Business Futures in the Contemporary World

This report explores the concept of business futures in the contemporary world with a focus on Next Plc, a UK-based multinational organization. It covers different approaches to leadership and their relevance in a multicultural context, corporate responsibility and responsible leadership, and the relationship between business, government, and civil society in the context of environmental, ethical, and corporate social responsibility.

Business Futures in the
Contemporary World

Contents
Contents...........................................................................................................................................2
INTRODUCTION...........................................................................................................................1
MAIN BODY..................................................................................................................................1
1. Research about different approaches to leadership and its relevance in multi-cultural
context. Establishment of understanding of some specialise areas of leadership........................1
2. Critical distinguish concept of corporate responsibility and responsible leadership and its
implication in public, private and third sector institution............................................................4
3. Critical examination of relationship between business, government and civil society in
context of environmental, ethical and corporate social responsibility........................................6
4. Research and demonstration of analytical and advance understanding of key categories,
organisational approaches towards social media, social media tool and its impact over strategic
decision making in business organisation....................................................................................8
CONCLUSION..............................................................................................................................10
References......................................................................................................................................11

INTRODUCTION
Concept of business is changing day by day with change occur in contemporary market. There
are various changes occur in trends and technology. There are different changes occur in
business due to covid-19 pandemic and due to this, business has faced various challenges (Galli,
2019). In order to overcome of these challenges, leader adopting various technology that allow
them to work in virtual environment. This project report included Next Plc which is a UK based
organisation. It is a multinational organisation that is dealing in clothing, home products,
footwear. It was introduced by Joseph in UK.
It is one of large organisation as it has around Hemsworth in the year 1864. It is one of large
organisation as it has around 41,547 employees working for success and growth of company.
This project report includes explanation of different leadership approaches and its important in
multicultural context by developing understanding of specialist areas of leadership. It also
includes differentiation of concept of corporate responsibility and responsible leadership for
implication of it over private, third sector and public institution. It also examines, relationship
among government, civil society and business in context to ethical, corporate social and
environmental responsibilities. Moreover, it demonstrates analytical and advance understanding
of social media tools and its impact over strategic decision making on business.
MAIN BODY
1. Research about different approaches to leadership and its relevance in multi-cultural context.
Establishment of understanding of some specialise areas of leadership
Leadership refers to a process of influencing others for purpose of attainment of goals and
objectives. It is based on mutual relationship of leader and their subordinates. In this, efforts are
made by leaders in order to influence behaviour of individual for attainment of desired goals and
objectives. It is a dynamic process that change with changes occur in environment. It is
important in field of management as it allow to guide behaviour of people working in company
(Kozachuk and Conley, 2021). Due to covid-19 situation, government of UK has made different
changes in their rules and regulation. In order to deal with changes, business needs to made
changes in their rules and regulation. In order to overcome of it, leader needs to made changes in
their approaches. In order to overcome of it, business needs to work virtually and leaders also
needs to manage team in virtual environment. In order to accept challenges in business, leader
1

adopt effective approaches in business. Next Plc is one of international organisation that hire
business from different countries. Due to Brexit and covid-19 pandemic, business needs to make
various changes in their rules and regulation. This pandemic situation creates different
challenges for business as they need to run business in virtual environment where employees of
different country work together for attainment of common goals of business. Some of approaches
of leadership adopted by Next plc in their organisation are mentioned below:
Autocratic leadership: It is one of leadership approach which allow leader to impose their
expectations over employees. It is an approach in which only one person has power to make
decision and also, they define outcomes. This style of leadership is suitable for situation where
leader is most knowledgeable person in team. This style of leadership provides best result in
situation where there is less time available in order to make a decision. It is also suitable form of
leadership where employees need proper guidelines.
In multicultural situation of Next Plc, it is difficult for a leader to make quick decision but
with adoption of this style helps leader to make quick decisions. It is also a style in which chain
of command is clearly defined which allow employees of different culture to understand to
whom they need to report (Turel, Xu and Guo, 2020). Adoption of this leadership style in Next
Plc allows them to get consistent results and also helps to reduce mistake occur in
implementation plan.
Democratic leadership: Leadership is one in which leader involve other person in order to
make effective decision for team. It makes team members feel more connected, engaged,
involved that will motivate individual to contribute their best. In this type of leadership approach,
final power of decision making is centralised in hands of leaders. Sometimes various
disagreement occurs in team members that will increase time for making a decision or to reach to
a consensus.
Application of this leadership in multicultural environment helps them to manage situation in
effective manner. It will provide familiar environment to employees and also sense of
belongingness with organisation. Use of this approach of leadership in Next Plc allow leaders to
encourage creativity among employees and improve their job satisfaction (Ruppert-Winkel,
2018). It helps leaders to develop strong team that contribute to improve productivity of firm.
Delegative leadership: It is a leadership style which is also known as laissez faire
leadership. Focus of this approach of leadership is on delegating initiates to team members. It
2

