EAP 4 ASSIGNMENT COVER SHEET

Name: Nguyễn Thị Yến Nhi I.D: B1112023537

Class: EAP4-0222WSB-2
Assignment: Case study
Assignment Question: Creating a sustainable business

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Due date: 19/04/2022 Date submitted: 19/04/2022

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Student’s Signature: Nhi Date: 19/04/2022

Nguyen Thi Yen Nhi - EAP4-0222WSB-22

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 EAP4 Case Study

Nguyen Thi Yen Nhi

EAP4-0222WSB-2

Nguyen Thi Yen Nhi - EAP4-0222WSB-22

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 CASE STUDY

Introduction:

Environmentally responsible business approaches are gaining popularity among both

researchers and business policymakers. Overall, climate change, sustainable business and

development in general are the main issues facing organizations today. The number of

organizations considering incorporating environmental practices into their strategic and

operational goals is steadily increasing. An exploratory case study by Westpac, a major

Australian Bank. Founded on 8 April 1817 as well known as the Bank of New South Wales,

Westpac has an international reputation for its sustainability strategy and is a theoretical and

practical place of interest for research. Our investigation was underpinned to give data for a

SWOT analysis of corporate strategy designed to enhance the bank service level offered to the

consumers, as well as the flaws that need to be addressed.

Recommended course of action:

The following recommendations are derived from the SWOT analysis:

● Westpac must ensure the bank's sustainability while also unleashing the full potential

of its customers to create long-term shareholder value.

● Do not harm the environment.

● In particular, Westpac should promote an atmosphere that is both appealing and

responsive to the flexible needs of workers:

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 - ‘Part-time work’

- ‘Allowing some work to be performed from home where suitable’

- ‘Create incentive bonuses for excellent employees who exceed monthly or quarterly

targets’.

● Westpac should, undoubtedly, implement an age-balancing strategy to retain the elderly

customers.

● Improving customer service and respond to their requests:

- ‘Be available for customers’

- ‘Don’t make customers wait’

- ‘Value the customers’

- ‘Don’t give customers the runaround’

- ‘Solve issues quickly and fairly’.

Appraisal of recommended courses of action:

In the last several years, Westpac did decide to make sustainability' a fundamental aspect of its

strategic purpose, and it now openly includes this notion in its official declarations of strategic

intent. Sustainability is more than solely a philosophy; it is also entrepreneurship practice.

Westpac's core brand attribute has evolved into being a responsible bank. It underlies

Westpac's basic business strategy and is the primary generator of long-term shareholder value.

Furthermore, as well known, greenhouse gas emissions and ozone layer is declining, leading

to new environmental awareness, which is concern for the future and corporate social

responsibility. Indeed, climate change strategy was launched for five years by Westpac in

December 2008 as part of the continual evolution of the notion of sustainability. This strategy

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was developed in collaboration with internal and external stakeholders, and it focuses on the

following year-round key areas: risk management and business capacity development;

minimizing Westpac's immediate environmental footprint; employee engagement;

communicating and advocating for climate change issues in the community; and developing

products and services that promote or have a positive impact on the environment.

In addition, to produce long-term value for its shareholders, a company must attract and retain

the finest talent. Therefore, Westpac's creation of a friendly atmosphere will reduce job

hopping because its employees work at full capacity with high spirits, give their best, love

their work more and are especially loyal with the company. Also, a chain reaction will be

initiated by treating employees. Employees who are satisfied with their jobs will stay with the

organization. They provide excellent service to their consumers. Customers who are satisfied

with a company's product or service are more likely to return. Loyal customers drive profits.

This highlights the importance of providing employees with a positive work environment and

flexible work alternatives.

It is worth emphasizing that few individuals are aware of the relevance of senior workers.

According to experts' studies on global population density, the baby boomer generation (born

between 1946 and 1961) outnumbers the following generation. As people reach retirement

age, the workforce will decrease considerably, and firms will recognize the value of highly

trained workers' talents and expertise. Notably, roughly half of Westpac's clients are 45 or

older, indicating that these consumers prefer to engage with persons their own age. So, if

Westpac can establish an age-balanced strategy, it will mark a flourish moment for the bank.

Satisfying customers is another important factor for business success. By consulting with the

customer department, the bank will understand the requirements that customers expect to be

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served most often. From there, amend and improve the customer charter to give customers the

best experience.

Conclusion:

In brief, with effective reforms and a sound plan, Australia's biggest bank, Westpac, has been

successfully executing its sustainable development strategy and contributing to environmental

improvement, as the catchphrase goes: "Green is good." This strategy will assist to boost

customer happiness while also increasing earnings for the company.

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 SWOT Analysis

Strengths Weaknesses Opportunities Threats

Long-established Uncontrollable According to the Greenhouse gas

job-hopping new perspective due emissions and the

to environmental depleting ozone layer

problems had driven

Dare to accept full Manpower shortages Receiving customer Competition in financial

accountability for all and training issues trends services between banks

corporate operations and businesses

Employee policies Estimates of product Making a positive The problematic

and perks that are demand are contribution to environment

good ambiguous the community

Westpac offers Need to invest more Creative thinking Out of resources

opportunities that in technology. and environmental

reflect individual protection policies

circumstances

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 The proper method

of thinking and the

appropriate road to

long-term

sustainability

Westpac’s age

balance strategy

Reference List:

1. Reinhardt, F. (1999). ‘Bringing the environment down to earth.’ Harvard Business Review

(July- August), pp. 149-157.

2. Gray, R. (2006). ‘Social environmental and sustainability reporting and organisational value

creation? Whose value? Whose creation?’ Accounting Auditing & Accountability Journal 19,

pp. 793-819.

3. N. Abdelkafi, K. Tauscher (2016). ‘Business models for sustainability from a system

dynamics perspective’ Organ. Environ, 29 (2016), pp. 74-96.

4. N. Bocken, J. Allwood (2011). ‘Development of an eco-ideation tool to identify stepwise

greenhouse gas emissions reduction options for consumer goods’ J. Clean, 19 (2011), pp.

1279-1287.

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