An Evaluation: The Role of Corporate Social Responsibility Efforts of British Petroleum (BP) towards their Global Business Operations

Introduction

The first chapter focuses mainly on the issue that the study explored which is the role of corporate social responsibility in the operation of British Petroleum. Main areas are covered herein including background, the problem, aims and objectives and importance of the conducted study. In this chapter, the researcher established the dimensions related to corporate social responsibility. 

Background of the Study

As contemporary organisations move into a more ethical global business environment, trickling down of corporate social values and mission to the greater public is now deemed a requirement. Regardless of corporate beliefs and culture, the economic or productive value of modern organisations is nonetheless derivative from its worth and its extension of organisation’s profundity for wealth-profit index by which serves as the competitive measure to sustain its very existence (Henriques, 2003). In simpler terms, corporations are now perceived in the forefront to promote sustainable social development by sharing its resources for the projects, programmes and initiatives which have a social cause. Dubbed as corporate social responsibility or CSR, companies at present are obliged to act responsibly and expected to be sensitive about ethical issues (Carroll, 1979, p. 500). 

Businesses around the globe are continuously developing to respond to the needs of their customers. It is very vital for them to develop creative ways that will maintain their competitiveness.  The corporate world is characterised by paramount restrains, high demands and expectations on productivity, and excessive competition where management members necessitate the familiarity and importance of business ethics and social responsibility. Considering the trends in the corporate world, many employees are pressured to cut corners, break standards and rules, and engage in other forms of questionable practices so as to do away with a number of inconveniences and achieve outcomes the fastest way possible while neglecting the provision of appropriateness and fairness. With respect to this, this paper will evaluate and discuss the concept and role of business ethics and social responsibility in application to the business practices of British Petroleum or simply BP.

Brief Background of British Petroleum

Headquartered in London, BP Plc is considered as one of the world’s largest energy companies which provide consumers with fuel and energy as well as petrochemical products. Evidently, British Petroleum is one of the six “supermajors” or the International Oil Company (IOC) along with ExxonMobil, Royal Dutch Shell, Chevron Corporation, ConocoPhilips and Total SA. Since operating an oil company is too risky a venture, British Petroleum embarked on a frenetic growth strategy through continued divestiture and merger and acquisition. BP plc therefore transformed from being a local oil company into a global energy group wherein over 80,000 people are employed to main its operation on more than 100 countries worldwide. Today, there are three core strategies that British Petroleum commits itself such as exploration and production, refining and marketing and alternative energy.

Currently, there are six brands that make up BP plc namely BP, Castrol, Arco, Aral, am/pm and Wild Bean Café (BP online, 2010). BP plc, as an organisation, also claims to be structured for success through the two key business segments which are the exploration and production and refining and marketing and the alternative energy business known as the BP alternative energy. In line with these strategies are different business activities that include finding, extracting and moving oil and gas, making and selling fuels and products, generating low carbon energy and working responsibly. Of all these activities, working responsibly embodies BP plc’s commitment on the betterment of communities where it operates. Roughly, BP plc is operating in Africa, Asia, Australasia, Europe and North and South America (BP online, 2010).

BP plc is positioning itself to be a frontrunner in the future pertaining to the need to meet the world’s continued demand for fuel, energy and petrochemicals. BP plc intends to play a central role in creating long-term options for the future in new energy technology and low carbon energy businesses. Likewise, BP plc is enhancing its capabilities in natural gas which is regarded to be a vital source of relatively clean energy. This is more so because the goal is to transition to a lower-carbon economy and beyond. Desirably, BP plc wants to be recognised as a “green” company which consciously puts initiatives to eradicate climate change at the centre. In essence, BP plc is currently operating through environment-friendly technologies.

Statement of the Problem

Organisational characteristics unique to BP plc is opposing, however, wherein on one hand BP plc is recognised to be a key figure in addressing climate change and on the other hand BP plc is also accused of greenwashing because of its less environment-friendly operations. What is clear though is that BP plc is responsible and accountable for serious oil scandals in the history with the Gulf of Mexico oil spill as the most recent despite the ongoing initiatives to achieve sustainability. With the oil scandals that are glooming the confidence of the consuming public as well as the investors, BP plc can only rebuild its image while focusing towards becoming a green oil company. The last may seemed to be impossible for an oil company to green its entire operation. This may be also the reason why BP plc is likely to greenwash the media and the general public.     

In retrospect, BP plc was caught and perceived to be involved in “greenwashing” when in July 2006, after the media had discovered a 270,000 crude oil spill in Alaskan tundra, the company admitted that it is facing criminal charges. Relative lack of press coverage regarding the spill is a proof that BP plc had successfully greenwashed the image it is communicating with the public. BP plc was also subjected to criticisms after it was proven that it is involved in environmentally unsound practices. While BP plc is publicly affirming its commitment to investing in alternative energy sources minimally, in reality, majority of its investment is devoted to fossil fuels (Monbiot, 2006; Frey, 2007; Milmo, 2007; Green, 2007).        

In lieu with this, this research answers the following queries: 

• What advantages are there for a company to be ethical? 

• How important is it for British Petroleum to consider corporate social responsibility and be ethical?

• How can unethical actions be prevented through the introduction of the necessities of corporate social responsibility efforts in British Petroleum?

• How can BP implement corporate social responsibility in its strategy?

Aims and Objectives

The study evaluates the corporate social responsibility efforts of British Petroleum (BP) towards their global business operation. Generally, the complexity of today’s global market is different from the past years but still, BP’s business efforts still shows positive impact to their consumers. To determine the various challenges that the company managed to solve is however, might contribute in the company’s action in their formulation of strategies. Through learning the strategies being implemented within the organisation, there is a positive approach on what are the factors that might contribute to the long-term success of the company. With this, the following are the objectives of the study.

• Examine the corporate social responsibility efforts associated with the growth of British Petroleum (BP).

• Understand how BP has developed and grown into very success business despite of the issues relating to business ethics. 

• Determine how BP achieved growth and development through the process of efficient corporate social responsibility.