can be successful strategy if team members are competent and also taking responsibility. It is
also suitable in situation where employees preferred to work individually. It sometimes leads to
disagreements among members of team and due to which group may be split and divide. It also
leads to poor motivation as well as poor morale among employees.
In multicultural situation of Next Plc, adoption of this leadership helps leaders to take
advantage of experience and competence of employees. It also contributes to innovation and
creativity that helps to improve values of employees. It is one of form of leadership that also
contribute to positive working environment.
Transactional leadership: It is a leadership approach in which relationship among leader
and follower is based on transaction. This transaction is based on rewards, punishments as well
as other things which helps to complete a job. In this leadership, leaders needs to set clear goals
and also team members know ways in which they get rewards by attaining goals of company. In
this, relationship among leaders and their team is based on give and take that is based on
following established routines as well as procedures in effective manner and also allow them to
make transformational changes in business.
Adoption of this leadership approach in multicultural environment of Next Plc, helps
leaders to develop measurable, time bound and specific goals which can be attained by
employees. It also motivates employees of different culture to avoid cultural difference and focus
on improving productivity. It is a leadership approach that remove confusion in chain of
command and also make it easier for leader to implement new strategy and follower to follow
that strategy.
Transformational leadership: It is a leadership style in which leaders inspire their followers
through vision, encourage them and also empower them for purpose of attainment of goals. In
this type of leadership, leaders need to be present as role model for their followers. There is
various advantage of using this type of leadership in business as it improves satisfaction among
employees that will reduce to employee empower rate in business (Xu, Stienmetz and Ashton,
2020).
In context of multicultural environment of Next Plc, adoption of this approach will help
business to offer highest values for purpose of vision of organisation. It will also increase morale
of employees as well as experience. It will use motivation as well as inspiration in order to gain
support from employees.
3

Specialise areas of leadership:
Leadership is one of important professional skill which allow individual to be an effective leader
and also helps them to solve various problems occur in business. In Next Plc., leaders use these
skills in different specialise areas. Some of these areas of specialisation in Next Plc is mentioned
below:
Decision making: Leadership is a skill on basis of which leader is able to make decision in an
organisation. There are different types of decision a leader needs to make related to day-to-day
operation or for special situation. Leadership allows managers of Next Plc to make various
important decision in organisation that allow them to cope up with challenges occur in business.
For instance, during period of covid-19, it allows leaders to make decision to work in virtual
environment.
Communication: It is another important thing which allow leaders to communicate with
employees. Leaders of Next Plc needs to communicate with employees in order to make them
understand about changes in business (Tsui, 2021). It also helps leaders for purpose of
understanding problem faced by employees related to work or cultural differences.
Culture management: Leaders also needs to manage culture of organisation as it will helps
them for purpose of attainment of goals. Next Plc is an international organisation in which
employee of different culture work. In order to accept this cultural difference in business, leaders
of Next Plc need to manage culture in effective manner.
2. Critical distinguish concept of corporate responsibility and responsible leadership and its
implication in public, private and third sector institution
Corporate responsibility can be described impact of an organisation about environment, economy
as well as society. Development of effective corporate responsibility allow firm to contribute to
different stakeholders in positive manner through adding values for organisation and also for
operating in sustainable manner (Cheng, Wei and Lin, 2019). There are four type of corporate
responsibility in which a business can be involved that includes environmental responsibility,
philanthropic responsibility, economic responsibility, ethical responsibility. Explanation of these
responsibility in context of Next Plc is mention below:
Environmental responsibility: It is essential for an organisation to fulfil their corporate
responsible and for this, they need to adopt environmental friendly practices. There are different
types of organisations that contrition to pollution, depletion of natural resources, waste,
4

