Contemporary Business Management Issues
Contemporary issues in management are considered one of the alarming issues in a company. Therefore, in order to understand the predominant aspects of contemporary management issues, the Oman Oil Company has been chosen to conduct the entire study. The Oman Oil Company S.A.O.C. (OOC) is one of the popular commercial company that owned wholly by the Government of Oman. Established in the year 1996, the primary objective of the company was to pursue the opportunities of investment in the energy sector, which will essentially function both externally and internally in Oman. It is to be noted that, the company plays an important role in the efforts of the government for the sole purpose of diversifying the economic reserves of Oman in order to promote the investment of Omani foreign and private sector. On the other hand, it is important to note that, the company is solely focused on the improvement and acute development of the industries that are characteristically gas and oil based. In partnership with the international industry players that capture the value chain in the gas and oil sector in Oman, the Oman Oil Company has managed to receive the utmost help from the Omani government. Furthermore, the company, through the development of active participation in their varied projects continues to pursue the future prospects. These future prospects create more opportunities of investments and the projects are driven directly from several ancillary projects (www.oman-oil.com, 2017).
Thus, the primary objective of this assignment is to locate a significant discussion on business ethics management, which will help in gaining an understanding regarding the prospects that are used in the business process of the chosen company. It will also locate the predominant areas of diversity management programme in order to understand the extent to which contemporary issues in management affects the working pillars of the chosen company.
2.0 Discussion of Business Ethics Management
The aspect of business ethics and business ethics management refers to the carrying of a business, which is solely based on the self-acknowledged morality standards. It also implies to be the structures of the moral principles along with the codes of conduct that are applicable to a business scenario. Thus, in the context of Oman Oil Company, it can be projected by stating the fact that, the business ethics that are followed in the company premises are applicable not only to the manner of business, but it is also relative to a customer as well as to the respected society itself (Weiss, 2014).
2.1 Organising the management of business ethics
In the context of Oman Oil Company, it can be said that, the predominant areas of business are namely marketing, human resource along with planning, implementation and control. Business ethics management refers to the direct attempt in order to informally or formally manage the ethical issues that occur due to the specificity of policy, programs and practices. Furthermore, it has also been found that, Oman Oil is strictly committed to the future of the company by working with tandem (Trevino and Nelson, 2016). They have a vision of improving their company development by 2020. With the help of developing and maximising business profits of the company, it is important for them to organise the management of business ethics. The predominant methods that can be used in order to manage business ethics are as follows:
- Management of ethics is a process: ethics is considered a matter of values that are associated with business behaviours. The values are closely discerned through the effective process of ongoing reflection. Thus, it can be stated that, the ethical programs might seem to be activities that are essentially process oriented. In the context of Oman Oil Company, it can be said that, the managers of the company needs to be sceptical of the process-oriented activities that takes place within the premises of the organisation. However, the manager further realised the fact that, the predominant deliverables and variables of management practices are characteristically the tangible representatives of the very notion of the process-oriented practices. Thus, the company can use code of ethics and policies on their employees in order to avoid the violation of the practices of unethical business behaviour (Ferrelland Fraedrich, 2015).
- Purpose of an ethics program is to accomplish preferable business behaviours in workplace scenario: as predominantly visible with other management practices, the significant outcome of managing business ethic is the behavioural preferences of the company. However, the best of the intentions and ethical values are considered meaningless until fair and just behaviour from the employees of the company are generated. Thus, it is the sole reason behind the fact that, the behavioural preferences of employees tend to generate a massive list of the code of ethics, along with the effective generation of policies and procedures that intends to translate the values of appropriate behaviours (Wheelenand Hunger, 2017).
- The effective way to handle ethical dilemmas is to avoid happening them at the first place:in the context of the Oman Oil Company, it can be evidently said that, with the implementation of effective codes of practices and ethical considerations, it helps in the minimisation of the chances of unethical behaviour within the premises of the company.
- Ethics decision making in groups as appropriate: it also implies the fact that ethical decisions and the decision making process in groups produces better quality of decisions. It is done by the inclusion of the diversity of interests and perspectives along with the increment of the credibility of the decision process. It can also be done by the reduction of the suspicion of unfair bias.
- Integration of ethics management with other management practices: with the effective development of the value statement of strategic planning, the inclusions of ethical values are essentially preferable in the workplace scenario. The managerial authority of the company needs to design policies and procedures along with the cultural facets of the company premises.
2.2 Setting standards of ethical behaviour
It is to be noted that, ethical behaviour on behalf of the company and the employees tends to translate the virtue of ethical standards into valued relationships with both the customers and business partners. Maintenance of prominent ethical standards in the workplace scenario involves the setting of expectations, which provides guidance along the way and consistent choosing of the right and optimistic way of doing work (Williams, 2013).
2.3 Management of Stakeholders’ relations
Management of the stakeholder’s relations is essential in order to resolve issues that the organisation may face in terms of the stakeholder’s objectives. The stakeholders are responsible for any changes in the environment of the organisation (Verbeke and Tung, 2013). It has been noted that the proper maintenance of the stakeholder’s relationship will be effective in order to achieve the organisational goals and objectives even when there are changes occurring in the environment of the organisation due to the stakeholders. This is because the stakeholders are involved in different functions of the organisation like the organisational operations, the financial operations and influences the performance of the organisation. The management of the stakeholder’s relations includes various steps which can be used in order to maintain the stakeholder’s relations in the organisation (Matos and Silvestre, 2013). These steps are given below:
- Identifying the stakeholders
- Prioritizing the stakeholders
- Maintaining adequate behaviour with the stakeholders
- Effective communication with the stakeholders
2.4 Assessment of ethical performance
The predominant ethical values of an organisation or a company and their members and employees have been considered the subjective aspect of considerable research over the past few decades. This is solely because of the fact that, the organisational practitioners as well as the academic community have managed to embrace the ethical behaviour as one of the legitimate business goal. Thus, the primary purpose of the managerial authority of the Oman Oil Company is to take necessary steps towards the development of an approach in order to assess the ethical performance. It can be done by the proposal of a definite framework that tends to define and organise the important variables of preferable business behaviour (Laasch and Conaway, 2014).
