Walsh University Admission ACT Scores, Acceptance Rate

Customer Community An Important Tool For Businesses

There are a number of ways to market your products, serve your customers and improve your products or services. But rarely do all of these functions fall under a single platform – until you consider setting up a customer community. In this guide, we’ll explore what customer communities are all about and the reasons they’ve become an important tool for businesses. You’ll be able to understand why your organisation should start and utilise a customer community. Finally, we’ll examine the keys to starting a customer community. What is a customer community? Before we venture deeper into the ways to utilise and set up a customer community, it’s important to examine customer community as a concept. The definition of a customer community Customer communities are places where customers, experts and partners talk about the issues surrounding the company. The communities are often online-based, as the Internet has made it easy for different groups to collaborate and communicate. The aim of an online customer community is to bring the different players together – the customers, the employees and other partners – and to provide better experience for the customer. These communities are therefore helping to improve and develop the product or service, in order to enhance the customer experience. The issues discussed by the community include: †¢ Solving problems with the product, the service or the company †¢ Reviewing and analysing the product or the service †¢ Brainstorming new ideasShow MoreRelatedSocial Media, No Matter The Size864 Words   |  4 Pagest know where to begin.† (Heath, 2011) Social Media is without a doubt the new kind of business. However, small businesses are falling behind because even though they use these platforms personally, they wonder how these same tools used for entertainment, can be used to enhance the business. What they don’t realize is that social media gives them a whole new way of communication. Customers like to be heard; with bigger corporations this is just not possible because they simply â€Å"don’t have the timeRead MoreUsing Internet As A Marketing Tool Essay1412 Words   |  6 PagesMany businesses are currently using various online platforms to promote and marketing their products. With the advancement of technology and increased access of the internet by people, the business have taken the opportunity to reach their potential customers through the internet. There are various advantages that accrue to a business entity that uses internet as a marketing tool. The internet marketing has tremendously increased and the businesses that have not embraced internet marketing are missingRead MoreImpact Of Social Media On College Students Essay1588 Words   |  7 PagesThis success caused Facebook to eliminate the exclusive college student membership and be completely public access membership based. Businesses could see this success and began brainstorming ways to get involved in it. Thus, began the social media evolution as we know it today. Even though social media sites make negative communication easier, it allows small businesses to reach many more consumers than ever before, share positive stories, and will help to increase revenues. What is Social Media? SocialRead MoreStandardization For International Advertising?835 Words   |  4 Pagesmedium and big businesses can reach the global market. By reaching new markets, getting new customers and adapting their businesses to meet the customer needs in order to maximize their revenue. In other hand, not all businesses are developed to meet the needs of international customers so their domestic population maintains those styles of businesses. One of the few benefits that you could get from the standardization for international advertising is that opens a new venue for businesses to reach moreRead MoreDetail The Required Messages Delivered To The Consumers1306 Words   |  6 Pagesadvantage of social media by organising voting competition on their customer boots photos and give away boots as prize for photo with most votes. competitive advantages John’s Boots has the advantage of being a well-known local brand and has the acceptance of customers as quality footwear products. †¢ trade publications: John’s Boot should regularly publish its company and product information to expose itself to wider range of customer and investors. features of the product or service John’s Boots isRead MoreHello Walmart1027 Words   |  5 Pagescompete with this company. Now before going forward, it is very important to understand how Wal-Mart operates. The main strategy of their operation is getting the cheaper supplies and sells their products a very low price to the customers. Another of their strategies is to centralize all kinds of products in one store. The key element for this business is to analyze the market considerations when they open a new location. There are tools to help companies to find out the best location. For example,Read MoreHow A Business Will Improve The Welfare Of Society840 Words   |  4 Pagespeople to expertise. It enables people such as partners, customers, or even employees to form networks to gather sources of foster creativity, establish greater reach and exposure to new opportunities, and innovation. It also establishes trust. It allows people to solve business issues. †¢ Transparent- Social business strives to remove needless boundaries between people in marketplaces and people inside the business. It holds the tools and leadership models that support knowledge and insight fromRead MoreOrganic Marketing: An Ideal Way to Find the