Assessment 1: Contemporary Business Issues Report
As consumers become increasingly aware of sustainable practices, as many as 70% of companies worldwide are starting to integrate formal sustainability policies into their business practices (McKinsey & Company, 2017). These policies generally focus on the company’s effect on the environment and society (Spiliakos, 2018).
TASK: Choose an Engineering company or business (real or fictional) in a particular country.
Discuss the importance of sustainability and other significant contemporary business issues for corporate leaders and managers, and analyse how these issues may impact organisational strategies, structures, and processes in the chosen company or business in the coming years.
This is an individual assessment, comprising of an individual written report of approximately 2000 words.
The title of your report should be: Contemporary Business Issues for [Company/Business] in [Country].
Your report should include:
• Title page
• Executive Summary
• Table of Contents
• Introduction
• Sections (and sub-sections) with numbered headings
• Conclusion
• References
Report Formatting:
• Type your work on A4 paper
• 1.5 line spacing, 2.5cm margin at top and bottom of page, and on right-hand and left-hand sides.
• Times New Roman, 11 point font for text (12 point font for headings, if you like).
Don’t forget that there are some great resources available to help you with your report writing. You can find them under the Communication Skills for Assessments link.
References
McKinsey & Company. (2017, December 11). Sustainability’s deepening imprint. https://www.mckinsey.com/business-functions/sustainability/our-insights/sustainabilitysdeepeningimprint
Spiliakos, A. (2018, October 10). What does “sustainability” mean in business? Harvard Business School
Online. https://online.hbs.edu/blog/post/what-is-sustainability-in-business
CRITERIA High Distinction (80-100) Distinction (70-79) Credit (60-69) Pass (50-59) Fail (0-49)
Understanding:
30%
of contemporary business
issues, including sustainability Demonstrates sophisticated understanding, with
identification, explanation, and discussion of issues in appropriate detail, including significance to engineering and chosen country. Demonstrates thorough understanding, with identification, explanation, and discussion of issues, including significance to engineering and chosen country.
Demonstrates competent understanding, with identification and explanation of issues, and some discussion, including relevance to engineering and chosen country.
Demonstrates satisfactory understanding, with identification of issues and limited discussion and relevance to engineering and chosen country. Demonstrates unsatisfactory understanding, with limited identification of issues, and little to no discussion or relevance to engineering and chosen country.
Analysis: 30%
of impact of issues on organisational strategies, structures, and processes in chosen company or business Insightful interpretation and analysis of business impacts, including significance to engineering and chosen country.
Makes substantial links between research and organisation. Clear and effective analysis of business impacts. Includes analysis specific to engineering and chosen country.
Makes links between research and theory which improve arguments. Relevant analysis of business impacts. Some discussion of relevance to engineering and chosen country.
Makes some links between research and theory. Identifies some impacts on business. Little discussion of relevance to engineering and chosen country. Limited links between research and theory.
Limited or no understanding of the impact of issues. No connections between analysis and engineering and chosen country.
No attempt to link research and theory.
Written Skills:
20%
Language, style, layout and logical flow Uses a wide-range of highly appropriate vocabulary and discipline-specific terms.
Precise and fluent expression which flows easily.
Sophisticated and complex style and structure as detailed. Error-free spelling, punctuation and grammar. Uses a range of appropriate and accurate discipline-specific vocabulary.
Clear, concise and cohesive expressions with logical flow. Style and structure are appropriate.
Occasional errors in spelling, punctuation and grammar. Uses vocabulary and disciplinespecific terms accurately. Reasonably well expressed and clearly flows. Style and structure are mostly appropriate.
Infrequent errors in spelling and punctuation which do not impede understanding. Uses mostly appropriate vocabulary and key disciplinespecific terms.
Logical flow, not expressed as well as could be.
Basic organisation and style. Errors in spelling, punctuation and/ or grammar occasionally impede understanding. Uses limited vocabulary or inappropriate word choices; discipline-specific terms are misused or missing. Lacks flow and may be difficult to follow. Style and /or structure is inappropriate.
Errors in grammar, spelling and/ or punctuation interfere with understanding.
Use of evidence: 5%: Use of quality sources which are extensive and wide-ranging to support discussion and analysis. Use of quality sources to support the discussion and analysis. Appropriate use of sources to support the discussion and analysis. Use of sources to support the discussion and analysis is limited. Limited or no use of sources to support the discussion and analysis.