greenhouse gas emission and others. With commitment of business with environmental friendly
practices, allow them to take ownership in business and also for creating its impact over
environment. Form of environmental responsibility is depended on size and industry of business.
There are some organisations that contribute for environmental focused organisation where as
some enacted company wide recycling program.
Ethical responsibility: It is a responsibility which all business to engage with faire practices. It
consists treating all employees, customer, stakeholders with equality and respect. It takes
different form of corporate social responsibility (Liao and Zhang, 2020.). In this, Next Plc
fulfilling its responsibility by offering higher minimum wagers, providing competitive pay to
employees, comprehensive benefits, ethical source and other things.
Philanthropic responsibility: It is important for business to contribute for society as they
use different things from society. This can be done by donating to community and allow firm to
fulfil philanthropic responsibility.
Economic responsibility: It is an economic responsibility in which business act in a
manner that allow them to make financial decisions that also helps business to prioritise various
things. It is not just about making money but it is about investing in good things. Next Plc is
fulfilling their economic responsibility as they buy sustainable material in business event if cost
of these material is high in compare to normal material.
Benefits of CSR:
 There are various benefits of corporate responsibility as it allows business to create
positive impact over satisfaction of employees and also allow them to retain employees
for long term in business. It is also allowed business to boost trust of consumer as well as
other public by respecting them (Miska and Mendenhall, 2018).
 CSR allow business to make initiatives in order to develop positive goods. Adopt of new
sustainable practice in business allow them to be committed with ethical and fair
employee treatment.
Responsible leadership:
Responsible leadership is one of concept which allow business to make sustainable
business decisions in order to get interest of different stakeholder of business including clients,
community, environment, future generation, employees, shareholder and others. Responsible
leadership is one that consist mainly five elements which are mentioned below:
5

 Able to make informed and ethical judgement about exciting norms and rules: It is a
leadership which allow leaders of Next Plc to make informed decisions. It allows them to
provide information related to decision to stakeholders to company and also allow them
to follow different norms and rules made by regulatory authorities.
 Displaying moral courage as well as aspiring to positive change: Responsible leader
also follow moral code of conduct and prefer to do things which does not harm to others.
It is also implementing positive changes in business which are important for different
people including employees, customers and other stakeholders (Haque, Fernando and
Caputi, 2019).
 Communicate effectively with different stakeholders: Responsible leader also finding
time to communicate with different people in organisation. It is important for them to
follow these rules and regulation in business and also allow them for purpose of fulfilling
expectation of these stakeholders in business.
 Engaging in long-term thinking and in perspective taking: Responsible leadership
also allow business for purpose of thinking for long term and allow them to work over
them from now. It helps leader to consider these things in effective manner from broad
perspective.
 Participating in collective problem solving: Responsible leadership is one that allow
them to focus on identifying problem occur in business. It also allows them to solve
problem occur in business and also motivate them to provide effective solution to
business.
3. Critical examination of relationship between business, government and civil society in context
of environmental, ethical and corporate social responsibility
Business: Business can be described as institution that invest their money in order to get return.
It is making investment in order to access to high returns. There are various strategies adopted by
business in order to make their business successful and also to survive in market by overcoming
of competition (Ochman, 2019). Business is developing its goals, vision and mission and making
efforts in order to attain these goals. For this, there are different types of analysis to be conducted
by business that provide them information related to market.
Government: Government can be described as people who government a country.
Government of a country made various rules and regulation for that country that is followed by
6

business in order to ensure survival of business in that country. There are different ways in which
government is creating impact over business. In order to maintain good relation with
government, business needs to consider all rues and regulation of government.
Civil society: It can be referred to as political association that govern social conflict through
imposing of various rules that control citizen of a county to harm each other. These societies are
contributing for good of people living in scientific country and provide them right direction
(Islam and Sarker, 2021).
All these three elements are linked with each other in context of environment, corporate
responsibility and ethical approaches. Basic aim of all these company is to work for society.
Business is now a days needs to focus on environment in order to protect it from their operation.
There is different resources business get from environment and with adoption of sustainable
method, business is giving back favour to these environments (Ruzza, 2021). Business is also
fulfilling their corporate responsibility by fulfilling requirement of society and providing good
quality of products to customers. In order to fulfil, ethical requirement, business follow ethical
approaches that allow them to do things in a manner which is right for organisation. Government
of a country is also focusing on creating good impact over environment by controlling pollution
and other measure. For which, different regulation has also made by UK government that allow
them to control environment pollution in that country (Sahoo, 2021). Government is also
fulfilling its corporate responsibility that allow them do purpose of fulfilling requirement of their
customers. In order to fulfil its ethical responsibility, government is adopting fair practices and
treating all people equally. It does not allow them to be involved in illegal activity like bribe and
other things. Civil society also needs to fulfil its duty towards environment for which they are
linked with various environment protection organisation. It can be done by them in order to
create positive impact of their parties in minds of public. This organisation also fulfilling its
corporate responsibility by making various decision that allow them to create positive impact
over image of party in public and helps them to get maximum votes. Civil society also fulfilling
its ethical responsibility by involving in right things. It is important as it allow them for purpose
of getting support from people to parties and also allow them to work for development of
communities (Barchiesi, 2018).
7

