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(Solution) CIPD 5HR03 Task Two – Report Section Two
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Task Two – Report Section Two
| Explain the legislative requirements that impact reward practice. (AC 2.4)
Short references should be added into your narrative below. Please remember to only list your long references in the reference box provided at the end of this section.Word count: Approximately 300 words
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| Equality Act 2010
In order to prohibit any type of prejudice when awarding people, the Equality Act of 2010 might be used to reward practices. Employers are prohibited by law from discriminating against their employees’ wages, benefits, or work terms and conditions based on their sexual orientation, gender, race, handicap, or any other protected trait (Acas, 2023). The Equal Pay Act of 2010 also addresses the issue of how much men and women ought to be paid. For instance, GA Pensions must compensate men and women performing comparable employment or work of equivalent worth equally in order to maintain equity in rewards. These consist of equal pay, paid holidays, pensions, overtime pay, and paid annual leave. Only when a person’s abilities and credentials are essential for the position can GA Pensions reward men and women who perform comparable work in different ways. National Minimum Wage Act 1998 Employers are required by law to give workers a minimum wage per hour. GA Pensions should be aware that different ages have varied minimum wage requirements and should abide by them to prevent legal claims and accusations of discrimination. Ages 23 and over cost £9.50, Ages 21 to 22 cost £9.18, Ages 18 to 20 cost £6.83, Ages under 18 cost £4.81 and Apprentice cost £4.81 (Acas, 2023). Every set of workers receives a better income that can assist them satisfy their needs thanks to these various wage rates. GA Pensions could be paying more than the going hourly wage, but it shouldn’t be less. Paying workers less than the legal minimum wage will result in a legal risk for the business, making it harder for GA Pensions to find and keep talented staff. CEO Pay Reporting Companies with at least 250 workers in the UK are required by the Corporations (Miscellaneous Reporting) Regulations 2018 to declare the split between the CEO’s pay and the pay of full-time employees (Cotton, 2022). This is true of the CEO and employee pay structures of GA Pensions. The ratio of employee compensation to CEO compensation should be made public by GA Pensions. A report on changes in the CEO disclosure ratio and the metrics used to compute the ratio should also be included in GA Pensions. GA Pensions’s dedication to justice and fairness might be demonstrated by a lower CEO Pay ratio.
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Original price was: £ 30.00.£ 10.00Current price is: £ 10.00.
Executive Summary
This is a business report which evaluate category and contract management using Occidental of Oman (Oxy) organisation in Oman. Specifically, the best practice in category management for harnessing project management and cost management effectiveness has been evaluated. Further, in this business report, entire requirements which guide initiation and readiness in category management, conventional-based sourcing strategies, contract management, techniques have been put into account. In this report, the findings evidence that Oxy organisation operates an effective risk management strategy in contract and category management. Further, to identify the PS&M members capacity development, they are well positioned in implementing their category management. This is with appropriate capacity development required for mitigating existing gaps in their practice. The findings similarly evidence Oxy PS&M as having been successful in sourcing the Health and Safety Equipment (HS&E). To enhance innovativeness in this area, the organisation capitalise on SLA’s and KPIs with auditing being essential for their practice. Further, through an effective use of data analytics, analysis and presenting contract management data and best management process. This enhance stakeholders collaboration and being aware of decision making promoting operations, input and suggestions made. Through stakeholders analysis, stakeholders relations are essential for maintaining stakeholder relations improving the Oxy image and overall market share.
In this report, there are identified gaps which need to be mitigated. These gaps would be managed by use of the following recommendations which are;
- Investing in blockchain technologies, cloud-based platform and L&D strategy for contract management strategy to improve entire stakeholders relationship
- Increasing budget assigned in their PS&M post-COVID pandemic economic recession
- Initiate an organisation team members to improve how they integrate and harmonise PS&M approach in the organisation
- Prioritising on increasing team-based working in their sourcing with entire vendors involved for achieving cost saving
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(Solution) CIPS PDV Driving Value through Procurement and Supply Managing Expenditure with Suppliers
Original price was: £ 30.00.£ 10.00Current price is: £ 10.00.
Executive Summary
In this first assessment covering modules “driving value through procurement and supply and managing expenditures with suppliers”, the focus is outlining the importance of a category of spend to organisation stakeholders. The selected category is logistic services as sourced by Saudi Arabia Maaden Petrochemical Company (SAMAPCO). In specific, the logistics services are handled by JAS Company in Saudi Arabia. Further, in this assessment, brief market analysis has been pursued with a detailed evaluation procisded on th scope of procurement and supply management (PS&M) department lead to development of value for money outcomes. At the end of this assessment, the current approaches in placxe for managing costs and prices for the logistics service spend area influencing markets in SAMAPCO has also been an area of focxus. The findings in this report are informed by various models and tools including Mendelow Matrix, STEEPLED analysis, SWOT and Porter’s 5 Forces all which evaluate PS&M functions in managing costs and operations in the highly competititve business environment.
The main findings in this assessment evidence that for the logistics service sourced by SAMAPCO, value for money outcomes is successful. In particular, by engaging JAS Company, the organisation has managed to be appropriately positioned to leverage on competitive advantage in the petrochemical industry in Saudi Arabia (KSA). Another key finding is that by setting a priority in considering their different stakeholders interest and pursuing the set Key Performnce Indicators (KPIs) and Service Level Agereements (SLAs), SAMAPCO business objecives would be sustained and successful (future oriented).
