 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 responding towards such issues. Therefore, concerning on these factors- human resource allocation, increase diversity and prepare risk management plan, will aid M&S in expanding business in overseas more appropriately.
4.2 Action Plan
This part of research includes entire activities which are required to address issues and attains objectives of a project. It provides a guideline to researchers in what manner they have to perform, for completing each activity in set period of time. In context with present project, which is based on developing policies for improving CG practices of M&S, the major activities are mentioned in given action plan:-
Step 1: Selection of topic
This is an initial step where researchers are required to choose a particular topic for conducting a research. In this regard, the main topic of present research is based on concept of corporate-governance, for which M&S has been chosen.
Step 2: Framing aim and objectives
After choosing the main topic, another activity of action plan states to frame proper aims and objectives. This would help project-makers to analyze what they have to achieve and in which area investigation has to be done. In this regard, the main aim and objective of present research-
Aim “To investigate the impact of stakeholder relationship on financial performance of business- A study on Marks and Spencer”
Step 3: Conducting literature review
After formulating aim and objectives, next step is to access information from various secondary resources to conduct literature review. This would help researchers in analysing perception of various authors for the importance of CG practices for M&S in running its business successfully.
Step 4: Research method selection
It provides methods by which relevant information can be gathered and analyzed for increasing efficiencies of a research.
Step 5: Data collection
Here, researchers will choose methods for gathering information on chosen topic. It includes primary and secondary methods of data collection. In present research, both sources are