4. Research and demonstration of analytical and advance understanding of key categories,
organisational approaches towards social media, social media tool and its impact over
strategic decision making in business organisation
Social Media can be described as collective form of different application and website that focus
on community-based input, context sharing, interaction and collaboration. It allows people to
stay in touch and also to interact with new people across various communities. Business is also
using different social media platform as there are number of users using these social media tools
in today’s time (Ampountolas, Shaw and James, 2019). There are different types of social media
tools to be used by Next Plc as it provides them various benefits. It allows firm to increase
awareness of their products and also allow them to sell their products through these platforms. It
also provides opportunity to business to interact its customers directly where they can understand
problem faced by them related to products and service. In order to understand what types of tools
are important for business, it is important for them to understand which process is important for
them. Some of different steps consider by Next Plc are mentioned below:
Content Creation: In order to create content, one needs to develop stream and fresh ideas.
It is important in order to gain attention of customers. After development of fresh ideas, a person
needs to organise ideas in effective manner. Organisation can be done to develop videos, blog
post, infographic and others.
Content Publishing: It is another step in which developed content is shared with world. There
are different social media tool that make this process to be more automated. Much time is needed
in order to use these channels freely, so a firm prefer to pay for it (Rialp-Criado and Rialp-
Criado, 2018).
Listening and response: If a firm is posting good quality of content, it will allow them to
have conversation with audience about brand. For this, firm also needs to prepare with them in
order to be engage with them and also to listen to their response. Listening will also allow firm to
keep themselves update for latest trends. It also allows them for purpose of taking advantage and
also to create timely and important content.
Content analysation and comparing: It is considered as important step which allow a
firm to see at result of working of content. It helps firm to understand where they need to work.
Categories of social media tool
8

There are different types of categories of social media tool and each step of using social
media tool require different types of tools. In order to use these, it is important for business to
work together that allow them to get advantage of strength and also shortcoming. There are
around three types of social media tool including listening platform, competitive analysis
platform and publishing platform. All these tools are using social media in different manner and
helps business to attain their goals.
Listening platform: It is one of social media tool that consist suites like Radian6 which is not
known as Salesforce Marketing cloud. These platforms allow firm to monitor different social
media platform in order to know what people think about brand of company. It also allows
business to collect information about different trends and news of industry (Gavilanes, Flatten
and Brettel, 2018).
This information provides guidance to business in order to generate good quality of content. It
also helps business to understand important aspect about their target audience. A business cannot
completely be depended on listening platforms. In order to get complete understanding about
industry, business also needs to conduct competitive analysis.
Publishing platform: It is a platform that assist business to spread their content in
different parts of world. After development of content, business needs to post it on timely basis.
There are different platforms which helps business for it like Hootsuite as well as Percolate that
helps business to share content effectively and posting it various time. It also business to post
schedule and also them to sharing these contents on regular basis.
Competitive analysis platform: It is a tool which allow user to focus on different brands
and industries. It also allows business to tack metric that is important for business. It consists
different analysis like content analysis, timing, multi-channel, first touch and others.
Impact of social media on strategic decision making on business
Strategic decision making refers to a process that consist understanding of interaction of
decision as well as its impact in order to gain competitive advantage in organisation. If a
business makes wrong decision, then it can result into wrong consequences. Some of these
impacts of social media platform over strategic decision making of company are mentioned
below:
Helps to understand consumer opinion: Social media tool allow business to gather data
of consumer which is essential for a business in order to make effective decisions. It is also
9

essential for them in order to understand needs, taste, preference and understanding consumer.
On basis of it, it is easier for firm to understand their preference. On basis of this, Next Plc can
make deacon according to opinion of consumer.
Communicate with consumer: Social media tool also helps business of Next Plc to
communicate with consumer. It is also essential for them in order to share information to
consumer about new products and service. It is also important for business to get feedback from
consumer that will allow them to make improvement in the respective product (Enke and
Borchers, 2019).
Formal and informal group: It is also important for business to develop various formal
and informal group that allow them to make different decisions. It is also important for them to
make reflection as well as rationale for planning and thoughts of company.
Online purchase platform: social media also provide platform to company where they
can saes their products and service. It is an online purchase where customer can see products and
can directly ordo to company. It will increase chances of success for company.
CONCLUSION
From above mentioned project report, it can be concluded that future business will be based on
requirement of consumers and also include use of technology. There are different changes occur
in business that allow them for purpose of adopting new technology and other things in business.
There are different approaches of leadership which can be adopted in business in order to
manage work in virtual environment. It is essential for them in order to manage work of business
even in virtual environment. These leadership approaches are used by business in different
specialise areas like decision making, communication, culture management and other things.
There are also different concept inkling corporate responsible and responsible leadership Both of
these are different from each other and also business and leaders need to fulfil their
responsibility. Business, civil society and government are interlinked with each other that allows
them to work in effective manner. It is also important for them to in order to fulfil different
responsibility of business like corporate, social and ethical responsibility.
10