Demonstrated competencies 5%: Provides comprehensive details of the Stage 1 Competency Standard for professional Engineers demonstrated. Provides clear details of the Stage 1 Competency Standard for professional Engineers demonstrated. Provides clear details of some of the Stage 1 Competency Standard for professional Engineers demonstrated. Mentions some Stage 1 Competency Standard for professional Engineers competencies demonstrated. Mentions limited or no Stage 1 Competency Standard for professional Engineers competencies demonstrated.
Referencing: 10% Citing and referencing in APA style is accurate throughout. Citing and referencing is generally appropriate and accurate. Some errors in citing and referencing may persist. Citing and referencing is attempted, but with errors. Referencing is consistently inaccurate or not attempted.
References
https://www.mckinsey.com/business-functions/sustainability/our-insights/sustainabilitysdeepeningimprint
https://online.hbs.edu/blog/post/what-is-sustainability-in-business
Sustainability has become a significant issue for corporate leaders as stakeholders increasingly demand environmentally and socially responsible practices (McKinsey & Company, 2017). Engineering firms play a vital role in developing sustainable infrastructure and technologies. However, they must also examine their own operations and supply chains for opportunities to reduce waste and carbon emissions.
Consider Hyundai Motors, a South Korean automaker focused on sustainable mobility solutions. Hyundai has committed to being carbon neutral by 2045 by transitioning to electric vehicles, investing in renewable energy at manufacturing plants, and collaborating with suppliers on greener processes (Hyundai Motor, 2022). The company’s “Progress for Humanity” plan outlines strategies to minimize environmental impacts across the product lifecycle from material sourcing to end-of-life vehicle dismantling (Hyundai Motor, 2022).
On the social front, Hyundai prioritizes worker health, safety, and training. It also aims to increase diversity in the automotive industry and support underserved communities through philanthropic initiatives (Hyundai Motor, 2022). Such efforts help Hyundai recruit and retain top talent while strengthening its reputation among socially-conscious consumers.
Sustainability also opens opportunities for engineering innovation. For instance, Hyundai established an Open Innovation Hub to collaborate with startups on developing sustainable mobility technologies like electric air taxis and robotics (Hyundai Motor, 2022). Partnerships like these allow the company to explore new business models beyond traditional automaking.
In summary, sustainability has become a strategic priority for Hyundai Motors to future-proof its business, manage risks from a changing regulatory landscape, and uncover new growth avenues (McKinsey & Company, 2017). A holistic approach addressing environmental, social and economic impacts strengthens the company’s license to operate and competitive positioning for the coming decades. Other engineering firms would be wise to simila
Contemporary Business Issues for Hyundai Motors in South Korea
Executive Summary
This report examines key contemporary business issues impacting Hyundai Motors and analyzes how the company is addressing these challenges through its sustainability strategies. As environmental and social pressures intensify, Hyundai has made sustainability a strategic priority by transitioning to electric vehicles, investing in renewable energy, strengthening supplier partnerships, and prioritizing worker welfare. These holistic efforts help future-proof Hyundai’s business model against regulatory shifts while unlocking new growth opportunities in sustainable mobility technologies. Overall, Hyundai demonstrates how integrating sustainability into core operations and innovation can strengthen competitive positioning for engineering firms in the coming decades.
Table of Contents
Introduction
Sustainability as a Strategic Imperative
2.1 Climate Change Regulations
2.2 Evolving Consumer Demands
2.3 Supply Chain Risk Management
Hyundai’s Sustainability Approach
3.1 Transition to Electric Vehicles
3.2 Investments in Renewable Energy
3.3 Partnerships with Sustainable Suppliers
3.4 Prioritizing Worker Health and Safety
Innovation through Sustainability
4.1 Electric Air Taxis Partnership with Uber Elevate
4.2 Robotics Collaboration with Boston Dynamics
Conclusion
References
Introduction
As the fifth largest automaker globally, Hyundai Motors faces mounting pressures to address sustainability in its operations (Hyundai Motor, 2022). South Korea has committed to carbon neutrality by 2050, requiring significant emissions cuts across industries including automotive manufacturing (UNFCCC, 2021). Meanwhile, consumers are increasingly factoring a company’s environmental and social impact into purchasing decisions (Nielsen, 2015). This report analyzes how Hyundai is responding to these challenges through a strategic focus on sustainability across its value chain.