2.5 Relevant examples to support the discussion of business ethics management
In order to achieve the different aspects of business ethics management, it is important to understand the ethics that are essential to be maintained in the organisation. It is seen that few instances that have occurred in the organisation Oman Oil Company and few other organisation which has led to the strict consideration of the business ethics in order to achieve the organisational goals without effecting the employee’s workplace environment and their satisfaction towards their job role. One such example is the occurrence of bribery cases in the company which has been performed by some of the higher officials that has been received from the two engineering and contracting firms in order to get their project done despite of the flaws present in the project. The occurrence of such cases indicates the need for the development of the management team that will be considering the ethic management in the organisation, Oman Oil Company (Kulik, 2014).
3.0 Discussion of Diversity Management Programme
3.1 Diversity Management programme
The concept of diversity programme management is one of the significant and intrinsic properties that are essential for the promulgation of effective business practices. Diversity is regarded as the matter of sustainable employment, where affirmative equity and action depicts the idea of how an ideal company should be. A diverse workforce in the workplace scenario can effectively deliver a better decision-making procedure along with the betterment of products and services. The clients of the Oman Oil Company must be taken into consideration in order to enjoy and attain an inclusive and diverse culture, which is subsequently outperformed within the company premises (Lauring, 2013).
3.2 Critical examination of the basic issues and problems of managing employees having different culture and national contexts necessitated by globalisation
In any organisation which has a large workforce and employability capacity, there is the chance of the presence of employees belonging to different culture and nation. Oman Oil Company is an international company, thus there is the presence of different employees who belong to different countries and culture. The presence of such cultural and national diversity among the employees will create a chance of conflict and issues in the organisation (Kirton and Greene, 2015). This will lead to issues in the management of the employees in the organisation. Some of the basic issues that the management department of the organisation must be encountering are given below.
- There can be conflict between the employees as they belong to different culture, thus there can be no acceptance of the culture of another employee in the organisation
- There can be difficulty in the achievement of the desired level of accuracy as there different employees have different levels of capacity to understand and catch up with the working process
3.3 Use of Relevant examples
As per the annual report of the Oman Oil Company, it has been found that, the sustainability report of the company shows success in the diversity management programme that has been projected by them in the year 2011. The company is the first ever conglomerate in the sultanate of Oman to release a public report of group wide sustainability. Right from the year 2011, the company has managed to achieve an application level B check by the initiative propagated by the Global Reporting. Furthermore, through these improvements, the company and their managerial authority hopes that they have able to successfully builds on the groundwork in the year 2011. Moreover, it can also be said that, the Oman Oil Company is the first investment company in order to adopt the voluntary Global Reporting initiative, which tends to bring quality in the disclosure of the reporting of the discussion of the materialistic issues of the stakeholders. Thus, it can be propagated that, the aspects of diversity management programme has been substantially implemented within the premises of the company. On the other hand, it can also be said, with the implementation of the development measures that have been projected by the company, it will predictably lead them to a successful business venture by the year 2020 in the Sultanate of Oman (www.Oman-oil.com, 2013).
After an extensive assessment of the business ethics that are being followed by the Oman Oil Company, it can be propagated that, there are certain recommendations, which needs proper projection for the sole purpose of improving their business ethics and ethical considerations. They are as follows:
- The company can join a professional trade association and monitor the skilful practices that are being followed in order to understand the predominant facets that are associated with the definite business practices of the company. These trade associations tend to promote a definite and particular standard of ethical conduct that provides an extensive training on the desired subject. On the other hand, it can also be said that, the trade associations can also help in the peer-to-peer interaction that essentially helps in the evaluation of difficult situations.
- The managerial authority along with the subordinate employees of the Oman Oil Company needs to pay more attention and focus on the value statements while reviewing the mission statement of the company. It is also important for the company to adopt a proper code of conduct. Conducting staff meetings and discussion sessions, which will convey the essence of ethical values and morals, is also another effective methods with the help of which the company will attain success within the premises of the company.
- The people of the company can discuss ethical issues without judging the situation. With a group of peers that are open and willing to discuss ethical issues might prove to be useful insight into the experiences of the others.
- When any unethical instance takes place within the company premises, it is important to locate the reason behind the unethical behaviour. After the attainment of the reason behind it, the entire work turns out to be easy and sustainable.
- It has often been found that, the employees are not often able to communicate effectively due to cultural diversification. Therefore, it is the duty and responsibility of the company to identify the issues that are being faced by them and mitigate the situation as early as possible.
The concept of contemporary management issues tends to examine the definite ways of thinking that needs to be addressed as they emerge within the premises of a company or an organisation. The contemporary issues have arisen because of the past and current practices and definite ways of thinking. Furthermore, it can also be said that, the future issues emerging out of the contemporary workplace ethics need to be taken into proper consideration in order to understand and project the ways by which the contemporary issues can be mitigated. It is to be noted that, one of the predominant themes in quality management lies in the fact that the degree of complexity that is associated with the contemporary manager needs to take into account in the process of making decision that often intends to shape the response to the current adjoining issues.