The assignment is focusing on the 3 seminars attended by the student and the learning of the student from these seminars. The assignment is divided into two parts, the first part contains about the learning, issues discussed and the student approach about all the seminars attended. The student has to explain each seminar individually as the discussion was about corporate scandals, sustainability strategies and stakeholders of the organization and its implementation on through corporate social responsibility.
In seconds part of the student assignment has to conclude the content learn from all the seminars on the basis of corporate social responsibility. Student have to discuss all significant aspects of CSR which have not been touched on in the student-led seminars.
The main points discussed in the seminar were about the corporate scandals and the reasons for it occurs. The speakers of the seminar have given impressive and motivational speeches which clarify the reasons for corporate scandals and the major corporate should take to avoid such scandals. The environment during the seminar was good and the cross questing section was the best part in it. According to Chambers, (2002) The seminar discussions started from the 1980`s when the corporate scandals were high in numbers. The speakers focused on the situations which companies faced along with the investors as corporate scandals result in incurring huge losses to firms. The speakers of the seminar also focus on the key points due to which the corporate scandals occur and their impact on the company as well as on investors. Investors are the key stakeholders in the company and any negative incident can impact the investors directly.
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According to Ukdissertations.com, (2013) One of the basic reasons mentioned by the speakers for corporate scandal is the creative accounting which explains the company situation in term of finance. The financial statements also explain the issues and problems which company can face in the future or might be facing or the risk involves during investment made in the company by which the company might get less attractive for the investors. The corporate people hide such information and shows the attractive Financials of the company to attract more investors by the forging balance sheet and income statement. The investors believe that the company is performing well and their investment will be safe. The dishonesty of the directors plays a vital role in the corporate scandals especially hiding the facts and shows that the company is doing well.
According to Chambers, (2002) One of the speakers mentioned the reason that the scandals often have the elements of politics and blame. The speaker explains that when the management of the company wants to get rid from a senior member of the management they play games of blame so the affected person give resign on their own. This type of cases is especially noticed when the corporate management is involved in frauds and other fishing activities and they feel that one person can expose them. Companies need some positive reputation to attract the customers and investors for the future investments. Companies go for corporate social responsibility to wash their negative reputation in the market. They organize campaigns and do social works to portray a good reputation in the market. The seminar was also focusing on a different type of works done by the organization for the betterment of the society. All these social works helps the organization in the long run, in term of profits and more investments.
During the question answer session I have also asked an important question about the money supply that how the finance department makes sure that the management is not going to steal the supplied money or they are not issuing money for a bad project? The reply from the speaker was quiet interesting he said, scandals not only affect the organization, it also affects the internal and external stakeholders of the company usually financially (Bavly, 1999). He gave the example of Enron company with the clear understanding of the group which got affected by the disaster. He explains that shareholder is not the one who got affected when the company collapse, it impacts on employees, financial services market, confidence of company in the market and the market worth of the company (Ukdissertations.com, 2013).
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The seminar changed by thinking and gave me new concepts about the corporate governance and the reasons why organizations are highly involved in social work. The new approach is not a negative reputation, but an in-depth analysis and the professional approach for the survival of the organizations in the society and market. I still believe that the corporate governance is the key reason in the success or failure of any organization. Corporate governance influence investors to put their stake in the company and give them confidence with the promise to grow their investment (Bavly, 1999). According to Chambers, (2002) In professional life, people feel jealous of the success of people as they wants themselves to on the top and for this reason leg pulling is very common in organizations. Leg pulling is the main reason for the corporate scandals as every one cannot become a manager, only the best person can.
The discussions in the seminar were about the sustainability strategies and their effect. Some guest from the corporate world were called to deliver the speeches and explain about sustainability strategies. The guests were much experience as they are on higher posts in their firms. According to Cocris & Nichitean. (2011) They explained the concepts well with the practical implementing experiences and provided real examples which they have faced during their professional life. I had prepared earlier for the seminar topic to understand better and already have some know how about the topic. The explanations were as impressive as the guest speakers were well prepared with the power point presentation. They explain different concepts about strategies and its importance for the success of the organization. Strategies are about exploring and ways to use the company`s resources efficiently and effectively.