Sustainability as a Strategic Imperative
2.1 Climate Change Regulations
South Korea’s carbon neutrality goal necessitates sweeping policy changes like the adoption of stricter fuel efficiency standards and investments in renewable energy infrastructure (UNFCCC, 2021). As a major industrial polluter, Hyundai recognizes proactively transitioning to sustainable practices helps future-proof its license to operate amid a shifting regulatory landscape (McKinsey & Company, 2017).
2.2 Evolving Consumer Demands
Younger consumers especially prioritize companies’ stances on social and environmental issues when making purchases (Nielsen, 2015). By demonstrating sustainability leadership, Hyundai strengthens its brand appeal among these values-driven target demographics. For example, its “Progress for Humanity” plan emphasizes minimizing impacts on local communities and the planet (Hyundai Motor, 2022).
2.3 Supply Chain Risk Management
Regulatory non-compliance and operational disruptions within complex automotive supply chains expose Hyundai to financial and reputational risks (Accenture, 2015). Collaborating with suppliers on greener processes like renewable energy use and zero-waste manufacturing helps Hyundai manage these challenges.
Hyundai’s Sustainability Approach
3.1 Transition to Electric Vehicles
Hyundai aims for electric vehicles (EVs) to comprise 80% of sales by 2040 by launching new EV models like the Ioniq 5 (Hyundai Motor, 2022). It also plans to offer customized EV fleets and charging infrastructure solutions to businesses. This transition supports South Korea’s carbon goals while positioning Hyundai at the forefront of global EV adoption.
3.2 Investments in Renewable Energy
Hyundai has installed solar panels at manufacturing facilities and invested in wind farms to power operations using renewable energy (Hyundai Motor, 2022). It targets carbon neutrality in domestic production by 2045 through further investments in clean energy technologies.
3.3 Partnerships with Sustainable Suppliers
Hyundai collaborates with suppliers on minimizing waste and emissions in production processes through techniques like modular assembly and green chemistry practices (Hyundai Motor, 2022). It also aims to source battery materials from suppliers using renewable energy by 2030.
3.4 Prioritizing Worker Health and Safety
Hyundai emphasizes worker safety, health, and well-being through initiatives like strict COVID-19 protocols, ergonomic workstations to prevent injuries, and skills training programs (Hyundai Motor, 2022). This helps attract and retain top talent in a competitive industry.
Innovation through Sustainability
4.1 Electric Air Taxis Partnership with Uber Elevate
Hyundai co-founded Supernal, a subsidiary developing electric vertical take-off and landing (eVTOL) aircraft for Uber’s research essay writing service aerial ridesharing service (Hyundai Motor, 2022). If commercialized, this sustainable mobility solution could transform urban transportation.
4.2 Robotics Collaboration with Boston Dynamics
Hyundai acquired robotics pioneer Boston Dynamics in 2021 to explore automation applications (Hyundai Motor, 2022). Its walk-assist exoskeleton project aims to enhance worker safety, while delivery robots could reduce logistics emissions.
Conclusion
In conclusion, Hyundai has strategically integrated sustainability across its value chain to future-proof operations against regulatory shifts, strengthen brand appeal, and uncover new opportunities in clean technologies. Its holistic approach demonstrates how engineering firms can address contemporary issues and position themselves competitively for the coming decades. Overall, Hyundai sets an exemplary standard for responsible and innovative practices in the automotive industry.
References
Accenture. (2015). Sustainability and the supply chain: The next competitive differentiator. https://www.accenture.com/_acnmedia/PDF-2/Accenture-Sustainability-Supply-Chain-PoV.pdf
Hyundai Motor. (2022). Progress for humanity. https://worldwide.hyundai.com/WW/Sustainability/Progress-for-Humanity/Overview.html
McKinsey & Company. (2017). Sustainability’s deepening imprint. https://www.mckinsey.com/business-functions/sustainability/our-insights/sustainabilitysdeepeningimprint
Nielsen. (2015). The sustainability imperative. https://www.nielsen.com/wp-content/uploads/sites/3/2019/04/global-sustainability-report-oct-2015.pdf
UNFCCC. (2021). South Korea’s new climate plan commits to carbon neutrality by 2050. https://unfccc.int/news/south-korea-s-new-climate-plan-commits-to-carbon-neutrality-by-2050
