Importance of Transparency and Accountability in Sainsbury's
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This study explores the importance of transparency and accountability in Sainsbury's, the second largest chain of supermarkets in the UK. It includes a literature review, discussion of primary and secondary data, critical review of research results, and recommendations with an action plan.
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SUMMATIVE Assignment The importance of transparency and accountability in a organisation. A case of Sainsbury`s
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TABLE OF CONTENTS INTRODUCTION..........................................................................................................................3 MAIN BODY...................................................................................................................................4 Literature Review.........................................................................................................................4 Discussion of primary and secondary data..................................................................................9 Critical review of the results of the research.............................................................................16 Recommendations and Action plan...........................................................................................20 REFERENCES..............................................................................................................................24 APPENDIX....................................................................................................................................26 QUESTIONNAIRE...................................................................................................................26 FORMATIVE ASSESSMENT......................................................................................................27 INTRODUCTION.........................................................................................................................28 Problem statement......................................................................................................................28 Research aim:.............................................................................................................................28 Research Objectives:..................................................................................................................28 Research Questions:...................................................................................................................28 LITERATURE REVIEW..............................................................................................................29 Concept and importance of corporate governance within an organisation................................29 Impact of issue of transparency and accountability on the performance of Sainsbury’s...........29 Strategy that would be used by Sainsbury’s for dealing with the issue of transparency and accountability at workplace.......................................................................................................29 Research Methodology..................................................................................................................30 Gantt Chart.....................................................................................................................................31 REFERENCES..............................................................................................................................33
INTRODUCTION Corporate governance is that system in an organization that the companies which are directed and controlled for the boards of directors are responsible for the governance of their companies. This is very important for the shareholder's role for appointing the directors and the auditors for the satisfaction of the appropriate governance for being able to develop a structure in the organization. The corporate governance is the factor which influences the organizational shareholder, suppliers, customers and other stakeholders. In this formative assessment the selected organization is Sainsbury's which is UK based and is the second largest chain of supermarket in UK. This organization was founded by John James Sainsbury in 1869. This company at present is also known as the largest UK retailer of groceries. In this organization everything including groceries and clothing to homewares, electricals and other. It allows the business to offer a great range of financial services. This supermarket has 16% of the market share of the total supermarket industry. J Sainsbury's Plc is public limited company which is listedonFTSE.ThisorganizationisalsoabletoprovidesSainsbury'sbusinessdirect transactional websites that is helpful for selling the products online. It has been the key towards the organization's success especially during the pandemic period. Due to the increase in the organizational operations after the pandemic this company has focused on entering new markets. For Sainsbury's the focus of the company's board of directors is the primary force that is able to influence the corporate governance. For a company a bad corporate governance can cast the doubt on company operations and its ultimate profitability. Corporate governance is known as the factor which is helpful for the areas of environmental awareness, ethical behaviour, corporate strategy, compensation and also theriskmanagement.Themajorbasisoftheprinciplesofcorporategovernanceare accountability, transparency, fairness and responsibilities. Governance refers to the specifically
establishment of the set of rules, controls, policies and resolutions that is able to put in place the dictatorship of the corporate behaviour. The focus of the company's corporate governance is considered to be very important for the investors to show whether the company is moving the in the direction of the business integrity. In an organization the corporate governance is very helpful for the company to develop their trust with the investors and community. The investors of the organization look towards the corporate governance practices for investing in their shares. The issues that the corporate governance of Sainsbury's faces are related to lack of transparency and accountability. This is related to the insufficient cooperation with the auditors which is helpful for the business to ensure the compliance of the financial documents. Poor structure of the boards helps the business to make it ineffective for the incumbents. In this project the discussion of the key areas of the theory which are applicable for the given case will be explained through literature. This assessment will provide a critical analysation of the result of both secondary and primary research. It will also consist of the recommendation with an action plan for developing the possible solutions for the problem of issue. The objectives of the project include: To analyse the analysis