Directors and management contributes the man power into the bank and in return, they expect from the company monitory and non monetary items such as salary, incentive, bonus and sweat shares.
Shareholders:
Shareholders of CBA contribute the money and the funds in the organization for the operations and new projects of the company and in return, they expect dividends from the company. Dividends of shareholder depend on the total profit of the company (Gapenski, 2008).
Customers:
Customers of CBA contribute the money and the funds in the organization as savings and in return, they expect interest from the company. interest of customers depend on the total fixed % on that policy of the company.
Employees:
Employees of CBA contribute the manpower in the organization to run the business and in return, they expect salary and incentives from the company. Incentives and bonus of the employee depend on the work of the employee (Onyebuchi, 2011).
Government/ regulators:
Further, the government and the regulators of country contribute the new policies and the rules in the organization to manage the business properly and in return, they expect tax from the bank. Tax rate depends on the total profit of the bank.
Behavior of stakeholders:
Further, the behavior of the stakeholders of the company has been evaluated and the following results have been identified:
Directors and management behavior in concern of the ethical theories are as follows:
The hierarchy of ethical decision making:
In case of directors and management, the hierarchy is set by them only (Directors and management) as they are in the category of top management of the company and the rules and policies for the operations and the function of the company are set by them only. This theory explains that the CBA is operating and managing its functions smoothly (Deegan, 2013).
Stakeholder theory:
In case of stakeholder theory, directors and management are one of the main stakeholders of the company. Company is required to manage and treat them in a professional manner as it is requisite for the company to listen to the stakeholders. This theory explains that the CBA is managing its stakeholder policies in a better way.
Normative theory:
Further, in case of normative theory, directors and management are required to evaluate that what is right and wrong, just or unjust, desirable and undesirable etc. if the principles of normative is followed by the directors and stakeholders in a better way than it becomes easy for them to evaluate the performance of the company. This theory explains that the CBA is managing its normative policies in a better way (Damodaran, 2011).
In case of descriptive theory, an organization is required to set the policies in such a manner those regulations and the rules could be prepared for the betterment of the shareholders of the company. It explains that the rules must be set with explaining and characterizing the regulations in such a choice that it could be dispose off. This theory explains that the descriptive theory has been applied by CBA is managing its business in a better way (Armstrong, Ketz and Owsen, 2003).
In case of stakeholder theory, shareholders are one of the main stakeholders of the company. Company is required to manage and treat them in a professional manner as it is requisite for the company to listen to the stakeholders. This theory explains that the CBA is managing its stakeholder policies in a better way (Jiashu, 2009).
Further, in case of normative theory, shareholders are required to evaluate that what is right and wrong, just or unjust, desirable and undesirable etc. if the principles of normative is followed by the shareholders in a better way than it becomes easy for them to evaluate the performance of the company. This theory explains that the CBA is managing its normative policies in a better way.
In case of employees, the hierarchy is set by Directors and management as they are in the category of top management of the company and the rules and policies for the operations and the function of the company are set by them only. This theory explains that the CBA is centralizing the rules and the operations of the company (Hogarth, Javitt and Melzer, 2008).
In case of descriptive theory, an organization is required to set the policies in such a manner those regulations and the rules could be prepared for the betterment of the employees of the company. It explains that the rules must be set with explaining and characterizing the regulations in such a choice that it could be dispose off . This theory explains that the descriptive theory has been applied by CBA is managing its business in a better way.
In case of stakeholder theory, employees are one of the main internal stakeholders of the company. Company is required to manage and treat them in a professional manner as it is requisite for the company to listen to the stakeholders. This theory explains that the CBA is managing its stakeholder policies in a better way.
This memorandum relates to the highest priority areas of the company which must be evaluated by the company for repairing the reputation of the bank in the market and for rebuilding the trust among the stakeholders of the company. This memorandum would also offer some recommendation to manage the department and the policies of the company.
Human resource department of the company must be analyzed by the bank firstly as the current news and the annual report explains about the various changes and high employee turnover of the company. Through the evaluation, it has also been found that the company is not focusing on training and extracurricular activities of the company and thus the employees are getting demotivated. If the extra focused would be done by the bank on the company than it would be easy for the company to repair the reputation of the bank in the market and the trust could be rebuild among the employees of the company (Brigham and Ehrhardt, 2013).
Overall culture of a company depicts about the beliefs and behavior of an organization which determine that how the management and employees must be handle and interact the outside business transaction. The bank must evaluate its overall culture in order to restructure the trust and the position of the company. Through the evaluation, it has also been found that the overall culture of the company is manipulating. If the extra focused would be done by the bank on the overall culture than it would be easy for the company to repair the reputation of the bank in the market and the trust could be rebuild among the stakeholders of the company
Further, the company must also evaluate the position of the employees in the company, according to a current report, the position of the company has been lowered and it explains about the high employee turnover of the company.
