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SIM337 - Contemporary Developments in Business

   

Added on  2020-04-21

23 Pages5730 Words87 Views
Contemporary Developments in Business and Management Financial and Insurance Activities

REPORT2Executive SummaryEthics is deemed as the set of values and morals based on which a person or an organization acts.It is important that the ethics are upheld by the businesses, particularly when it comes to theirday to day operations. Apart from ethics, another key issue which has to be taken care by thebusinesses is the corporate social responsibility, where the companies are required to worktowards earning profits in such a manner that the needs of the different stakeholders are fulfilled.Included in the pool of the stakeholders are the government, the customers, the suppliers, theemployees, the not for profit organizations, the environment and the like. The focus of corporatesocial responsibility is over environment and the people, as it is believed that by focusing overthese two factors, the company automatically is able to earn profits owing to enhanced trust inthe company, by the different stakeholder group. This is also done when a company is deemed asan ethically compliant company.In the following parts, a discussion has been carried on these different ethical and corporatesocial responsibility activities undertaken by Aviva, which is an insurance company located outof UK and having its presence across different nations. In this regard, firstly the externalbusiness environmental factors have been highlighted in context of how they shape the workingof the company. Once this is done, the ethics and corporate social responsibility activities of thecompany and the manner in which the company works towards these two concepts has beenelucidated. Lastly, before drawing the conclusion of this report, certain recommendations havebeen drawn for Aviva, which are largely focused on continuing its commendable work towardsbeing ethical and towards the step taken in direction of being a governance example for the othercompanies in this industry.

REPORT3Table of ContentsIntroduction......................................................................................................................................5Primary External Influences............................................................................................................6PESTLE.......................................................................................................................................6Political....................................................................................................................................6Economical..............................................................................................................................6Social.......................................................................................................................................7Technological..........................................................................................................................7Legal........................................................................................................................................8Environmental..........................................................................................................................8Other External Influences............................................................................................................8Ethics and Corporate Social Responsibility....................................................................................9Ethics...........................................................................................................................................9Analysis.................................................................................................................................11CSR............................................................................................................................................12Analysis.................................................................................................................................15Recommendations..........................................................................................................................16Recommendation 1....................................................................................................................16Recommendation 2....................................................................................................................17

REPORT4Recommendation 3....................................................................................................................17Recommendation 4....................................................................................................................18Conclusion.....................................................................................................................................18References......................................................................................................................................20

REPORT5Introduction Aviva Plc is a leading multinational insurance company of Britain and has it’s headquarter atLondon, United Kingdom. The company has approximately 33 million customers, which arespread in sixteen nations (Aviva, 2017a). In the United Kingdom, the company is the largestgeneral insurer, and is also the leading pensions and life provider. Apart from this, the companyhas their focus over five markets in Asia and Europe and the focus of the company is growing inthe South Eastern Asia and China. In Canada, the company is the second largest general insurer(Caproasia, 2017). It is also a constituent of FTSE 100 Index and has primary listing on LondonStock Exchange (Kwiboo, 2015). Having its business widespread over different nations, a lot of factors affect the business of thecompany. This makes it necessary for the need of assessing the impact of the external businessenvironmental factors over the company. There is also a need of evaluating the position of thecompany and its responses to these environmental factors. Through this report, an attempt hasbeen made to firstly highlight the primary external influences which the organization is subjectedto, followed by explaining their significance in context of Aviva. Once this is done, the focus ofthe discussion would be on the ethics and corporate social responsibility of the company, interms of the policies of the company, the effectiveness of the repose of the company, andidentification of the areas of improvement for the company. All this is done in order to presentthe factors influencing the company and the manner in which these factors mould the operationsof the company in the nation.

REPORT6Primary External InfluencesIn order to present an overview over the primary external influences which Aviva is subjected to,firstly a PESTLE Analysis of UK has been conducted. This is followed by the analysis of theother factors affecting the company. PESTLEPolitical Aviva has its global presence and having is core in UK, it is affected by the political environmentof the nation, in addition to that across the globe. The world presently is in a state of turmoilowing to the erratic behaviours of the governments, the rules and the key factors controllinggovernments (Crisis Group, 2017). The present day political conditions of UK are not better andthis is primarily owing to Brexit. The adoption of Brexit, the early elections and the shockingresults of recent elections presented a new picture altogether. It was highlighted that the plans ofTheresa May, the present PM of UK, fell backwards, as instead of getting more support, she lostsupport, even though retaining her position, depicting that the proponents of Brexit are againstHard Brexit (Davies and Addley, 2017). This political turmoil and the upcoming worries aboutfinal Brexit plan continue to be a factor of worry for the company.Economical When it comes to the economic factors, the businesses are directly affected by it. At the presentday, the key economic factor which impacts the revenues of the company is the cost of labour,followed by deploying heavy sums for cost of employment. The costs have been raised for thecompany owing to reforms like the national minimum wages being increased (Munbodh, 2017).

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