How Socially Responsible Is Your Corporate?
You may be a good entrepreneur in formulating business strategies to maximize returns and beat the competitors. Have you thought about how well governed your firm is or how socially responsible your corporate activities are? By social responsibility, the implication is not getting active in social welfare activities or non-government organizations on a full-term. It rather points to the management decisions and production processes practiced in the company without hindering the social balance. For example, a large-scale mining company is being socially irresponsible by indulging in illegal mining on preserved natural areas.
Adopting Item Response Theory (IRT) in your business
Using an IRT system of assessment in monitoring employee and employer behavior within the premises and while at work is aimed at finding the following facts:
- Is there a difference in opinion on business matters between any of the members? If there is, what are they and how do they affect the overall productivity and other members?
- Is there a change in the behavior of the members of the firm over a time-frame or between two phases? Can any specific reason be pointed out?
- How can the firm be compared with its counterparts and are there assessing indices effective?
- Is the company management considering the valid inputs received internally and externally and are they accommodative for flexibility?
Consider an illustration. Ethereum Code is an entity offering altcoin mining services to individuals and groups. If there is any legal change in coin transactions, it the company taking appropriate measures to seal adverse issues? Are the users of the software aware of changes in the platform’s settings or design or asked opinions about it? Is there any kind of miscommunication between the pool miners or is someone taking a backseat in response to ‘is it a scam’ news? The IRT model finds answers to all these questions and produces a statistical report on what are actions to be initiated for maintained the goodwill of the entity.
Depending on how many data cells are there in each assessment, the computer programme frames a matrix of binary entries and blank cells and the company scores a performance line by giving truncated or normalized values to the absent cells. The models are capable of comparing different firms and estimating their dynamic behavior over a time period.
If the company is willing to make any changes in any of the projected flaws, the same is picked up by the model and a new performance line is created.