Organisation of the Thesis

This research study will be divided into five chapters in order to provide ease and consistency on the discussion of the topic. The first part will be discussing the problem uncovered by the researcher and provide sample background on the topic. The chapter will constitute an introduction to the whole research study, the statement of the problem in order to present the basis of the study, a discussion on the scope of its study, as well as its effects to individuals and its significance to the society as a whole. The second chapter will be discussing the relevance of the research study in the existing literature. It shall provide studies on the background of the company, corporate social responsibility efforts, and environmental issues. After the presentation of the existing related literature, the researcher shall provide a synthesis of the whole chapter in relation to the study.

The third part of the research study shall be discussing the methods and procedures used in the study. The fourth chapter will be an analysis of the collected information from the secondary sources. Secondary Information assessment will be made in order to uncover BP’s corporate social responsibility stance and to address the statement of the problem noted in the first chapter. The last chapter shall comprise of three sections, namely, the summary of the findings, the conclusion of the study, and the recommendations. With these three portions, this chapter will be able to highlight the implication of the findings in relation to the data obtained.        

Literature Review

According to Robbins & Judge (2007), many employees are confronted with instances where they need to define and decide right and wrong conduct. The characteristics of good ethical behaviours have never been clearly projected in the recent management literatures where the line that differentiates right against wrong conduct has become even more blurry. Managers and leaders respond to ethical behaviour issues (De Mesa Graziano, 2002). 

It is provided that when analysing the role and meaning of ethics and social responsibility from the internal and external perspective of a company, Kline, (2006) states that, 

“There is a potential problem ...with attaching the duty of managers to the specific desires of shareholders. If anything, moral constrains are meant to constrain desires. Desires are fickle and not always moral”. 

Kline’s statement holds veracity and openness provided that business ethics and social responsibility is concerned. In a globalised economy, in both local and international setting where tough competitions occur among businesses, companies are exploiting the benefits of social responsibility and business ethics. These social activities: include charitable contributions, discounts to senior citizens, expenditures on employee alcoholism and substance abuse treatment, responses to customer complaints, product warranties, processes for exchanging purchases, community service in volunteer or governance capacities, employee education, child care or flexible hours for employees with children, advertising or promoting community events, sponsoring sports teams, recycling, special services to the handicapped, and so forth (Suderman,  1999).

Global corporations in which BP belongs view social responsibility as a corporate investment that will result in a long-run corporate profit and not a corporate expense. According to Cotton (1998) businesses supporting social responsibility activities claim that it is in the best long-run interest of the business to become intimately involved in and to promote and improve the communities in which it does its business.  Moreover, McCarty & Bagby, (1990) also argued that it can and should improve the corporate and local image of the company, and it is in the stockholders best interest. Further, companies believe that by making communities a better place to live in, it can entice superior and happier workers to the company who in turn will put out better products and increase profits (Michalos, 1995). However, it is important to point out that the primary reason why businesses turn into socially responsible activities is to maximize their profits; public interest comes in second.

The question now is why CSR is relevant today for companies. The answer lies in the four identifiable trends of CSR, which seem likely to continue and grow in importance: increasing affluence, changing societal expectations, globalisation and free flow of information and ecological sustainability. As customers are increasingly endowed with the access to various products and services, responding to affluence is now a strategic objective hence putting a premium to a trusted brand was realised. These customers expect more from the companies where they would afford products and services, implicating public trust and public confidence in the ability of companies to restrict and control own corporate excess. Media, further, are empowered in bringing the public the information of the lapses in CSR. Such situation also empowers activist groups and like-minded people in spreading messages and providing the means to coordinate collective action. Evidenced proved that earth has ecological limits with impacts on the environmental responsibilities that are likely to be criticised and penalised when not performed thoroughly (Werther and Chandler, 2006, pp. 19-20; McComb, 2002, p. 5).      

According to Epstein (1987, pp. 99-102), corporate social responsiveness focuses on the individual and organizational processes for determining, implementing, and evaluating the firm’s capacity to anticipate, respond to, and manage the issues and problems arising from the diverse claims and expectations of these stakeholders. The moral argument for CSRstates that CSR ‘broadly represents the relationship between a company and the principles expected by the wider society within which it operates’ (Werther and Chandler, 2006, p. 16; Lea, 2002, p. 10).

Word Business Council for Sustainable Development defines social responsibility as the continuing commitment to behave ethically and contribute to economic development while also improving the quality of life of its workforce, their families, and the local community and the society at large. Corporate Responsibility Index claims that social responsibility is achieved when a company has effectively and sustainably built a lasting, meaningful relationship within its sector where it belonged and its immediate community (Scott, 2007). In other words, social responsibility concerns the social environment and the ever-changing social contract. Importantly, the underpinning is that a company should consider the societal impacts of its decisions and actions. Sims (2003, p. 43) argued that companies must act to protect and improve the welfare of the general public. The businesses must aim not only on organizational effectiveness but on existence to address the needs of society.    

As social responsibility is intertwined with the issue of accountability, it can be considered as both critical and controversial. Critical because a for-profit company could be the largest and most innovative part of any free society’s economy as it can drive social progress and affluence. However, it is also controversial because the question – what is the purpose of business within a society? – remains to be unanswered (Werther and Chandler, 2006, p. 8). Having thought deeply of such a question, striking a balance between corporate and social responsibilities should be a strategic focus. To become accountable, a company has economic, legal and ethical responsibilities wherein not only the company has to make profit in order to survive, but the company is also obliged to its stakeholders to maximise earnings and operate efficiently, complying the best of the standards. The underpinning is that a company should provide a quality, sustainable living to both internal and external stakeholders.

Speaking of social contract, social responsibility transcends beyond mere obligation between a company and its workforce. Instead, the social responsibility of a company also extends to individuals, groups and other organisations, government and the society as a whole, comprising the stakeholders of a company. Sharplin (1985) states that social responsibility refers to the set of written and unwritten rules and assumptions in a corporate manner and these rules are applied to its immediate community including the people within that community. Gossy (2008, p. 6) also identifies primary and secondary stakeholders and active and passive stakeholders. Primary stakeholders have a vital in the company while those secondary stakeholders may not actively participate but the company could still exist. People who seek to participate in the activities of the company are considered active stakeholders such as managers and employees. Most shareholders, the government and the local communities are, in contrast, considered as passive stakeholders.

