This is the final newsletter of 2011 but we will restart with a new round of news articles early in January. We finish the year with two sports-inspired stories, demonstrating that business skills apply in all walks of life.
I hope the articles have proved a useful aid to your studies. Don't forget you can find the full case studies as pdf downloads on our website [http://businesscasestudies.co.uk/] and you can follow The Times 100 on Facebook and twitter.
Yesterday was our Christmas party and we thought we'd share a couple of photos with you.
This is some of the executive team gathered around our Chtistmas tree...
From the left we have Melanie (Account Manager), Jean (Account Manager), Amanda (PA to the CEO), Lynn (Director of Operations), Sara (Marketing Executive), Helena (Sales Executive), Nicola (Executive Assistant to the CEO) and in the middle we have Gordon Wilson (Chief Executive).
...and here we all are waiting patiently for our dinner.
Motivation
Rugby star Jonny Wilkinson last week announced his retirement from international rugby union. Wilkinson is England's all-time leading scorer with 1,179 points and is probably best known for kicking the winning drop-goal in the final seconds of the 2003 World Cup final. He gained 91 caps for the England team and achieved a total of 277 points at World Cups, 50 more than any other player. Despite a career plagued by injuries, his extraordinary determination enabled him to overcome them. (BBC , 12th December 2011) [http://news.bbc.co.uk/sport1/hi/rugby_union/16151002.stm]
Wilkinson's motivation comes from his intrinsic passion for rugby and reflects the higher levels of motivation as described in Maslow's theory of motivation - the Hierarchy of Needs. The extent of his commitment to the sport provided him with personal satisfaction at both a social level and in the fulfillment of higher ambitions. Wilkinson said: 'To say I have played through four World Cups, two Lions tours, 91 international games and a ridiculous number of injuries and other setbacks gives me an incredibly special feeling of fulfillment.'
Earlier this year, Sir Alex Ferguson celebrated 25 years as manager of Manchester United Football Club. During that time, he has played a pivotal role in creating a high-achieving team. (BBC, 3rd November 2011) [http://news.bbc.co.uk/sport1/hi/football/15528816.stm]
Although the individual players' abilities are vital during each game, as manager, Alex Ferguson is responsible for putting in place the structure around which the team develops its purpose. He has applied foresight and a long-term view to the role, for example, getting the right scouting network and putting a youth policy in place in order to keep the pipeline of talent growing.
The Chartered Management Institute (CMI) [http://businesscasestudies.co.uk/cmi/using-teamwork-to-build-a-better-workplace/introduction.html] , which provides advice and training to develop management and leadership skills across the UK, highlights the key role a manager plays within the team. This includes setting clear objectives so that everyone in the team understands their part, delivering relevant and timely communication, using appropriate management styles for different situations, and demonstrating leadership by example in order to inspire the team.
Gary Pallister, former Manchester United player, recalls the effect that Alex Ferguson had on the team: 'As a player, you always felt you were on trial and had to prove to him every day that you were good enough to pull on that red shirt. If [he] wasn't at training when it started but then came down later, there was an extra charge of energy in the work because you were very aware the main man was watching. He was very meticulous, watched his players like a hawk and set out exactly what he wanted from you and the team.'… [Click here for full article [http://blog.businesscasestudies.co.uk/547/building-teams/] and lesson resources [http://businesscasestudies.co.uk/cmi/using-teamwork-to-build-a-better-workplace/]]
'Despite the difficult economic conditions, Morrisons continues to have ambitious growth plans and that means we will be searching for people to join us in the communities in which we operate. We're committed to training our new colleagues so that they have the capability to move from the shop floor to the top floor,' said Human Resources head Norman Pickavance.
Half the jobs at new stores are set to go to unemployed people, the firm said. Three-quarters are likely to come from the local areas they serve. Some 300 new positions are also planned at Morrisons' new regional distribution centre at Bridgwater, supplying food in the South West and south Wales.
Join CIMA for less!
The CIMA Professional Qualification is designed to develop your knowledge and skills in finance and business. Having the CIMA Professional Qualification makes you more than just an accountant - being CIMA-qualified means that you are a financially trained professional in business, who effectively drives the business forward.
CIMAstudy.com is the official CIMA e-learning package providing interactive, quality training to support you through the CIMA qualification. CIMAstudy.com has helped thousands of students worldwide pass their exams. It could help you.