Hidden Leads of Business705 Words   |  3 Pagesreach, nurture, and convert customers this year. Out of all the marketing techniques used today, the one that has created a lot of buzz and controversy is social media. Business nowadays cannot think of flourishing without the aid of social media. It has been the most effective way of boosting the sales of the business since it gives the marketers a voice to communicate with peers, customers and potential customers. Its unbeatable growth has made it a valuable marketing tool for business regardlessRead MoreThe Stakeholders Of The Business1367 Words   |  6 Pagesinfluence on the business and the way it operates. Customers Interests and expectations of Tesco Customers want to have a good shopping trip experience when they visit Tesco. They also want to operate fairly and honestly within Tesco stores. Tesco aims to provide a good choice of products, including sustainable, healthy and affordable options. Customers want to be welcomed into Tesco’s and they want the best quality things for the best prices. The most important skill in Tesco’s is listening – and that startsRead MoreSwot Analysis : The Swot883 Words   |  4 Pagesexcellence is important in delivering quality education using functional areas such as learn and grow, look after customer, look after share holder and the business process to excel which are assessed using a balanced scorecard for their performance. A quantitative technique used with the supported tools in the decision analysis process for making in a situation where uncertainty exists. Strutledge can perform decision analysis using simple excel or OM tools which is a quantitative tool that organizes

Predicting Resilience and Cyberbully Victimization

Question: Discuss about the Predicting Resilience and Cyberbully Victimization. Answer: Introduction With the emergence of globalization, there has been the increase in the consumption parameter. This parameter in later condition had affected the physical, emotional, mental as well as spiritual well-being of the individuals. In that context, it is necessary to keep the record over the consumption of all the resources and to evaluate the effect of the consumption upon the consumer behaviour in relation to the cultural influences. Thus the paper is supposed to concentrate on a basic problem running in the society by the result of consumption. This problem is the cyber bullying. It is quite well known that the consumption is of two types, overconsumption and under consumption (Bayraktar, et al., 2015). Under consumption is indicates the condition of recession and stagnation that leads to low consumer demand. At the same time, Cohen, Prayag Moital said that, the overconsumption is the process in which the consumer demand crosses every level without any limitation. So the concept of cyber bullying comes under the portion of overconsumption where there is the high demand of the consumer regarding the usage of any particular resource. Thus the primary concern of this paper that needs to be highlighted is the basic of the consumer behaviour (Cohen, Prayag Moital, 2014). As per Cohen, Prayag Moital, consumer behaviour is the part that studies the basic needs of the individuals regarding the process how they select and use the services by satisfying their needs and behaviour with respect to the consumer as well as their society. Basically, the consumer behaviour is the blending mixture of the psychological, ethical and cultural perspective of any consumer. It is because the consideration of these facts will help in categorization of the process to understand the decision-making process of the consumer. It also further depends upon the demographics as well as the behavioural variables of the individual. But out of the entire factor that matters the most is the cultural factor that has its influence over the emergence of overconsumption (Cohen, Prayag Moital, 2014). The consumer behaviour is, therefore, dependent upon the cultural activities. The reason behind it is it becomes the cultural factors include the unstated assumptions, values, communicating, standards of perceiving and believing. The different cultural dimensions ultimately affect the purchase behaviour of the customers. In relation to the consumer behaviour and cultural influence, there has been of a wide variety with reference to cyber bullying. And depending upon that the matter of cyber bullying becomes the matter of fact from both domestic as well as global perspective (Goodboy Martin, 2015). Ethical, Psychological and Cultural Perspective that aggravates Cyber bullying According to Grzig lafsson, cyber bullying is basically the concept that involves the use of technology to fulfil the aim of threatening, harassing, embarrassing or targeting any specific individual. While going some deep into the concept of cyber bullying it is mostly found among the young people. But in any case, the case comprises of the involvement of the adult in cyber bullying at that it can be considered as the cyber-harassment which has many legal consequences. In recent times the concept of cyber bullying has taken a steep rise resulting in a great contributor of the suicide cases done by the high profile young adolescents (Grzig lafsson, 2013). According to Horner Swarbrooke, the cyberbullying differs from the case of traditional bullying. In fact, it can be said that the cyber bullying provides ambiguity to the action carried out during bullying. This action is not possible in traditional bullying. The more significant reason here is the bullies do not confront the victim and their reaction without having any repentance (Horner Swarbrooke, 2016). In other