of the corporate governance concept at Sainsbury’s. Toevaluatetheevaluationoftheconsequenceofcorporategovernanceonthe performance, if transparency issues occur, as well as the analysis of a strategy to be used by Sainsbury’s, in order to effectively deal with the issue. Below, the project incorporates a discussion of the key areas of the theory, explained through literature, followed by the provision of a critical analysation of the result of both secondary and primary research. MAIN BODY Literature Review Theme 1 As per the view of Zaman and et.al., (2022) corporate governance is able to cover both the social and institutional aspects of the business. This is the system of the organization in which it is director or managed. Corporate governance has been known to be influencing the objective of the business for setting and mitigating the risks. Monitoring and assessing of risk is the part of cooperate governance which helps in optimization of the internal performance. Bhagat and Bolton, (2019) also added that the corporate governance is the system of principles, policies
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and procedure which are defined as the responsibilities and accountabilities that is used by the stakeholders for the work that is helpful for the inheriting the conflicts of interest. It has also been known as the interaction between the different participants for shaping the corporation's performance and direction in which it wants to proceed. According to Adnan, Hay and van Staden, (2018) the strong and effective corporate governance is helpful for the cultivation of the company culture of integrity that leads to the positive performance and sustainable business overall. It can be said that the existence of the increasing the accountability of the individuals in the team is helpful for the company. This is the factor that is able to bring accountability in the organization. A company which has a strong or good corporate governance is able to signify the market which is helpful for the business to increase its interests towards the management. Aguilera, Marano and Haxhi, (2019) is able to add that the stakeholders of the organization can provide the company strong competitive advantage. Hence, corporate governance is very important to be measured in the organization. Corporate governance is known for all its references to the laws, regulations, codes and practices which are able to define the company towards the administration of the rights and responsibilities for the active agents in an organization. Gerged, (2021) explains that the importance of the corporate governance is helpful for making an apparent that is helpful for the creation of a positive impact that occurs with the risk of controlling the organizational procedures and streamline with the consistent. Corporate governance is able to make the business develop an efficient process that is effective due o the repeatability and consistency of the tasks that are performed. Visibility of Errors are also known for the repeatability and consistently helping the business bring new and quick identification of the nonconformities that are in the process of the growth. Scherer and Voegtlin, (2020) also explains that the reduction of the costs is able to streamline the companies that can allow the business to eliminate the waste from the scrap, rework and any other cost of inefficiencies. Smoother running of operations are known for the regular disruptions that are known to be inconsistent process of eliminating operations specifics such as either conform or non-conform. The compliance of the organization is also the culture that is helpful for supporting the corporate governance for allowing the product to reach the market. Theme 2
Sofyani,RiyadhandFahlevi,(2020)explainedthattheroleoftransparencyand accountability for an organization has been considered to be the study which is extensively administered for providing the quantitative evidence regarding the impact of accountability on the organizational performance. It is the examination of the association between the levels of organizational performance and accountability which have the three major functions of human resources. It was also noticed that the level of autonomy perceived by the employees was the reason for influencing the association between accountability and performance. Agustin and Arza,(2020)suggestedthattheaccountabilityisthereasonformanifestinginstaffing, performanceevaluationandcompensationofallpositivelysignificantorganizational performance. Shin and Park, (2019) has focused on the specific roles of the accountability which is the mechanism that defines. Accountability is factor for an organization which tells its employees and managers for being accountable for their actions and duties. This is effective for the keeping the employees attached to the best standard of output and make them responsible for their work. In this organization the different terms of structure and hierarchy is what allows organization to position their employees for the achievement of organizational goals and principles. Wadesango and Nhubu, (2021) explains that for better work-life balance there needs to be a trade-off betweenworkandlife.Thisistheextraworkthatisexpectedfromtheemployees. Accountability in employees is important for engaging into organizational culture. Study of Heimstädt and Dobusch, (2020) explains that transparency has been the key factor which is the top priority for the company. The management of creating openness and accountability is the right thing for seeking the things which are more clear for boosting the employee engagement. The issues that has been noticed in an organization with lack of transparency is development of the blaming culture. In this culture the employees in the organization find ways of blaming each other. Lyrio, Lunkes and Taliani, (2018) added that lack of transparency is also the reason for decreasing the trust in the organization. This is also the factor which can result in cheating and also creates increase in the resistance of the organization. Accountability in an organization as per Bhimavarapu and Rastogi, (2020) is very essential and should not have any issues otherwise it can create negative impacts. Lack of accountability can create the stress and frustration for managers at all the levels within an organization. This is the current trend for the organization which pushes the decision-making of
