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Best practices of the company are methods and techniques used by a company either for the short term or long term in attaining their objectives which results in improving the performance on economic, social, and environmental perspectives among others (Idowu and Filho 286).
BMW Company has been able to manage and maintain its innovation in designing luxury and consumer-friendly car models. BMW Company has taken innovation as the main best practice in all its operations by concentrating on the simplest and very critical elements which give rise to significant results. This has enabled the company to stay ahead of the competition and be able to attract more customers across the world thus increasing its sales.
The company employees have been empowered as the main source of innovation in the company. The various designs created by the employees are always consolidated in one system called the iDrive system and the team of various creative professionals comes up with the best design which will attract customers more customers while maintaining the existing ones. Innovation is a practice that has kept the company be the most reliable and preferred company in the car industry across the whole world. There are always new models being established by the company each and every year. This is well-strategized by the company which results in the growth of the company, an increase in its revenue, and high profits being reported to the shareholders of the company (Khosrow-Pour 216).
Genentech, a biomedical services company has best practices that benefit the employees and the community globally. The company engages its staff members in all its operations as stipulated by the vision, mission, and cultural values of the company. The company is community-oriented in its operations. The company has enabled its employees to invest in the company stocks so that they also benefit through their efforts in the long run. The employees who have stocks in the company are over 95%. The employees also are offered tuition facilities throughout the years which increase the level of expertise in the employees (Halbert and Ingulli 49).
Being knowledgeable is the best practice which the company has given to the employees which benefits them all through in their lives. The employees also are provided with the employees’ assistance program which covers up to their households which promotes a good relationship between the employees’ personal problems and the work. This service enhances the employee’s work and as they know their benefits in the company are long-term hence their turnover is minimal. The company has best practices that benefit the community at large. The company donates drugs to all the community members who are not insured and those who are underinsured (Shaikh 79).
Walmart company has big strategies which enable the company to sustain the environment. The company is wholly supplied by renewable energy which does not create any wastes to the environment. The products also sold by the company are environment friendly hence they do not interfere with the natural environment. The company has established a greening of its supplies through all its chains in order to achieve a reduction of approximately 20M metric tonnes of gas emitted by the greenhouses without any waste. The company also has established product ratings that fit well with the natural environment. These are best practices that have been employed by the Walmart Company which benefits the natural environment significantly (Davies 117).
References
Davies, Adrian. Best practice in corporate governance: building reputation and Sustainable success. Gower Publishing Ltd., 2006.
Halbert, Terry, and Elaine Ingulli. Law & Ethics in the Business Environment. 6th ed. Cengage Learning, 2008.
Idowu, Samwel, and Walter Leal Filho. Global Practices of Corporate Social Responsibility. Springer, 2008.
Khosrow-Pour, Mehdi. Best Practices and Conceptual Innovations in Information Resources Management. Idea Group Inc (IGI), 2009.
Shaikh. Business Environment. Pearson Education India, 2006.
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