School of Management (SoM)

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Open Access
30 years on - what have we learned about careers?
(1996-01-01T00:00:00Z) Adamson, Stephen; Doherty, Noeleen; Viney, C.
In everyday conversation, the term ‘career’ is generally understood to refer to the sequence of work-related experiences an individual has over the course of their working lifetime. For many people, a ‘career’ is distinct from a job’, since it also conjures up images of steady, even logical, progression up organisational hierarchies. It is not simply about what one does for a living, but about what an individual has done, does now, and might do in the future; the notion of career therefore embraces the dimension of time. In the light of widespread organisational restructuring and economic uncertainty since the late eighties, many of the taken for granted assumptions which have underpinned traditional notions of career, and in particular the organisational career, no longer seem valid. Both individuals and organisations are finding it increasingly difficult to conceptualise the idea of a logical ( long term) sequence of work-related experiences; there is no longer a clear and mutual understanding of what the career means to both individuals and organisations. This paper argues that both individuals and organisations can meaningfully redefine the notion of career by reconsidering its broader theoretical unde
Open Access
Acting on information: Performance management for the public sector
(2006-07-01T00:00:00Z) Neely, Andrew; Micheli, Pietro; Martinez, Veronica
This briefing examines how public sector organisations can use performance data more effectively to support decision-making and produce improvements in organisational performance. In particular it looks at the challenge of converting performance data into insights and then acting on those insights. Drawing on the academic literature, as well as some notable case studies from the private sector, we have identified five key ‘best practice’ lessons for organisations that want to extract greater insight from their performance data and to ensure that those insights are acted
Open Access
The Audit Committee and the Credit Crunch
(2008-01-01T00:00:00Z) Bender, Ruth
No one response to the economic situation The impact of the credit crunch will vary dependent on whether or not the company is in the financial services sector, and on its current financial position. External auditors are paying more attention to forecasts and going concern In many companies, audit procedures are the same as in previous years, but there is somewhat more focus on budgets and forecasts, and on the financing position of the business and its banking covenants. The Board and the audit committee are examining treasury and financial policies, as well as the financial statements Many of the issues discussed in this report are being dealt with at Board level as well as, or instead of, by the audit committee. Some of the audit committees already incorporated regular covenant reviews and treasury reviews into their agenda, and so had processes for dealing with this. Others had formally added these items to their workload. Funding is critical Audit committees are examining closely the company's ability to roll over loans when they come to the end of their term. Treasury policies are being inspected in detail in the light of the current economic climate. Bank covenants are being monitored closely, and more stringent stress-testing is being done than previously. Business activities Audit committees are aware of the need to monitor the financial status of major trading partners. For some, this was already part of their agenda. Attention is being paid to the likely impact on revenues, profits and cash flows of an economic slowdown. Financial statements Accounting policies such as mark-to- market are causing difficulties in many companies, resulting in volatile accounting results. Accounting for pensions is leading to problems in valuing both pension assets and liabilities. The Boards of many companies are not clear whether their pension funds are holding sub-prime debt. This is a matter for the audit committee to investigate. Changes to accounting standards on pension funds are unwelcome at this particular point in the economic cycle. Communicating with investors Although the market needs information, there is a nervousness that it might over-react to news. Narrative disclosures and investor presentations should be examined carefully by the whole Board before release.
Open Access
Audit Committee Communication: What is Said, Why, How and to Whom?
(2007-01-01T00:00:00Z) Bender, Ruth
The way an audit committee communicates needs to reflect the context of its relationship with the Board, which differs in every company. In order to be of most use, minutes should be prepared and distributed very shortly after the meeting. However, processes varied widely. The style of audit committee meeting minutes is diverse; some are brief and anodyne, others are fuller and capture the essence of the discussion. The most important aspect of the minutes is the list of action points. Opinion diverged as to the usefulness of the committee's formal minutes. Some took the view that they did not matter, others saw them as an important tool in managing relationships, and in supporting the finance director where appropriate. More important than the formal minutes is the oral briefing given to the Board by the Chair of the audit committee. This is generally both timely and comprehensive. It is one way in which all Board directors can assure themselves that they are complying with their legal responsibilities on making full disclosure to the external auditors. The published report of the audit committee, included in a company's annual report and accounts, is seen as a compliance matter and not as a helpful form of communication. Extending its coverage was not seen as appropriate. The audit committee operates as a sub-committee of the Board, but in all critical matters its role is that of review rather than action. Accordingly, it was considered that there is no need for any increase in the level of communication - formal or informal - between the committee and investors.