Proaction is considered as the highest level of responsiveness to social issues where companies actively seek to improve and contribute to society. Companies with proactive philosophy will try to carry out discretionary responsibilities (as cited in Harila and Petrini, 2003, p. 32). Proaction is an approach to corporate social responsibility that includes behaviours that improve society. Organizations that assume a proaction strategy subscribe to the notion of social responsiveness. Proaction according to Carroll (1979, p. 501); Joyner and Payne (2002, p. 298) involves actively addressing specific concerns of stakeholders and anticipating social problems before they arise or are officially recognized, and developing strategies to deal with these issues.

Lane, Mendenhall and McNett (2004) state that organisational values are found on vision and mission statements which drive strategy. Strategy and ethics are linked through the idea of purpose. Managers understand purpose in quite personal ways as a guide for their personal action. For the mutual benefit of the organisation, managers’ actions are activated by agreement with others especially that correlates with the organisation. It would be necessary to note that managers are put in their position to diffuse responsibility. Managers do understand the purpose of their organisational activities in terms of their own personal engagement with and responsibility for them. Likewise, managers also understand purpose as it applies to their connection to others, in and beyond the organisation, people who agree to responsibilities related to their shared goals. The purpose of an organisation is ethical in nature and is influenced by culture. When such assumption is left in tacit, misunderstandings could arise (Sharma and Bhal, 2004). To be effective then, values should reside at the operational levels in the thoughts and actions of those who implement the strategy whom are the managers. It is important then for managers to understand others and own implicit culturally influenced ethical assumption. 

Organisations are often structured as a collection of functions and roles that have decentralised operational responsibility. Holian (2002) relates that managers are then responsible on performance of subordinates’ performance. The diversity in functions and roles could have challenging ethical issue. Once the demarcation among these functions and roles became an issue, managers could miss the opportunity to make ethical decisions. Managers are in a response mentality as moral action may be a part of the problem’s solution of a different order than ethical decision-making. Because organisations are made integrated, managers are confronted with the challenge of the tendency to be problem-oriented which may confound ethical problems in the organisational level (Carroll, 1990).  

According to Casali (2007), organisations may encourage managers to be unethical in forceful and implicit ways via disincentives. The reward of quantity over quality is an example of this as well as the bottomline pressure for profits at any cost, open door policies but closed door practices, punishment for reporting policy violations, promotion of managers known to be less ethical and patterns of deception throughout management. As such, the way performance maybe measured may put pressure on managers to act for the short term rather than to choose what might be the right approach for the organisation in the long run. Hence, the lesson for managers is to set and manage reasonable performance expectations (Vardi and Weitz, 2004).  

References

BP 2010, About BP, retrieved on 21 September 2011, from http://www.bp.com/marketingsection.do?categoryId=2&contentId=7013628.

BP 2010, Environment and Society, retrieved on 21 September 2011, from http://www.bp.com/sectionbodycopy.do?categoryId=2311&contentId=7060022.

BP 2010, Investors, retrieved on 21 September 2011, from http://www.bp.com/investorhome.do?categoryId=132&contentId=2004195. 

Carroll, A B 1979, ‘A Three Dimensional Conceptual Model of Corporate Performance’, Academy of Management Review, vol. 4, no. 4, p. 500.

Carroll, A B 1990, ‘Principle of Business Ethics: Their Role in Decision Making and an Initial Consensus,’ Management Decision, vol. 28, no. 8. 

Casali, G L 2007, ‘A Quest for Ethical Decision Making: Searching for the Holy Grail, and Finding Sacred Trinity in Ethical Decision Making by Managers,’ Social Responsibility Journal, vol. 3, no. 3, pp. 50-59. 

De Mesa Graziano, C. (2002). ‘Promoting Ethical Conduct: A Review of Corporate Practices’, Strategic Investor Relations, Fall, 29-35

Epstein, E M 1987, The Corporate Social Policy Process: Beyond Business Ethics, Corporate Social Responsibility and Corporate Social Responsiveness, California Management Review, vol. 29, no. 3, pp. 99-114.

Frey, D 2007, How green is BP? New York Times. 

Green, J 2007, BP: The Big Polluter, Green Leaf Online. 

Harila, H and Petrini K 2003, Incorporating Corporate Social Responsibility: Case Studies of Four MNCs, Lulea University of Technology.

Henriques, A 2003, ‘Ten things you always wanted to know about CSR (but were afraid to ask); Part One: A Brief History of Corporate Social Responsibility (CSR), Ethical Corporation Magazine, March 26.

Joyner, B E and Payne, D 2002, ‘Evolution and Implementation: A Study of Values, Business Ethics and Corporate Social Responsibility’, Journal of Business Ethics, vol 41, pp. 297-311. 

Kline, J. (2006). Ethics for International Business, Routledge.

Lea, R 2002, ‘Corporate Social Responsibility: IoD Member Opinion Survey’, The Institute of Directors, UK. 

McComb, M 2002, ‘Profit to be Found in Companies that Care’, South China Morning Post, April 14.

McCarty, E.W. & Bagby, J.W. (1990). ‘The Legal Environment of Business’, Irwin, Boston, MA, in Fox, J (2000) ‘Approaching managerial ethical standards in Croatia's hotel industry’, International Journal of Contemporary Hospitality Management, 12: 1, 70-74

Michalos, A.C. (1995). A pragmatic approach to business ethics. Thousand Oaks, California: Sage Publications, Inc. 

Milmo, C 2007, The Biggest Environmental Crime in History, The Independent. 

Monbiot, G 2006, Behind the spin, the oil giants are more dangerous than ever, The Guardian, London. 

Robbins, S.P. & Judge, T.A. (2007). Organisational Behavior, 12th ed., Pearson Education, Inc., Upper Saddle River, NJ

Suderman, N. (1999). Business ethics. Emporia State University. Accessed August 03, 2011 from http://www.academic.emporia.edu

Vardi, Y and Weitz E 2004, Misbehaviour in organisations: theory, research and management, Lawrence Erlbaum Associates.

