...Employers are trying out social networking-style systems that aim to improve—and take the dread out of—annual reviews In the world of Facebook or Twitter, people love to hear feedback about what they're up to. But sit them down for a performance review, and suddenly the experience becomes traumatic. Now companies are taking a page from social networking sites to make the performance evaluation process more fun and useful. Accenture (ACN) has developed a Facebook-style program called Performance Multiplier in which, among other things, employees post status updates, photos, and two or three weekly goals that can be viewed by fellow staffers. Even more immediate: new software from a Toronto startup called Rypple that lets people post Twitter-length questions about their performance in exchange for anonymous feedback. Companies ranging from sandwich chain Great Harvest Bread Co. to Firefox developer Mozilla have signed on as clients. Such initiatives upend the dreaded rite of annual reviews by making performance feedback a much more real-time and ongoing process. Stanford University management professor Robert Sutton argues that performance reviews "mostly suck" because they're conceived from the top rather than designed with employees' needs in mind. "If you have regular conversations with people, and they know where they stand, then the performance evaluation is maybe unnecessary," says Sutton. What Rypple's and Accenture's tools do is create a process in which evaluations...
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...Annual Report and Financial Statements 2012 Tesco at a glance 2011/12 We are one of the world’s largest retailers with operations * in 14 countries, employing almost 520,000 people and serving millions of customers every week. £72.0bn +7.4% Group sales Group sales growth £3.8bn Group profit before tax +5.3% Group profit before tax growth +1.6% Underlying profit before tax** +2.1% Underlying diluted earnings per share**† 14.76p Full year dividend per share UK Revenue± Trading profit Asia Revenue± Trading profit Europe Revenue± £42.8bn 66% of Group £2,480m 66% of Group £10.8bn 17% of Group £737m 20% of Group £9.9bn 15% of Group Revenue growth± Trading profit growth Revenue growth± Trading profit growth Revenue growth± +5.0% Employees (1.0)% Stores +10.5% +21.8% Employees Stores +7.3% Employees 300,373 2,979 Market position Multiple formats include Loyalty scheme dotcom 1st Hypermarkets, superstores, supermarkets, convenience Clubcard – around 16 million active members First grocery home shopping service 1997 117,015 Market position Multiple formats include Loyalty scheme 1,719 94,409 Market position Multiple formats include Loyalty scheme dotcom dotcom 1st or 2nd in all except China Hypermarkets, supermarkets, convenience Clubcard in Malaysia and Thailand, Family Card in South Korea, Legou Tesco Membercard in China – over 20 million active members across Asia South Korea...
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...212583_TESCO_REVIEW 30/4/08 07:25 Page FC1 More than the weekly shop Annual Review and Summary Financial Statement 2008 212583_TESCO_REVIEW 30/4/08 07:25 Page IFC2 — —— ——— n oduc tio h o –t ncia e ——— — ——— ure —— ——— ——— 1 2 4 5 Intr pict big Tesc Fina g l hi ’s hts hlig nt view s Re ive’ ecut f Ex s Chie tegy cros stra th a Our > grow rong > St p Grou the w s… evie team in r rong t year e, s The eopl at p ers… e hop… lead > Gr to s ting way ea one ons > Cr than dati ore foun > M the … owth ying e gr > La utur f for ors rect of Di d ent Boar atem Our l St t ncia epor Fina t rs’ r emen mary ecto ir tat Sum ry D al S i mma nanc > Su ew y Fi Revi mmar ss > Su sine tion a Bu form and and r in ndar esto ale Inv c ion > rmat cial How to find out more online info inan er > F ——— Every year, more and more hold ——— hare s —— Chai rman eme Stat 6 6 8 10 12 16 20 24 26 28 28 30 34 36 —— ——— ——— information is available for our shareholders, staff and customers. www.tesco.com/annualreview08 ——— —— 212583_TESCO_REVIEW 30/4/08 07:26 Page 1 Most people know something about Tesco. After all, we are the UK’s largest grocer and we’ve been serving customers for the best part of a century. What you might not know, is that Tesco is also the world’s third largest grocery retailer with operations in 12 international markets, employing over 440,000 people and serving millions of customers...
