In the modern interconnected, dynamic business environment, keeping abreast of industry trends is imperative for professionals and organizations. I have always been fascinated by the changing nature of business as organizations undergo rapid transformations in response to global and local demands. Besides, organizations embrace creativity and innovation to stay competitive while exploiting opportunities to gain an advantage over immediate industry rivals. Individuals inclined to manage business organizations effectively need to keep abreast of industry trends, embrace business analytics to inform their decision-making processes and demonstrate exceptional agility to respond swiftly and effectively to rapid changes in the operating environment. Against this background, I seek an opportunity to study in the UK to gain valuable insights into modern business management practices, engage with professionals from diverse backgrounds, and use the skills gained to impact the industry and manage change positively.
My choice of the UK as my destination was strategic, guided by a desire to equip myself with the skills and professionalism needed to make a meaningful impact in my field of specialization. UK education has a rich legacy of teaching students how to apply knowledge logically and creatively to adapt to novel situations and design sustainable solutions. The UK learning environment will broaden my appreciation of business organisations and effective management techniques. I am aware that the management style in the UK has been undergoing a metamorphosis, and I am likely to encounter various styles. However, I am convinced that line managers in the UK prefer pragmatism and tend to involve staff in the decision-making process, engage them to develop novel ideas, and share information at every opportunity (World Business Culture). I will be immensely grateful for the opportunity to be part of this rich heritage to acquire the professionalism needed to operate effectively at the highest management levels.
I am fascinated by effective decision-making because I believe it determines the outcomes of every organization. Companies worldwide are increasingly embracing business analytics to enhance the quality of their corporate decisions and ensure they compete favourably at the global level. I am excited at the prospect of earning valuable insights into business analytics and contributing positively toward the change I wish to see in the corporate world. Further, I know that UK companies regularly resort to business analytics to transform data into value for the business. I admire such a pragmatic approach because it underscores the essence of prudent business management. Importantly, I understand large organizations in the UK tend to approach management through the collaborative model, where professionals work together to meet the desired goals.
I was privileged to engage in various projects that instilled in me leadership and management skills I plan to put to profitable use in the UK. I have always been keen on my education but often take the time to engage in field hockey. I have represented my school at various league levels and earned praiseworthy reports. I trained younger students and imparted to them the value of teamwork. Taking charge of the junior hockey team refined my communication skills and collaboration, which are essential for working in a modern organization (Cross 112). In Transition Year, I participated in social awareness, active citizenship, and an education program called Young Social Innovator. I gathered up a group of 8, where we planned out a detailed essay, which we decided to name our group ‘Plan’t get Enough Compost’. The project emphasized recycling and composting, where we earned local and international accolades. We presented the benefits of recycling and its potential drawbacks and were interviewed on a local radio station, “Dundalk FM.”
At the YSI Ireland National Awards 2021, we received the Make Our Future More Sustainable Challenge Award. Furthermore, I had the opportunity to organize, alongside a team, a cultural day at my school. During this event, we assembled 29 stalls, each representing a different country. We successfully organized this event, holding a traditional dance, food, and knowledge. In addition to this, we had the privilege of inviting many embassies to this event. The event was a valuable learning experience because it made me appreciate different cultures. Research shows that organizations embrace diversity and inclusivity because they appreciate the benefits of a diverse workforce and the need to collaborate across cultures (Gupta 181). I am culturally competent in demonstrating leadership skills.
I am persuaded that the UK learning environment is ideal because it will set me on the path to academic success and form the foundation for my career trajectory. My background training and personal traits prepare me for the challenge, but my motivation and commitment to the ultimate goal will propel me to reach success. The business environment is changing rapidly, and I know I have to embrace the change or become redundant. I believe the global corporate world deserves leaders that understand the global dynamics demonstrate commitment to sustainable and inclusive development, and are willing to be part of the change they wish to see. I will be glad to study in the UK and seize the opportunity with zeal and unparalleled commitment.