Werther, W B and Chandler, D 2006, Strategic Corporate Social Responsibility: Stakeholders in the Global Environment, Sage Publications Inc., London.

  

International Banking Risks in China

Introduction
Back in 1970s, the implementation of various economic reforms was the focus of China. These reforms in turn resulted to a number of effects not only to the country itself but to other foreign countries as well. Before these reforms were implemented, China originally practices the command-type of economy where a significant portion of the Chinese economic outputs are regulated and distributed by the administration. The Chinese government used to be in charge of controlling market prices, establishing production objectives and allocating resources as well. While implementing this economic approach, China encountered several problems especially when the industrial period arrived. In order to cope with this period’s challenges, the country allocated large scale investments on its human and physical resources. Due to this movement, majority of the country’s industrial production was operated by state-owned enterprises (SOE); this however, prevented foreign investors and other private companies to operate in China. The purpose of letting the state own most of the economic resources is to prevent China from depending from foreign support, making the country self-sufficient. International trade was then limited to the importation of goods that was not available or produced in the country.

The constrictive Chinese policies however led to economic inactivity and inefficiency; there were limited profit incentives derived from both business and agricultural sectors. In addition, with this type of economic system, no competition was observed. As a result, progress was unattainable. This system also made the living standards in the country lower than other developing nations. The outcome of the traditional economic system then encouraged the Chinese government to come up with effective reforms that will augment the people’s living standards and the overall economic state. With the implementation of reforms, China’s major economic sectors naturally went through significant changes and development. While the reforms could have resulted to positive outcomes, certain risks are still likely to affect it and its neighboring countries. In this research, focus will be placed on the country’s financial sector, particularly on its foreign banking opportunities. The different risks involved in establishing foreign banks in the country as well as the ways on how to address them will also be highlighted in this discussion.

The Chinese Financial Sector
It was during the early 1980s when China first implemented reforms on its banking sector. This reform was focused mainly on the creation of four specialized banks separate from its central bank. The banks worked under monopolistic operations, concentrating the competition on acquiring more depositors. Eventually, bad loans started to affect the system, which resulted to quality deterioration of assets, excessive risk-taking and inflationary credit expansion (Cheng & Cheng, 1998). China then implemented new banking reforms in 1993. This time, the focus is on asset quality improvement, reestablishment of public confidence and development of genuine commercial banks. Though several analysts noted that the current Chinese banking status and general financial sector are still underdeveloped, the reforms had given the country several benefits like increased GDP and foreign direct investment. With these changes, international countries are very mush interested in putting up businesses like foreign banks in China. In addition, the country’s entry to the World Trade Organization (WTO) further increases the opportunity of foreign countries in accessing the large Chinese market. Nonetheless, analysts warn foreign investors of the different risks involved in establishing banks in the country.

Operational Risks
Among other types of risks, the operational aspect is perhaps the most complex as several factors (e.g. management, political, governance) are involved. One of the main operational risks that foreign investors can encounter in putting up banks in China is the problem on extensive administrative influence as well as the instability of regulations. As claimed by various foreign investors, the success of firms in China appears to be connected to government relations rather than to the market forces. Moreover, due to inadequate rules and regulation, problems such as investment misallocation, financial speculation as well as corruption had been rampant. International firms, particularly those in the west, usually encounter difficulty in operating in China due to lack of consistent laws. The improper enforcement of the contract as well as the lack of protection granted for intellectual properties are typical concerns as well (Morrison, 2005).
While banking entrepreneurs become attracted to the Chinese market economy, they must prepare themselves to various legal risks and issues. As pointed out earlier, the Chinese government has a significant authority over the country’s businesses. Policies and regulations applied in the Chinese business industry are subject to changes; hence, foreign entrepreneurs must be prepared to adjust. Considering that the country’s economic regulations and bureaucratic framework are still developing, changes are then inevitable (Humberg, 2003). The legal and regulatory aspects of the Chinese banking business are relatively unstable despite the reforms and developments conducted (Hu & Hope, 2005). Some legal practices in China are also different from the other common international practices. The issuance of a contract for instance, is a final matter in western cultures. However, contracts can change unexpectedly in China (Overby, 2000).

According to Hu and Hope (2005), the internal operations of Chinese banks are also problematic. The corporate governance of the country’s banks for example, is not very conducive for checks and balance systems. This problem is mainly rooted on the inadequacy of effective board members and independent directors. The banks’ culture on full disclosure should also be developed based on best and effective standards. This problem can greatly affect foreign bank operations since it is likely that its main workforce will be derived from the Chinese workforce pool, considering that it is less costly this way. If this will be done, employees and the board will expect usual corporate governance practices. Though foreign entrepreneurs can do some changes on its own banking governance once they start operating in China; the problem is whether these changes will be allowed or tolerated.

Interest, Credit and Liquidity Risks
China is relatively weak in terms of its credit or loan systems, considering its observed poor performance. The banking sector of the country is neither appropriately regulated nor properly managed. For instance, greater than 22% of the loans held by the state commercial banks are bad; young stock markets are also suffering the same state (Wu, 1998). Due to the poor state of China’s banking sector, Chinese reformers became even more hesitant to offer its banking sector to foreigners. In banking and loans, political connection is an important element; this in turn worsens the corruption within the country’s banking system. In addition, this practice widens the economic inefficiency of China as savings in general are not allocated based on the possibility of returns (Morrison, 2005). If no improvements will be done for China’s financial sector, instability is a possibility.

In order to resolve its problem on bad loans, China had decided to implement a new loan system (five-classification loan-grading system) that is based on international standards. Initially, China practices the four-classification system, which gravely defective. With this old system, endless speculations had been raised primarily on non-performing asset levels and inadequate provision of loans. While the new loaning system may benefit the country and resolve some of its financial issues, the effect of which is yet to be observed and evaluated. The possible success of this new approach is largely dependent on how Chinese regulators can effectively administer its execution (Hu & Hope, 2005). For new entrepreneurs, new systems that are not yet fully tested and guaranteed can be risky. It is then difficult to believe on the efficacy of this alternative unless concrete outcomes have already been obtained.

