Analyzing Ethical Issues and Skill Requirements at Standard Bank

This report examines contemporary issues in business, focusing on ethical considerations and evolving skill requirements within the context of Standard Bank. It begins by explaining the ethical issues affecting business strategy and operations, evaluating the implications of ethical behavior on stakeholders. The report researches current ethical issues affecting Standard Bank, proposing ways to improve the ethics of their operations. Furthermore, it examines the drivers for change affecting required business skills and reports on the impact of these changes on skill requirements within Standard Bank, including a plan to improve communication skills. The analysis highlights the importance of ethical conduct, effective communication, and adaptability in today's globalized business environment.

CONTEMPORARY ISSUES IN BUSINESS

Table of Contents
INTRODUCTION................................................................................................................................2
TASK 2..............................................................................................................................................3
2.1- EXPLAIN THE ETHICAL ISSUES THAT AFFECT BUSINESS STRATEGY AND OPERATION.........3
2.2- EVALUATE THE IMPLICATIONS OF ETHICAL BEHAVIOUR ON THE STAKEHOLDERS AND
OPERATIONS OF BUSINESS..........................................................................................................3
TASK 3..............................................................................................................................................5
3.1- RESEARCH A CURRENT ETHICAL ISSUES WHICH IS AFFECTING A SELECTED BUSINESS.......5
3.2- PROPOSE WAYS IN WHICH A BUSINESS COULD IMPROVE THE ETHICS OF THEIR
OPERATIONS................................................................................................................................5
TASK 4..............................................................................................................................................7
4.1- EXAMINE THE DRIVERS FOR CHANGE AFFECTING REQUIRED BUSINESS SKILLS..................7
4.2- REPORT ON THE IMPACT OF CHANGES ON SKILL REQUIREMENT IN A SELECTED BUSINESS
.....................................................................................................................................................7
4.3- PLAN TO IMPROVE COMMUNICATION SKILLS REQUIREMENTS..........................................8
CONCLUSION.................................................................................................................................10
REFERENCES...................................................................................................................................11
1