References
Books and Journals
Galli, B.J., 2019. A shared leadership approach to transformational leadership theory: Analysis
of research methods and philosophies. In Scholarly Ethics and Publishing: Breakthroughs in
Research and Practice (pp. 751-790). IGI Global.
Kozachuk, L.A. and Conley, A.H., 2021. Development-oriented situational supervision: a
leadership approach to supervision in counselor education. Journal of Counselor Leadership and
Advocacy, 8(1), pp.44-55.
Turel, O., Xu, Z. and Guo, K., 2020. Organizational citizenship behavior regarding security:
Leadership approach perspective. Journal of Computer Information Systems, 60(1), pp.61-75.
Ruppert-Winkel, C., 2018. Leaders, networks and the social context: A relational leadership
approach to regional renewable energy self-sufficiency. Journal of Cleaner Production, 193,
pp.811-832.
Xu, S., Stienmetz, J. and Ashton, M., 2020. How will service robots redefine leadership in hotel
management? A Delphi approach. International Journal of Contemporary Hospitality
Management.
Tsui, A.S., 2021. Responsible research and responsible leadership studies. Academy of
Management Discoveries, 7(2), pp.166-170.
Cheng, K., Wei, F. and Lin, Y., 2019. The trickle-down effect of responsible leadership on
unethical pro-organizational behavior: The moderating role of leader-follower value
congruence. Journal of Business Research, 102, pp.34-43.
Liao, Z. and Zhang, M., 2020. The influence of responsible leadership on environmental
innovation and environmental performance: The moderating role of managerial
discretion. Corporate Social Responsibility and Environmental Management, 27(5), pp.2016-
2027.
Miska, C. and Mendenhall, M.E., 2018. Responsible leadership: A mapping of extant research
and future directions. Journal of Business Ethics, 148(1), pp.117-134.
Haque, A., Fernando, M. and Caputi, P., 2019. The relationship between responsible leadership
and organisational commitment and the mediating effect of employee turnover intentions: An
empirical study with Australian employees. Journal of Business Ethics, 156(3), pp.759-774.
11

Ochman, M., 2019. Financing development projects: an approach by civil society
organizations. Latin American Policy, 10(1), pp.144-161.
Islam, M.S. and Sarker, M.F.H., 2021. The State, NGOs and Civil Society in Bangladesh:
Exploring Diverse Trajectories of Interaction. Civil Society and Citizenship in India and
Bangladesh, p.126.
Ruzza, C., 2021. Multilevel governance and the role of civil society organizations in the
European Union system. In Research Handbook on Nonprofit Governance. Edward Elgar
Publishing.
Sahoo, S., 2021. Cooperation or Conflict? Understanding State–Civil Society Relationship in
Postcolonial India. Civil Society and Citizenship in India and Bangladesh, p.105.
Barchiesi, F., 2018. Beyond the state and civil society: Labor movements and economic
adjustment in African transitions—South Africa and Nigeria compared. In Contested terrains
and constructed categories (pp. 145-171). Routledge.
Ampountolas, A., Shaw, G. and James, S., 2019. The role of social media as a distribution
channel for promoting pricing strategies. Journal of Hospitality and Tourism Insights.
Rialp-Criado, A. and Rialp-Criado, J., 2018. Examining the impact of managerial involvement
with social media on exporting firm performance. International Business Review, 27(2), pp.355-
366.
Gavilanes, J.M., Flatten, T.C. and Brettel, M., 2018. Content strategies for digital consumer
engagement in social networks: Why advertising is an antecedent of engagement. Journal of
Advertising, 47(1), pp.4-23.
Enke, N. and Borchers, N.S., 2019. Social media influencers in strategic communication: A
conceptual framework for strategic social media influencer communication. International
Journal of Strategic Communication, 13(4), pp.261-277.
12