According to Cocris & Nichitean. (2011) The speakers explain that the strategies are of two types, one is from the existing markets and one type help the organization to get an advantage over its competitors. Speakers explain different thoughts of school during their lectures. The speakers explain that the both types of strategies interrelated to each other as they both are helpful for the organizations to focus in the existing market and look for future opportunities. Strategies depend on the mission and vision of the company, which helps the management to develop strategies. According to Mathur & Nihalani (2011) It is the most crucial part of the management and they create strategies by a process in which they look for alternatives and the best possible solutions of the issues which might the organization face in near future. Strategies help the organization to make decisions and the planning is the most effective tool for development of the strategies. Every phase related to strategies is important as, strategies need to develop carefully and then executed well to make success in the long run.
According to Mathur & Nihalani (2011) The purpose of strategies is the success of the organization and it depends on the consumer satisfaction. The speakers also focused on the corporate social responsibility of the organization which helps the organization to make a positive reputation in the eye of the customer. The perceived reputation of the organization helps it to increase its sales and profits. The ideas and concepts discussed in the seminar were new for me and I totally agree with the speakers as there is no such tool which can measure successful strategy but its only profit but organizations apply other strategies like CSR to have a well renown reputation in the society. There are only two sides while the organization makes strategies either the organization meet its vision and mission or it suffer from loss which can financially as well as management effectiveness.
The seminar was a good learning for me as the speakers were telling the real examples about the strategies other than books. So far I have studied what book has taught me with some repeated example by the professors. But the seminar speakers were explaining a more realistic approach about the sustainable strategies and its effects on the development of the organization through CSR (Cocris & Nichitean, 2011). The most interesting part in the seminar was question and answer session is which different students like me ask their questions to clear some confusions about the concept. This session helps me to understand and hear the perspective by which different students think. The seminar helped me have clear understanding and think like a professional and perceive things in different perspective. Strategy development is not an easy task, it requires planning, effort and time to develop effective strategies and especially when the organizations want to increase the brand reputation (Mathur & Nihalani 2011).
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The main arguments discussed in the seminar were about the stakeholders and their types. The speeches during the seminar was given by the guest speakers and they were all well prepared in term of content and quality of the content. All the content discussed in the seminar was out of the box and gave a new concept of how to think about an issue or topic. The environment during the seminar was good and the cross questing section was the best part in it. Before going to the seminar I had also read a few articles about the topic and got enough knowledge to have a better understanding of the things which will discuss during the seminar. According to Rodgers, and Gago, (2004) The seminar discussions were mainly focused on the organizational factors like stakeholders. The speeches given by the guest speakers were about the types of stakeholders. Stakeholders are of two types internal and external stakeholders. The speakers concluded on CSR as it is the crucial part of the organization to raise their finance.
According to Lea, (2004) One of the speaker explains the concept of internal and external stakeholders with the examples. She explains that the stakeholders are the backbone of the organization and the mission and vision of the company differentiate the external and internal stakeholders. Internal stakeholders are the one whose concerns and benefits related to the input of the company like board members, employees, shareholders and all who involve in formulating and executing the strategies in the organization. External stakeholders are those whose benefits related to the output of the company like consumers, competitors, government authorities, distributors and media. According to Rodgers, and Gago, (2004) The main concern of the speech was which of the one among the two types of stakeholders is more important for the company and the answer is stakeholders are important for the company as internal stakeholders like employees are the one who work to produce the goods and services for consumers who are external stakeholders and they are going to buy the products which will benefit the company. All the companies are involved in CSR to attract more investors and consumers as they portray the reputation as they are well-wisher of the society.
According to Lea, (2004) The ideas and approaches discussed in the seminar were providing a clear knowledge about importance of stakeholders as the businesses created for stakeholders. Public limited companies are especially involved in CSR as to increase their reputation in the society to attract more investors for them. CSR plays a vital role in the success of an organization as stakeholders are also part of the society. Organizations helps their internal stakeholders to improve their living standards to have faithful employees for long-term success. The seminar opened and increase the thinking span of my mind and intelligently about the topic. During the question answer session several students asked questions from different perspectives and my question was that internal stakeholders are more important as shareholders are the one who finance the business activities? The reply from the guest speaker was good and had logic in it. He said that the business activity financed by the shareholders but the business is for consumers and they are external stakeholders. If consumers do not buy the product the money will go to waste and the management has to wind up the business.