the organization that has been able to empower people for being more efficient towards this department. Ejiogu, Ejiogu and Ambituuni, (2019) explains that the managers are able to find the mostof theireffortsforyieldingtheresultsthatthebusinessisabletoachieve.Poor accountability in an organization can be the reason due to which the organization can have unclear roles and responsibilities. On the other side,Nikbakht, Weysihesar and Fateri (2020) said that lack of the transparency can lead the employees to get distracted for the organizational goals. This can result in effective results which can create the unbothered working performance in the environment. This type of the non directional and doubtful scenario does not motivate the employees to get reason for working in the organization which enhances the employee turnover. It can increase the cost and decline the goodwill of enterprise in market which might affect the capacity of coordinating with corporate governance. In the views ofSodhi and Tang (2019)there are various factors that affect the performance of enterprise so having en effective evaluation is important in turn gaining success by obtaining competitiveness. The one of the significant reason for the success that is identified is to develop the proper accountability of organization so that higher level of responsible working situation can be created. This enables the employees to eliminate the conflict arising situation by ensuring that they are properly taking the responsibility for the conducted actions. It can provide the assistance in achieving the positive working environment so that ensuring that staff is effectively coordinating with the prevailing corporate working culture. On the other side, KorolevaandTikhomirova(2021)depictedthatinordertoeliminatetheissuearising circumstances firm require focusing on building such working culture which is motivating as blaming and disrespectful circumstances which can decrease the morale of employees. Thus, employees can get negatively impacted and provide lower productive results so that ineffective performance of enterprise can be derived so having transparency become essential to offer clarity of organizational expectation. Theme 3: In the views ofGhasmi and et.al., 2019there are different types of the strategies which can be taken into consideration for overcoming the issues prevailing in the organization. The one of the crucial strategy that can be adopted by the enterprise for overcoming the issue regarding the transparency & accountability which involves creating provision for disclosure of data and designing an open data policy. This type of the legal provision can provide assistance in gaining
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the threat of indulging into complications so that proper functioning by ensuring accountability can be obtained. On the contrast to this,Santri and et.al.,(2022)stated that there are various requirements of the business which are needed to be adhered by the enterprise in respect to achieve successful results. The one of the major tactic that can be implemented by the organization includes. Offering the training & development so that significance of accountability can b explained. This can permit the firm to get the appropriate responsible working pattern in turn optimum utilization of the resources can be become possible. The mentioned kind of the strategy is helpful in giving the competitiveness among the employees so that achieving the significant outputs of managing and adhering with implemented rules and regulations can become possible. According toSchilling-Vacaflor (2021)in order handle the issue of conflict that is arising due to the lack of transparency which can be resolved by having the employee engagement in turn better performance can be achieved. Employee management allow the staff to get opportunity to share their views and opinions with the management in turn goal of firm regarding building transparency can be developed. This can be helpful for the organization to get the major competitiveness by ensuring that higher belonging feeling among staff can be created. In against to this,Sumantri and et.al., (2022)to avoid the situation related with blaming and disrespectfulscenariobetteremphasisonhavingemployeerelationshipviaensuringthat significance of their role and outputs for organizational success can be make understood. This can permit getting positive & successful outputs by enabling employees to achieve job security so that higher productive & favorable relationship can affect firm in positive manner. As per the views ofRajala and Kokko (2021)in order to have the effective accountability in firm the one of the crucial technique that can be used is feedback mechanism. This can permit the firm to get information regarding the lacking areas such ineffective job security, cutting off payments, etc so that crucial improvement action can be taken. Having detailed information regarding the prevailing problems in the firm which is not allowing employees to have accountability can be improved by offering relevant & reliable solutions to motivatethem.Onthecontrasttothis,Gu,HasanandLu(2022)forhavingeffective transparency and accountability regarding the exiting circumstances of the organization is building fair performance appraisal technique. This can allow the staff to get the corrective form of the outcomes for taking the accountability related with the executed course of action and
maintaining transparency. This aids in promoting motivate & reliable situation so that achieving the desirable results can be derived. According toShkromyda,Gnatiuk and Shkromyda (2021)in respect to gain the good and effective the organizational performance major strategy that can aid in receiving the desirable results. This can be done by applying the digital security system through encrypting the data so that employees would not become able to take any fraudulent action. The particular action can provide assistance in getting grater level of efficiency and effectiveness in meeting the goal of having higher level of security. It can provide assistance to the organization to obtain free from the burden and concentrate on having greater productive results. In contrast to this,Shapira (2021)articulated that in the current era, there are various factors which can negatively affect the performance of organization but possessing the effective accountability & transparency helps in gaining benefits. The approach of creating the respectful working culture by socialize with co- workers can formulate the concern possessing environment. This can aid in achieving the outcomes by maintaining accountability by thinking to not to harm other people in company. It can benefit in gaining greater extent of coordination& cohesiveness so that good impact on organization can be derived. On the basis of this, it can be specified that transparency & accountability are crucial which can affect in both postie & negative manner and can be improved by feedback mechanism, performance appraisal, etc strategies. RESEARCH METHODOLOGY Research methods- in general there are two different types of the methods which researcher can use in order to attain the objective of study. deciding for the appropriate method of research is very important for the reason that in case the research type will not be correct then the working and completion of the project will be affected to a great extent (Snyder, 2019). This involves qualitative and quantitative type of research. In the present case of analysing the corporate governance the use of quantitative research is being used in order to analyse and develop the theoretical knowledge in better manner. Research approach- the approach of research is being defined as the methods and propceduere which is being used in order to select the research methods in appropriate manner. There are generally two types of the approach that is inductive and deductive approach. in the present case of the analysing the corporate governance the researcher has