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...oVeRVieW tesco around the world Creating value for customers across all our businesses UK Revenue* £40,766m Number of stores Us Revenue* 2,715 Employees £495m Number of stores 293,676 Selling space (sq ft, % of Group) 164 Employees 4,134 Selling space (sq ft, % of Group) 36.7m sq ft 35.4% 1.7m sq ft 1.6% tesco Bank Revenue* £919m Employee figures represent the average number of employees during the year ± 230 employees across asia and Europe work in locations other than those listed Employees * Revenues are sales excluding vaT and exclude the impact of iFRiC 13 (customer loyalty schemes) † Revenue for Europe includes France; revenue for asia includes india 1,274 GDP growth: Economist intelligence unit europe Revenue*† Revenue* (£m) Stores GDP growth Employees (% real change pa) £9,192m Number of stores 1,082 Employees± Republic of ireland Poland Hungary Czech Republic slovakia turkey 2,332 2,156 1,649 1,355 996 700 130 371 205 158 97 121 13,344 24,932 21,157 12,812 9,105 8,038 -0.8 3.8 1.2 2.3 4.0 8.1 89,559 Selling space (sq ft, % of Group) 30.2m sq ft 29.2% asia Revenue*† £10,278m Number of stores 1,419 Employees± india in india, we have an exclusive franchise agreement with Trent, the retail arm of the Tata Group. we are supporting the development of their Star Bazaar format. 104,071 Selling space (sq ft, % of Group) 35.0m sq ft 33.8% Revenue*...
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...Facebook ………………………...………………………………........................ 3 2.2 Commonwealth Bank of Australia.……………………………………………. 7 2.3 Tesco ………………………………………………………………………….......9 2.4 Tata Motors …………………………………………………………………......11 2.5 Fast Retailing ………..……………………………………………………….....13 3. Conclusion……………………………………………………………………………....17 Appendix .…………………………………………………………………………………. 18 Bibliography ……………………………………………………………………………… 23 Executive Summary The need for solid and sound corporate governance practice has become increasingly important in recent years, as the recent high profile corporate collapses (Enron, OneTel) are related to poor governance structure. The Corporate Governance Assessment Model attached in the appendix outlined five significant factors that can assist in determining the level of corporate governance of the selected firms. These include: * Appropriate Board Structure And Composition * Management Compensations * Integrity in Financial Reporting * Effective Risk management * Corporate Social Responsibility Selected companies are likely to have a well-established corporate governance system if the selected companies achieve high ratings in these corporate governance factors. This report will apply these five factors to each corporation including Commonwealth Bank of Australia, Fast Retailing Co. ltd, Facebook, Tesco Plc. and Tata Motors Ltd. Based on our evaluation, selected companies have failed to meet certain criteria in our measures...
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...Strategic Planning: Tesco - Activity Tesco is a success story - it was the first UK business to make £2 billion in profits when it announced the feat early in 2005. Despite this, the share price fell when its results were announced. Why? Tesco opened its first store in Edgware, North London in 1929. It gets its name from the combination of the founder of Tesco, Sir Jack Cohen and a partner in a firm of tea suppliers who Cohen worked with, T.E. Stockwell. Since that time, the company has grown and has reflected the changes in retailing. Prior to the Second World War, most grocery stores served customers but self service stores were on their way and, once introduced, allowed stores to grow bigger to become the superstores we know today. The company floated on the stock exchange in 1947 with an initial share price of 25p. Tesco became a familiar name on the high streets of the UK and whilst it was able to take advantage of commercial economies of scale through bulk purchase of supplies, the existence of resale price maintenance restricted the ability of Tesco to be as competitive as trading conditions now allow. The system allowed suppliers to insist that retailers sold their products for a set price. Tesco used other strategies to build customer loyalty including the use of stamps that could be exchanged for cash or goods. The Tesco strategy up to this time was encapsulated by the title of Cohen's autobiography, 'Pile it high and sell it cheap', but the increasing affluence...
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...Annual Report and Annual Report and Financial Statements Financial Statements 2015 2015 “ think the store is I genuinely trying to improve performance and there is evidence of progress.” Ipswich “ hen I shop in Tesco W now there is an overall better feel.” “ lease keep the P prices low, the shelves well stocked and the tills manned with enough staff.” “ ontinue to work on customer C service – it makes a big difference.” Newton Abbot Aylesbury “ he store is of vital importance T to the local community, long may it continue to be so.” Maldon London In this report: Strategic report Chairman’s statement CEO introduction Three priorities Our business model Key performance indicators Financial review Environmental and social review Principal risks and uncertainties Corporate governance Financial statements Other information Page 2 3 5 8 10 12 18 22 26 72 146 FINANCIAL HEADLINES £69.7bn £1.4bn £961m £(6.4)bn 9.42p £(8.5)bn Group sales Group trading profit Underlying profit before tax Statutory profit/(loss) before tax Underlying diluted earnings per share Net debt (13/14: £70.9bn) (13/14: £3.3bn) (13/14: £3.1bn) (13/14: £2.3bn) (13/14: 32.05p) (13/14: £(6.6)bn) The champion for customers Our business was built with a simple mission: to be the champion for customers – to help everyone who shops with us enjoy a better quality of life...
