Tata Steel
Every organization has key stakeholders. These are those who are affected by its products, services and activities or it can be those whose concerns can change the show of business.
The Company’s Vision for Tata Steel: “to seize the opportunities of tomorrow and create a future that will make it an EVA positive Company and to continue to improve the quality of life of its employees and the communities it serves”
This statement clearly states that Tata Steel will continue to develop the excellence of employees and the communities it serves. Also group Purpose underscores the Tata values on Nation building. The company believes in returning back to the society that they have earned by developing trust among the shareholders, employees, consumers, and communities.
Tata Steel has identified in balancing the stakeholders needs and they consider this as a key strategic issue. The identification of the stakeholders is done from the vision of the company, which sets the strategic directions and strategic goals. Thus the total stakeholders of the company comprises of Shareholders, Financial Community, Customers, Media, Community, Employees, Regulators, Suppliers and Partners. The company treats the stakeholders as one of the Key Enterprise Processes.
Stakeholder Analysis and its Positioning
A) Shareholders, Financial Community
B) Regulators,
C) Customers, Suppliers, Employees, Media
D) Community
The Companies Approach to Stakeholders Consultation and Communication
1. Shareholders and Financial Community
The shareholders and financial community like banks, financial institutes etc are regarded as the important stakeholders in the company. The company meets the investors across the globe and organise Annual General Meeting. The company sends the quarterly and half-yearly reports to them and updating them about the different policies that the company is planning to do. The company also organizes Shareholders Relation Meet and Customer Forum. The Managing Director also calls for a conference with the customer groups. The meeting with the shareholders is done as per plan annually. The company has to do this because they have to inform the shareholders that how the company is doing and they have to build trust among the shareholders and financial institutes because they are the ones’ who have invested in the company and company has to take proper care of them in respect from making the policy for the company. Both the stake holder and finanical communites have high power and high interest in the operations of the company. So are regarded as key players in the stakeholder analysis.
In this assignment I will discuss about key stakeholders who influence the purposes of two business, the business I have chosen are Tesco and Oxfam. Also, I will be talking about interest owners, customers, suppliers, employees, trade unions and employer associations have in the business. Another point I will be talking about is why business must consider local communities and pressure groups when operating their business.
People organization or groups that have a direct or indirect interest in a one particular organization or surrounding are called stakeholders.
For decades, the steel industry has been one of the toughest markets on a global scale with most steel corporations ending up in bankruptcy. Foreign and domestic competitors, management issues, environmental issues, political agenda’s and technology have had much to do with the demise and more so of the success of the steel industry. The issues that this case focus on Nucor Corporation was of:
Perspective Stakeholders in health and social care can be referred to a person, group or organization that has interest or concern in an organization. Stakeholders can affect or be affected by the organizations actions, objectives, and policies. Some examples of key stakeholders in health and social care are inspecting bodies, managers, employers, government and its agencies, owners of care services, owners of local businesses, suppliers, trade unions, service users, and the community which the organization serves. For example, a local health and well-being strategy may be developed by;
Stakeholder is anyone with an interest in a business; stakeholders are individual, groups or businesses. They are affected by the activity of the business. There are two types on stakeholders who are internal and external. Internal stakeholder involves employees, managers/directors and shareholders/owners. External stakeholder involves suppliers, customers, government, trade unions, pressure groups and local and national communities.
The leadership at every level believes in the vision and mission at HNI Corporation. This is attributed to HNI has only changed their senior leadership three times in 60 years and by doing so it has maintained the vision and values of the HNI culture. According to Glamuzina, Developed leadership must find a proper way of expressing the mission and transferring it in order to inspire followers with the goal of increasing overall effectiveness of the company (2015). The latest rendition of the vision and mission statement was created once HNI merged with HON Industries and represents much more than a traditional mission. It represents the very foundation of our corporate culture.
The aim of this report is to evaluate current Human Resource Practices within Steel Co and identify weaknesses that the current model possesses. Performance and Reward management tools available will be evaluated in order to make recommendations on how the Management tools could compliment the system that Steel Co currently employs.
Hence production units for example the exports that take place in Europe and its Ukraine therefore they have competitive advantage with value into the technology. It gone through the acquisition by natural resource seeking for example Tata Company has invested in coal mines in different country and ownership advantage the company that enables them to successfully acquire established goal companies (KUMAR, 2008).Location advantage of Tata motors has the nature of the product and the services which the company requires to invest In plant or an office (Neelankavil and Rai,2009).In addition the Tata Company has a manufacturing with joint venture and Thornburg automotive gives which them a location advantage again in the south East Asia region. Internationalization advantage of Tata motors will help them in having better control over the manufacturing units as licensing option which are issues related to transfer of technology or technology theft. The advantages of own production for Tata company which they have done is introducing a new car called Nano an ultra low cost car
This is a case study on the series of negotiation between the Tata Steel (a part about TATA Group) which had acquired Corus, the Anglo-Dutch steel firm after a long eight month long negotiation over price and terms of acquisition because of the entry of a third party, Brazil's CSN. This is one of the most interesting acquisition cases in the recent decade due to the fact that the acquired company was nearly four times the size of the acquirer in terms of the total revenue. Here, Corus Group was acquired by Tata Steel in the month of April 2007 for £6.2bn. Tata Steel is India’s largest private sector steel company with 2005-06 revenues of US $5.0 billion and steel production of over 5.3 million tons across India and South-East Asia (as provided in the Annual Report 2006). Corus Group is Europe's second largest steel producer with the annual revenues of over £9.2 billion and a crude steel production of 18.2 million tons in 2005 (gathered from Annual Report Corus). This deal is supposedly the biggest deal ever from an emerging market. The deal is a powerful amalgamation of near to the ground cost upstream production in India with the far above the ground end downstream processing facilities of Corus.
The company’s approach to motivate employees has been working in a positive way. The employees are satisfied with the family style community, and the productivity has increased as well. The company’s style of treating employees as important partners has been successful in other manufacturing companies too. For example, when Honda opened its first factory in the U.S., the CEO and employees shared the same cafeteria, just like Lincoln.
The healthcare projects of Tata Steel include facilitation of child education, immunization and childcare, plantation activities, creation of awareness of AIDS and other healthcare projects .It is for the healthy India. as the saying goes - ' healthy mind resides in healthy body'.
For every company employees group is the most important stakeholder group. If a company has happy employees their customers will be doubly pleased.
Is it a big change to support what's going to happen to steel industry in the future?
The Tata Steel Group’s vision is to be the world’s steel industry benchmark in “Value Creation” and “Corporate Citizenship” through the excellence of its people, its innovative approach and overall conduct. Underpinning this vision is a performance culture committed to aspiration targets, safety and social responsibility, continuous improvement, openness and transparency.
As a leader and figurehead of the company, he created restructuring plans and methods for ST Engineering to ride on new technology, innovation and capabilities for growth thus transforming it into a capability-driven enterprise that propelled the group to be the crème de la crème in its industry. His discernment for establishing globalisation as a key strategy to bring about sustainable growth proved to be very beneficial for the company as it allowed the group to penetrate into new markets to forge greater alliances and partnerships that leveraged on the external competitive strengths and capabilities.