Compliance and Management of Fisher and Paykel - Research Paper

Paper Type:  Research paper
Pages:  5
Wordcount:  1133 Words
Date:  2022-12-19

Introduction

Fisher and Paykel is regarded as one of the largest manufacturers of kitchen appliances across the world. It has its headquarters at East Tamaki in New Zealand. It employs over 3,300 employees across the globe. Concurring with its global expansion strategy, the company operates manufacturing plants in Mexico, Italy, Thailand, and China where the cost of maintaining labor is relatively lower than in New Zealand. This report aims at providing insight into the various compliance policies that the company has adopted as per directives found in local and international laws.

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It is the Board of Directors that heads the company and oversees the undertakings regularly. These directors are tasked with the responsibility of creating strategic plans for the company that are intended to increase the shareholder value. In part of their oversight role, the directors keep track of the financial expenditures of the company to ensure that the annual targets and objectives are met without fail. The Managing Director reports to the Board of Directors on matters that concern the day to day running of the company. Some requirements have to be met by potential candidates who desire to have a chance at the table whenever a meeting of the Board of directors is being held.

The bylaws of the company demand that the members of the Board of Directors should not be less than three people. It also dictates that there shall be a maximum of ten members only. Two of the ten members of the board should be permanent residents of New Zealand. For the company to demonstrate transparency and accountability, at least two directors should be independent. For anyone to be considered for the position of independent director, they should not hold any shares within the company neither should they have any material contractual relationship with the company. The code of conduct of the company has set out a couple of guidelines that are meant to be followed by the management as well as by the employees. It categorically states that no one who works for the company should accept bribes of any sort when handling the affairs of the company. It also goes ahead to state that all employees should uphold honesty in as far as dealings with customers and suppliers is concerned.

Since Fisher and Paykel is a manufacturing company, there are some legal obligations that the company has to abide by. The company is legally obligated to fully implement the safety protocols that have been outlined in the Health and Safety in Employment Act of 1992 in its factories. The safety protocols are meant to ensure that every employee of the organization is protected from potential occupational hazards that could be easily avoided. Workers in the factories are required to wear personal protective gear at all times. For example, they need to wear reflective jackets and earplugs to protect them from noise and accidents caused by moving forklifts. Being a multinational company, the company has to abide by international laws on health and safety besides those regulations that apply only within New Zealand (Coenen, 2017). The Employment Act of 2000 stipulates that all contractual agreements between the employer and employees must be honored. The recruitment policy of Fischer and Paykel is guided by this Act in that the company is forbidden from being gender biased during the hiring process. Also, there cannot be a disparity in salaries and wages given to men and women who work for the company.

The human resource department of the company strongly advocates for professionalism among the employees. For example, the engineers who develop patents for the company are required to maintain confidentiality as outlined in the ethical code of conduct which is revised annually by Members of Engineering New Zealand. Sexual harassment among employees is highly forbidden within the company.

The comeuppances of not following the stipulated laws and policy are very severe. For example, if the company fails to safeguard its factory workers from potential occupational hazard, the regulatory bodies may take stringent measures such as shutting down the company's factories. Such a move would impact very profoundly on the company's global operations. The employees who fail to honor the provisions of the ethical codes of conduct provided by their professional bodies may risk having their licenses stripped away from them. The company would also have to let go of employees who fail to follow its internal policies. For example, any employee found guilty of sexual harassment will be let go off immediately by the company since it is a huge reputation to protect.

Several benefits accrue to a business that has put up a robust organizational code of conduct policy. This policy ensures that all employees adhere to the standards of craft required of them by the company. For example, a code of conduct provides that there is no discrimination of any forms at the workplace. The code of conduct also instills a sense of confidence in the customers of the business since they feel that the company stands for honesty and integrity in its affairs. Potential employees can identify with the core values of the company. Big multinational companies can influence the practices of their suppliers in less developed countries since their code of conducts are designed based on international labor practices (Mamic, 2017)

Compliance programs are designed to ensure that a business adheres to applicable federal laws as well as state laws. With effective compliance programs, a business can protect itself against frivolous lawsuits (Bird, 2016). They enable a company to remain true to its ethical principles. This makes it possible for the business to maintain its corporate identity. Manufacturing companies can preserve the environment through compliance programs aimed at environmental conservation and land reclamation.

A business can put in place an effective, compliant organizational culture by ensuring that all its professionals have the requisite licenses for them to operate in their designated industry. The management should put in places measures to ensure that an effective communication channel between employees and management is in place. Auditing and oversight should be carried out often to ensure that there are no cases of graft and misappropriation of resources within the business.

References

Coenen, P., Gilson, N., Healy, G. N., Dunstan, D. W., & Straker, L. M. (2017). A qualitative review of existing national and international occupational safety and health policies relating to occupational sedentary behavior. Applied Ergonomics, 60, 320-333. Retrieved from (https://www.sciencedirect.com/science/article/pii/S0003687016302708)

Mamic, I. (2017). Implementing codes of conduct: How businesses manage social performance in global supply chains. Routledge. Retrieved from (https://www.taylorfrancis.com/books/9781351280716)

Bird, R. C., & Park, S. K. (2016). The domains of corporate counsel in an era of compliance. Am. Bus. LJ, 53, 203. Retrieved from (https://heinonline.org/HOL/LandingPage?handle=hein.journals/ambuslj53&div=13&id=&page=)

https://www.fisherpaykel.com/cn/company/code-of-conduct-policy/

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Compliance and Management of Fisher and Paykel - Research Paper. (2022, Dec 19). Retrieved from https://proessays.net/essays/compliance-and-management-of-fisher-and-paykel-research-paper

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