used the deductive approach in order to gather the data which is quantitative research. this is being used in order to make the research more evident and authentic. Research philosophy- the philosophy refers to as the beliefs which underlies the selection of the of methods of research in better manner. There are two different types of the philosophy that is interpretivism and positivism. in the current research relating to the corporate governance the use of positivism philosophy will be used as it is more suitable for quantitative research. Sampling- the sample is being defined as the selection of the some of the people from the whole population on which the test is being done. In case the population is very large then study cannot be done on whole population hence some sample are being selected. in the present study the sample of 20 employees of Sainsbury is being selected with help of random sampling method in order to fulfil the research objectives. Data collection- this is the most crucial element for the successful completion of the research. this is pertaining to the fact that in case the data will not be gathered from authentic sources then this will be affecting the working efficiency of the research. Thus, in the present case the combination of data collection sources that is primary and secondary is being used in order to gather the research data (Pandey and Pandey, 2021). with respect to the primary research the data will be gathered with help of questionnaire. further for the secondary data, the use of different books, journals, articles and others relating to the research topic is being used. Data analysis- it is being defined as the analysis of the collected data in order to attain the research objectives. in general, there are two different ways through which the gathered data can be analysed that is with help of thematic and through frequency distribution as well. hence, in the present study relating to the corporate governance the use of frequency distribution analysis is being undertaken. within this method the researcher analyses the gathered data using the frequency distribution. Discussion of primary and secondary data DATA ANALYSIS Theme 1: The recent propagation of codes of corporate governance is helpful.
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From this survey question we were able to find out that the code of corporate governance at Sainsbury is very effective and has been considered to be very helpful by most of the respondents. The governance codes are established for addressing the deficiencies in the corporate governance of the system. Hence, it has been recommended Bhagat and Bolton, (2019) that system of principles, policies and procedure which are defined as the responsibilities and accountabilities in the code of corporate governance. This is the factor which is responsible for the growth of the organization. With the help of corporate code the business has been able to develop new strategies that can allow the relationships with the shareholders to be improved in the organization. It is very important for the auditing and information disclosure and selection, remuneration of the organization. Theme 2: Corporate Governance is an ethical issue.
According to this survey question 14 respondents have selected corporate governance as more of an ethical issue in comparison to a financial issue. Agustin and Arza, (2020) explains the importanceofcorporategovernanceformaintainingaccountabilityandreliabilityinthe organization. With the help of this the business is able to manage the ethical and cultural responsibilitiesin the organization.Corporate Governance is also very importantfor the management of the financial operations of Sainsbury's however, this is not the practice which helps the business make profit. Therefore, from this result it can be understood that the corporate governance is more of an ethical issues rather than a financial one. Theme 3: Rate of transparency of Sainsbury's employee performance expectations is high.
As per the survey the Sainsbury employee performance expectations transparency is very good. As majority of the people either rated it 4 or 5. It is the transparency which aims to provide the customers with clear objective vieimportance of leader transparencyw of the expectations of the company. It has been considered to be the factor which is responsible for creating certainty which the employee feel out of the loop that is helpful for trusting the managers and colleagues less.Heimstädt and Dobusch, (2020) in the study explained how transparency is important for the organization to meet the objectives. Having high rate of expectation from the employee regarding their transparency has allowed the organization to increase and develop consistency in their performance. Theme 4: Leadership at Sainsbury is somewhat transparent.
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The study ofNikbakht, Weysihesar and Fateri (2020) explains the importance for an organization and its leader to be transparent. It has been considered that the is very beneficial for the leader to be transparent in the organization as it helps in the development of the culture of transparency. This is the factor which leads to business to a higher level of trust. This is the factor that influences the individuals to gain more trust and like for the business to gain success. Survey shows that the employees in this company do believe that their leadership and executive team is transparent in nature which has helped them to gain success. It is helpful for the company to understand the expectationof the business. Being transparency asa leader helpsthe organization to improve performance and accountability. Theme 5: Accountability in Sainsbury is extremely important
Shin and Park, (2019) has explained that accountability is the factor which eliminates the timeandeffortisspendbytheemployeetowardsgettingdistractionandunproductive behaviours. This is considered to be the factor which helps the business in being able to achieve actions that have effective teaching that value their work which has been done right. This is the factor which increases the team members and their skills. In this survey it was found that the employee at Sainsbury believe that the accountability in this organization is important because it being responsible makes the organization effective towards the success of the management. Hence, it can be determined that the accountability in an organization can help it to gain the growth that it requires and also be able to manage the ethical responsibilities. Theme 6 : Yes, employees get recognition in Sainsbury.