In terms of interest rate, regulations tightly control this banking aspect for foreign banks, making them less attractive for the market. In addition, the People’s Bank of China, the country’s central bank, is greatly protecting local banks particularly the four major banks developed during the initial reform for the financial sector. This then allows the country to cover about ninety-percent of the total lending activity (The Banker, 2001). The risk for liquidity is also a matter of concern for entrepreneurs planning on investing a banking business in China. Considering that the country had just gone through a major financial crisis during the latter part of the 1990s, liquidity in the country was greatly reduced, along with the decreasing GDP, falling export rate, declining retail price index and the slowing down supply of currency.

Market Risks
The market risks involved in foreign bank establishment in China is mainly caused by the country’s entry to the WTO. Before China joined the WTO, foreign banks that have renminbi (yuan) licenses were only supposed to lend renminbi from their deposits; access of these banks to interbank market was also prohibited, which greatly affects their capability to make loans. However, when China entered the WTO, the right to lend renminbi became limited to foreign banks that had been allowed to do this type of business. The provision of the licenses however, was only given to few selected banks. This in turn, makes the access of foreign banks to the Chinese market very restricted (The Banker, 2001).

The access to market is also greatly affected by China’s protection to its domestic firms. Local companies, including banks, had been complaining to the Chinese government and claimed that the policies implemented by the administration greatly favor foreign firms. For example, if a major foreign bank operates in China, most of the local companies offering similar financial services have no option but to close down. Eventually, as more foreign investors enter the country and operate within its banking industry, majority of the players will be foreigners. The Chinese administration is then concerned that if this will continue, more domestic industries will suffer (Chen, 1998). Hence, the government decided to control the entrance of the foreign firms in the country.

This in turn led the government to reduce the policies in favor of the foreign enterprises. In 1996 for example, the Chinese administration decided to cut down the value-added tax refund among foreign companies for exported goods from 17% to 9%. China has even planned to take out the privileges granted to foreign investors for importing capital equipment tax. This clearly implies that the country’s government has been more selective in accommodating foreign firms, which greatly limits foreign banks’ access to market (Chen, 1998).

Banking Risks in other Nations
Establishing a bank in other parts of the world such as those belonging in the European Union may be more advisable for some entrepreneurs. There are many reasons for this judgment. One of which is the fact that the European Union is a vast region of countries whose level of development varies. This means that EU offers business areas that are less developed than the other, giving better opportunities for foreign banks. Rules and regulations are likely to be more stabilized in some European regions as compared to the Chinese business setting. Tariffs or barriers to entry like taxes may also be lower in other European countries, making foreign entry less difficult. Most importantly, market diversity in EU is far larger than in China, making access to opportunities and market growth easier.

Nonetheless, it should also be considered that certain risks can also hinder the development of a foreign bank within EU. For instance, the presence of higher competition level is likely, considering that multiple local and foreign banks will be operating within the region. Moreover, though laws and regulations may be stable, differences in banking policies, operational practices and other relevant factors may make market access not as easy. From this standpoint, it becomes clear that establishing a bank in any foreign country has its advantages and downsides. This suggests that foreign entrepreneurs must be skilled in handling this possible business risks.

Means of Addressing the Risks
China and its banking sector have a lot to offer for foreign investors; however, the country and its administration must improve some of its banking aspects not only to make China more appealing to entrepreneurs but also to prevent business issues. One of this means would be the stabilization of its business laws and banking legislations. The country must have a definite ruling for both domestic and foreign banks in such a way that both will benefit from. While the Chinese government is protecting its local banking sector, it must also employ means that will make foreign bank investors less cautious. The restrictions should also be implemented at a reasonable level (Chen, 1998).

China has in fact, conducted several changes so as to be more open for foreign banks. For instance, it has attempted to improve its corporate governance by requiring and encouraging banks to introduce governing boards. Moreover, approved accounting firms are now used for auditing. Operational risks are also being handled by strengthening balance sheets; financial statement definitions are also slowly being accomplished based on international standards (Moreno, 2002).

The foreign investors themselves can apply certain means to safeguard their businesses from these recognized risks. One of the important strategies that firms should consider is to operate alongside a local business partner (Overby, 2000). This will help the firm adapt easily to the Chinese business environment. A local partner can also assist in learning the Chinese culture, practices, regulations and means of interaction. More importantly, a Chinese business partner can also help in achieving progress faster. Training the staff becomes even more important in foreign business ventures. The workforce must be supported fully particularly in adapting the business’ new concepts, standards and technologies. The management should ensure that the local staff is also well-adjusted to the new system so as to encourage them to contribute more for the business (Humberg, 2003).

In general, the investors can start off by analyzing the business environment they wish to invest on. It is important that business entrepreneurs are aware of the distinct features of each foreign setting; in this way, the investors will know how to address in the most effective way. If for example the foreign bank entrepreneur is from the West, establishing a bank in China will naturally make western and eastern difference apparent. As discussed by Ambler and Witzel (2003), Western and Chinese origins have distinct differences on various aspects like politics, philosophy, society and history. Hence, it is imperative that entrepreneurs understand their foreign prospects well. From this aspect, learning and adaptation are perhaps the two most important factors that should be present.

Conclusion
China is very appealing for entrepreneurs particularly because it offers low labor costs and a large market; similar factors have also encourages foreign banks to operate and establish branches in the country. Nonetheless, operational, credit, liquidity, interest and market risks are present, which can greatly affect foreign investors’ business goals. If banks will be established to other regions, the type and degree of risks may be different; however, risks in the banking business, irregardless of the environment, are omnipresent. For this reason, the foreign countries open to international trade as well as the investors themselves should have the appropriate qualities that will promote harmonious business relations. In conclusion, successful foreign business operations are not solely dependent on capital, connections and people but on the ability to learn, change and adapt as well.





References:
‘Knock Knock’, 2001, The Banker, May 1, viewed 4, January, 2006, .

Ambler, T & Witzel, M, 2003, Doing Business in China, Routledge, London.

