Flourishing Enterprise Essay

1100 words - 4 pages

IntroductionIn these paper I will discuss about a company namely Westpac group. Westpac group of a companies was named as the most sustainable company by Corporate Knights, a Toronto based Media Company. Ranked in the top 100 can only be achieved by combination of resource productivity and social connectivity. Westpac Group of Companies was ranked 8th last year. (Smith, 2014) Thus we can see a significant jump this year. Featuring in top 10 in the world for many year means that the company is flourishing. Company can flourish on when there is a sense of the connectivity or interconnectedness between the company, community and the employees. Flourishing companies are the most positive companies and grow at a rate far above the average growth rate. Over the course of the paper we will analyze what is the strategy of Westpac group and what they are doing differently to develop the sense of interconnection between the company, community and employee (Capital, 2014).Company ProfileWestpac Banking Corporation was formed in 1817 and was the first bank of established in Australia. . In 1982, with the merger of the Commercial Bank of Australia, it changed its name to Westpac Banking Corporation. On 23 August 2002, Westpac was registered as a public company limited by shares under the Australian Corporations Act (2001). In December 2008, Westpac merged with St. George Bank Limited. Westpac is serving around 12 million customer in Australia. Westpac group has a three major customer facing division i.e. Australian Financial Services. Westpac Institution bank and New Zealand Banking. The three main competitor in Australia are as followsANZ -Australia and New Zealand Banking groupCBA-Commonwealth BankNAB-National Australia bank (Wikipedia, 2014)Sustainability Strategy of the companySustainability Strategy at Westpac group of companies is about anticipating and shaping the most pressing emerging social issues where they have the skills and meaningful resources to make a meaningful difference and drive business value. The main focus is to anticipate the effect of demographic and cultural change on the workplace and the customer. They are one of the first bank which have invested in Asia and understand its effect on the business. Principles of doing business at Westpac group revolves around Governance and Ethics, Employee practices, Community involvement, customer practices and supply chain management. Westpac starting point in the next five year plan was on how to develop internal and external engagement. This shows the management know that for the business to flourish the connectedness between community, company and the employee is very important (Westpac, 2014).Westpac Group has been able to create a unique position for them. Now we will analyze the strategy of the Westpac group through the Blue Ocean framework.Blue Ocean Strategy for Westpac groupWestpac group has created a unique space for them in the Banking industry. When we put their strategy in the Blue...

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