nce of M&S?
a) A move to restructure
b) Ineffective plans for international expansion
c) Inappropriate human resource allocation
Q5) According to you, which strategy helps in improving CG practices of M&S?
a) Prioritize risk management
b) Understand the concept of human resource allocation
c) Increase diversity
Q6) What are the main factors M&S needs to concern while developing corporate governance?
a) Internal capabilities of business
b) Competitive strategies
c) Corporate goals
Q7) Do you think M&S gains more competitive advantage as compared to its competitors?
Q8) Provide recommendation for M&S in improving its CG practices for further expansion of business?
CHAPTER 4 : RECOMMENDATION AND ACTION PLAN
As through this research, it has concluded that stakeholder relationship adversely affect the financial performance of a company, both in negative and positive manner. Here, corporate strategy and governance plays an importance role in developing and managing sustainable position of business. It provides a number of ways for serving satisfaction to stakeholders. Therefore, it is recommended to M&S to concern on this factor while developing its corporate-governance. It includes the effective system of rules, processes and practices, through which respected firm can direct and control its operations. In addition to this, CG practices also significantly involves the process of balancing the stakeholders interests. These practices will help in providing proper guidelines or plan to managers for managing and controlling its business operations. Through this process, respective company will gain advantage to fulfil its corporate goals and objectives in effective manner. It will create value of business in international marketplace, which seems to be beneficial for holding interest of stakeholders within business for longer period.
Furthermore, for improving current CG practices to gain competitive advancement and cooperation of stakeholders towards completion of major project, it is recommended to Board of Directors to concern on some main factors. It includes increase diversity at business, prioritize risk management plan, understanding the concept of human resource allocation and more. Since Marks and Spencer mainly faces issues due to lack of diversity in terms of effective stakeholders and experienced employees. Therefore, Marks and Spencer must concern on giving recruitment to high-talented workforce, who are experienced in dealing with national and international customers in their languages. They will help this retailer in providing best customer services and improve its brand image. In addition to this, diversity at workplace enhance productivity of workplace also, by giving high contribution on accomplishment of mentioned goals and objectives.
In addition to this, to gain high commitment of workers and utilise human resource, it is recommended to managers to identify strength and weaknesses of employees on individual basis. This would help in distributing roles and responsibilities to each worker as per their skills and capabilities. In addition to this, managers can also identify requirement of training programs for improving knowledge and reducing skill gap among workers. It will provide job satisfaction under employees and motivate them to work more hard, for providing best services to customers. Through effective human resource allocation, M&S can gain support of workers and staff members in generating idea for retaining loyal customers in business. In addition to this, it also reduce staff turnover rate which helps in decreasing cost of production as well. As experienced and talented workforce will provide high-quality of services. Furthermore, for preventing failure of corporate-governance, it is recommended to M&S to concern on developing risk management plan. It will includes a number of alternative strategies which company can use, in case of failure of any policy. It will also help in estimating future risks and issues which may impact on business negatively. This would help in preparing management plan for r