words, the cyber bullying is an opportunities activity because the consequences to the victim are done without any kind of physical interaction along with little planning. In addition, the cyber bullying has a less amount of being caught. Thus the evidence concludes that the cyber bullying is mostly done by the young students those who are having the high amount of access to their computers, phones or tablets. It clearly indicates that there are some other factors that basically affect their ethical, psychological and cultural condition (Konijn Den, 2016). The cyber bullying is quite well known to happen in the adolescents. In that context, the parents, as well as teachers, were more concerned because it will make the child to lose their ethics. In that case, the cyber bullying is of various kinds that can be done through impersonation, abusive messages along with many other processes that will affect the ethical concern of the individual. Thus while looking into the ethical concern that takes the person to aggravate the nature of bullying (Konijn Den, 2016). In that context, the consumer behaviour is always been a great interest of value to the marketers. Depending upon that, the marketers understand proper needs of the customers regarding their ideology about the products as well as environment. Again the customer behaviour is further influenced by the cultural, social, psychological and personal factors. Out of all the factors, the cultural, as well as psychological factors, influences the most. Thus while considering the consumer behaviour, there have been the major factors that influence the decision making of the consumers that are the risk aversion and innovativeness. The concept of risk aversion is the process that adds up to the nature that how the consumers must need to be certain as well as sure regarding the decision of purchasing. At the same time, the innovativeness is the fact that is one of the global measures which refers to a certain degree up to which the customers re willing to take any kind of chances to incorporate n ew ways in the businesses. In the case of cyber bullying, the part of the consumer that is affected the most is the behaviour. The behavioural perspective of the individual emphasizes the role of the external environmental factors involved in the process of learning. Thus the consumer behaviour involves certain activities, decisions or experiences that taken attempt to make any effective decision. Tradition of Ethical Thinking Those ethical Thinking are the grieving, drama, harassment and relationship violence. These four factors collectively form the base by which the individual gets influenced by bullying activities (Cohen, Prayag Moital, 2014). Griefing: The griefing is the activity that basically provokes the person to get angry or annoying and irritating people online. In this case, the perpetrator chooses such person whom he only knows online or does not know. In this condition perpetrator generally achieves what he wants and if it is prolonged for a long time period it will lead to harassment. Mostly it can be said that it is the most frequent process of bullying carried out in public (Konijn Den, 2016). Drama: It is another kind of bullying that basically happens over the digital media. And specifically, it occurs in between the people that they know each other online or offline. In this case, the perpetrator is very well mixed with the target (Goodboy Martin, 2015). Harassment: This is mostly known and dangerous bullying activity because during harassment the bullying becomes personal as well as persistent. It is carried out in the form of threatening or abusive text messages which in mostly done in private without having any witness. Relationship Violence: This kind of bullying has recently risen due to the technological advancement that resulted in the condition where the teens make the proper use of it. As per Konijn Den, with the consideration of the relationship violence, one partner is the perpetrator and the other one is the target. And in this matter the perpetrator stalks the target by threatening, impersonating their partner on social media and sending them abusive messages (Konijn Den, 2016). Majorly this kind of cyber bullying includes the blackmail or pressurization done for physical intimacy or sex. Through this activity, the perpetrator embarrasses their partner on social media. Continuous cyber bullying in the case of relationship violence will lead to the activity of sexual assault and consensual relationship. Comparison of Utilitarianism Deontology Utilitarianism basically focus on the consequences of actions and makes right choices morally which directly or indirectly increase the the Good. Here the Good is the neutral agent on which everyone has right no matter what it is achieved by ones own agency or not. But on the other side Deontology focus on duties and rules. It defined that some choices are morally forbidden no matter how good is the consequences is. It also depends upon some moral norm and each moral agent need to obey such norms (Konijn Den, 2016). Consumer insights are gained from utilitarianism is that its overly demanding and Deontology basically instruct the consumer to do certain things and treat well to friends and family members (Solomon, Russell-Bennett Previte, 2013). These ethical thinking helps to make better decision as it tells us what is right and what is wrong and at the same it tells about what is good for friends and family also. So it helps to improve the sustainable consumption (Solomon, Russell-Bennett Previte, 2013). While considering psychologically the parents as well as the educators are always worried