FromthestudyofShapira(2021)itwasfoundthatrespectingindividualswith recognition and importance help them to feel more engaged. The concept of the relation of the employee engagement and accountability is absolutely true. Accounting to which engaged employees are the ones which have been known to be more accountable towards their actions andtheyarealsoconsideredtobetheoneswhichthrivesontakingresponsibilities. Accountability is can be increased with a person gets recognition as this influences the sense of responsibilities and for maintaining the image the employees are more accountable. Having recognition is also good for better communication in an organization which is directly linked with the transparency in an organization. Hence, sharing the key information is very effective for the growth of the business. Theme 7: Employee satisfaction has absolutely helped in increasing accountability and transparency.
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It has been explained that the employee satisfaction has its relations with the employee performance and motivation. Although it is also true that the employee satisfaction is the factor that is responsible for the influencing the increase sense of responsibility. So is the case in this survey in which the respondent has explains how by being more satisfied the employees are able to increase their accountability and transparency. Santri and et.al., (2022) explained that in order to factors like rewards, recognition, training & development and basic needs are helpful for improving the sense of accountability, transparency and employee satisfaction. Application of these practices allow the business to gain the success which is essential for the management of their operations. Critical review of the results of the research The results that have been derived from this research highlights the ways in which the Sainsbury's corporate governance for gaining growth in the operations. These results have been able derived from both the primary and secondary research. Corporate governance has been explained in the research was related to the company stakeholders including shareholders which was considered to be the factors which helps the corporation of the government rules and regulations. The board of directs are considered to be the ones which are responsible for creating
the frameworks for the corporate governance. This is helpful for aligning the business with conduction with objectives. In the first theme of primary research the importance of the propagation of the code of corporate governance has been explained to be very helpful. This is considered to be the factor which is responsible for the growth of the business. For Sainsbury the defining of the code of conduct for the board members and its executives have needs to be considered to be the factor that will help in meeting the ethical, financial and cultural standards of this organization. The study of Kovermann and Velte,(2019) has explained that the for that the governance policies and procedures needs to be transparent or disclosed for being relevant to the stakeholders. Within this code the importance of treating the individuals equally and fairly and their rights have also been explained. Inthisstudytheimportanceofthecorporategovernancewasexplainedbythe organization. It can be said that the strong and effective corporate governance can be considered to be the factor which helps in the cultivation of the company culture for integrity for leading to positive performance and sustainable for business overall. Essential, it exists for increasing the accountability of the individuals. This is considered to be the estimation of the exists in increasing the accountability of the individuals and teams in the company. This is helpful for avoiding the mistakes that has been made by the organization. Bhagat and Bolton, (2019) explained how the company which has a strong corporate governance has been able to signal the market of the organization the interests of the management that is helpful for aligning with the external stakeholders. This is helps the company to develop results which are helpful of the company to gain the competitive advantage. The primary research question explains how the corporate governance is effective for an organization to manage its ethical issues. As per the respondents not having proper corporate governance can lead to the organization towards an ethical issues. This can be supported by the secondary research as better corporate governance helps the organization in compliance with the culture specific practices for allowing the organization to grow while meeting its needs that are specific towards working correctly. Transparency means openness and willingness by the company can provide a clear information to shareholders and other stakeholders that has been able to develop openness and willingnesswhich is able to disclose the financialperformance. It can be said that the transparency plays a very important role towards the shaping the corporate governance of the organization. The information which was collected by the primary research explains that the rate
of transparency in the employee performance management for Sainsbury is very high this is able to indicate the performance management of the organization which is able to develop the strategies that bring growth to the organization operations. This helps the management of the organization to help and support the employees which can develop the organization and its practices that are related to the operations. This can be supported with the help of Adnan, Hay and van Staden, (2018) study that explains that transparency at the work place can help the company to encourage communication and sharing information. It is also the factor which is considered to be responsible for better employee engagement and happiness and its also allows the business in developing the stronger workplace culture and values that can bring growth to the organization. Transparency for an organization that needs to provide the information about the activities about the governance to the stakeholders that are considered to be accurate, completed and made available in a way that it can be more accountable. This is the factor that helps the business in the gaining information about the publicly available operations. Being accountable in the organization can be said to be the factor which has been able to develop the strategies that are considered to be relevant towards the policies and procedures. These policies and process has been known to develop the program on the basis of the visible practices that are public and can also support the growth of the organization. In the primary research the leaders it was found that the responsibilities