Corporate Responsibility And Its Impact On Social Wellbeing Essay

In recent years, companies are becoming socially responsible and now stakeholders almost expect a company to have CSR policies. Therefore, in twentieth century, corporate social responsibility (CSR) became an important development in public life (Barnett, ND).Corporate social responsibility is defined as “the ways in which an organisation exceeds the minimum obligations to stakeholders specified through regulation and corporate governance” (Johnson, Schools and Whittington, N.D cited in March, 2012). Stakeholders can be defined as “those individuals or groups who depend on the organisation to fulfil their own goals and on whom, in turn, the organisation depends” (Johnson, Schools and Whittington, N.D cited in March, 2012). There are many

Corporate Social Responsibility (CSR) is a very controversial topic. A question that has been debated for the past few decades is; is it corporately viable to introduce social responsibility as a proposed addition to the work ethic of business organisations. As well as, if adopting the framework of corporate social responsibility would yield positive improvements for those organisations.

Mayo clinic’s social responsibility for all principles mirrors their mission statement and values as a company. Mayo Clinic is focused on assisting not only their local community but other communities as well. Mayo Clinic adopted a green initiative to reduce the amount of waste that is being used to help protect the environment. Mayo Clinic provided assistance to various natural disaster victims around the world. These examples show that Mayo Clinic is focused on the health and well being of

. The company 's mission is to reduce the cost of healthcare by providing the best quality medical devices at the lowest possible price. "We are proud to have a significant and sustainable impact on healthcare by delivering technologies that enhance clinical care and satisfy the pressing economic needs of our customers" ("Applied Medical", n.d., para.1) . Applied Medical has demonstrated that takes its social responsibility seriously through different initiatives that benefit customers and the community.

Social responsibility has been always a point of discussion for entrepreneurs, nevertheless, not till recently have there been debates on its importance. This paper will be discussing the effect of corporate social responsibility on the financial performance of a company. This report first addresses the methodology used in searching for relevant resources in the first section of the report, section two summarizes the research while critically analyzing the sources used to answer this paper and the final section will be the conclusion.

Company Q is a small grocery store chain who has struggled to maintain social responsibility. The company decided to close down two of their stores which were operating at a loss due to being located in high crime areas. In the existing stores, Company Q has answered to the demands of their customers by offering a limited amount of health-conscious and organic products, but has declined to help out the community by throwing out day-old foods instead of donating them to the local food bank. The decision to throw out the day-old foods was brought on by lost revenue due to possible employee theft and fraud.

Shared value is a business strategy which focuses on creating overall value while addressing social problems. This concept of management strategy was expressed in the “Creating Shared Value” article by Porter and Kramer. Shared value is not just an aspect of a company’s growth strategy or general business operations. It is well integrated in the way a company operates along with what their goals are as an organization. The value created for a company’s targeted end user also has some sort of social impact which benefits their company purpose. Creating social impact is a company goal and success is measured through creating a shared value network. Porter believes that “The ability to address social issues is integral to profit maximization instead of treated as outside the profit model.” He is addressing that profits are not measured by impact not just monetary gains for the company, we can change our mindset to think of profit in a different way. Profit can be a benefit or some sort of added value. In this approach Porter argues that “Corporate social responsibility encompasses not only what companies do with their profits, but also how they make them.” This relationship is the driving force for a company’s development and future growth, and it goes beyond corporate strategy it also incorporates investments and key stakeholders for each company. Quantifying a monetary figure and amount for social impact may be extremely difficult, however it has progressed with awareness and

Many of the world’s largest companies own land and have ties with endless communities, so corporations are the forefront of social and economic change that will determine if our society can become sustainable. Since multinational business run the world, sustainability within business is a way to initiate major change in terms of our society’s opinion and commitment to sustainability. As Richard T. Watson states in his book Information Systems, “organizations are the major force for innovation in most societies, and corporations in particular are major change agents” (Boudreau). This statement supports the theory that a company’s decisions within itself can and will determine the societies in which it is located. Some corporations are taking major steps towards becoming sustainable within themselves, therefore starting the change within our whole society. Understanding that corporations strongly determine our economy which is heavily correlated with our society makes it clear that businesses must be sustainable if we ever want our culture to be sustainable.