Works Cited
Cross, Rob. Beyond collaboration Overload: How to work smarter, get ahead, and restore your well-being. Harvard Business Review Press, 2021
Gupta, Manish. Management practices for engaging a diverse workforce: tools to enhance workplace culture. Apple Academic Press, 2020
World Business Culture. “British Business Management Style.” World Business Culture, 23 September 2022; https://www.worldbusinessculture.com/country-profiles/great-britain/business-management-style/, 24 September 2022
Analysis Of Shell Group’s Corporate Governance Sample Assignment
Introduction
There are many definitions of corporate governance, but Cadbury (1999) provides a conventional definition of this vital component of business management. Cadbury refers to corporate governance as systems through which directors direct and control a company. Corporate governance seeks to strike a balance between social goals and economic goals, as well as communal and individual goals. The ultimate goal of corporate governance is to align individual, corporation, and societal interests as much as possible. Some of the benefits of good corporate governance include putting in place a proper system of internal control and ensuring that no single person has too much power. Corporate governance enhances the relationship between a company’s directors, management, shareholders, and other stakeholders. In addition, good corporate governance improves transparency and accountability, thus ensuring that a company is managed in the best interests of various stakeholders (Hynes, 2008). This report analyses the corporate governance of Shell Group, which is an Oil and Gas multinational with headquarters in London. Besides dealing in oil and Gas, Shell Group has invested in renewable energy, which makes the company a significant player in the oil and gas industry. The changing expectations of the most important stakeholders are analyzed. The report also suggests transformative initiatives that should be included in the board’s agenda to secure the resilience of the company and ensure long-term success. The potential vulnerabilities that the company faces, such as agency problem and conflict of interest and recommendations to the board to avoid recurrence in the future is also covered.
The Changing Stakeholders’ Expectations
Besides shareholders, Shell Group’s most important shareholders are the employees, customers, suppliers, local communities, interest groups, and providers of credit. The expectations of each of these stakeholders have changed over the last few decades. For example, Shell Group’s customers expect the company to provide the same quality of products in order to remain loyal (Demise, 2006). In addition, customers are increasingly becoming aware of ethical, social, and environmental aspects of company behaviour, so they expect the company to act in the best interest. Interest groups such as environmental groups expect Shell to be an environmentally responsible company by maintaining national and international environmental standards. Environmental groups expect shell to recycle materials, avoid pollution, and avoid subjecting its employees to hazardous processes. Shell suppliers expect regular orders, fair prices, better terms of supply and payment, and more importantly, accurate information concerning the company’s overall financial health. In modern times, employees expect to be compensated well, treated with dignity, and be trusted by the employer (Demise, 2006). Employees also expect safer working conditions, job security, and opportunities to advance their knowledge and skills. Providers of credit expect timely payment of principal and interest on all outstanding loans. The local communities also have a special interest in the long-term success of the business. They expect Shell to create jobs for the local people where the company operates. Local communities also expect the company to safeguard the environment and improve transport and communication networks in the local areas.
Transformative Initiatives on the Board’s Agenda
Less than 3 years after assuming office as the board chairman at Shell Group, Sir Philip was fired in early 2004 after an audit revealed that the firm had overstated its proven reserves by almost 25% (Crowley, 2009). Despite the disclosures, Sir Philip denied any wrongdoing or any involvement in the overstatement. However, investigations established that Sir Philip was well aware of the overstatement, which led to his dismissal from the board. This incident had far-reaching impacts on Shell Group and other people associated with the company’s management. For instance, Berger and Montague law firm sued Shell Group for harming its stakeholders through misrepresentation of financial statements and deception of stock market value. The finance officer was also put under investigation by the Securities and Exchange Commission of America, which forced him to resign. Following this incident, Shell Group should undertake a series of transformative initiatives that should be a priority for the board to secure the resilience of the company and accelerate its repositioning in the market. To start with, corporate decisions must serve the interests of the company and lead to the sustainable creation of value. Structural changes are needed to ensure that other stakeholders are represented on the board. Furthermore, the roles of the board chairman and those of the chief executive officer need to be separated (Chau, 2011). The management must be given the independence to steer the company ahead, but their autonomy needs to be exercised on the basis of accountability. Power separation must also be made under a clearly defined scope of duties, responsibilities, and rights. Stringent internal and external controls should also be put in place to avoid the recurrence of scandals in the future. Shell Group’s governance structure must uphold integrity and transparency, and key elements such as accountability and stewardship should be emphasized in the company’s governance structure. These recommendations can be attained through effective decision-making processes by the executive and non-executive directors. However, caution should be exercised not to have excessive surveillance that can stifle the productivity of the existing corporate governance framework. The main goal of good corporate governance is to create value for stakeholders and the business.
