Contemporary Management Issues of JB HI-FI - Essay Example

Contemporary Management Issues Report JB HI-FI JB Hi-Fi has a fundamental principle, that all of their business affairs are conducted ethically, legally and with strict observance of high standards of propriety and integrity. The company has a code of conduct stating standards for the company’s attitude towards employees, customers and competitors. The code assists members to understand the standards of behavior and ethical values that apply to daily business activities. The reputation of the company is based on the values and standards that are set forth in the code of conduct. It is through adherence to these values that build a strong partnership of trust between the company and stakeholders. This code applies to all from the directors, chairperson, C.E.O, to the junior employee. JB Hi-Fi as a company respects the dignity of every employee, the freedoms, rights and needs of all individuals. The company strives to provide a working environment that is rewarding, challenging and safe. The company realizes the benefits of recognizing the work of all employees. The company respects all personal and sensitive information that relates to their customers, employees and suppliers. The company strives to reinforce the commitment it has to highest standards of business and professional ethics (JB Hi-Fi 1). All company employees are expected to treat fellow employees, the public and customers with courtesy, respect and honesty. They are also expected to safeguard and respect customer properties, the company and the property of all fellow workers. The employees are expected to maintain the confidentiality of all customers, the confidentiality of the company and all other parties’ information that have been gained through work (JB Hi-Fi 1). The employees are expected to perform their duties to the best of their ability; this is taking into account the experience, skills, position and qualifications. The employees are expected to perform their duties in a responsible, safe and effective manner. The company expects the employees and all company staff to respect all sensitive and personal information according to the privacy legislation. The company expects that the personal business and financial interests of the employees to not conflict with their duty to the company and work within the policies and rules of the company and obey the law. When all employees undertake their responsibilities and obligations, the workplace, job performance and satisfaction benefits the company and helps the company achieve business goals (JB Hi-Fi 1). Competitors and fair competition All company employees have knowledge of commercially sensitive information. The employees must also disclose all significant stakes in a competitor. The interest in a competitor constitutes a conflict of interest and employees are expected to divest themselves of this interest. Fair competition means that the company; Will know and follow its legal obligations to competitors. Will not compete on a basis of obstructing comp0etitive conduct, rather the company will compete on a basis of customer service. This is part of the company’s commitment to management, staff and fair-trading. Will does not differ unfairly between customers when supplying products or Services. Will not refuse to deal or discriminate against, a customer for any improper reason. Not threaten or intimidate a customer, organization or other person. The company does not encourage untruthful or disparaging remarks about any of the competitors, their products and services. The company aims at conducting business fairly, and competes on a basis of product and services merits. The company also aims at being an effective competitor that acts according to the ethical norms acceptable to the community. The company does not accept bribes, kickbacks or payoffs, in all deals; the company ensures that it is courteous, truthful and well informed. The company ensures that it is careful to avoid misrepresenting the features, availability or quality of their products. All competitive information is obtained by ethical means only, and covert attempts to gain the information are not allowed (JB Hi-Fi 1). Customer service The company’s management ensues that they deliver exceptional value and service to the customers; this is by ensuring that all the employees conduct themselves with integrity and in a manner that ensures; Internal and external customers are provided with what they want at the best quality available. All actions and decisions are evaluated on the impact that they have on the customers. The working environment is safe and friendly to both employees and customers. Work environment The company’s management system ensures and is committed to providing employees with the best working environment, which is safe, healthy and productive. To this end, employees are not allowed to abuse prescription drugs, posses or use illicit drugs. Consumption of alcohol, which negatively affects customer service, public relations, other employees, work performance, safety or violation of the law, is also not acceptable. Beside the physical factors, the management provides a work environment that is challenging, rewarding and stimulating to all employees and customers of the company (JB Hi-Fi 1). The company is committed to risking management aimed at protecting the staff, company assets, the environment and the company’s reputation as well as raise opportunities. The policy of the company considers the balance of risk and the reward accrued. This is aimed at optimizing the returns attained from the business activities and meets the stakeholder’s expectations. The risk management framework is applied in the process of defining the structure and the approach that the company takes in risk management. The framework is the company methodology to the establishment and implementation of a system for the identification, assessment, monitoring and risk management (JB Hi-Fi 1). In conclusion, the company’s management is expected to provide an ongoing system of risk review, capable of responding in time to the new and evolving risks. The management is also expected to monitor the effectiveness of the system and internal control management. The company continuously monitors and evaluates the performance of its board, individual directors, key executives, to fairly review, and encourage enhanced performance of the board and management. The board of directors has the role to oversee all the business affairs of the company, select, appoint and evaluate the performance of the CEO. The board also establishes a formal and transparent procedure for the selection of a new board director and his appointment. The board has the duty to review the succession plans in membership to the board and ascertain balancing of skills, expertise and experience for better performance of the company. The board of directors has the task of instituting internal procedures for the evaluation of the board, individual directors and the board committees to ensure that they are performing to the required standards. Works cited JB Hi-Fi. CORPORATE GOVERNANCE. 2012. Electronic. Retrieved from; . Read More