Open Access
Audit Committee Regulation: Financial Literacy What does it mean?
(2006-01-01T00:00:00Z) Bender, Ruth
There is no universal standard for the way in which audit committees work. Although broadly they covered the same activities, the number of formal meetings of companies reviewed ranged between 3 and 13 in the year. The time taken per meeting also differed considerably. Although all audit committee members must be independent non-executives, practice differs considerably as to whether the company chairman and/or the CEO regularly attend audit committee meetings. The documentation supporting audit committee work needs to be managed carefully to ensure that the committee members are well-informed, but are not so overloaded with information that key points are missed. Dealing with regulatory matters takes a great deal of audit committee time. It can be useful to schedule a ‘white space' meeting to discuss broader risk issues. Having multiple directorships, and being able to compare practices in different companies, is an advantage to audit committee members both in evaluating the performance of their committees and in providing strategic advice. Audit committee evaluation takes place in a variety of formal and informal ways, including interviews and questionnaires, administered internally and by external professionals. It is very important to non-executives that they feel that they can trust the company's executives. The corollary to this is that in situations where the executives are considered less trustworthy, governance might be difficult as well-qualified potential non-executives might be reluctant to join the board. There appears to be an expectations gap between how the audit committees see their regulatory role and how this is perceived by the media. For example, some parts of the media appear to see the audit committee role as the prevention and detection of fraud. This view sits uncomfortably with the views of audit committee members - in line with regulation - that theirs is an oversight function. Although audit committee practices differ widely, they appear to evolve to suit the companies' and individuals' particular contexts. Accordingly, legislation to standardise practice might not be useful, indeed, it may be counter productive. Given the potential changes to UK regulation that could arise from implementing the EU 8th Directive, it is important that this point be made explicitly to legislator
Open Access
Business Critical: Understanding a Company’s Current and Desired Stages of Corporate Responsibility Maturity
(2014-06-01T00:00:00Z) Ainsbury, R.; Grayson, D.
It’s been a while since the Corporate Responsibility profession took stock of its collective wisdom on where we have been, and where we are going on running businesses responsibly. Meanwhile hardly a week goes by without a helpful suggestion from the outside world on how an organisation should improve its economic value, social usefulness and environmental efficiency; and it is very easy to spot businesses that get their social, environmental and economic decisions out of balance: these organisations hit the headlines seemingly within nanoseconds. On the upside, businesses are increasingly taking an approach that builds an Environmental, Social and Governance (ESG) premium into the core economic valuation. This is achieved by those organisations which bring in a diverse set of views to inform risk and reputation management activities, and to build a research and development pipeline for the future. This is managing both the negative and the positive social, environmental and economic impacts.
Open Access
Change for the Better?: Meeting with Peter Williams, Chair of the Investor Relations and Markets Committee of the Hundred Group
(2009-12-31T00:00:00Z) Bender, Ruth
Prepared for the Audit Committee Chair Forum, published by Ernst & Young, CBI and Cranfield School of Management. This paper reflects the discussions at a meeting of the Audit Committee Chair Forum(ACCF) held on 24th September 2009, which was addressed by Mr Peter Williams. Mr Williams is chair of the Investor Relations and Markets Committee of The Hundred Group,which represents the finance directors of the 100 largest publicly-traded companies in theUnited Kingdom. The meeting discussed the UK corporate governance regime and how it was likely to change.
Open Access
A Conversation with a Regulator : Meeting with Paul Boyle, Chief Executive of the Financial Reporting Council
(2009-05-29T00:00:00Z) Bender, Ruth
Prepared for the Audit Committee Chair Forum, published by Ernst & Young, CBI and Cranfield School of Management. This paper reflects the discussions at a meeting of the Audit Committee Chair Forum (ACCF) held on 19th March 2009, which was addressed by Mr Paul Boyle, Chief Executive of the Financial Reporting Council. The meeting discussed corporate governance and corporate reporting in the UK.