of the leaders to wards the management of the values is the factor which is known to be the reason that allows the business to gain the results that are required for their corporate governance. Han and Perry, (2020) supported that transparency in leadership results in increased trust of the employees and the management hence the employees are more honest, responsible and accountable towards the decisions and can also help the business in gaining strategies that allows the business to develop their operations. For Sainsbury the accountability has been considered to be very important as it has been known to provide the business with the creation of proactive atmosphere of responsibility that is negative approach to the reactive culture of the management through rules. Ways in which the business is able to set the goals are considered to be the factor which is helpful for defining the pillars of corporate governance that is helpful for the business in the management of the strategies that can be helpful for the business in conceptualizing the transparency in the company. In the primary research has been able to understand the importance of the organization
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for the developmentof theoperations.Thiscan besaid asthe factorthatimpactsthe transparency of the business and also allow the business to create new development. Han and Robertson, (2021) has been able to support the importance of accountability as the way in which the business is able to shift the process for businesses that can manage the risks, to protect existing value and enabling the further value creation. This is the factor which is able to develop the accountability for the success and challenges. Being able to manage the risks, protect existing value and enabling the further value creation can help the company and its board to be effective publicly accountable for its success and challenges. Employee recognition in the work place has been considered to be the factor that has been helpful for the acknowledgement of company and staff that helps in the business in reinforcing the particular behaviours practices and activities that have been able to provide better results in the organization. This primary research has explained how the Sainsbury has given its employee recognition that is the strategy which helps them to gain the growth that is required. The recognition of the company staff for the exemplary performance has been considered to be the factor that has allowed the business. Monteiro and et.al., (2021) added that it is helpful for the employees to enhance the employee loyalty and also promote the collaboration for the environment to be able to enforcing positive promotion and constructive feedback for embracing the promotion to the organization. This is the factor which allows the business to develop new strategies and also retain the employees. It is also considered to be the factor that is able to increase the accountability and transparency for the business. Improving the employee satisfaction in an organization has helped the company to influence the increase in the accountabilities of the employees which are helpful for the creating new strategies that bring the employee's growth. The organization has been able to gain new ways in which it has been able to gain increase in the performance that allows the organization gain growth and also be able to retain its employees. Kurland, (2018). has explained that the rewards and recognition provided by the company is able to influence the company to develop the accountability and also expand the operations of the company in the terms of rewards the recognition that can help in influencing the financial incentives that can raise bonuses and stock options. Primary research of this organization has been able to explain the Sainsbury has been able to satisfy their employee for gaining their trust and accountability. Accountability is the practices which for an organization is very important as an employee. Hence, it can be said that
the growth of the environment that can help in improving the experience of the business. Survey results show that in Sainsbury the business has been able to gain and establish the growth with the help of practices that can discover the results of the managers that can help in shouldering the responsibilities and stress. Han and Robertson, (2021) has been able to explain how the business can achieve the growth that is required via employee satisfaction to generate accountability and transparency. Recommendations and Action plan In order to mitigate the issues related to the corporate governance and improving its practices for Sainsbury the following strategies can be recommended, ItisimportantforSainsburytounderstandthatthecorporategovernanceinan organizationcannotbejustimprovedwiththehelpofcomplianceoflegislation, regulation and codes of practices. Corporate governance needs to be improving the performance of the organization through the strategy formulation and policy making. It is going to be important for Sainsbury to focus on the practical aspects of the corporate governance which is related to the sense of accountability and transparency culture in an organization. Monitoring of the organization performance has been considered to be the factor which is helpful for the business for meeting the function and ensuring the legal compliance for the major aspect of the board monitoring role. This is considered to be the factor which will help Sainsbury to identify the gaps in the management and the employee which are responsible for affecting corporate governance exceptions to the company. It is also helpful for identifying the key performance drivers in the organization. For this organization the establishing of a sound system of risk is considered to factor that is responsible for meeting the effective risks of the business. Being able to understand the key insights of the business can help the organization to gain new rewards and trade off that the organization can face. Recognition of the risks is the factor which would help Sainsbury to make changes in the operations. The accountabilities of the employees can be improved by the business with the help of providing the employees the balance that is understandable for the presentation of the company's position and prospects. Hence, this organization can increase accountability
