace issues that have been raised in companies all over the world. The modern business practice that has been identified is directly related to the incident when United Nations has stated that the standards of measuring women empowerment at workplace in New Zealand are not enough. New Zealand is one of the countries which is very much proactive in taking steps to improve the rights and participation of women in every fields. The country officially states, “Coming back to New Zealand really is a breath of fresh air in terms of women’s rights. If women are so inclined, they have the opportunity to do anything they like- to become a fireman, builder, electrician, entrepreneur or billionaire.”
The three recommendations are (a) The company may adopt an active policy of specifying the percentage of culturally diversified employees in the workplace. This will help the company in measuring the achievements in a particular way.
(b) The company must ensure that the top position of the company may be occupied by women at regular intervals. This may be done by specifying the various posts which women will be occupying or the minimum percentage of women who will be at the management positions.
(c) The company must ensure an open system of recruitment by introducing online interviews and selection processes and archiving of the results. There are various innovative interview and recruitment processes that has been employed by various companies. McDonalds started recruiting by snap chat.
(a) The first policy will help the company in ensuring that there is enough number of culturally diverse employees which will result in more idea generation and productivity. The process will become quantifiable and measurable.
(b) It is mentioned in the case study how ensuring participation of women increases company productivity. Crucial positions of the company occupied by women will become more productive and the company will profit.
(c) More people will take part in recruitment process and employee retention will be higher. Innovative and open recruitment processes will also help in making the process more transparent, in other situations when there are some effective and skilled employees are left when there is a closef process of interview, in an open process of interview the participation will happen at mass level which will result in better employee appointment and retention.
Conclusion
Therefore, it is evident that the organisations are directly influenced by the global business practices and ethical standards. The case study of BNZ is directly influenced by the global phenomena of ideal business practices. The company has ensured best practices in the field of banking and is encouraging cultural diversity and women empowerment which is a plausible action.
References
Becker, G. K. (Ed.). (2012). Ethics in business and society: Chinese and western perspectives. Springer Science & Business Media.
Bnz.co.nz. (2018). Personal banking – BNZ. Retrieved from https://www.bnz.co.nz/?gclid=CjwKCAjwiurXBRAnEiwAk2GFZmJEJVcZdtBz6qEm3NQ0NtFoNHDbiBBXZRa3GzsbsSf_dwiYUqJRKhoCgeoQAvD_BwE
Carroll, A., & Buchholtz, A. (2014). Business and society: Ethics, sustainability, and stakeholder management. Nelson Education.
Ferrell, O. C., & Fraedrich, J. (2015). Business ethics: Ethical decision making & cases. Nelson Education.
Hartman, L. P., DesJardins, J. R., & MacDonald, C. (2014). Business ethics: Decision making for personal integrity and social responsibility. New York: McGraw-Hill.
Maues, J. (2013). Banking Act of 1933, commonly called Glass-Steagall. Federal Reserve History.
Minus, P. M. (Ed.). (2013). The ethics of business in a global economy (Vol. 4). Springer Science & Business Media.
Nicol?escu, E. (2013). Business ethics, corporate governance, and social responsibility. Journal of Self-Governance and Management Economics, 1(1), 86-92.
Nzba.org.n. (2018). Code of Banking Practice – New Zealand Bankers’ Association. Retrieved from https://www.nzba.org.nz/consumer-information/code-banking-practice/code-of-banking-practice/
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