Applied Principles for Responsible Business Practice

Question: Discuss about the Applied Principles for Responsible Business Practice. Answer: Introduction Human resource management is used to describe the management of the people within an organization. There are various responsibilities that fall under the human resource management , which creates an efficient workforce environment for the organization. Human resource management is a resource centred phenomenon that deals in monitoring, planning and control of the people associate with the organization (Punch, 2013). In this report, we analyse the Australia and New Zealand banking group (ANZ), which is the fourth largest banking in Australia and the largest bank in New Zealand. The human resource management program of the ANZ bank would be conducted in the report, with more stress on the labour practices and the approaches towards the social responsibility of the company. The report analyses various steps that are taken by the organization, and thereby helps the organization in achieving the goals of the organization of achieving an ethical framework. Labour Practices ANZ bank believes in the natural strengths of a vivacious, diverse and comprehensive team where the background, aim and experiences of a particular person helps the organization to form a stable relationship with the customers of the company. it helps in making better decisions for the business. the labour practices of the ANZ organization can be divided s follows : Values ANZ values ensures doing the right things well (Chien, 2012). Their values describe the position of the organization which implements the ideas of not willing to compromise in any situation with the customers, shareholders, community and with each other. Along with the code of conduct and ethics, the company helps in organizing the value guide that helps in taking efficient decisions. Their values are to do what is right, to connect and work in unity in order to fulfil the wants of the customers, to make their actions useful enough , value every choice and respect the customers and each other and to give their best at work . Approach to human rights ANZ performs various approaches that guides the methods of treating its employees, promote culture and respect to the customers and suppliers ,and contributing the communities in which is persists (Executive Strategies | ANZ. (2016). They sign a mandatory un global compact that initiates the guidelines for the ethical conduct towards its employees. They have generated their standards available for the employees in five different languages. Diversity and inclusion ANZ has maintained a diverse environment at workplace by following various approaches towards the employees. Numerous policies and plans are initiated in order to uplift the welfare of its employees such as employment opportunity, plans against harassment and bullying, flexible working, accommodation for the staffs, parenting ,eldercare and childcare facilities. Various approaches have also been initiated dealing with discouraging gender bias at workforce, promoting cultural diversity , increasing accessibility and flexibility towards the workers (David David 2016). It aims at providing all the facilities to its employees that would raise the productivity of each labour. Health and safety policies ANZ provides its labour with various health, safety, security and wellbeing policies that would help the labours of the organization. They have implemented a health and safety management system (HSMS) to identify and formulate the wellbeing of the employees, customers, contractors and visitors ad members of the organization. A special employee assistance problem has been initiated by ANZ bank which deals with a confidential counselling service providing professional guidance and support to the labours. A risk accreditation framework has been formed as a part of ANZ essentials that helps the labours to identify their specific roles and requirements for training. Training and development ANZ has a team of highly respecting banking professionals that aims at fostering the labour for longer term and a culture of continuous and self directed learning. They offer their labours with various formal and informal ways to learn ,develop and grow. They are in collaboration with some leading training institutes that help the organization in training their labour for producing quality efficient work. ANZ provides their labour with high opportunities to develop in their career (Oke ,2016). Employee relations ANZ bank provides its employees with the work environment that encourage the employees to express their ideas, opinions and concerns towards the organization. They motivate their employees to participate in the policies and proposals of the bank which initiates a long term success of the company. The company conduct an annual employment engagement survey that is reported to the management board of the bank. They provide their employees with the freedom to get associated with the decisions to be taken by the company (Jones, McEvoy Barrett 2016). These commitments of the company are formulated by the freedom of association policy. ANZ aims at treating its employees with dignity and respect. Approach to Social Responsibility Australia and New Zealand Banking Group Limited (ANZ) have dedicated themselves in supervising the environmental impacts of their activities and social responsibilities that would reduce both environmental impacts and costs incurred by the organization (Brammer, Jackson Matten 2012). In order to pertain an ideal situation towards its approach to social responsibility, ANZ has attempted to undertake various measures that would help the bank to achieve their target. The approaches could be listed as follows : Responsible business lending the bank finances many social and environmental sensitive companies . The organization help their customers by providing them with aid in order to overcome their difficulties , minimise and manage their impacts. As stated by Mondy, Martocchio (2016), the organization focuses on making balanced decisions that are fully informed, in order to help their customers to improve the management of environment, society, and governance