Chen, R, 1998, ‘An analysis of China's economic development policies and prospects’, Business Economics, July, pp. 29-34.

Cheng, E & Cheng, Y, 1998, ‘Banking Reform and the Separation of Policy and Commercial Loans in China’, MOCT-MOST, no. 8, pp.5-21.

Hu, F & Hope, N, 2005, 'Can Foreign Entry Transform China’s Banking System?', SIEPR Policy Brief, November.

Humberg, C, 2003, ‘Successfully Moving In and Setting up Business in China’, TUV Rheinland World News, pp. 4-5, viewed 4, January, 2006, .

Moreno, R, 2002, ‘Reforming China’s Banking System’, FRBSF Economic Letter, no. 200-17, May 31.

Morrison, W, 2005, ‘China's Economic Conditions’, CRS Issue Brief for Congress, July 1.

Overby, S, 2000, ‘Taming the Dragon’, Inc.com, viewed 4, January, 2006 .

Wu, R, 1998, ‘Which Way for the Chinese Economy?’, World and I, vol. 13, no. 10, pp. 40+.

Career Management in an Organisation

Literature Review

With the fast paced and unprecedented development of the workplace, every organisation must grow in correspondence with the changes (Hall & Moss 1998; Metcalf & Briody 1995; Watts 1996). In order for an organisation or industry to be more competitive in the marketplace, the management must always see to it that they use a management system and strategy that would sustain the capability, strength and competitive position (Pearce & Robinson 2000; Thompson & Strickland 2003). Industries which consider changes with their management system or any other critical aspects of their business operation are those industries which are aware of the positive benefits that these changes may bring (Yee 1998). Hence, the emergence of effective career management is vital and goes hand in hand with career development.
Career management (Wikipedia 2006) is the process of making career choices and decisions, managing the organizational and boundless careers, and taking control of one’s personal development. As applied to an organisational level, it is the key to achieve goals of ensuring the skills and competencies of people for future employment and management of new work and life realities (Moses 1995). For organisations need people who are multitalented, effective in managing changes, and adaptive to new organisational directions, career management serves as the key for individual and organisational development.
In view of this, the researcher has referred to several existing articles and studies that have presented different views on how career management affects an organization. The gathered literatures have been compared, collated and referenced by the author. It is greatly believed that the cited literatures have sought to quantitatively and qualitatively analyze the effects of career management, thus they have been included in this review.
By conducting this literature review, the researcher may: discover precise recommendations for further research and thus may find justification for one’s own research objectives; avoid repeating works that has been already done; gain noteworthy insights into the aspects of one’s research objectives; and, discover research approaches, strategies and techniques that may be appropriate to one’s own research (Gall et al. 1996).

Career and Career Management
    Career is a course of a person’s successive situations in his/her work life (Wikipedia 2006). For the past decades, it has been figured out by experts to plan and design career. Hence, career management was innovatively introduced to serve as the blueprint for success.
    On an interview, Rowan Manahan of Fortify Services, he believed that: “full-on career management requires professionalism, total commitment and large reserves of enthusiasm and energy every step of the way.” He added that career management is not an innate talent but a process to be learned. It is not a ‘frivolous luxury’ but a ‘necessity’ in the workforce. Career management is, at its most fundamental level, all about survival in these increasingly uncertain times. It is about carefully building and nurturing people’s skills and reputation (Manahan 2004).
The concept of career management has expanded in recent years because of ‘simple economics’. (Manahan 2004) People recognise a need for it. A comprehensive review of how diversified organizational career management techniques influence business strategy was documented by Stumpf (1988). Literatures on individual and organisation career planning indicate the variation of goals and responsibilities of each. The extent of career management creates stronger organisational incentive to promote efficiency; firms are likely to restructure employment relationship toward more meritocratic distribution of material rewards and career chances (Pfeffer & Salancik 1978). Individual and organisational career management offers advances for career progression. The most excellent career management systems combine these advances in order to achieve its respective objectives (Schein 1978; Vardi 1980). For instance, in building alternative career management systems on future officer (Berends et al. 2001), organizations used variations available to policymakers in the design features of four personnel functions such as accessing, developing, promoting, and transitioning. These personnel functions integrate the individual's capabilities with the requirements of the position and affect outcomes. Manipulating personnel functions can provide variation within a career system depending on the choices made about the system's various aspects.
Furthermore, Ornstein and Isabella (1993) and Chartrand and Camp (1991) presented extensive literature reviews from the employee's perspective, while Feldman (1989) and Russell (1991) provided summaries of the research from the organizational perspective. In connection to the role of human resource management, Vaughn and Wilson (1994) described a technique to help human resource specialists, line managers and interested employees identify previously uncharted career paths for internal transfers using Job Trees. In this article, the authors combined some of the traditional skill identifications with organizational trait characteristics, work flow patterns, and existing internal and external relationships representing how the organization actually operates.
The prevalence of formal employment in the urban economy necessitates a fine-tuned fundamental model that takes organizations into account (Stolzenberg 1978). Although spontaneous routines may indeed emerge in response to state plans and other external demands (e.g., Stark 1986), insofar as bureaucratic control dominates organizational design
    The anthologies of researches and studies on career management obviously tackle to the systematic and progressive growth of people’s and organisation’s careers. It primarily dealt on the subjects of individual and organizational development and improvement. Using such references, it could be supposed that career management is applied as essential aspect of management in order to go along with the current changes of the competitive marketplace.



Planned Happenstance Theory
    In the discussion of career management, the presence of Planned Happenstance Theory is expected. It provides a strong framework from which to research career management. As a career theory, planned happenstance offers an additional dimension to Krumboltz's (1979) career decision-making model (Mitchell, Levin, & Krumboltz 1999). Within this career theory, there are several individual attributes and attitudes acknowledged as potentially helpful in managing careers in the often chaotic world of work. As understood, the ideas of curiosity and openness from this theory is a commitment to continuous learning and skill development–which involves ongoing self-assessment and realistic feedback from others, as well as “benchmarking” skills and keeping them current. This is central to most literature on career management (Bridges 1997; Hill 1998; Kaye 1997; Kidd 1998; Moses 1995, 1999; Porter, Porter, & Bennett 1998; Shahnasarian 1994).
    There are five attitudes that are essential to recognizing, creating, and using chance as an opportunity (Hagevik 2000):
1. curiosity - which will prompt you to explore new learning opportunities;

2. persistence - which means you exert extra effort despite setbacks;

3. flexibility - which enables you to change attitudes and circumstances;

4. optimism - which will allow you to view new opportunities as possible and attainable; and

5. the willingness to take risks, which will enable you to act in the face of uncertainty.