so that this should not entrap their kid anyways. In that case, the bullying in relation to the psychological condition occurs when the kid is very much deeply hurt regarding any condition that can affect his or her mental condition. Still, the increased usage of cell phone or computers enhances the revert action carried out by the students. Basically, the cyber bullying in the young students is the resultant of the school or college violence. This is one of the major reasons behind the bullying (Solomon, Russell-Bennett Previte, 2013). It is generally seen in the behaviour in which the individual violates the rules and mission of the school and his or her verbal activity changes from to normal to critical and daring. Another factor is the aggression. The presence of this behaviour within the individual will turn the environment full of chaos. The reason behind it is the individual who is the perpetrator becomes hostile, violent, and aggressive along with the attitude that makes another hurt. Next to that is the feeling of a victim. The individual becomes the perpetrator when he or she develops the feeling of being a victim. In that case, the individual suffers a lot that provoked the development of bullying nature. Actually, this case is also the resultant of the bullying carried out generally. It also changes the in-class behaviour of the individual along with the performance. In all these aspects the school bully is one of the processes in which an individual or the perpetrator uses his or her power to frighten others for a prolonged period of time. So with this behaviour the educational institutions face the bullying in their place. Out of that 66.7 % of students are found to be teasing others, 65.3% of students are found to be disobeying the instructions, 59.7% of students are found to extortion and 62.5% of students are involved in lying (Tobias Chapanar, 2016). Apart from that the specific reasons that bring the aggravation to the cyber bullying are the 25% academic achievement, 61% appearance, 17% race, 15% sexuality, 15% of financial status, 11% religion and 20% other reasons. At the same time, it is witnessed that most of the cyber bullying are found in the social media. So the action of cyber bullying acts 39% on Facebook, 29% on Twitter, 22% on YouTube and 22% of Instagram. Depending upon the cyber bullying the behavioural and psychological aspects of the individual changes accordingly that eventually acts upon the community. Coming to the aspect of culture it is the sum up of the values, customs, learned beliefs that have the direct impact on the behavioural aspect of the individual. In that case as mentioned above the consumer behaviour majorly affected by the cultural variations. With the collaboration of the values as well as beliefs there will have a creation of mental images which in later condition brings variation in the behaviour of the individuals? As it is said from the above section that the consumer has the great relation with the culture so in this matter the high usage of technology depends upon any particular place (Tobias Chapanar, 2016). So is the usage of cell phone and computer usage that diverted the mind of the individuals. With that respect the bullies carry out the cyber bullying. The violence in schools also contains many conspicuous threats against the fellow students that outrage the aggressiveness of the individual resulting into bullying. This resulted into the becoming anti-social, feeling unwell, mood swings, falling behind in the study and being depressed. Thus the places like the USA is the place where most of the students were involved in bullying activities but on the other hand Japan though it is technologically advanced still it is not that much involved in the bullying activities (Konijn Den, 2016). It indicates clearly that not only the technological advancement is necessary but the culture the fact that drives the mind of the individual. The reaction of the parents in relation to any kind of activity also reflects the cultural attribute of that place. Like in a survey in schools in USA, it has been concluded that the 52% of students are said regarding someone saying them hurtful online, 53% of the said that they had reacted with hurtful meaning to someone, 43% have been bullied and 35% have been threatened and 58% of students have not informed their parents. In this manner, the cyber bullying sometimes leaves the individual extremely upset or afraid or totally distressed (Horner Swarbrooke, 2016). Cultural Theory: The culture, therefore, influences various important facts that address the deep insights regarding the consumer behaviour or how the consumer takes the decision regarding purchasing (Grzig lafsson, 2013). Thus the theories reflected in this part will help in addressing the important issues of how the consumer behaves while buying individually or in groups. The theory that reflects various effective marketing processes, as well as impact on the consumers, are the Theory of Reasoned Action, Motivation-Need Theory, Impulse Buying and EKB Model (Grzig lafsson, 2013). Reasoned Action: This theory will provide the best action posed by the consumers which must be based on their intentions. The theory depicts the customer as the rational actors who basically choose to show their act at their best interests. As per the theory, the specificity is the critical decision-making process attained by the customers (Goodboy Martin, 2015). Motivation-Need Theory: This theory engrosses the action created by the people who act to fulfil the needs of the consumer which is based upon the five-part priority system. This system includes some specific