Potential Vulnerabilities and Recommendations
The potential vulnerabilities facing Shell Group in relation to corporate governance include the agency problem and conflict of interests (Crowley, 2009). Agency problem occurs when one party (principal) engage another party (agent) to carry out a given mandate. The principal is the shareholders while the agent is the management hired to run the business on behalf of shareholders. The problem arises when there is a conflict of interest between the shareholders and the management. The agent can make certain decisions that are not in the best interest of shareholders and other stakeholders. Good corporate governance requires the management team to safeguard the interests of shareholders since the management is accountable to the owners of the company (Aglietta, 2000). Shell Group’s misrepresentation scandal under the helm of Sir Philip initially favoured shareholders as it led to the overvaluation of the company’s shares. In spite of this favour, the shareholders were the greatest losers after the revelation of the scandal as the company’s reputation was ruined, leading to a significant loss in the market value of the company stocks. After the restatement, Shell Group’s share price dropped by a whopping 8%, reflecting the impacts of poor governance. The agency problem that occurred in Shell Group can be attributed to several factors. For example, the agents managing the company have access to insider information that they can utilize to their advantage (Hynes, 2008). However, a great deal of problems originates from differences between the interests of managers and those of shareholders. The problem may persist if the shareholders are unable to deal with information asymmetries. The cost of monitoring makes it even more difficult for shareholders to verify the activities of the company’s management. Thus, the failure of shareholders and directors to monitor the actions of the management team caused the scandal. The problem could have been avoided if Shell Group had put in place sufficient internal and external oversight controls. Besides putting in place oversight systems, the agency problem and the conflict of interest can be addressed by introducing an equity ownership program. By ensuring that the management team become equity owners, managers are forced to embrace integrity and transparency in executing their duties.
Conclusion
In summary, Shell Group has a variety of stakeholders with different interests and expectations. Good corporate governance involves striking a balance between the interests of managers and those of shareholders and other company stakeholders. Addressing the agency problem and the conflict of interest at Shell Group requires the company managers to embrace good corporate governance practices when making key decisions that affect the business, the shareholders, and other stakeholders.
References
Aglietta, M. (2000). Shareholder value and corporate governance: some tricky questions. Economy and society, 29(1), 146-159.
Cadbury, A. (1999). What are the trends in corporate governance? How will they impact your company? Long Range Planning, 32, 12-19.
Chau, S. L. (2011). An anatomy of corporate governance. IUP Journal of Corporate Governance, 10(1), 7.
Crowley, M. (2009). Corporate Governance-Royal Dutch Shell, Terrorism and Reputational Risk. Legal Issues in Business, 11, 35-47.
Demise, N. (2006). OECD principles of corporate governance. In Corporate Governance in Japan (pp. 109-117). Springer, Tokyo.
Hynes, J. (2008). Corporate governance: theories, principles and practice. Oxford University Press, USA.
A Proposal For Project Management Communication Strategy Sample College Essay
Executive Summary
This proposal assesses project management communication strategies’ effectiveness in light of digitalized and globalized economy. It discusses traditional approaches, including developing stakeholder briefing plans, communication charters, training schedules, regular meetings, and using available tools to communicate and collaborate. Also, the paper proposes new ways of developing effective communication strategies in project management. The proposal recognizes the need for project managers and organizations to shift attention to digital collaboration, personalized communication, and interactive communication to disseminate information to virtual teams effectively. However, new resource needs could be inevitable to implement such plans successfully.
Introduction
There is a need for project managers to assess the effectiveness of existing communication strategies and take corrective measures. Effective communication strategies are required to enhance project success because teams collaborate through communication. New dynamics in project management, such as digitization, globalization, and disruptions like those witnessed during the Covid-19 global pandemic, are changing how teams collaborate in projects. Consequently, project managers face new challenges and opportunities in managing teams. This proposal shall evaluate the existing project management communication strategies by assessing how effective traditional approaches have been in the era of digitization and globalization. Also, it will propose new strategies that are likely to increase operational excellence and stakeholder understanding for better project success rates.
Body
Typical Project Management Communication Strategies
According to Kloppenborg et al. (2018), project managers should involve different stakeholders in the project’s planning and execution. Developing an effective communication plan is vital to ensure individuals and teams working relationships are good and eventually achieve the project goals. Some common communication strategies in project management include developing stakeholder briefing plans, communication charters, training schedules, regular meetings, and using available tools to communicate and collaborate.