INTRODUCTION
Contemporary issues in business planning majorly comprises of the uncertain legal framework
and the changing phase that can affect the operational services and the working strategies.
Effective decision making and proper planning for the business advancement is an essential part
that helps in the development and growth. Due to globalization, several factors are to be
considered here; which enhances the service area and quality of the work but on the other
hand, there are some of the issues too that can influences administrative services accordingly
(Davies, 2016). The ethical issues and implication of these ethical behaviors will be discussed in
this assignment. Some of the drivers for changing management will also describe with the
proper planning to improving communicational strategies within the workplace. The given
scenario for this assignment is in context of Standard bank group, which is British bank and
operates their services in overall 38 countries. The effectiveness of communicational strategy
will also cover the area and some of the tactics and plan will be explained in manner towards
improvement of key culture areas.
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TASK 2
2.1- EXPLAIN THE ETHICAL ISSUES THAT AFFECT BUSINESS STRATEGY AND
OPERATION
The ethical factors that can affect the business strategies majorly comprises of the behavior and
actions of staff workers, managers and the leaders. The business environment widely impacted
the operational strategies and business functions. There are two types of environment such as
internal or external; which influences the operational working criteria. Business ethics majorly
deals with the issues like norms, values and beliefs. It can be defined as the terms that have
several contextual attributes. Ethical concerns within the business environment include
corporate social activities that comprises of morality, responsibilities of employees, behavior
and attitude of workers, concepts, and the activities (Salvioni, et al. 2015). It is about the rules
and policies that considered the business objectives that what is wrong or right. Changing role
of corporate entities, technical advancement, authority democratization, globalization
development and many other factors are to be considered as the positive factors that can be
helpful in managing healthy working environment within workplace.
Fundamental ethical issues within the business administration includes the complexities like
accommodation diversity, trust issues, decision making compliance, integrity and the
governance of services. Each and every organization nowadays faces the challenges of ethical
issues with the core values of company. Unwavering commitment of customers, higher
expectation, trust and honesty are to be considered as the ethical issues that affects the
operational services and working criteria (Reamer, 2015). It is the problematic condition or a
situational phase in front of the business administration; in which the manager have to choose
the appropriate strategy for taking right decision accordingly.
2.2- EVALUATE THE IMPLICATIONS OF ETHICAL BEHAVIOUR ON THE
STAKEHOLDERS AND OPERATIONS OF BUSINESS
Within the business administration, the ethical people are to be considered as who can
appropriately differentiate the right and wrong aspects and applies the adequate principles for
managing sustainability. They make efforts for building strong relationship among the workers
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as well as manage healthy working environment for the people. It helps in building customer
loyalty as well as enhances the brand value accordingly. There are majorly two types of
stakeholders such as internal or external. Internal stakeholders include managers, leaders,
employees, employers and entire staff workers while external stakeholders are customers,
vendors, suppliers, government and other regulatory authorities (Putranta, 2016). Being an
ethical person is means to applying the appropriate application and principles for the
betterment.
Employees and the staff workers of the organization have the responsibility to be ethical to
everyone; by which autonomy can be achieved. They are more likely to develop positive
environment and strong relationship among each other, which helps in reducing the conflicting
situations as well as negative consequences accordingly. Lack of ethical consideration puts
negative effect and influences the working operations. It also affects the working strategy of
stakeholders and employees. It leads to the harmful practice (SpA, 2016). On the other hand,
ethical people may enhance the performance of an organization and concerned with the
making more revenue and enhancing profitability rate accordingly. The proper planning, strong
relationship, effective communication and the proper management activities might be helpful
for preventing the unethical practices as well as helps the people to accomplish the perspective
goals and objectives respectively.
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TASK 3
3.1- RESEARCH A CURRENT ETHICAL ISSUES WHICH IS AFFECTING A
SELECTED BUSINESS
As mentioned above that there are several ethical issues that can affected the entire business
operations and working criteria of the employees. Standard bank is the diverse business area of
London and the code of ethics majorly provides the relevant information and more detail
regarding values of workplace and the relevant principles or application. It facilitates more
empowerment and the potential to make strategic decision at every level of the business
administration (Adeyinka, et al. 2015). The ethical conduct within the banks must be able to
retain and attract staff members and employees. It plays an imperative role over the issue that
also focuses on the working operations accordingly.
The ethical issues can be defined as the situational problem; in which the management of an
organization has to differentiate the right or wrong path among several activities of business
administration. Some of the following ethical issues that the banking sector has been faced and
it also affects the working operations; are described below-
 Conflicts among the workers and disagreement or lack of interest might be creating
problems and affects the working conditions accordingly.
 Integrity and trust factors are also the major problem among the workers because of
mismanagement and improper functionality (Chew, et al. 2016).
 Discrimination is the biggest factor on the basis of race, sex, color, age, region etc.
 An informational technical advancement also refers to the ethical issues in the form of
electronic communication, privacy of employees and the legal protection or rights.
 Pension funds, financial issues, insurance of people, and other credit agencies might be
creating issues and problems within the bank.
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3.2- PROPOSE WAYS IN WHICH A BUSINESS COULD IMPROVE THE ETHICS OF
THEIR OPERATIONS
As mentioned above that the ethics majorly concerns with the adequate decision of the
management or an individual for developing the culture of business accordingly. it helps in
enhancing the performance level of employees and also promotes the ethical behavior of
people through protecting the rights and legal frames respectively. Nowadays all the business
arena faces the challenges of ethical frames. As it is so called business standards by which, the
adequate decision can be made towards development and growth of the organization.
Following are the factors to be consider for improving the ethical issues and challenges-
 The management of the company must communicate the policies and rules to each and
every one effectively, so that they can also perform better and makes their plans.
 The governmental rules and regulations should be followed by the company towards
ensuring safety, security and the satisfaction within the workplace (Ljungholm, 2015).
 Communication must be effective and clarified to each of the members, so that they can
also share their views and opinions in front of the management; which helps in reducing
conflicts and other issues.
 The data and privacy of employees and other staff members should be secured enough.
The management must keep in their mind to protect the relevant and personal
information secure and safe.
 Anti-discrimination laws are also applied within the workplace, so that all the people can
be treated equally (Adeyinka, et al. 2015).
 Management tactics must be applied by the internal or external stakeholders towards
reducing the effects of ethical issues.