characters such as physiological, love, safety, esteem and self-actualization. This theory specifically acts through the incorporation of mashlows hierarchy theories. In that case, the customers are being motivated to make the prioritization of the purchasing processes towards the base of the hierarchy (Goodboy Martin, 2015). Impulse Buying Theory: In this theory, Hawkins Stern believes the idea of impulse behavior that gets fits alongside the decisions which customer take basing upon the rational action. The process of impulse decision is carried out by the action of external stimuli which mostly do not have any relation to the traditional decision-making. Thus the impulse decision goes on with the four categories that become an ocean of opportunities for the marketers. EKB Model: This theory describes the consumer behavior along with the decision making which is based on the expansion of the Theory of Reasoned Action. In that case, te theory goes on with a five step process which helps the customers to take exact decision what he or she wants to. The consumers, therefore, get affected by the decision making phase along with many external influences (Goodboy Martin, 2015). Grid describes about the different people in the group and about the different roles they take on. At one end there are many and varied interpersonal difference and at other end there are significant similarity between people (Horner Swarbrooke, 2016). Group helps to describes the bond between strong people. It helps to find the weak bonds between people and strong binds between people. Group Weak bonds between people Strong bonds between people Grid Many and varied interpersonal differences Significant similarity between people Fatalism Collectivism Individualism Egalitarianism Each factors of the grid- group helps to determine the consumer behaviour, as it analyse the bond between people and how people behave at different roles. As mentioned above cyber bullying is the activity that can produce a negative impact on the individuals mental, emotional and physical processes. In that case, it can or cannot cause any kind of harm or injuries rather it will definitely result in the stress related illness. The major thing that has to be considered is bullying is that kind of activity that satisfies the anger or aggressive feeling of any individual who has been like a perpetrator for a certain time period. And mostly in that time period there will have the resultant f depression, higher absenteeism, and reduced performance. In addition, Goodboy Martin said that cyber bullying makes the person unable to express his or her feelings as well as opinions (Goodboy Martin, 2015). For that reason, it can be said that the bullies or the perpetrator have an unsocial environment which only results in harming or targeting others as a result of anger or frustration. Thus while it is viewed in terms of sustainability it is seen that this action is not permanent and it becomes permanent then it has the only negative impact over the individual. It is immaterial whether permanent or not the sole impact of bullying is negative only that results in the deterioration of the individual involved in it. Thus the cyber bullying can be said to have a less amount of sustainability (Cohen, Prayag Moital, 2014). Conclusion The paper brings out the major highlights in terms of activities involved in the cyber bullying. In addition, it also includes all the aspect by which the bullying activity can be raised and depending upon that the behavioural and psychological condition of the individual also changes. Thus it can be concluded that the culture laid down the foundation of which there has been the overconsumption resulting into cyber bullying. References Bayraktar, F., Machackova, H., Dedkova, L., Cerna, A. and ev?kov, A., 2015. Cyberbullying: The discriminant factors among cyberbullies, cybervictims, and cyberbully-victims in a Czech adolescent sample.Journal of interpersonal violence,30(18), pp.3192-3216. Cohen, S.A., Prayag, G. and Moital, M., 2014. Consumer behaviour in tourism: Concepts, influences and opportunities.Current Issues in Tourism,17(10), pp.872-909. Goodboy, A.K. and Martin, M.M., 2015. The personality profile of a cyberbully: Examining the Dark Triad.Computers in human behavior,49, pp.1-4. Grzig, A. and lafsson, K., 2013. What makes a bully a cyberbully? Unravelling the characteristics of cyberbullies across twenty-five European countries.Journal of Children and Media,7(1), pp.9-27. Horner, S. and Swarbrooke, J., 2016.Consumer behaviour in tourism. Routledge. Harada, E. and Nishino, Y., 2016. Fundamental Research on Cyberbullying (1): Who Gets Involved in Being a Cyberbully?. International Journal of Psychology, 51, p.1160. Konijn, E.A. and Den Hamer, A., 2016. Explaining the Victim-to-cyberbully Chain through a Cyclic Process Model in a Longitudinal Study. International Journal of Psychology, 51, p.837. Jacobs, N.C., Vllink, T., Dehue, F. and Lechner, L., 2014. Online Pestkoppenstoppen: Systematic and theory-based development of a web-based tailored intervention for adolescent cyberbully victims to combat and prevent cyberbullying.BMC public health,14(1), p.396. Schiffman, L., O'Cass, A., Paladino, A. and Carlson, J., 2013.Consumer behaviour. Pearson Higher Education AU. Schtte, H. and Ciarlante, D., 2016.Consumer behaviour in Asia. Springer. Solomon, M.R., Russell-Bennett, R. and Previte, J., 2013.Consumer behaviour: Buying, having, being. Pearson Australia. Tobias, S. and Chapanar, T., 2016. Predicting resilience after cyberbully victimization among high school students.Journal of Psychological and Educational Research (JPER),24(1), pp.7-25.