Open Access
Coordinating supply relationships: rhetoric and reality
(2007-02-01T00:00:00Z) Harrison, Alan; Koulikoff-Souviron, Marie
Two reciprocally interdependent, dyadic supply relationships – one inter- organizational, the other intra-organizational - were investigated across a broad front in this study. The focus was on the logistics relationship between supply partners, and on how these relationships were co-ordinated in practice. We probed co-ordination between the partners using four constructs – goal congruence, information sharing, co-ordination mechanisms and joint decision making. Based on these two studies, we propose that the process of mutual adjustment creates a ‘together-separate’ tension that has to be managed in practice. This process may lead to the development of new capabilities that transcend the boundaries of the firm: equally, it is a fragile process that may be thrown into reverse by a variety of factors such as people turnover and failure to maintain established coordination mec
Open Access
Customer responsive supply chains : an exploratory study of performance measurement
(2003-01-01T00:00:00Z) Harrison, Alan
Open Access
Customer support and product innovation : three exploratory case studies
(1998-01-01T00:00:00Z) Goffin, Keith; New, Colin
Open Access
Customer support distribution channels : five exploratory case studies
(1998-01-01T00:00:00Z) Goffin, Keith
Open Access
The Drivers of Audit Quality
(2006-01-01T00:00:00Z) Bender, Ruth
The Financial Reporting Council is charged, through the Audit Inspection Unit, with monitoring audit quality. However, ‘audit quality' is intangible, with no agreed defi nition. Although the ACCF meeting came to no unequivocal resolution, it was agreed that an overiding aspect of audit quality was the quality of the individuals conducting the audit, at all levels of the audit team. It related to their understanding of the business, their objectivity and scepticism, and their ethical stance and the culture of the audit fi rm. Assessing audit quality is just as diffi cult as defi ning it. Members of the audit committee, as independent non-executives at a remove from the business, are less able to do this than are the company's executives. Thus the audit committee needs to rely in part on management in its evaluation of the auditor
Open Access
Enablers and inhibitors to manufacturing strategy
(1998-01-01T00:00:00Z) Harrison, Alan
Two radically different views of manufacturing strategy are that it should be developedfiom the ‘top down ’ by planned integration with corporate strategy, or alternatively, that it should be developed from the ‘bottom up ’ by focusing on improved performance by the elimination of waste. Using comparative, case-based research, this paper casts some light on these opposing views through quantitative and qualitative studies in two very different organisations. Within each organisation, two units of analysis were used to investigate the nature of the tradeoffs, and the role of best practice in manufacturing strategy development. A third set of proposals is made about the development of manufacturing strategy enablers that are available only in given situations.
Open Access
Evaluating customer support requirements at the product design stage
(1997-01-01T00:00:00Z) Goffin, Keith
Open Access
Evaluating investements in CRM with real options
(2004-01-01T00:00:00Z) Maklan, Stan; Knox, Simon; Ryals, Lynette
CRM practices are being adopted in most industry sectors to build stronger relationships with customers in order to develop superior customer value and increase shareholder value. This article questions the basis upon which the business case for CRM investments is traditionally made, highlighting the shortcomings of focusing only upon discounted cash flows, and points towards a strategic approach that accounts for such investments in asset value terms. A case study is used to illustrate how to value the returns using both cash flow and strategic investment calculations for comparative purposes. The managerial implications are discussed.
Open Access
Extending the marketing concept
(2002-01-01T00:00:00Z) Maklan, Stan
Open Access
How efficient is the Polish banking industry?
(2005-06-01T00:00:00Z) Figueira, Catarina; Nellis, Joseph G.; Parker, David
In 2004 Poland entered the EU. This paper investigates whether the Polish banking industry is prepared for entry by looking specifically at its comparative efficiency in relation to one of the largest banking sectors in the EU, that of the UK. A range of efficiency measures is used. The empirical results reveal a surprising degree of relative efficiency in the Polish banking industry, no doubt reflecting the substantial economic changes introduced in Poland since 1989. The results suggest that the Polish banking sector should be able to survive the new competition that it will face following entry into the EU.
Open Access
How innovative are UK manufacturing companies?
(1997-01-01T00:00:00Z) Goffin, Keith; Szwejczewski, Marek; New, Colin
Open Access
The Impact of the Investors in People Standard on People Management Practices and Firm Performance
(2008-09-01T00:00:00Z) Bourne, Mike; Franco-Santos, Monica; Pavlov, Andrey; Lucianetti, Lorenzo; Martinez, Veronica; Mura, Matteo
This document reports on an extensive study into the impact of the Investors in People Standard on business performance. We started by reviewing what is already known about the Standard’s impact on business performance, before building a framework of the expected benefits of IIP from the Strategic Human Resource Management literature. This framework was tested using case studies, a survey and financial analysis to create a body of knowledge that improves our understanding of how the Investors in People Standard improves business performanc