Business Topics

One paragraph and two sources for each of these four topics: 1. Spirituality in an Organizations culture, 2. Do nice people finish last in business or organizations, 3. How small wins, benchmarking, and development help shape a business. 4. Define endogeneity and explain how it may affect the results of quantitative research. List at least 3 causes of endogeneity. For each of these, describe measures that can be taken to identify prevent the biases that lead to invalid results.

ANSWER

Spirituality and Organization Culture

Workplace spirituality does not engage organized religious actions and does not revolve around theology or God. However, workplace spirituality acknowledges that different people have an inner life that nurtures and is nurtured by meaningful work in the context of community (Alas & Mousa, 2016). Institutions that encourage a spiritual-cultural knows that people have both a mind in spirit, seek to find meaning and purpose in the daily endeavors, and want to connect with other individuals and be part of the greater community. Historical administration and organizational behavior plans did not consider spirituality as an important aspect (Fanggidae, 2018). The myth of rationality assumed that the well-managed institutions eradicated feelings. Still, concern about a worker’s inner life had no duty in the perfectly rational model. However, modern organizations have come to acknowledge that the study of emotions enhances understanding of institutional behavior, and awareness of spirituality can effectively help the management understand worker behavior in the twenty-first century.

Nice People Finishing Last in Business

It is not true to conclude that nice people finish last in a business or an organization. In following the scheme of encouraging mainly assertive not-so-nice individuals, businesses suffer from what is known as “focusing error.” They tend to focus on the achievements of people rather than the group (Matz & Gladstone, 2020). They are also likely to have negative attitudes towards people and undermine their performances. Therefore, if instead of the ‘unit of measure’ for performance being the person, it was the team, then nicer qualities of helpfulness, cooperation, and simply caring about people would be more valued (Porath, Gerbasi & Schorch, 2015). Promoting such nicer qualities within an organization will present stronger social bonds. So organizations need to promote people for not only what they accomplish but also how it is achieved. A business should systematically encourage being nice and embrace nice people.

Shaping a Business

Benchmarking in a business is a strategy of evaluating the best company actions against a given organization’s processes to determine performance gaps and attain a competitive advantage. The process can be used against any process, function, or product in a business (Akimova, Osadcha & Akimov, 2018). Benchmarking focuses on the quality, cost, time, and satisfaction of consumers to highlight possible problems. Small wins, benchmarking, and development are valuable processes for businesses in all industries. These are continuous procedures that can be relied upon by a business owner to increase the customer base and drive it towards success. Another advantage associated with the three aspects is to improve efficiency and effectiveness (Kirstein & Brent, 2017). Going through a benchmarking process is significant for better understanding competitors and enhancing the business’s effectiveness. The management will take a keen look at how the business is performing and whether it is meeting its expectations.

Endogeneity and its Causes

Endogeneity in economics describes situations in which an explanatory variable is correlated with the error term. The difference between endogenous and exogenous variables is derived from simultaneous equation schemes, where one separates variables whose values are evaluated by the plan from variables that are already predetermined (Zaefarian et al., 2017). Technically, it happens when a predictor variable (x) in a regression scheme is linked with the error term (e) in the model. One of its causes is an omission of explanatory variables and the error term in a regression, which would lead to the error term being correlated with the explanatory variables (Benitez, Henseler & Roldán, 2016). It may also be caused by influence towards the dependent variable by one or many explanatory variables later affected by the dependent variable. The term can still arise when an unobserved variable is confounding independent and dependent variables.

References

Akimova, L. M., Osadcha, O. V., & Akimov, О. О. (2018). Improving accounting management via benchmarking technology. Financial and credit activity: problems of theory and practice, 1(24), 64-70.

Alas, R., & Mousa, M. (2016). Organizational culture and workplace spirituality. International journal of emerging research in management and technology, 5(3), 285-314.

Benitez, J., Henseler, J., & Roldán, J. (2016). How to address endogeneity in partial least squares path modeling.

Fanggidae, R. E. (2018). Organizational Culture and Spirituality Workplace: Empirical Study of Influence of Organizational Culture and Spirituality Workplace. In E3S Web of Conferences (Vol. 73, p. 11017). EDP Sciences.

Kirstein, J. C., & Brent, A. C. (2017, June). Business benchmarking of global operations: The case of water and energy consumption in the brewery industry. In 2017 IEEE Technology & Engineering Management Conference (TEMSCON) (pp. 283-288). IEEE.

Matz, S. C., & Gladstone, J. J. (2020). Nice guys finish last: When and why agreeableness is associated with economic hardship. Journal of personality and social psychology, 118(3), 545.

Porath, C. L., Gerbasi, A., & Schorch, S. L. (2015). The effects of civility on advice, leadership, and performance. Journal of Applied Psychology, 100(5), 1527.

Zaefarian, G., Kadile, V., Henneberg, S. C., & Leischnig, A. (2017). Endogeneity bias in marketing research: Problem, causes, and remedies. Industrial Marketing Management, 65, 39-46.