Determination Of Level Of Compensation †MyAssignmenthelp.com

Question: Discuss about the Determination Of Level Of Compensation. Answer: Introduction: The idea of linking high pay packages with the executives of various Companies for their exquisite skills and jobs have been the norm for a very long period of time. It is widely believed that the executives must be paid handsomely for their top notch services and cultural changes brought into the organization. There is a limited pool of the best executive talents and failing to pay their high end salaries may compel them to flock to better places. This notion has been the backbone of the high pays. This trend has continued despite the severe drop in the share prices of the various companies which have followed the culture of paying handsomely to their executives. In such a scenario, the shareholders are not very impressed and they want to withdraw their generous pay packets made to their company executives. This report aims to throw some light and analyze the executive compensation for the financial year 2016-17 for Commonwealth Bank of Australia. In addition to this, the report sha ll also look into the various accounting provisions regarding executive compensation in the Australian context. Literature Review: Determination of level of compensation: There have been a variety of factors which have been instrumental in influencing the level of pay packets provided to the executives. According to the report compiled by Shields and ODonnell risk, responsibility and organizational size are some of the primary factors on which the level of executive remuneration depends. Globalization and scarcity of quality executives also have impacted the executive remuneration of the companies. Theoretical explanation for High pay: There are various theoretical explanations behind this heavy pay; Adam Hartung of Forbes has said that a CEO and other executives earn so much because they can (Forbes Welcome, 2018) A CEO practically sets up his or her own salary and the board has the power to change it but they seldom do it, because the board generally comprises of Ex-CEOs and it doesnt do much good to the reputation of the former ones to alter the salaries of the present ones. The Companies hire external lawyers and consultants to review the pay packets and the performances of the executives, but they mostly hired by the CEOs themselves (Choe, 2014). These external reviewers generally give their nod to such exorbitant pay packets justifying the power, and the pressure of the high profile jobs of these CEOs. Executive compensation and firm performance: The influence of the remuneration of the CEO on the performance of the firms is profound. Generally it is seen, that a positive relationship exists between the two. It is because, when the firms performance increases, so does the companys profitability and the CEOs pay. A study conducted by Sigler in 2011 concluded that there is a strong and positive relationship between the two. In 2011, coverage on this report was done by BBC and it was concluded from the coverage that the high pay of the company executives has a corrosive impact on not only the economy as a whole but also affects the efficiency, performance and capabilities of the employees of the firm (Schultz et al., 2013). This is turn has serious implications on the firms performance. Another study performed by Leonard in 1995 suggests that a firm with long term incentive plans for its employees and executives have a direct link with greater Return on equity of the firm. Effect of internal corporate governance on CEO compensation and firm performance: The primaries purpose of the board of directors of any company is the incessant monitoring the performance of the management of the company. They advise the management about the day to day functioning. They set up executive compensation and also work round the corner to protect the interests of the company. Some of the studies present some alternative views, as is presented by Jensen (1993), who argues that often the board of directors fail to look into the working of the management of the company because of the differences of opinion between the two because of their different objectives. The management want to increase sales in order to increase their commission whereas the board wants better compensation for their job. The directors do not want to rock the boat, so they stop interfering with the lax performance of the management (Khan Vieito, 2013). This kind of a culture is present because of the presence of deep layers of cronyism which exist in the company as has been revealed by Jensen. In such