Lyle’s Golden syrup’s 125th anniversary celebration this year hallmarks an immense achievement and to think this is just one of the company’s revered achievements to date. A world- renowned manufacturer of food and industrial ingredients, Tate & Lyle takes pride in sweeping the food industry globally with more than 65 production amenities in 29 nations. Founded by Henry Tate and Abraham Lyle in 1921 in the United Kingdom, it has since expanded into five divisions namely: Food & Industrial Ingredients, Americas; Food & Industrial Ingredients, Europe; Sucralose; Sugars, Americas and Asia; and Sugars, Europe and the company dwells on renewable crops which innovate ingredients as major ingredients in food and beverage across the world. There are basically ten renewable ingredient portfolios and these are cereal starches; cereal sweeteners; sugars, syrups and molasses; SPLENDA® Sucralose; proteins; acidulants, biogums; alcohols and polvols; other fermented products; and AllegraTM which could be found in various foods and beverages.
To achieve the company’s objectives, there is the involvement of a number of key resources who help the company accomplish them. The company uses the services of 7,000 in its subsidiaries and about 4, 800 in their joint ventures. Their manpower covers a wide range of skills and experience in different areas such as sales and marketing, food science, engineering and business support services and the Group sees to it that the high caliber recruits are retained and makes sure that the employees are able to hone their potentials and their growth and roles are maximized and challenges are meet while their careers progress.
Like any other successful business conglomerate, the company stands by its objectives to effectively penetrate the market while upholding the company’s standards. The first objective is the continued growth of their value added products and this could be achieved through the commitment of providing quality products to customers and to develop their already value added products such as SPLENDA® and Bio-PDO™ and this will benefit the company through higher margins and greater earnings stability. Next is the investment in acquisitions and partnerships. Tate & Lyle continue to seize prospects through selected purchases that enable the company to add new products in the market and the company also ventures into partnerships with other established businesses globally. Take for example the company’s global coalition with McNeil Nutritionals for SPLENDA® Sucralose and their combined endeavor with DuPont for Bio-PDO™. Moreover, these alliances and partnerships will lower the cost of investment efficiently.
Another objective is unity in their business which gives importance to a more client- centered marketing strategy and to sustain such, all their divisions carry the name ‘Tate & Lyle’. This is serves as a global portfolio which bears the company’s distinct, profitable and high value products in the market consistently and true to this, the company formed the Global Food Ingredients Group which centers on activities that will maximize profits, access the market and grasp future opportunities. Furthermore, the company also aims to have an efficient operation which means quality products at low- cost. To come up with this, the company boosts their adeptness in excellent manufacturing and use of logistics and utilities.
Another goal of the company is towards investment in technology and people. As advancement in technology continue to surge higher, the company also to engage in innovations by increasing the expenditures on recruitment of scientists and research to cater the challenging and growing needs of the consumers. Aside from this, the company also intends to improve leadership, develop talent and put value on success among their employees thus, the implementation of ‘The Tate & Lyle People Strategy’ happened to guarantee that the employees have the right skills to endure the challenges as their careers flourish. Behaviors for success, talent management, leadership programme and graduate recruitment are the components that consist this strategy.
To elaborate, behaviors for success promotes leadership among employees which is needed for success while talent management focuses on business issues which tackles the necessity of appropriate skills needed in planning and development. On the other hand, leadership programme offers opportunities that hone the skills and inflates the knowledge of those that belong to the managerial and supervisory levels. This is achieved through the different programs and workshops that uniquely cater the managers and the supervisors’ needs. Lastly, the graduate recruitment program aims to attract and develop talents to be utilized in the development of the existing operations.
Moreover, the company is committed to serve their customers with their exemplary service. The company’s Global Quality Service and Standards ensure that high level of service is rendered to satisfy the clients’ needs without compromising the company’s name. This means that the clients’ welfare is at the top of the company’s list of priorities. With this, the company- consumer relationship is maintained which is important to continue the company’s successful endeavors.
However, on the other side of the coin, even a well established company is still faced with major risks. In fact, in 2007 Tate & Lyle shared the same sentiment as its sugar business ran into a breakdown straight in three years according to the BBC news and the group out their blame on higher prices of corn, oversupply problems and the weakening of the dollar. With this, Tate & Lyle said, “Given the importance of these factors, the board views the near term outlook with caution,” in a trading update. Along with this, the company identified some of the risk factors the company are facing such as the safety issues that have detrimental effects to the company; over all performance of the key personnel and employees which the company depend on; damage to the company’s reputation due to noncompliance with the legislation; raw material, freight and other operating input’s fluctuations in availability and prices; changes in consumers’ preferences in dietary requirements or decrement in demand; operation and sufficiency of the company’s geographically diffused manufacturing plants; and competitive advantage of some rivals among others. Meanwhile, businesses must ally their values and behavior with the perspective and needs of stakeholders which include not just the investors and consumers but also the employees, suppliers and the communities as a whole and this is what the corporate social responsibility or CSR is all about and to capitalize benefits and curtail downsides, it demands that the businesses should give importance to the economic, social and environmental effects of their ventures. With this, Tate & Lyle associates CSR with four core values – safety, integrity, knowledge and innovation. In fact, there is no higher priority of the company than safety and annually the company reinforces their devotion to make certain that there is a safe and healthy condition for workers, contractors and visitors and this is likely through reports, recognition, and rewards to safety performance. The company also takes into consideration the environmental impact of their operation globally thus their environmental policy is directed towards following relevant laws, consents and regulations pertinent to the environment. Moreover, there is a yearly review of the Board regarding the environmental performance and policy and it continues to subscribe to the International Chamber of Commerce’s Business Charter’s principle for Sustainable development. Further, there is integration of environmental management to the company’s operational systems and protocols. On the other hand, the company also regards their employees, suppliers and the communities as a whole as long time allies. Thus, there is an annual review of Tate & Lyle’s policies and performance and the one accountable for the all areas of CSR is the Chief Executive of the Board. Moreover, the report lays future plans and explicates how CSR is handled that will profit both the company and their partners. Lastly, as the company continues to strive for the betterment of their products and as they continue to reap numerous prestigious awards and recognitions, Tate & Lyle remained true to their goals of keeping their reputation of success a source of inspiration to continue uphold their objectives.
Credit:ivythesis.typepad.com
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