As discussed, human resource department of the company must be evaluated and changed by the company to manage the performance of the bank. The evolutionary study explains that the company is not focusing on training and extracurricular activities of the company and thus the employees are getting demotivated. So the management of the company is recommended to make extra focus on the activities and the process of the human resource department of the bank on the company than it would be easy for the company to repair the reputation of the bank in the market and the trust could be rebuild among the employees of the company (Brown, Beekes and Verhoeven, 2011).
For enhancing the reputation and trust among the employees of the company, it is suggested for the management of the company to use descriptive model theory. In case of descriptive theory, bank is required to set the policies in such a manner that regulation and the rules could be prepared for the betterment of the human resource department of the company. It explains that the rules must be set with explaining and characterizing the regulations in such a choice that it could be dispose off. This theory explains that the descriptive theory should be applied by the bank in its HRD.
Further, the overall culture of a company depicts about the beliefs and behaviors of an organization which determine that how the management and employees must be handle and interacts the outside business transaction. Through the study, it is recommended to the company that the bank must put extra on the overall culture and must make the required changes with the help of ethical policies so that the performance of the company could be better. The AAA 7 decision making policy must be followed by the bank and must make few changes into its ethical policies on the basis of that for restructuring the policies of the company (Davies and Crawford, 2011).
Further, the study explains that the company must also evaluate the position of the employees in the company, according to a current report, the position of the company has been lowered and it explains about the high employee turnover of the company. For enhancing the reputation and trust among the employees of the company, it is suggested to the management of the bank to use descriptive model theory. In case of descriptive theory, bank is required to set the policies in such a manner that regulation and the rules could be prepared for the betterment of the employees of the company. It explains that the rules must be set with explaining and characterizing the regulations in such a choice that it could be dispose off. This theory explains that the descriptive theory should be applied by the bank in its HRD.
I have done a research on the Commonwealth bank of Australia and according to my study, the performance of the bank is quite better in the industry. This report explains that the every stakeholder contributes something in the bank such as Directors and management contributes the man power into the bank and in return, they expect from the company monitory and non monetary items such as salary, incentive, bonus and sweat shares. At the same time, shareholders, investors invest the money and in return, they expect the interest amount and the dividend amount.
Further, I have also investigated that the current changes of the company are quite attractive. The bank must make few changes into its ethical policies to restructure the goodwill of the bank in the market and these policies would also help the bank of rebuild the trust among the employees, shareholder, government and other stakeholders. I have also conducted a research on the ethical lens inventory and through the outcome of it, I have found that this field is the best for my carrier. I could manage a perfect carrier graph in the bank. The research explains that the I am enthusiastic with my topic and I give my 100% in every work, I am involved with. Further, it also explains that I must go for strategically, ethical and financial filed to improve my capabilities.
On the other hand, I have conducted a study on motivation at work career assessment and I realized that it is a better chance for me to involve in financial industry and evaluate the performances of the company. Thus, I have realized that the banking industry and the commonwealth bank of Australia would be a great opportunity for me. I would like to work with you. So I am pleased to join you as a graduate role in the bank.
References:
Annual Report, 2018. CBA. Viewed as on 25 Jan 2018 from https://www.commbank.com.au/content/dam/commbank/about-us/shareholders/pdfs/annual-reports/annual_report_2017_14_aug_2017.pdf
Armstrong, M.B., Ketz, J.E. and Owsen, D., 2003. Ethics education in accounting: Moving toward ethical motivation and ethical behavior. Journal of Accounting Education, 21(1), pp.1-16.
Brigham, E.F. and Ehrhardt, M.C., 2013. Financial management: Theory & practice. Cengage Learning.
Brown, P., Beekes, W., and Verhoeven, P. 2011. Corporate governance, accounting and finance: A review. Accounting & finance, 51(1), 96-172.
Damodaran, A, 2011, Applied corporate finance,3rd edition, John Wiley & sons, USA
Davies, T. and Crawford, I., 2011. Business accounting and finance. Pearson.
Deegan, C., 2013. Financial accounting theory. McGraw-Hill Education Australia.
Gapenski, L.C., 2008. Healthcare finance: an introduction to accounting and financial management. Health Administration Press.
Hogarth, S., Javitt, G., and Melzer, D. 2008. The current landscape for direct-to-consumer genetic testing: legal, ethical, and policy issues. Annu. Rev. Genomics Hum. Genet., 9, 161-182.
Jiashu, G. 2009. Study on Fair Value Accounting——on the essential characteristics of financial accounting [J]. Accounting Research, 5, 003.
Onyebuchi, V.N., 2011. Ethics in accounting. International Journal of Business and Social Science, 2(10).
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