a scenario, both the directors fail to protect the interests of the shareholders of the company. This showcases a negative relationship between firm performance and executive compensation. Callahan, Millar, and Schulman (2003) have concluded from their study that performance of a company is positively related with the involvement of management in the selection of members of the board but the association is negative when the CEO also is the Chairman of the Board of Directors. It has been revealed that when the CEO is in the chair and is at the helm of affairs, directors receive higher and better compensation (Kiatpongsan Norton 2014). This practice reflects a business environment which is characterized by weak and feeble governance suggesting cronyism. Discussion and Analysis: Ethical issues in 2016: The payment of salaries and bonuses to top executives in the Australian banking industry had called for an excessive attention of the financial world. Commonwealth bank, the island nations largest banking company had been in the limelight for all the wrong reasons, the companys CEO Ian Narev had earned a mammoth $ 8.6 million including the bonus and salaries in 2016. This has caused widespread discontent among the general public (The New Daily, 2018). It has caused significant amount of disparity in income between the average Australian and the executive incomes. The current Australian minimum wage rate is $17.29 per hour or approximately $ 34,000 per year. The full time average adult weekly total earnings is about $ 1500. This disparity of income has brought the case of Commonwealth Bank in the limelight. This had brought into the mainstream media about the pay parity ethical issues regarding the compensation packages in the year 2016. Social Criteria in CEOs compensation package: Benefits: It would lead help in stimulating the efforts on the part of the executives of the company to work towards their social responsibilities, as a result of which, the value of the company would improve and increase. The results of social projects are filled with risks and are ambiguous in nature. The linking of compensation pay with social criteria helps the executives of the company to put their efforts and time into the social arena (Ferri Maber, 2013). It would help to protect the executives from the uncertain results of social strategies of the company. Executive pay packages in exchange for undertaking social responsibilities makes the executives socially responsible to their as well the firms actions in the arena of social service. Drawbacks: The impact of social initiatives upon the economic performance and results of a company is not very clear as a result, executives are not very inclined to undertake these social tasks (Wilkins, 2018). In some cases, the interests of the various stakeholders of the company are at a continuous conflict with the social and other environmental policies and actions. This is a big turn off for the executives, which may compel them to stop pursuing social responsibilities. CBA executive remuneration comparison and changes: The complete remuneration details of all the board members of 2016-17 has been provided below: (2016 figures are in black and 2017 are normal) Executive members Base remuneration Short term benefits (incl. LTVR STVR) Others Long term benefits Loan to Value remuneration rights Total Statutory remuneration Ian Narev (CEO) 2,625,000 2,625,000 2,902,052 40,909 35,870 35,870 1,37,211 113,341 3,068,219 2,966,190 8,768,352 5,712,363 Adam Bennet (Group Exec.) 955,000 974,600 1,212,522 40,909 9385 (36,550) 51,361 24,113 283,329 145,640 2,630,713 1,672,373 David Cohen (Group Exec.) 875,000 1,175,000 1,099,240 49.909 60,308 44,169 35,088 100,122 964,254 988,620 3,033,890 3,033,890 Matt Comyn (Group Exec.) 1,030,750 10,30,750 1,345,232 39,599 6656 24,802 36,150 25,425 982,736 1,078,073 3,401,526 2,198,649 David Craig (Group Exec.) 1,355,000 1,360,384 1,644,140 19,616 57,196 51,519 60,057 69,661 1,478,428 3,935,949 4,615,541 5,453,038 Rob Jesudason (Group Exec.) 1,190,237 1,149,030 14,27,532 3073 627,302 972,349 24,014 41,466 853,286 987,414 4,122,371 3,153,322 Kelly Bayer Rosemarin (Group Exec.) 1025600 1,025,600 12,12,522 40,909 3760 18,037 68,867 (52,237) 555,203 833,943 3,076,278 1,936,835 Review and Analysis of Changes: The remuneration scheme and report for the fiscal year 2016 was viewed as complex, visionless and complete lack of transparency. The company had paid huge amount of unnecessary short term benefits in the form of cash Short term variable remuneration for overcoming financial hurdles in a single year, Deferred STVR and other short term