The mission statement of Medtronic Inc. is to contribute to human welfare by application of biomedical engineering in the research, design, manufacture, and sale of instruments or appliances that alleviate pain, restore health and extend life.

The rising need for protection of intellectual property rights and improvement of public health lead the pharmaceutical industry to establish an agreement in 2001 with the World Trade Organization. In Sanofi’s earliest archived sustainability effort, Environmental Progress Report 2001, it states that Sanofi has taken initiatives to promote sustainable development as a reaction to the rise of wider and on going responsibilities. They have pursued these defensive efforts through promoting safety in the workplace, industrial hygiene, respecting the environment, training & investment, and many more. Sanofi is shelling out great investments for their sustainability programs. In 2001 alone, Sanofi allocated 11.2 Million Euros for a program to limit its operations’ impact on the environment. By 2008, Sanofi showed efforts of compliance with the United Nation’s Agenda 21 Blueprint for sustainability by establishing the four pillars (i.e. Patient, Ethics, Planet, and People) that serves as the foundation of their sustainability efforts . In the following year, Sanofi began its transformation to a diversified global health care company. With this, a Corporate Social Responsibility Direction was created which changed their sustainability report to an encompassing Corporate Social Responsibility (CSR) report. These efforts lead Sanofi to embed their ethical responsibilities and discretionary responsibilities into the company’s

The next initiative for Garmin in regards to corporate sustainability would be look at the human rights of the business. Garmin believe that protecting human rights is the ethical and responsible way to do business. They offer each of their employees the dignity, freedom, respect and acceptance that they deserve. Over the past ten year Garmin has grown drastically and this has resulted in an updated code of conduct and also labor practices. This portion of sustainability provide employees with best in class benefits and multiple different heal and wellness programs. All of these different opportunities are created and managed through the human relations department of the business. Upon further investigation I found out that there are

FastFit Case Study, Part 2  7. a) Assuming that Fastfit goes ahead with its plans to have an e-commerce site, identify two physical locations, from where customers can enter their orders to the ecommerce site and b) For each of the locations that you mentioned, identify the technologies (cover the areas of software, hardware and networks) that a customer would need (at the location) to accomplish this activity? (use a table) Technologies for Home Location Category Software Components  Single user operating system software, for example, Intel CPU or Mac Power CPU.

There are a number of definitions of “idealism” and “realism”. Idealism is referred to behaviour or consideration based on an idea of things as they would be, or as we would like them to be, with an inclination to be unreal or imaginative. Realism on the other hand is referred to behaviour or consideration based on a formation of things as they actually are, in spite of how we want them to be, with an inclination to be practical and realistic. Corporate social responsibility has been defined in many ways; one way to define CSR is that CSR takes into consideration how companies manage their business processes to generate on the whole a positive impact on society. Stakeholders are people who are affected by a business.

There are now several concepts of CSR and its definition, along with the meaning across corporations. In my opinion, and according with our textbook in page 11. CSR is about a particular set of business and strategies that deal with social issues. In addition, we can clearly perceive that CSRs application along corporations has increase in the past decade due to the several local, and international regulations in order to enforce business to act responsible.

‘Corporate social responsibility’ (CSR) means that the firm has wider responsibilities in relation to objectives and people apart from the owners or shareholders (Beal and Goyen 2005). These responsibilities are achieved when the firm adapts all of its practices to ensure that it operates in ways that meet, or exceed, the ethical, legal, commercial and public expectations that society has of business. Objectives often associated with CSR include a responsibility to manage natural assets sustainably and not to pollute by chemical discharge, smell, noise, dust or other irritants; fair treatment of employees and ethical attitude towards clients. The other people include employees, customers, suppliers,