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Write a 500 word reflection on Integrated Reporting and how you assess its role in business and society.
Your submission must include:
1 A strategy map and its related performance scorecard for the business, explicitly addressing the six capitals:
- social and relationship
Should you feel that your business does not have to address any of these capitals, you need to explain why you believe this and can therefore omit it from your strategy map.
2 A brief design of an integrated report you would recommend for your business, which will include appropriate measures and descriptions of the key performances you will report. Where you define measures, indicate who they will be determined, and for non-measurable performance, how you sill observe their achievement (or not).
3 A 500 word reflection on Integrated Reporting and how you assess its role in business and society.
Your assignment should be referenced as appropriate. The structure of your submission will be a cover sheet, the three requirements above, and a reference list. No recommendations are necessary, nor is there a requirement for an executive summary,
Marks for each part are:
- the strategy map and measures or observations 15 marks
- the integrated report design capturing the measures and other elements you determine are important from your strategy map (above) 15 marks
- the reflection on integrated reporting 10 marks
A strategy map and its related performance scorecard
In this world of globalization where 'Shape in or ship out' is the slogan, people still believe that Investment and financing of funds are two crucial decisions taken by any business concern. However with the increasing social responsibility as well and globalizing world reporting and decision-making is much more than that. This requires a lot of thinking to be done, especially in a situation, where funds are invested and benefits are expected over a long period of time. All these require strategic management.
In this paper, I would be discussing about the various capitals in integrated accounting as applicable to the electronic cell phone manufacturing company I work in. The company is located in New York, and has a manufacturing unit in 8 cities in the country.
A strategic management team would use the structure of actions or steps to complete a task or develop a plan for change in an organization (Change Management, n.d.). The following points should be considered apart from just concentrating on the financial gains. A balance scorecard and performance measure can help understand these capital better.
Natural: The natural capital refers to basically the external and the internal environment in which the other capitals exist. This capital is diverse and very versatile. The organisation needs to be very sure to understand that this capital is unpredictable and steps may be needed to keep things under control.
Human: Employees are one of the biggest assets which can make it achieve its mission for this the existing employees should be well acquainted with the job requirements and be given practical training to achieve the expected results. Those who excel in their fields would do this by means of conducting seminars and lectures and also providing practical guidance
Social and relationship: Diversity exists in almost all organisations. Managers must emphasize, oversee and organize this change and diversity. Communication is the key to success and managers should have a good relationship with their subordinates. Management styles should be flexible and easily communicated to others to understand.
Intellectual: While a Vision statement directs WHERE we want to be, a Mission statement outlines HOW we would get there. The Vision statement communicates the purpose and values of our business and talks about where we are now and then in future as to where we can see ourselves in years to come. Contrary to it, a Mission statement provides guidelines to leaders and the stockholders about the action plan. It is an internal mechanism.
Manufactured: The core competence and key success factors of an organization are very important for the successful implementation of any desired objective. Global businesses have to be done with utmost alertness and carefully. To be in competition one needs to keep the costs low. The least possible costs is usually when the products are manufactured in-house with one's own capacities and capabilities. This also avoids problems and issue a trader may have with the manufacturer. The advantages of the same are manifold.
Financial: All business ate finally run with a profit motive. The most important reason for almost all business is wealth maximization and satisfaction of the stakeholders of the company.
A brief design of an integrated report
My integrated reporting would include all the above six capitals. If I consider any of these capitals almost all are very much relevant and important to my company. Although the natural capital is not measureable and it's difficult to rank the same, the robust need for a favourable natural environment cannot be understated. I find this to be most important capital. Human capital, social and responsibility are again very important to keep the mission and the vision well communicated to the subordinates. If the employees of my company do not know their aim to produce and sell the product and maintain the quality standards my company will fail to reach the desired mission. A healthy work environment and satisfied employees and customers are the factors to be considered. Employee retention, turnover, goods returned, conflicts etc. can be used to measure this capital. Manufacturing is one capital, which I say can be outsourced to a certain limit to be cost effective if needed. However at present even this plays a very important role. Financial capital is the core of the company. If the stakeholders are not happy and satisfied, they will never be loyal to the organisation. This can be measure by net profit, EBIT, dividends and with the help of other financial tools………..