benefits. No proper basis was presented in the report for the allowance of such expenses. In the subsequent year, the executives had received LTVR awards for undertaking various risky business propositions. The excessive monetary benefits were transformed into awards in the subsequent financial year. There was a lot of ambiguity in the financial reports too in relation to the share payments. This had made it difficult to fully comprehend and understand the details of of the remuneration framework adopted in 2016 by CBA. The Board has proposed a new approach to tackle such financial mishaps in the near future such as:- Usage of quantitative performance targets which are easily measureable while calculating STVR. Complete transparency of LTVR awards by use of face value methodology. A thorough and transparent approach to be applied while clarifying Key Management Personnel (KMP) remuneration procedure and outcomes. Increased quantitative measurement of the various non financial measures and procedures and the introduction of customer performance score cards for boosting customer and other stakeholders confidence. Direct linking of variable remuneration to both short term and long term performance goals. The company has addressed some of the key issues while revamping their pay structure. According to Adam Hartung, a CEO has the ability to manipulate and set his or her own remuneration and still this loophole exists with CBA. Now with the excessive media pressure, transparency has been brought in through the linkage of performance and risks, increased quantitative assessments. If the board fails to address this issue more stringently, a second voting strike may occur from the disgruntled shareholders (ABC News, 2018). Still, the threat of projecting a favorable report by the external agencies looms at large as these agencies are still hired by the internal management of CBA and the chances of cronyism and favoritism is still quite high. Recommendation: The company had received a fair amount of media backlash and loss of reputation due to its remuneration scandal back in 2016. In the banking industry it is one of the most reputed banks and is the largest company in the island nation and a huge image loss has been detrimental to the company. The company must take some stringent actions internally in order to address this issue at the grass root level. Large scale transparency is needed in the framing of remuneration scales, unnecessary expenses must be avoided, timely audit performance by a government backed independent agency must be done in order to ensure complete authenticity in the pay process in order to ensure an avoidance of similar incidents in the future. References: ABC News. (2018). CBA averts board spill, apologises for AUSTRAC scandal. [online] Available at: https://www.abc.net.au/news/2017-11-16/commonwealth-bank-avoids-board-spill-at-agm/9157870 [Accessed 31 Mar. 2018]. Asx.com.au. (2018). [online] Available at: https://www.asx.com.au/asxpdf/20170814/pdf/43lcmzmrg2sjnj.pdf [Accessed 31 Mar. 2018]. Choe, C., Dey, T., Mishra, V. (2014). Corporate diversification, executive compensation and firm value: Evidence from Australia.Australian Journal of Management,39(3), 395-414. Ferguson, A. (2018). Why CBA's Ian Narev had to 'retire'. [online] The Sydney Morning Herald. Available at: https://www.smh.com.au/business/banking-and-finance/why-cbas-ian-narev-had-to-retire-20170814-gxvt2z.html [Accessed 31 Mar. 2018]. Ferri, F., Maber, D. A. (2013). Say on pay votes and CEO compensation: Evidence from the UK.Review of Finance,17(2), 527-563 Forbes Welcome. (2018).Forbes.com. Retrieved 31 March 2018, from https://www.forbes.com/sites/adamhartung/2015/06/22/why-ceos-make-so-much-money/#1394112f4203 Khan, W. A., Vieito, J. P. (2013). CEO gender and firm performance.Journal of Economics and Business,67, 55-66. Kiatpongsan, S., Norton, M. I. (2014). How much (more) should CEOs make? A universal desire for more equal pay.Perspectives on Psychological Science,9(6), 587-593. Schultz, E., Tian, G. Y., Twite, G. (2013). Corporate governance and the CEO payperformance link: Australian evidence.International Review of Finance,13(4), 447-472. The New Daily. (2018). 'What are we paying bank CEOs for?' | The New Daily. [online] Available at: https://thenewdaily.com.au/money/finance-news/2016/09/27/bank-ceo-pay/ [Accessed 31 Mar. 2018]. Wilkins, G. (2018). 2016 a wake up call for company boards on executive pay. [online] The Sydney Morning Herald. Available at: https://www.smh.com.au/business/the-economy/2016-a-wake-up-call-for-company-boards-on-executive-pay-20161208-gt6iwk.html [Accessed 31 Mar. 2018].