Harvard Case - Kirat Housing Development Society
"Kirat Housing Development Society" Harvard business case study is written by Alvaro Sandroni, Farhad Aspy Fatakia. It deals with the challenges in the field of Business Ethics. The case study is 11 page(s) long and it was first published on : Dec 19, 2017
At Fern Fort University, we recommend a comprehensive plan for Kirat Housing Development Society (KHDS) to address its current challenges, restore its reputation, and ensure sustainable growth. This plan focuses on strengthening corporate governance, implementing robust risk management practices, and fostering a culture of ethical leadership and transparency.
2. Background
Kirat Housing Development Society (KHDS) is a family-owned business established in 1980 by Mr. Kirat Singh. The company has a strong reputation for quality construction and customer service. However, KHDS faces several challenges, including:
- Financial irregularities: The company's financial records are in disarray, and there are concerns about potential white-collar crime.
- Lack of transparency: The company's decision-making processes are opaque, leading to a lack of trust among stakeholders.
- Family conflicts: The family members involved in the business are struggling to agree on a clear vision for the future and have differing opinions on how to manage the company.
- Reputation damage: The recent scandals have tarnished the company's reputation, impacting customer confidence and investor trust.
The main protagonists in the case are:
- Mr. Kirat Singh: The founder and chairman of KHDS, who is struggling to maintain control of the company amidst the mounting challenges.
- Mr. Gurpreet Singh: Mr. Kirat Singh's son, who is eager to take on a more active role in the company but faces resistance from his father.
- Ms. Simran Kaur: Mr. Kirat Singh's daughter, who is concerned about the company's ethical practices and wants to ensure a sustainable future for KHDS.
3. Analysis of the Case Study
This case study highlights several critical issues that need to be addressed by KHDS:
Corporate Governance: The lack of clear governance structures and processes has contributed to the financial irregularities and lack of transparency. This highlights the importance of establishing a strong code of conduct, implementing internal controls, and ensuring regulatory compliance.
Ethical Leadership: The current leadership style of Mr. Kirat Singh has fostered a culture of secrecy and nepotism. This underscores the need for ethical leadership that prioritizes transparency, accountability, and stakeholder engagement.
Risk Management: The company has failed to adequately identify and mitigate risks, leading to the current crisis. This emphasizes the importance of establishing a robust risk management framework that includes internal audits, whistleblowing mechanisms, and conflict of interest policies.
Family Business Dynamics: The family conflicts within KHDS are hindering the company's progress. This requires a clear succession plan and a process for resolving family disagreements while prioritizing the company's long-term interests.
Stakeholder Relations: The company needs to rebuild trust with its stakeholders, including customers, investors, employees, and the community. This necessitates open communication, transparency, and a commitment to corporate social responsibility.
4. Recommendations
KHDS needs to implement a comprehensive plan that addresses the following key areas:
1. Strengthen Corporate Governance:
- Establish an independent board of directors: This board should be composed of experienced professionals with expertise in finance, law, and real estate.
- Develop a robust code of conduct: This code should clearly define ethical standards for all employees and outline procedures for reporting violations.
- Implement internal controls: This includes financial controls, risk management processes, and compliance procedures to prevent future irregularities.
- Ensure regulatory compliance: The company should comply with all relevant laws and regulations, including those related to environmental sustainability, labor rights, and data privacy.
2. Foster Ethical Leadership:
- Promote a culture of transparency: The company should be open and transparent in its communication with stakeholders.
- Encourage whistleblowing: Establish a safe and confidential channel for employees to report unethical behavior.
- Implement a conflict of interest policy: This policy should clearly define conflicts of interest and establish procedures for managing them.
- Develop a strong ethical decision-making framework: This framework should guide employees in making ethical decisions in all situations.
3. Implement Robust Risk Management:
- Conduct a thorough risk assessment: Identify all potential risks facing the company, including financial, operational, legal, and reputational risks.
- Develop a risk mitigation plan: Outline strategies for managing and mitigating each identified risk.
- Establish a risk management committee: This committee should be responsible for overseeing the risk management process and reporting to the board of directors.
- Implement internal audit functions: Regular internal audits should be conducted to ensure compliance with policies and procedures.
4. Address Family Business Dynamics:
- Develop a clear succession plan: This plan should outline the roles and responsibilities of family members in the company and establish a clear path for leadership transition.