Developing Stakeholder Briefing Plans
The official communication office establishes a stakeholder briefing plan to update internal and external stakeholders on the project’s progress. It helps to manage expectations by informing participants of the steps taken to ensure the project schedule is on course. It reduces the risks of conflicts arising from unfounded project information and miscommunication. It increases project transparency. Briefs are held by staff, mainstream media, or virtual methods (Project Management Institute, 2017). Project managers also create stakeholder engagement plans and use tools such as a stakeholder engagement assessment matrix and building stakeholder relationships so that they can support the project fully (Kloppenborg et al., 2018)
Communication Charters
Projects have an official communication charter, so acceptable communication behaviors can be adhered to. It helps to instill professionalism and ethics in communication regarding a project or organization. The communication code, ethical communication channels, acceptable language, and how disputes are handled are all spelled out in the communication charter. Although it helps the organization manage relationships and regulate communication, it can sometimes make communication rigid and ineffective (Lewis, 2003).
Training
Training teams regularly keep them at a common point of understanding the progress and requirements of the project. Staff members can improve their performance when they get regular quality training that improves their project execution skills (Lussier & Achua, 2017). Assessing the training needs helps the project leaders to identify areas and lengths of pieces of training. Project managers can use various tools that support communication to train teams.
Meetings
The most common method of communicating project progress and requirements is holding meetings. Meetings help project managers communicate ideas and receive feedback from team members (Kloppenborg et al., 2018). For instance, meetings are convenient ways of communicating project plans and workflows. Primarily, physical meetings are common communication strategies used in project management. However, there is a shift in trend as project management adopt digital meeting approaches occasioned by globalization and the Covid-19 pandemic.
Using Available Tools
Project stakeholders can interact using tools and resources conveniently available, including online and offline methods. Each project has varying resource requirements and execution plans (Project Management Institute, 2017). Therefore, different tools could be suitable for different projects at different times. For example, teams in different locations could use virtual meeting methods such as zoom, skype, and other video-conferencing tools to hold meetings and training. They can also use emails and resource-sharing tools to collaborate. These tools help in resource and knowledge sharing among teams which can boost project performance and success. However, project managers must decide which tools can be used in line with the communication charter and budgetary allocations to acquire them.
Managing Projects During Globalization and Digitization Era.
Project managers are increasingly using new approaches to communicate and aggregate teams in line with the emerging work environments. Today, people are working remotely and are sharing knowledge virtually (Kloppenborg et al., 2018). Digitization has been fueled by disruptions such as the Covid-19 pandemic and globalization. Some projects are becoming more complex as they aim to tackle global challenges. Ideally, diverse teams are assembled from multiple locations and time zones with varying experience and expertise to execute a single project. Project communication strategies aiming to achieve better results should prioritize virtual collaboration tools, be interactive, and use a personalized approach to manage diverse teams.
Virtual Collaboration Tools
Project managers should deliberately invest more in tools that effectively connect people virtually. Those tools eliminate travel costs and support flexible working schedules for staff (Project Management Institute, 2017). They also support a large number of people attending meetings and training as opposed to physically meeting. Gain, the facilitate quick communication methods with references. Different teams can share knowledge and resources b using virtual tools. For example, teams could use engineering work code and get real-time progress reports, appraisals, feedback, and monitoring tools.
Interactive
Project communication plans should be more flexible to allow individuals and teams to interact freely (Bradberry & Greaves, 2009). Knowledge sharing and feedback can easily be transmitted in an interactive communication environment. An official communication charter could limit how people interact because it imposes rigidity on project communications. However, a general code of ethics should be maintained in communications guidelines to ensure respect and professionalism are maintained in all communications.
Personalized Approach
A personalized communication approach can reduce communication barriers stemming from individuals who view the world from a personal approach guided b experiences and social beliefs. The personal view is affected by differences in personality, age, culture, education, nationalities, and social status. A personalized communication approach can raise team morale and boost performance and relationships between stakeholders and teams (Lussier & Achua, 2017).
Conclusions and Recommendations
Organizations should align their communication strategies with the changing environment to improve communication with different stakeholders. Digital skills are vital in managing projects today as more projects become digitized and globalized. Rigid communication strategies could become more ineffective as people seek flexibility in working schedules and communication among teams and stakeholders. Project needs could change as organizations should also invest in information technology structures and tools.
References
Bradberry, T., & Greaves, J. (2009). Emotional Intelligence 2.0. TalentSmart.
Kloppenborg, T. J, Anantatmula, V. & Wells (2018). Contemporary Project Management (4th Ed.). South-Western Cengage Learning.
Lewis, James P. (2003). Project Leadership. New York, NY: McGraw-Hill.
Lussier, R. N. & Achua, C. F. (2017). Leadership: Theory, application, & skill development (6th Ed.). Mason, OH: South-Western Cengage Learning.
Project Management Institute. (2017). A guide to the project management body of knowledge (PMBOK) 6th Ed. Newtown Square, PA: Project Management Institute, Inc.