During the a2 that is recent studies revision workshops we dedicated to the necessity for students to make use of independent research evidence to greatly help support the lines of analysis their essay points.
One analogy we used was thinking of examples (evidence) once the seasoning in an essay casserole or hot-pot. The seasoning is there to help make the meal taste great; but you likewise require the raw ingredients! An essay point this is certainly developed to a depth that is good always score better because of the examiners than answers that are plagued by too many examples.
In March 2012, tour operator and travel agent Thomas Cook announced that its 16,000 UK staff would not any longer be able enjoy discounts all the way to 75pc their holidays off. The move was section of a cost-cutting strategy because of the tour operator which includes an objective to cut operating costs by Ј35m a year so that you can improve cash flow and minimize its substantial bank debts.
So, we now have an example of a recent bit of business news. It’s this that we call evidence – and it is easy to get hold of simply by reading the continuing business news regularly.
You don’t need to research whatever you are able to about Thomas Cook. You don’t need to memorise Thomas Cook’s recent financial results or have detailed familiarity with the cost-reduction plan. You simply need some examples that are good. It really is how they are used by you that counts.
How could the evidence is used by us about Thomas Cook’s decision in order to make savings by restricting the staff discount scheme?
The evidence may be useful in several contexts. For example, it could be used by you in an essay on strategic retrenchment, or approaches for profit improvement. You could put it to use as a example of how board-level decisions made to achieve corporate objectives may have effects at a functional level. You can even use it in an essay on culture (new management taking a choice for financial motives without necessarily considering all of the HRM & operational implications)
The important things to remember is that the evidence has to be used to guide the line of analysis in each paragraphpoint. Make the example and explore the implications. Consider the significance of the example and those implications.
An effective method to try this is to use “connectives” – phrases and words which help develop a logical chain of argument.
So, let’s see a good example of that doing his thing. We’ll use the Thomas Cook staff discount evidence/example and apply it to a paragraph point which explores the potential undesireable effects of a strategy that is cost-cutting.
Consider the paragraph below. See how the evidence is used by it and then builds on it. Underline the connectives used – how many is it possible to spot? It’s also wise to note how the example uses relevant business terminology – this can help build credibility utilizing the examiner.
Firms that want to improve their profitability and cash flow will look at reducing inevitably operating costs where possible. However, there are potential dangers with a cost-minimisation strategy. For instance, Thomas Cook has set pay for people to write essay itself a corporate objective of reducing annual operating costs by at least Ј35m p.a. since it seeks to boost cash flow into the short-term to aid it reduce high gearing levels. It really is implementing many different measures shop that is including, redundancies as well as reducing the price of financial benefits (such as for example generous discounted holidays) paid to Thomas Cook staff. In the short-term, reducing staff discounts should result in a substantial cost saving since TC has thousands of staff, although which will depend on the extent to which TC staff make use of the discount scheme. However, there are many potential downsides to the decision, for instance the probability of reduced morale and motivation of staff who value their holiday discounts, which could indirectly end in worse customer care or lower productivity, ultimately causing lower revenues and profits which as a result may actually end in lower cash flows in the long-term. The decision to limit staff discounts may initially seem quite appealing to management, however as described, you will find potential hidden tangible and costs that are intangible would decrease the impact associated with decision on TC’s cost-reduction strategy.