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...Tesco Tesco was established by Jack Cohen in 1919, as a market stall. The name first appeared in 1924, after Cohen bought the shipment from T.E.Stockwell, he combined the initials with his surname to form tes-co. The first store was opened in 1929 in, Burnt Oak, Middlesex. The business expanded at a very fast rate and by 1939 Tesco had over 100 stores. The diversification of Tesco was seen geographically and also in areas like clothing, electronics, furniture, petrol, software, financial services, DVD, rental, books etc. In 1990,Tesco moved from a down-market retailer to the retailer which appeals to the wide social group, this attempt was very successful, it witnessed the growth from 500 to 2500 stores in mid 1990’s (the telegraph,2008). Tesco’s mission statement is quoted as “to create value for customers to earn their lifetime loyalty”, which is their core purpose. Their success is said to come from people, both shoppers and employees. They like going the extra mile to help their customers. Tesco is totally committed to providing services in a quick and efficient manner and at the customers best interests in mind. TESCO team of competent professionals is totally committed to providing efficient services to its customers.(Tesco “our values and promises”). The direction of a business should always be clear. The vision of Tesco guides the decisions and directions of the organization. The organization (Tesco) focuses on customers and colleagues, prospects across the globe and...
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...Tesco Value travels Annual Report and Financial Statements 2009 Introduction Financial highlights Chairman’s statement Tesco at a glance Chief Executive’s Q&A Report of the Directors Business Review Long-term strategy Markets served and business model International Core UK Non-food Retailing Services Community People Resources and relationships Group performance Key Performance Indicators Risks and uncertainties Financial review General information Our Board of Directors Corporate governance 2 3 4 5 6 6 6 7 8 12 16 20 24 28 30 32 36 38 40 41 42 44 Directors’ remuneration report Financial statements Statement of Directors’ responsibilities Independent auditors’ report to the members of Tesco PLC Group income statement Group statement of recognised income and expense Group balance sheet Group cash flow statement Reconciliation of net cash flow to movement in net debt note Notes to the Group financial statements Five year record Tesco PLC – Parent Company financial statements Independent auditors’ report to the members of Tesco PLC 50 65 66 67 68 69 70 71 71 72 124 126 136 Go online Every year, more and more information is available for our shareholders, staff and customers online. Welcome to tesco plc 1 Value travels – Tesco is about creating value for customers to earn their lifetime loyalty. We understand that this is more important than ever as our customers around the world are looking to us to help them spend less. So whether they are looking...
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...BACK COVER FRONT COVER OUTSIDE FLAP Contents Tesco PLC Annual Report and Financial Statements 2014 Strategic report IFC Tesco at a glance IFC Highlights 01 Chairman’s statement 03 Report from the Chief Executive 08 Market overview 10 Business model 12 Financial review 16 Key performance indicators 19 Other statutory disclosures 20 Principal risks and uncertainties Corporate governance 26 28 30 41 62 Tesco PLC Annual Report and Financial Statements 2014 Board of Directors Executive Committee Corporate governance report Directors’ remuneration report Directors’ report Financial statements 64 Statement of Directors’ responsibilities 65 Independent auditors’ report to the members of Tesco PLC 69 Group income statement 70 Group statement of comprehensive income 71 Group balance sheet 72 Group statement of changes in equity 73 Group cash flow statement 73 Reconciliation of net cash flow to movement in net debt note 74 Notes to the Group financial statements 122 Tesco PLC – Parent Company balance sheet 123 otes to the Parent Company financial statements N 131 ndependent auditors’ report to the members of I Tesco PLC (Parent Company financial statements) Other information 132 Supplementary information (unaudited) 143 Financial calendar 143 Glossary 144 Five-year record There’s a lot more content online Go online to find out more about our performance, hear from our leadership...
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...to be measured against the forecast. COST The management of costs is a very important aspect of managing financial resources. If costs are not managed effectively, it can lead to profit being damaged and Tesco potentially unable to pay its expenses. Keeping within a budget, increasing income in order to cope with change and making sure that working capital is available and money set aside for emergencies is all part of the balancing exercise. Cost managed to budget There are two types of costs: Fixed costs are cost, which does not change regardless of the number of goods that are produced by, or services are offered at Tesco. These costs include rent, insurance, salaries. Whether Tesco makes 100 or 10,000 products, these costs must be paid. Variable costs are costs that change according to output of Tesco. These costs change directly according to how many products are made; for example, if Tesco is producing a product it will have varying requirements for amounts of material and machinery it will need, this will vary depending on how many products Tesco will produce. Cost Control methods Tesco has to encounter difficulties, which are practical, financial as well as technical. The following are some simple successful cost control methods. Review and...