A good career management theory must account for the limited degree to which workers have control over their own career experiences and satisfaction and organizations have control over the work environments that they provide. Gelatt (1991) spoke of approaching careers with an attitude of “positive uncertainty.” Further, Savickas (1997) suggested that “career adaptability” may be the core construct in Super’s life-span, life-space theory. Literature from employer surveys that flexibility, adaptability, and problem solving skills are held in high regard in the corporate world (Business Council of British Columbia 1999; Corporate Council on Education 1992). Many recent articles have recognized the impact of “serendipity” on career management, especially in these times of rapid change (Krumboltz 1998; Watts 1996; Williams et al. 1998).

Effects of Career Management in Organisations
The issues of career mobility and employment relationship cannot be adequately addressed without systematic incorporation of organisations. Given the longstanding theoretical and practical interests in markets and economic development (e.g., Bates 1989; Evans 1995; Sachs 1992), important questions related to the impact of career management on organisational practices in hiring, promotion, and compensation have yet to receive their share of attention. However, career management effects on every organizational environment are undeniably useful.
One persuasive reason on why organizations offer career management is that the process serves as a means to recruit and retain the best employees for the job to sustain competitive advantage. Believing that the most important asset of a business is the people, appropriate recruiting and retention of workforce to achieve sustained business success is vital. Therefore, the crucial role of human resource professionals in career management must include employee recruitment and selection, performance evaluation, compensation and benefits, professional development, safety and health, forecasting, and labour relations (Lipiec 2001). David Baxter (2000 p.1) warned every organisation that “the challenges of retaining and recruiting human resources will become a paramount in the operations” more so that many sectors of every company is entering an era of critical labour shortages. And with effective career management, human resource and its scientific process will not be at risk. Vaughn and Wilson (1994) described a technique to help human resource specialists, line managers and interested employees identify previously uncharted career paths for internal transfers using Job Trees. In this article, the authors combined some of the traditional skill identifications with organizational trait characteristics, work flow patterns, and existing internal and external relationships representing how the organization actually operates.
Recruiting the best person to occupy a position in a company means higher chances of efficiency. Retaining company’s best work assets is sustaining the growing competitive edge of the organisation. Hence, by doing such career management, productivity and progression is ensured. This is another reason why organizations engage in career management is productivity. The quality of the workforce predefines the possible outputs of the organisation. A weak workforce means poor labour while a strong workforce is more. Productivity is the measurement of organizational growth. By utilizing career management systems, the productivity of the organisation is near at hand. Orpen (1994) stated that productivity may come from a dedicated and well-motivated workforce. Through motivation, it can be assumed as the reason or the force behind why a person does well in work. Sometimes, it is also a means to make the person perform better and more efficient. Basically there are three assumptions in human motivation established in research. The first one assumes that motivation is inferred from a systematic analysis of how personal, task and environmental characteristics influence behaviour and job performance (Wiley 1997). The next one infers that motivation is not a fixed trait; but rather it refers to a dynamic internal state resulting from the influence of personal and situational factors (Wiley 1997). This means that motivation may change with changes in personal, social or other factors (Wiley 1997). Finally, motivation affects behaviour, rather than performance (Nicholson, 1995; Wiley, 1997). Wiley explained: “Initiatives designed to enhance job performance by increasing employee motivation may not be successful if there is a weak link between job performance and an employee’s efforts” (p.263). Additionally, productivity also comes from the workforce that is equipped and prepared with the right mixture of talent and skills or ‘hot skills’ to do the work required by an organisation (Cole-Gomoloski 1998; Griffith 1998; Hayes 1999; Young 1999). By means of effective recruitment and employee motivation, development is workable.
Aside from organizational results, career management may also help individuals to balance their work and family life, and link their personal career goals to the emerging needs of their employer, industry, or community (Moses 1995; Simonsen 1997). By means of balancing work and life of employees, the contributions in the progression of the organisation is focused and defined. Since market-dependent firms have more at stake in maintaining a high level of employee competence, these organizations should be more likely than others to adapt effective career management processes in favour of human capital. In order for an organisation to take advantage on the effects of career management, career managers and administration should equip people to benchmark their skills, anticipate upcoming skill demands, and commit to continuous learning (Kaye 1997; Moses 1995; Simonsen 1997). During these rapid and competitive changing times, employees as well as organizations need to help each other to facilitate the achievement of company’s goals and objectives. Organizations must identify specific skills and competencies that will maximize the company’s growth.
Lastly, career management may also help individuals to balance their work and family life, and link their personal career goals to the emerging needs of their employer, industry, or community (Moses 1995; Simonsen 1997). Balance is not so much a career management variable as it is a life management variable that permits one to achieve career success while remaining satisfied. This explanation would support Moses’ (1999) call for workers of the future to take time to recharge. However, the idea that every employee possesses a succinct picture of the goals and objectives s/he wants to achieve is finite.
    Career management affect the organisation in terms of the workforce and its productivity. The bottom line is the effectiveness of the process in making career choices and decisions, managing the organizational and boundless careers, and taking control of one’s personal development.