risks. They have developed a number of processes such as social and environmental screening tool, reputation risk radar, early alert review committee and reputation risk committee. Climate change ANZ is implementing various plans n meeting the social, environmental and economic challenges posted by climate change. The organization has stated that they aim in fulfilling the international agreement to limit the average global temperature , to not more than 2c. They have submitted a recent statement to the Australian parliamentary inquiry, which states the framework dealing with consistent information regarding the matters of carbon risk reporting. They have formed a carbon working group in acquisition with three other Australian banks (Murray, Davis, Hewson McNamee, 2014). Managing footprints the organization aims at reducing the environmental impact of the operations carried out by the bank, by formulating innovation and efficiency. There are some major environmental impacts that are as a result of the growth of digital banking services, which uses an expanded technological infrastructure (Mathis, et al., 2016). The bank develops solutions in order to reduce these environmental impacts along with the view of reducing the costs. They have implemented various plans that designs sustainable branches and thereby reduces the need of natural resources (Hendry 2012). Supply chain - ANZ bank is currently operating in 34 markets that utilises an extensive supply chain. As the bank knows, that their activities are directed towards having a social and environmental impact, and that their stakeholders expects to be managed accurately, the bank has formulated some approaches accordingly. They have a group sourcing policy to undermine the behaviour of everyone thereby ensuring a fairer and safe conduct. A sustainability guidelines list is maintained for the bank in specific categories of the it sector, motor vehicle ease , legal services, print services and corporate wardrobe. ANZ has an extensive supplier code of practise (SCOP), which sets out various expectations of the suppliers (Stockport , et al., 2012). Energy and carbon emission ANZ keeps a check on the performance of their 34 markets by operating through an online environmental reporting system. They conduct video conferencing other techniques in order to educate its employees regarding the efficient consumption of energy consumption. They meet the requirements of national greenhouse and energy reporting act 2007 and thereby helps to sustain the environment. Strengths and Weaknesses Labour Practices Approach to Social Responsibility Strengths The code of conduct and ethics, helps in organizing the value guide that helps in taking efficient decisions for the company The company sign a mandatory un global compact that initiates the guidelines for the ethical conduct towards its employees Numerous policies and plans are initiated such as employment opportunity, plans against harassment and bullying, flexible working, accommodation for the staffs, parenting ,eldercare and childcare facilities. They have implemented a Health and Safety Management System (HSMS) to identify and formulate the wellbeing of the employees, customers, contractors and visitors ad members of the organization. They are in collaboration with some leading training institutes that help the organization in training their labour for producing quality efficient work They have implemented a health and safety management system (HSMS) to identify and formulate the wellbeing of the employees, customers, contractors and visitors ad members of the organization. They provide their employees with the freedom to get associated with the decisions to be taken by the company. Strengths The organization help their customers by providing them with aid in order to overcome their difficulties , minimise and manage their impacts. The organization has stated that they aim in fulfilling the international agreement to limit the average global temperature , to not more than 2C. The bank develops solutions in order to reduce these environmental impacts along with the view of reducing the costs. They have a group sourcing policy to undermine the behaviour of everyone thereby ensuring a fairer and safe conduct. A sustainability guidelines list is maintained for the bank in specific categories of the IT sector, motor vehicle ease , legal services, print services and corporate wardrobe. ANZ keeps a check on the performance of their 34 markets by operating through an online environmental reporting system. Company practices off shoring, that involves shifting of the business from one country to another.Weaknesses The bank has no job security schemes for its employees, hence it results in firing its workers without any notice. Less funding for the training program. Weaknesses More optimization for social benefits and include development strategies. Supplier need to see that the public image of ANZ has not been tarnished. Delay in formulating the plan of carbon emission. Environmental effects are more than the remedies installed. Conclusion Human resource management provides the company with the scope of analysing a responsible environment around the workplace. With the detail analyses conducted over the labour practices and approaches towards the social responsibility of Australia and New Zealand banking group . Information regarding the various approaches proposed and perceived by the company has been discussed, that provides a clear view of what are the strengths and weaknesses of the organization with regard to the two elements of the human resource management. Reference Brammer, S., Jackson, G., Matten, D. (2012). Corporate social responsibility and institutional theory: New perspectives on private governance.Socio-Economic Review,10(1), 3-28. Chien, I. L. C. (2012). A Study of Foreign Bank Acquisition Strategy-The Case of ANZ Bank. David, F., David, F. R. (2016). Strategic Management: A Competitive Advantage Approach, Concepts and Cases. Executive Strategies | ANZ. (2016). Anz.com. Retrieved 22 September 2016, from https://www.anz.com/corporate/markets/structured-investments/executive-strategies/ Hendry, C. 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