- Facilitate family communication: Create a platform for open and constructive dialogue among family members to resolve disagreements and build consensus.
- Engage professional mediation: If necessary, seek external mediation to help family members resolve conflicts and reach a mutually acceptable agreement.
5. Rebuild Stakeholder Trust:
- Communicate openly and honestly: Share information about the company's challenges and the steps being taken to address them.
- Apologize for past mistakes: Acknowledge the company's mistakes and express sincere regret for any harm caused.
- Commit to corporate social responsibility: Engage in initiatives that benefit the community and demonstrate the company's commitment to ethical practices.
- Invest in stakeholder engagement: Regularly engage with stakeholders to understand their concerns and build trust.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: The recommendations align with KHDS's core competencies in construction and real estate development while emphasizing ethical practices and sustainable growth.
- External customers and internal clients: The recommendations prioritize building trust with customers, investors, and employees by ensuring transparency, accountability, and ethical behavior.
- Competitors: The recommendations aim to position KHDS as a leader in the industry by adopting best practices in corporate governance, risk management, and ethical leadership.
- Attractiveness: The recommendations are expected to improve the company's financial performance, enhance its reputation, and attract new investors and customers.
6. Conclusion
KHDS faces significant challenges, but by implementing these recommendations, the company can overcome its current crisis, restore its reputation, and build a sustainable future. A commitment to ethical leadership, transparency, and strong corporate governance will be crucial for achieving these goals.
7. Discussion
Other alternatives not selected include:
- Selling the company: This option would provide a quick solution but would result in a loss of control for the family and potentially lead to job losses.
- Continuing with the current practices: This would be a risky and unsustainable approach, likely leading to further reputational damage and financial instability.
The key assumptions of these recommendations are:
- Commitment from family members: The success of the plan depends on the willingness of family members to cooperate and work together.
- Availability of qualified professionals: The company will need to hire experienced professionals to implement the recommended changes.
- Support from stakeholders: The company needs to maintain the support of customers, investors, and employees throughout the implementation process.
8. Next Steps
The following timeline outlines key milestones for implementing the recommendations:
- Month 1: Establish an independent board of directors and develop a code of conduct.
- Month 2: Implement internal controls and conduct a thorough risk assessment.
- Month 3: Develop a risk mitigation plan and establish a risk management committee.
- Month 4: Begin communicating openly with stakeholders about the company's challenges and plans for the future.
- Month 5: Develop a succession plan and facilitate family communication.
- Month 6: Implement a conflict of interest policy and establish a whistleblowing mechanism.
- Month 7: Begin implementing the risk mitigation plan and conduct regular internal audits.
- Month 8: Engage in corporate social responsibility initiatives and invest in stakeholder engagement.
- Month 9: Continue to monitor progress and make adjustments to the plan as needed.
By taking these steps, KHDS can transform itself into a responsible and sustainable business that earns the trust of its stakeholders and thrives in the long term.
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Case Description
Three months into his first job as an IT consultant, newly minted MBA Phil Lee was wondering whether he had made a horrible mistake. Initially, he had been thrilled with his employer, Orion Information Technology Consulting, and the prospects for his professional future. He had specifically requested to work on projects in emerging markets, and his bosses had responded by flying him halfway around the world to New Delhi to meet with the head of procurement of a luxury property developer, Kirat Housing Development Society (KHDS). Lee thought the reason for the meeting was slightly unusual: Orion was planning to make a bid to supply building management software for KHDS's newest luxury tower, and this meeting would be the "pre-bid" negotiation. Lee wasn't totally sure what they'd even be discussing, as the tender already provided full details on exactly what modules would be required and even included specific penalty clauses for delays. The meeting at KHDS seemed ordinary at first, but quickly took a turn when the assistant to the head of procurement explained that Orion would win the bid if it offered him a $200,000 contract as an "independent consultant." Lee was stunned. To make matters worse, when he returned to his hotel room he found a gift waiting for him: an expensive-looking diamond pendant. On his sleepless flight home, Lee's mind raced. Had his bosses known this would happen? Were bribes standard operating procedure? Now that he'd accepted a gift, was he complicit in wrongdoing? Lee didn't want to get fired, but he wasn't sure he could go along with this.
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