The modern day world is one of specialized entities in every aspect of life. Even the constitution of each and every nation underlines special areas and circumstances and in the process defines specialized laws to govern the functioning of those sectors and areas. Hence, the idea of the corporate law, even if it may be comparatively unfamiliar in the daily life of a common man, would not be altogether an alien one on the concept level. Also often referred to as company or corporations law, corporate law can be defined as the set of authorized rules governing the functioning of the most prevalent type of the current business enterprises. Various entities such as the stakeholders, creditors, board of directors as well as the consumers, the community, etc fall under the jurisdiction of corporate laws.
Corporate law belongs to the broader umbrella category of companies law which have a separate and uniquely distinct legal personality altogether. In other words, corporate law involves large scale businesses with limited or unlimited liability intended for its members or stakeholders, who are entitled to buy and sell their shares according to the board of directors and their consistency of performance. Generally corporate laws associate themselves with organizations which have official registration under the constitution of a sovereign nation state. However, all these often lead to a basic confusion regarding the very idea of a corporation which is identified by five essentially defining characteristics of an organization. These are separate legal identity, limited liability of the stockholders, existence of transferable shares, and delegation of the management staff and finally the concept of investor ownership.
As with every other notion, even the origin of corporate law or even the concept of corporate as a legally distinct and unique financial entity, is a highly debatable issue with a number of varying and diverse views, opinions and arguments. It is mostly said that in the ancient Greco Roman civilizations, there existed a certain set of entities which can be definitely compared with the idea of a company. However, the modern idea of corporate as we now know it is said to have emerged from an ancestry that dates back to the Second millennium. With the establishments of guilds in the medieval period, which had a set of well defined rules to be abided by the members of the guild, surfaced the notion of both the modern corporate as well as corporate laws. It was however England and Holland during the era of expanding their international trade relations via sea routes, who developed and expanded the forms of corporate organizations and the organizational laws. Through out the 18th and the 19th Century there have been a chain of debates, arguments and resultant developments in this area. The final one in this regard was the verdict passed by the House of Lords confirming the separate legal personality of the company in the celebrated Salomon v. Salomon & Co. case further stating that the liabilities of the organization were separate from its owners.
Challenges
In this tough economy there are very high expectations from the top. What will you do to keep your team motivated and focused?
As per my personal experience in leadership, I have faced immeasurable situations of which where to get answer was not easy. Feeling of motivation is not constant, it should be nurtured and inspired continuously. For any leader this is a major challenge, and that requires a strong commitment as every day will be bringing new challenges.
In seminars I have asked leaders about their thinking of the top ways to meet this challenges and have heard consistently – Bonuses, pay raises, time off. All these are true but if you will ask me for opinion, with decades of leadership challenges that the real number one answer will be ‘respect’! every one like to be respected for the work they do.
Think over it, the last time when you set your team down either personally or as a whole team and shown sincere appreciation for their work performance. It really cost you nothing to make clear how things are tough and your appreciation and respect for the work your team is performing under the current situation.
I am sure that you can not motivate them by telling that how lucky they are for having a job. People give response to positive leadership with inspiration and motivation however will be responding to negative leadership with low job and moral performance.
Think if you just had a conversation with your boss in which you made the comment that how tough things are and he responded you like “You should be glad to have a job.” Surely, you would not walk away ready for setting the world on fire as your boss have just motivated you beyond your wildest dreams.
Definitely, times are tough but that’s the time when true leaders rise to the occasion and do that whatever they are paid to do, that is to lead! If you show outstanding leadership through tough times then you will be setting an example for people to imitate. To develop a team and watch them growing into successful and respected leaders is the greatest reward for a leader.
Responsibilities
It can be the government, military or corporate America; they all are having some form of benefits. What role a leader should play to ensure everyone is receptive to benefits and the procedures to use them?
Typically benefits are explained when somebody becomes a new member of any of the organization. The question is that how many people do not forget them or realizes them 30 days later? If will not depend on someone else to look after your team if you are a true leader. I don’t want to suggest that you should not utilize your supportive teams, but what I want to say that you make sure your team is aware of who they are how they can be contacted.
Take an example – Joe wants to pursue night time college courses for improving his qualification and to improve his opportunities in future. He is not having the money for attending the school and he have let the past 6 month’s pass without attending the school. You have realized this as having a talk about his future being surprised that he was not knowing about tuition assistance presented to him by the benefits program.
It is a very normal thing that people unaware the benefits offered, some other general examples are – discounts, insurance, vacations and retirement savings. Yes! as stated previously, they were vindicated initially but don’t forget the excitement of starting a career too and wish to get started. The main things they consider are at what time do I start and how much money I will be making.
Leaders always want great results from their teams and the team members always expect great things from leaders of that team. Rather I would much have my team learn about opportunities from myself rather than have learn that from someone else and wonder why it never be told them by me. It is that the great leaders do, lead.
Know Corporate Culture!
A natural phenomenon which has been generated when a group of individuals, whoever share a general purpose or goal, work all together to cooperate with each other. It has been made of general concepts, attitude and goal which are generally existing within group. This type of culture creates energy and dynamism, propelling the group towards their common sense of purpose.
When culture like this is there in organizations, it is recognized as organizational viz. corporate culture. At present, as many cultures are there as there are organizations. Few are fine, therein producing accelerated performance environments for employee; whereas few are not so helpful, just domineering their employees and consecutively the organization’s capability to realize their true potential.
Some signs of a good Corporate culture-
Few of the elements of culture are clearly noticeable – like titles, dress code, bonuses, incentives and the work environment for example. But, the culture manifestations are actually, further more that whatever is noticeable. The good corporate culture lies in the broader area of beliefs and values. It is a most important aspect of corporate culture. Its integration can just be felt. This element which can direct an organization to its goal or end.
It is a basis for all decisions and actions within a department, team, or organization. It requires to be continued and energy control to drive the organization forward.
Optimized Corporate Culture Look and Feel Like –
People love to get to work
- Attrition of employee is lower.
- Vision and purpose of company are inspiring and clear.
- Mood of an organization is positive.
Following is a check list that require to be followed to build a good corporate culture :
1. The organizational leaders require to set up their own value set and live their life so.
2. The vision and mission of organization must be well defined and conveyed to all of the employees.
3. The leaders of organization should be both a mentor as well as a coach of employees so as to make sure that these values are coerce deep in to every employee. A mentor is a faithful friend, teacher and counselor, generally a more practiced person. Coach direct, instruct and train a person or a group of people, with the intention of achieving any goal or to develop particular skills.
4. Employ only those people who show the proper attitude towards others, quality customer service and good work ethics.
5. Give respect to all your employees and treat them equally, also reward those best who does what you expect. Make sure that the appraisal system assesses the organizational values. Reward good work and character.
The mainly powerful system for bringing about a good corporate culture is through communication. Communication have that power which makes the invisible visible. It works like the force which runs and sustain the culture which is proposed and produced by the founder and organizational management. It extends beyond the general business talks which normally take place in a board room meeting. All leaders of business should be educated on having a powerful conversations which produce the desired culture with whole staff. All this takes is an direct commitment from the leadership team in an organization.