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TASK 4
4.1- EXAMINE THE DRIVERS FOR CHANGE AFFECTING REQUIRED BUSINESS
SKILLS
Due to the globalization, various factors has been changed and it is majorly important to clear
the overall working criteria to the employees and other staff workers, so that they can make
decisions and do their work accordingly. The change management is the tactical approach for
shifting the individuals and employees with the team members to the future state. Initially, they
make plans and then implement it according to the development and growth. There are two
types of drivers of change that can affect the business skills and activities such as internal or
external. The internal drivers majorly comprises of the capabilities, resources, inventions,
dissatisfaction and the desire while external drivers includes customers, competitors, investors,
technology and government (Salvioni, et al. 2015).
As the change management creates new opportunities for the innovative techniques and also
helps in implementing the new ideas for growth of the business but sometimes it affects the
business activities and practices. Everyone is not even able to adapt new things and sudden
changes, it takes time, resources, funding, policies and many other things that can affect
strategies and planning.
Apart from that, the external driver of change formulates the strategies and helps the
organization to implement the plans effectively (Putranta, 2016). It continuously makes
strategies for expanding the business practices but initial phase can affect the overall strategies
and the business skills accordingly.
4.2- REPORT ON THE IMPACT OF CHANGES ON SKILL REQUIREMENT IN A
SELECTED BUSINESS
Change management can be defined as the inevitable part that not always embraced by the
employees and staff members. As mentioned above that there are two kinds of changes that
the company has been facing either in negative or in positive way. The manager of the banks
makes short-term goals and then communicates the strategies to other members, so that they
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can also make their own decision and do their work effectively towards accomplishing goals and
objectives. It may have a positive impact on the successive part of business activities. It also
provides new opportunities and helps the business administration to stay aware and current
trends that can make more attractive for the customers and other members. It also creates the
competitive environment and ensures the market values and shares.
Moreover, the capabilities of embracing new changes within the business activities might be
helpful for the employees and other members for creating new opportunities (Chew, et al.
2016). They become even more passionate regarding their working criteria and also encourage
other people to do their work effectively and in manner towards accomplishing the goals and
objectives.
Change can also be helpful for increases effectiveness and efficiency of the working practices
that gives satisfied result outcome. It changes the environment and allows the people to builds
strategies and philosophies according to the requirements and current trends accordingly.
4.3- PLAN TO IMPROVE COMMUNICATION SKILLS REQUIREMENTS
Communication plays an imperative role within the workplace that helps in reducing many of
the problems and conflicting situations as well as builds the healthy environment. It must be
effective and clear, so that the people can easily communicates with each other and identifies
the overall factors towards formulating plan and implementing it effectively (Certo, 2018). As
the managers and leaders of the business administration makes plans and directs the other
members, so they should effectively conveyed the activities. As it is an essential component,
they must works according to create healthy working culture and environment; where each and
every one can easily share their thoughts and views properly and helps each other to
accomplishing goals.
Some of the following tactics are described below that can improve the communication skills
within the workplace-
 By proper training and development program
 By creating health and friendly environment
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 By paying attention to the body language and encouraging
people to speak (Goetsch and Davis, 2014).
 By focusing on the business activities
 By participating in the group discussion and other business
practices.
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CONCLUSION
The aforementioned assignment depicted the study of contemporary issues within the business
administration that can affect the operational services and working criteria. The significance of
ethical code of practices and concerns has been described. It is helpful for making proper
decision regarding attainment of goals and protecting the rights of people. Different issues and
problematic situations have been also discussed in manner. Some of the implications of ethical
code of practices are also described with the strategies for reducing such negative
consequences and affecting areas accordingly. The drivers of change management activity have
been also discussed with the proper planning of communicational strategy in order to
mitigating the issues as well as enhancing the effectiveness accordingly.
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REFERENCES
1. Adeyinka, B.F., Jagboro, G.O. and Ojo, G.K., 2015. An Evaluation of Factors Influencing
Compliance of Construction Professionals to Ethical Standards. CIB Proceedings 2015,
Going north for sustainability: leveraging knowledge and innovation for sustainable
construction and development, pp.229-241.
2. Certo, S.C., 2018. Supervision: Concepts and skill-building. McGraw-Hill Education.
3. Chew, B.C., Tan, L.H. and Hamid, S.R., 2016. Ethical banking in practice: a closer look at
the Co-operative Bank UK PLC. Qualitative Research in Financial Markets, 8(1), pp.70-91.
4. Davies, P.W., 2016. Current issues in business ethics. Routledge.
5. Goetsch, D.L. and Davis, S.B., 2014. Quality management for organizational excellence.
Upper Saddle River, NJ: pearson.
6. Ljungholm, D.P., 2015. Ethical values in the public sector. Review of Contemporary
Philosophy, 14, p.57.
7. Putranta, M.P., 2016. Code implementation and code embeddedness: Perceptions of
employees by ethical ideologies. Procedia-Social and Behavioral Sciences, 219, pp.598-
605.
8. Reamer, F.G., 2015. 18 Ethical Issues in Social Work. Social workers' desk reference,
p.143.
9. Salvioni, D., Astori, R. and Cassano, R., 2015. Corporate sustainability and ethical codes
effectiveness.
10. SpA, A.E., 2016. Code of ethics and conduct. Santiago.
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