The seminar gave me enough knowledge to understand the concepts and the difference between the types of stakeholders. The knowledge presented in the seminar was from the professionals who gave a think approach to think like a professional. According to Rodgers, and Gago, (2004) When students study books, they think the professional life is easy and it's almost like as it is present in the books. But in reality it is totally changed and the way of thinking of professional is different from a normal person. This approach is learnt from the seminar and I have also learned that do not measure things from one perspective, think from different angles and then go to a conclusion. And the conclusion about the topic is internal and external stakeholders are important for the company to grow and meet its mission and vision as it is a combine effort.
According to Cocris & Nichitean (2011) Corporate social responsibility is about the return from the organizations for the betterment of the society. In the topics discussed above CSR plays a vital role to help the organization to overcome its negative reputation and formulate successful strategies. Corporate social responsibility is about the betterment of the society through which organizations portray a good reputation to get benefits in the long run. Earlier when organizations use to do Corporate social responsibility, it is considered as a good step towards a social society, but now in the modern era, people believe that the organization is doing social work to impress the consumers so they can increase their sales and attract more investors to invest in their business activity through the buying of shares. The company does Corporate social responsibility by doing social works like sponsoring education for poor children, medical facilities, houses and anything which helps the society to improve living standards. And the reason for that, Corporate social responsibility is the best marketing strategy which helps the organizations to improve drastically and attract more consumers and investors.
Seminars play a vital role in the learning process for a student. As, the seminars allow the student to hear the ideas of others about a particular issue and to groom their learning skills to think with a new perspective. According to Ukdissertations.com, (2013) In the first topic discussed above, the speakers explain about the corporate scandals and their effect on the reputation as well as Financials of the organizations. The speaker explains that when the corporate scandals hit the organizations it means that the management is not faithful from the organization. The impact of the collapse not only on shareholder but it also impacts employees as they lose their jobs, financial services market, confidence of company in the market and the market worth of the company. According to Hohnen (2007) In this type of situation, Corporate social responsibility helps the organization to change its negative reputation in positive. Corporate social responsibility considers as the act which helps the society to improve its living standards, facilities and fulfill needs.
According to Bavly, (1999) When the company loses its worth in the society, which means the consumers are not willing to buy the products due to doubts even if the company offers the best quality among other competitors. Investors will be less interest to invest in the company due to the negative reputation which has declined the share price and made the company suffer in the financial market. At this crucial time the best strategy to regain a well renown brand reputation and attraction for investors and consumers Corporate social responsibility is a helpful strategy. Corporate social responsibility gives a message to others that the company care about the society and its norms.
According to Mathur & Nihalani (2011) In the second topic the speakers explain about the sustainability strategies which helps the organization meet its mission and vision. The speeches delivered in the seminars were providing a practical approach of the topics with practical examples of life. Strategies play an important role in the success of an organization and improve the worth of the company. According to Hohnen, (2007) Corporate social responsibility is an important strategy for the organization and it is being used as a marketing strategy. By the time organizations have realized that the success of the organization is in the success and power of the society. So they started working on the improvement strategies of the society to improve its wealth. Corporate social responsibility considers as strategy for organizations to improve its social reputation in the powerful society to attract more customers and investors.
According to Lea, (2004) In the third seminar speakers focused on the stakeholders of the company as an internal or external stakeholders are important for the company. The main issue discussed in the seminar was about the importance of stakeholder and on which type of stakeholder company should focus more. Both types of stakeholders are important for the company as internal stakeholders put efforts in the input of the organization and external stakeholders are the one pay appreciation of the output. According to Rodgers and Gago, (2004) The company does Corporate social responsibility to improve its internal and external stakeholders. As, companies consider both stakeholders are important. The company builds houses for the internal stakeholders to improve their living standards and ease them as they are the one leading the organization towards success. External stakeholders belong to society, as organizations build schools to give better education and fulfill the needs of the society as much as it can.
The learning from the seminar was new for me and all the ideas and explanations were impressive. Those ideas and explanations have changed my approach and gave me a concept to think in a professional way that how a bad image can easily be turned into something good and can helpful in the future. Organizations consider Corporate social responsibility as a marketing tool to increase their brand reputation in the society to earn better profits and attract more investors to invest in the company. Corporate social responsibility is a two-way strategy in which the society believes that the company is working for them but the company is focusing on its long-term goals as it helps the organizations to increase its profits and investor attention. Organization's works for their internal or external stakeholders as they both are important for the survival of the organization.