gain new strategies that is helpful for the determination of the nature and extent of the significance. Employee satisfaction has been considered to be the factor which supports the employees to be more engaged in operations. It is said that for this organization being effective can be related to the growth of the organization. In this organization development of the employee practices can be considered to be the factor which would bring the sense of responsibility. In order to develop new strategies it is important for this organization motivate the employees. Motivated employees are the ones which are able to get engaged in the operations. For Sainsbury one of the most significant ways in which it can influence the interaction of the organization through the company and its investors are considered to be the factor thatimpactsthestakeholders.Forthecompanyinvestors,employeesandother stakeholders have joint interest which is able to stimulate the company's growth and also be able to ensure the company's position for the adaptation of the changing demands. It is considered to be very important for the company to have positive interactions and be effective between the management and investors for the being able to related to the other stakeholders. Better corporate governance can be established with the use of appropriate frameworks that will enable the investors for entering into a new dialogue that the company and its management is able to establish. For this organization the transparency and investors for the stakeholders. Openness and transparency are required for the company to invest and also develop investors and other stakeholders to have regular access towards the evaluation which are related to the company. This is considered to be the factors that involves the engagement of the constructive dialogue and company on their basis. It has been considered to be the factor which is helpful for the ensuring an appropriate and balanced development of the company in both short and long term. This organization has been practising corporate social responsibility practices in its operations for the last couple of years. However, there are always room for development in magnitude of CSR objectives for this organization to achieve. Hence, it can be said that the board of directors in company's possible adoption is the recognized national and
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international voluntary initiatives which can help the business develop its image and also be ethical and responsible. In this organization the remuneration management is also a very important practice that has the power of resolving the issues that the organization has towards the development of the company policy. This is helpful for offering the members of the management the essential company policy that supports the long term value creations. The growth of the businesshas been consideredto be the factorthat has been ableto provide the remuneration according to the components of the organization that helps the business to be reasonable with reflection to the management's performance, responsibilities and value creation for the company. ACTION PLAN Action Description Responsible Departments Required Resources Potential Blockers Outcome Revising code of corporate governancewill beaneffective actiontakenby Sainsburytobe abletomaintain thestandardsof expectationsfor thecorporate boards. Boardof Directorsare mostresponsible fortheupdating ofcodeof corporate governance. Formakingthis change consultationwith theinvestors, stakeholdersand managementis important. Lackofsupport canbemajor issuefacedby this action. This will help in mitigatingthe issueswhichare helpfulfor responsibilities of the companies for their role. Employee satisfactioncan helpthe organizationin developmentof strategiesfor HumanResource managementare responsiblefor the growth. Theresources requiredforthis would be talented individualsfor hiringinthe market. Unionsandlack ofproper collaboration will be the blockage. This will help the employeesto becomemore engaged resulting in accountability.
adopting Newtechnology for better growth managementof rulesand regulations. ITdepartment andoperations departmentwill be responsible for the operations. Forthisthe organization wouldhaveto investnew properties.This willhelpinthe developmentof new operations. Unethical practicesrelated to hacking can be potential blockage. Withthis organizationwill be able to achieve new strategies.
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APPENDIX QUESTIONNAIRE Q1 What do your think about the recent propagation of codes of corporate governance? Helpful Not Helpful Not Sure Q2 What do you think of Corporate Governance? Financial Issue Ethical/Cultural Issue Q3 How would you rate transparency of Sainsbury's employee performance expectations? 1 2 3 4 5 Q4 Is leadership or executive team at the company transparent? Extremely transparent Somewhat transparent Not Very transparent Not at all transparent strategies for dealing with transparency Q5 What is the importance of accountability in employee of the company? Extremely important Very Important Somewhat Important Not so Important Not at all Important Q6 Do you get recognition for the work done at organization? Yes No
Sometimes Q7 Has employee satisfaction helped you to increased your accountability and transparency? No Yes Absolutely FORMATIVE ASSESSMENT INTRODUCTION Corporate governance is defined as the combination of processes, rules and laws by which an organisation are regulated, operated and controlled as well. In addition to this, it is the external and internal factors which impact on the interest of organisation’s stakeholders that is shareholders, suppliers, customers and so on. For the present study, Sainsbury’s is taken into consideration. It is the second largest supermarket chain which was founded in year 1869 and headquartered in London, UK. The main objective of the report is to identify the impact of issue associated to corporate governance that is lack of transparency and accountability within an organisation. Problem statement Corporate governance is associated with how corporations are managed, controlled and directed and held accountable to shareholders. In addition to this, it consist odd many issue and one of the major issue is lack of transparency and accountability which directly impact on the performance of an organisation. Transparency and accountability is one of the significant principle of good governance and give clarity regarding how decisions are taken to manage activities and maintain financial performance is an important goal for a company. if the transparency and accountability is not maintained at workplace then the activities are not implemented properly and an organisation is not able to maintain its financial performance. Research aim: The aim is to identify the issue of corporate governance such as lack of transparency and accountabilityalongwithitsimpactonbusinessperformanceofanorganisationusing Sainsbury’s as a case study. Research Objectives: To analyse the concept and importance of corporate governance within an organisation.