The findings and conclusions in this assessment inform on a set of gaps which could be managed by pursuing the following recommendations;
- Expansion of the best strategy in embracing on modernised technology as part of stakeholders management
- Come up with customised strategies for improving value for money outcomes unique to logistics spend area
- To involve local and regional supploers to cut costs through gaining in terms of discounted costs
- Consider re-evaluating their financial capability for an effective logistics sourcing with all uncertainities eliminated
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In summary, this report has provided a comprehensive analysis of ADNOC’s procurement strategies and risk management frameworks underscores the critical importance of proactive and strategic approaches in the energy sector. The key findings indicate that through embracing advanced technologies such as AI-driven analytics and supply chain management software, ADNOC can effectively anticipate market trends, mitigate operational risks, and enhance decision-making capabilities. Moreover, the development of agile compliance and sustainability programs enables ADNOC to adapt swiftly to regulatory changes while bolstering its reputation as a responsible corporate entity.
Another key finding is that supplier diversification emerges as a pivotal strategy to safeguard against supply chain disruptions, offering ADNOC flexibility and resilience in volatile market conditions. This is with the findings evidencing that strategic partnerships with suppliers not only mitigate risks associated with single-source dependency but also foster innovation and quality improvements. The emphasis on continuous performance improvement and the proactive management of contract lifecycles further contribute to ADNOC’s operational efficiency and cost-effectiveness.
By using different models and techniques analysis, ADNOC’s commitment to integrating these strategic recommendations into its procurement practices positions the organization to achieve sustainable growth, operational excellence, and competitive advantage in the global energy market. By aligning procurement strategies with broader organisational goals and leveraging cutting-edge technologies, ADNOC can navigate complexities, drive innovation, and ensure long-term success in a rapidly evolving industry landscape.
Recommendations
- Implement one AI-driven analytics platform by Q4 2024, integrating with existing systems and training staff to enhance forecasting accuracy and negotiate a 10% reduction in supplier costs, led by the IT, procurement, and finance departments. Despite potential initial costs and staff adaptation challenges, this initiative aims to achieve a 15% increase in forecasting accuracy.
- Fully deploy advanced supply chain management software by Q2 2025, partnering with a leading provider and training teams to reduce disruptions by 20%, thus increasing overall supply chain efficiency by 5%. This effort involves collaboration between supply chain management, IT, and vendor management teams, despite initial disruptions and high upfront costs.
- Establish a cross-functional compliance team by Q3 2024 to develop three new policies annually, ensuring 100% compliance with regulations and enhancing reputation metrics by 15%. Led by legal, compliance, and HR departments, this initiative aims to overcome resistance to policy changes and resource-intensive monitoring efforts.
- Implement three financial instruments (futures, options, currency swaps) by Q3 2024, collaborating with financial experts to reduce financial risks by 20% and achieve a 10% increase in financial stability. This effort, led by finance, risk management, and external advisors, addresses potential challenges in market volatility and regulatory constraints.
- Engage multiple suppliers and form five strategic partnerships by Q4 2024, increasing supplier diversity by 30% and improving supply chain reliability metrics by 10%. Led by procurement, vendor management, and supply chain analysts, this initiative aims to mitigate dependency risks and manage supplier relationships effectively. Potential challenges include maintaining consistency in product/service quality across diverse suppliers and increased administrative burden in managing multiple partnerships.
- Conduct market and competitor analyses twice a year starting Q3 2024, aiming to increase procurement cost savings by 15% through better negotiation strategies and timely market insights. This effort, involving procurement, and strategy departments, addresses challenges in data availability and competitive analysis capabilities. Potential challenges include delays in obtaining and analysing market data and difficulty in predicting competitive moves accurately.
(Solution) CIPS New Global Strategic Supply Chain Project
Original price was: £ 20.00.£ 10.00Current price is: £ 10.00.
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- To conclude, the generated findings of this report evidence WPC is today adopting the application of iSourcing in their procurement and supply management (PS&M).
- In the current project, through an evaluation of options for automation of the organization PS&M, the findings evidence the existence of different limitations hindering the success of their system. The issues of cost overruns, lack of collaboration, and inefficient supply chain as the organization is expanding its current operations have been noted to include limitations of their current sourcing.
- Success in the automation of their supply chain has been identified to lead to the following outcomes;
- Organisation achievement owing to automation of their supply chain, increased confidence and capability, talent management, and employee competency
- Improved stakeholders relations (a later section of stakeholders analysis) easing the change process. Through the iSourcing improvement, WPC would be in a position of harnessing technical and commercial evaluation processes.
- Increased and robust systems and policies which mitigate overall gaps in sourcing system transformation
- Today, only lower than 10% of the entire WPC resources are used to prioritize automation and IT integration successfully. Automation would improve the use of resources in their operations
- Involve their IT and finance departments to ensure within a period of 6 months they
- WPC needs to consider embracing sustainable practices as part of investing in their Industry 4.0 technologies
- Through the adoption of automation, better communication systems backed by AI and ML would be introduced to achieve 70% increased communication effectiveness.
- It is important to increase this through increasing collaboration and alignment of all their interests holistically
- Partnering with institutions for the provision of capacity development opportunities for the PS&M teams and other organizations for the success of the automation process
- Expanding their sourcing of Industry 4.0 technologies. This is to involve highly reputable global companies hence efficient operations and integration of AI
- Source of support from the government to ensure that they are facilitated in terms of policies and appropriate regulations to guide the automation process.
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