Career Development vs. Career Management
    Poehnell and Amundson (2000) argued that the term “management”. The term has been traditionally used but it seemed to be problematic when applied to careers. It may entail a degree of control over career development that is unrealistic in today’s climate of unprecedented organizational change. Although the terms career development and career management are used somewhat interchangeably in career-related literature, in the present study the term “career management” is preferred as it tends to emphasize an active, purposeful approach. However, the interconnectedness of the two synonymous terms is both vital. In an organizational perspective, the application of such concepts is equivalent to the nature of the organizational success.
Career development in an organisation is directed on ‘how individuals manage their careers within and between organizations and how organizations structure the career progress of their members’ (Wikipedia 2006).
In developing effective workforce, the management should always bear in mind that they are accountable for the growth and development of the organisation and the employees as well.  Employees must be given a chance to develop their career in the organisation, not only for the advantages that they can get for themselves but also for the organisation.  One of the obligations of the an organisation, specifically the management is to be able understand that the primary goal of career development is to help employees analyze their abilities, skills, and interests to better match personnel needs for growth and development to the needs of the organisation (Johnson & Scholes 1997). Secondly, the company must be able to identify the factors in maintaining a successful career development program. There are three type of planning which is relates to career development: Broad Life Planning, Development Planning and the Performance Planning. The organisation should incorporate each of these into the career development program. Moreover, the human management of the company should be able to identify their general obligations in the area of career development as well as their specific responsibilities to their employer and the organisation (Gallie 1998).The management should also be able to identify methods for improving the harmony between the individual and the organisation related to the development of their career. Lastly, the management should be able to apply career development in the setting of the organisation (Henderson 1996).
There are organisational activities designed to enhance the career development. These include the following: the establishment of the job posting system, the development of career resource centres, the training of managers as career counsellors, the planning, and implementing of career development workshops, human resource planning, and forecasting, utilizing performance appraisals and developing career pathing programs (Eggland, Gilley & Wesley 1998). According to Zenger (1981), the organisation maintains several fundamental responsibilities regarding career development. The organisation must be able to agree that that career pathing is a vital part of the organisation.
    Career development describes the structure and longitudinal nature of career behaviour, as well as the psychological, cultural, economic, and political influences that involvement strategies might transform in order to facilitate more positive and purposeful career behaviour than would likely occur randomly (Borgen & Young 1990). Furthermore, agility, strength, precise movement and the ability to deal with continuous change are key attributes in career development (Aldisert 2000).
    Meanwhile, in a study conducted by Magnuson, Norem and Wilcoxon (2003), professional growth provided support for applying the planned happenstance theory of career development to leadership development. With the presence of the aspect of continuous learning in this theory, learning in the organisation occurs.

Career Management Strategies and Attitudes
    In line with the Planned Happenstance Theory, there are some management strategies and attitudes to be applied in career. Among these are:
    Continuous learning – continuous learning makes work interesting and satisfying. It allows employees to achieve success to some specified points in their careers. However, it may not be directly related in preparing them for upcoming changes in their occupations or organization.
    Planning – appears to be foundational to effective career management (Blustein 1997; De Voe 1998; Kaye 1997; Moses 1995; Orpen 1994; Shahnasarian 1994). Corporate managers have long recognized the importance of planning to the long-term success of their organizations (Wack 1985). It helps individuals and organizations enhanced their coping ability with tumultuous change.
    Risk-taking – risk-taking is another valued attribute for career management (Hakim 1994; Posen 1998). Hakim provided a significant number of examples on employees who set boundary in their career potential by refusing to take risks.
    Flexibility, Optimism, and Persistence – these attributes and attitudes serves a predictors and indicators of a career success (Champy & Nohria 2000;
Posen 1998).
Work-Life Balance – The importance of achieving balance between work and other life roles has also become an emerging topic in the career management literature (DeVoe 1998; Moses 1995, 1999; Shahnasarian1994). This aids the employee to focus on the achievement of the goals imposed by the organisation and to his/her self.
    Networking - networking is an effective strategy used more consistently by individuals who actively engaged in either job search (as promoted in such programs as job clubs) or in building their careers in the organisation where they belong.

The combination of specific individual attitudes, attributes and strategies emerges an effective career management. A dedication to lifelong learning (based on ongoing and realistic self-assessment), alertness to opportunities and the ability to keep diverse options open (adaptability and flexibility), persistence, optimism, the willingness to take risks, and planning are all personal attributes theorized to foster career management success. In addition, networking and balancing work with other significant life roles are seen as important components of a systematic approach to career management. The outcome of effective career management is expected to be successful careers that meet the needs of the individuals, their employers, and the organisation they belong.

Consultancy
    Consultancy is becoming more pervasive in career management in an organisational level for two main reasons. In the first place, it is a trend which reflects the increasing complexity of business. Secondly and partly as a result of this growing complexity, the line which has traditionally separated consultancy advice from management action is becoming blurred (Czerniawska 1999). Career management consultancy is an independent and objective advisory service provided by qualified persons to clients in order to help them identify and analyse management problems or opportunities. Career management consultancies also recommend solutions or suggested actions with respect to these issues, and help, when requested, in their implementation (Barcus & Wilkinson 1995).
Consultancy means taking the ideas, suggestions, recommendations  from those people who are knowledgeable enough in the implementation of change management process or those who have devoted themselves in analysing different approaches and strategies to ensure successful implementation of changes.  In this case, job searchers, employees, or even managers may seek help from other consultancy companies available or establishing a management team which are experienced in this kind of venture.

Suggested Topics of Future Researches
There are several numbers of researches done in career management. These studies are exploratory in nature and offer a fundamental understanding of effective career management in the changing world of work. There are no experimental researches or studies in the interpersonal aspects of career management. Basing it from the records of literatures obtained, there are no indications of any applications or tools used in career management. To this point in time, there has been limited interface between theories in the fields of career counselling and corporate management. As such, there has been little research testing the effectiveness of career management in achieving its stated goals.
Hence, future research on career management should tackle the incorporation of interpersonal variables such as management styles and contextual variables such as personal crises. A qualitative design of research that would facilitate individuals telling their own career management stories is necessary to consider.
Another functional centre for future research would be to development of dynamic, scientific and better measures for career management. It may also include some variables for career success and job satisfaction. It would be helpful for career practitioners and coaches to have an easily available, concise assessment tool to screen effective career management attributes, attitudes and behaviours. Further, it could be useful in directing individuals’ career management involvement or resources that would become the most suited element in promotion and enhancement of their job or career success.














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