Don't forget that our Christmas advent competition is open until 25th December. The questions are getting progressively harder so make sure you are getting onto the new website and making use of our great free resources to get a fighting chance at winning.
Every day we are giving away an Edition 16 Business Case Studies e-book to one lucky winner plus on Christmas Day the prize will be a bound hard-backed copy. To enter, simply go to our Facebook page [http://www.facebook.com/TheTimes100CaseStudies], answer the question corretly and http://thetimes100.createsend2.com/t/r/fb/iijilyk/ozxhhjr/q/ our page. One winner will be picked at random at the end of each day. Good luck everybody!
As we've mentioned, this is now the last newsletter of 2011 but do not worry as we'll be back in January with more exciting news and resources.
So from all of us at The Times 100, it's goodbye for now and we wish you all a merry Christmas and a happy New Year!
Business ethics are about doing the right thing across the whole
of the business. Behaving ethically can make a significant
difference to stakeholders' and customers' perceptions of a
company, enhancing corporate reputation, improving efficiency
and increasing customer loyalty. Ethical behaviour may, for
example, relate to how workers are treated, how products are
made or the impact a business has on the environment.
For example, Tata Steel
[http://businesscasestudies.co.uk/tata-steel/business-ethics-and-sustainability-in-the-steel-industry/introduction.html]
, part of the Tata Group of companies, focuses its approach to
business ethics on its commitment to sustainable and responsible
practices within its technology and production processes.
From a different ethical perspective, the global technology
company, Apple, has published a list of its suppliers for the
first time. (BBC, 16th January 2012)
[http://www.bbc.co.uk/news/business-16570765]
Apple has so far kept details of its supply chain secret but
releases this information as it looks to head off criticism over
how workers are treated. The company said it has increased its
inspection of factories in a bid to ensure proper working
conditions for suppliers' employees. (Click here for full
article
[http://blog.businesscasestudies.co.uk/577/business-ethics/] and
lesson resources
[http://businesscasestudies.co.uk/tata-steel/business-ethics-and-sustainability-in-the-steel-industry/]
The business cycle
According to economic forecaster, the Item Club, the UK may have
already slipped back into recession. The think tank said that
gross domestic product (GDP) shrank in the final quarter of last
year and would contract again in the current three-month period.
The Item Club said that even if the eurozone could resolve its
problems the UK economy would grow by just 0.2% this year. It
also predicted unemployment would rise by a further 300,000 to
just below three million people. (BBC, 16th January 2012)
[http://www.bbc.co.uk/news/uk-16571049]
The recession phase of the business cycle has a number of impacts
on businesses. Typically at this time, demand for products and
services is lower, businesses need to reduce costs to survive,
and so unemployment is higher.
Management accountants can provide the sort of strategic analysis
to help a business focus on core profitable activities, whilst
ensuring the business has the resources to help it grow when
economic recovery starts. CIMA, the Chartered Institute for
Management Accountants
[http://businesscasestudies.co.uk/cima/decision-making-across-the-business-cycle/introduction.html]
, is the world's leading body for training management accountants
... (Click here for full article
[http://blog.businesscasestudies.co.uk/580/the-business-cycle-2/]
and lesson resources
[http://businesscasestudies.co.uk/cima/decision-making-across-the-business-cycle/introduction.html]
)
Internal stakeholders, such as employees, and external
stakeholders, such as customers, suppliers or partners, may
affect a business in different ways.
BT
[http://businesscasestudies.co.uk/bt/stakeholders-as-partners/introduction.html]
believes that engaging with and motivating this key stakeholder
group improves commitment to the company. Employees are one of
a company's most important assets. Their valuable creativity
and problem-solving skills help the company to deliver the
products and services that keep it competitive and achieve its
objectives.
This week, Deputy Prime Minister Nick Clegg has urged more
companies to offer shares to their employees, saying it will
improve productivity and unlock growth. (BBC, 16th January
2012) [http://www.bbc.co.uk/news/uk-16570840]
He said: 'What many people don't realise about employee ownership
is that it is a hugely underused tool in unlocking growth.
Firms that have engaged employees, who own a chunk of their
company, are just as dynamic, just as savvy, as their
competitors. In fact, they often perform better.'… (Click here
for full article
[http://blog.businesscasestudies.co.uk/586/improving-stakeholder-relationships/]
and lesson resources
[http://businesscasestudies.co.uk/bt/stakeholders-as-partners/])
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