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...RESOURCE MANAGEMENT CHAPTER 14: STRATEGIC HRM 14: Case study: Employee relations at Tesco Tesco is the largest multiple retail grocery supermarket stores group in the country, with over a quarter of the grocery retail market. It has a longstanding union recognition agreement with USDAW, the shop workers’ union, and the union claims density in stores of between 60−70 per cent. In 1998 the company signed a partnership agreement with the Union of Shop, Distributive and Allied Workers (USDAW), although this is currently under review, and has just signed a partnership agreement with the administrative arm of USDAW (SATA) for Tesco’s 600 call centre employees. In the mid 1990s Tesco began to see the benefits of trying to secure employee commitment through the process of involvement and communication, and established an Involvement Director who ensures compliance with legal developments in the employee relations field, including consultation and information. It was also concerned that existing union/management arrangements were not conducive to getting the best from staff. The changing external context and particularly the election of a Labour government committed to a partnership approach also influenced the company’s thinking in moving forward. The company saw annual pay negotiations with USDAW as symptomatic of adversarial-style industrial relations and wished to move away from this and the annual ballot on acceptance/rejection of any deal struck. In addition it was concerned at the...
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...Tesco Tesco Plc is a British is a general merchandise retailer and a chain of multinational grocery stores based in the state of Chesnutt in United Kingdom. All across the world, Tesco is the third-largest retailer in terms of its revenues, and is followed by Carrefour and Wal-Mart; the company is also the second-largest with respect to its annual profits and is followed by Wal-Mart in ranking. Tesco own its stores in approximately 14 countries spread across Europe, Asia, and North America. It is also the market leader in grocery markets in Malaysia, United Kingdom having a market share of approximately 30%, Thailand and the Republic of Ireland (Tesco, 2012). It was in 1919 that Jack Cohen had founded the company in the form of a group of market stalls. Later, the business saw a quick expansion and by the year 1939 Tesco was spread all over the country in the form of 100 Tesco stores. Initially built as a UK-focused grocery retailer, The Company has been subject to increased geographical and segmental diversification since the 1990s. At present, Tesco operates in clothing, books, furniture, electronics, petrol and software; internet and telecoms services; financial services; music downloads; and DVD rental. Delivering Customer Value Tesco is one of the leading companies that focus upon the customer service delivery and creating value for them. The company creates values for its customers in the following manner: Marketing Mix Tesco has created...
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...business. While other dotcom businesses grew rapidly, Amazon slowly built strong foundations. Finally, at the end of its fourth year, it made a $2.5 million profit. In 2005, it made a profit of $359 million and in 2006, $190 million. Amazon's most famous for selling books, but the company also sells a wide range of products from CDs to small kitchen appliances such as coffee machines. Sales in books from traditional stores have reduced recently and Amazon has often been blamed for `stealing' their sales. Amazon provides an enhanced experience for its customers. For example, when a customer logs in they see a personalised page with suggestions of products they might like. Amazon does not just provide the products, but includes customer reviews, detailed product descriptions and other information to help customers to select the right product for them. There are facilities to create a wish list and a wedding list: customers create a list of products that they would like and pass this on to family and friends to let them know what to buy for a wedding gift or other occasion such as a birthday. For more information, visit the Amazon site, especially the About Amazon and Help sections. A link to this website is available at www.heinemann.co.uk/hotlinks. Enter the express code 2315P 1 Describe Amazon as an e-commerce entity. 2 Why has Amazon become a very successful business? How has the company gained and retained its customers' loyalty? 3 How have the lower start-up...
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...Chain Management At Tesco Commerce Essay Tesco plc is a UK multinational with diversified retail operations in 14 countries in Europe, America and Asia. Tesco is the 3rd largest retailer in the world with £ 62.5 billion sales in 2009, having 4811 stores worldwide and 472000 employees. The core business is grocery items and main market is UK with c70 % of total annual sales. Tesco offers more than 70000 food and non food products and services by using different store formats as shown below in the diagram. The diagram shows different type of store formats and product and services offered by each format. The above complex structure makes supply chain operations even more complex to manage. This paper attempts to explore how the complex supply chain is managed at Tesco and looks at different supply chain practices implemented by Tesco. The paper discusses the supply integration practices adopted in the industry and looks at Tesco’s approach towards integrating the supply chain. Finally, the paper suggests some recommendation for improving Tesco supply chain. 2 Tesco Supply Chain Analysis Supply chain has been defined by many authors in different ways; in the context of Tesco’s supply chain the definition given by Stevens is most appropriate: “A system whose constituent parts include material suppliers, production facilities, distribution services and customer linked together via a feed forward of materials and the feedback of information”(Stevens, 1989). Tesco uses point of sales...
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