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To evaluate the impact of issue of transparency and accountability on the performance of Sainsbury’s. To analyse the strategy that would be used by Sainsbury’s for dealing with the issue of transparency and accountability at workplace. Research Questions: What is the concept and importance of corporate governance within an organisation? What is the impact of issue of transparency and accountability on the performance of Sainsbury’s? What are the strategies that would be used by Sainsbury’s for dealing with the issue of transparency and accountability at workplace? LITERATURE REVIEW Concept and importance of corporate governance within an organisation As per the viewpoint of Shailza, (2020), corporate governance is a set of procedures, policy and internal controls that helps in making a plan to deal with the company operations that comprises of government, management, customers, employees and dealing with the stakeholders (Shailza, 2020). The main objective is to have a sound management and achievement of organisational goals and objective and welfare of the shareholders. Corporate governance plays an important role within an organisation as it assists to cultivate positive working culture that leads towards sustainable business and positive performance. Moreover, it also allow a company to manage internal and external activities which further help to attain competitive advantage at marketplace. Impact of issue of transparency and accountability on the performance of Sainsbury’s AccordingtoCarothersandBrechenmacher,(2020),theissuesandchallengesof accountability and transparency have a major influence on the organisation's performance. In context to Sainsbury's, the major issues involves unrealistic goals, unclear responsibilities and roles, poor strategy and limited resources(Carothes and Brechenmacher, 2020). On the other hand, when it comes to transparency it involves issues such as distrust, blaming culture and spark resistance which can adversely affect the performance of organisation. Strategy that would be used by Sainsbury’s for dealing with the issue of transparency and accountability at workplace As per the viewpoint of Carothers, et al. (2016), there are various strategies which are adoptedbytheorganisationinordertodealwiththevariouschallengesandissuesof
accountability and transparency at workplace (Carothes and et.al 2016).The main strategies implemented by the company involves formulation of a clear theory and linking between accountability and data, creating legal provisions for disclosure of data and designing an open data policy. In reference to organisation, to achieve transparency it is important to provide sufficient data and information related to stakeholders and activities. Research Methodology Research method: There are mainly two types of research which are qualitative and quantitative. According to the research topic, quantitative research is effective as it helps investigator in developing in-depth knowledge about topic and gather numerical information (Leedy and Ormrod, 2019). Along with this, it also assists in collecting as much as information from small sample size. Research approach- It is mainly categorised into two forms that is deductive and inductive research approach. For the present study, deductive research approach will be used as it help in gathering quantitative data in less time period. In addition to this, it also assist to develop valid and reliable conclusion in a timely and effective manner. Research philosophy- Positivism and interpretivism are mainly two forms of research philosophies but as per the research topic. Positivism research philosophy is effective and useful (Tabuena, Hilario and Buenaflor, 2021). The main reason to select is it help to conduct quantitative study and in an effective and proper manner and does include factual data. Data collection- It is referred as the process to collect data by primary and secondary method of data collection. In context to the present study, both primary and secondary method will be used. The reason to select primary data is it help to gain in-depth knowledge regarding topic because of which positive conclusion is drawn. On the other hand, secondary data consist of viewpoint of various authors on topic that leads to development of valid and reliable outcome. Data analysis- It is defined as the process of analysing and interpreting the collected information so that findings can be represented in a proper manner. There are mainly two forms of data analysis that is thematic analysis and frequency distribution analysis(Lê and et. al., 2019). In relation to present study, frequency distribution analysis is appropriate as it assist to analyse primary data in more effective and proper manner. Sampling: In order to collect primary data, the 20 employees of Sainsbury’s is selected as respondents through random sampling which is a part of probability sampling method. The main
reason to select employees is it they have knowledge about ground workings and policies of company because of which they provide appropriate information to researcher. Gantt Chart It is defined as a chart which illustrates each and every activity associated to starting and ending time. In addition to this, it assists researcher to complete the study within the given time period. The Gantt chart of present study is given below:
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REFERENCES Books & Journal Leedy, P.D. and Ormrod, J.E., 2019.Practical research: Planning and design. Pearson. One Lake Street, Upper Saddle River, New Jersey 07458. Tabuena, A.C., Hilario, Y.M.C. and Buenaflor, M.P., 2021. Overview and exemplar components of the research methodology on the research writing process for senior high school students.International Journal of Trend in Scientific Research and Development,5(3), pp.117-126. Lê and et. al., 2019. Why research methodology in strategy and management remains as important as ever. InStanding on the Shoulders of Giants. Emerald Publishing Limited. Online Shailza., 2020. Importanceof Corporate Government in an organisation[Online] Available Through<https://corpbiz.io/learning/importance-of-corporate-governance-in-an- organization/> Carothes and Brechenmacher., 2020.Accountability, Transparency, Participation, and Inclusion [Online ] Available Through <https://carnegieendowment.org/2014/10/20/accountability- transparency-participation-and-inclusion-new-development-consensus-pub-56968> Carothes and et.al 2016.Ideas for Future Work on Transparency and Accountability[Online] AvailableThrough<https://carnegieendowment.org/2016/05/02/ideas-for-future-work- on-transparency-and-accountability-pub-63318>