Corporate Social Responsibility and Ethics Report
Raymond James is a financial service holding company with subsidiaries specializing in investment banking, financial planning, investments, and asset management. The company was founded in 1962, has been public since 1983, and was founded in St. Petersburg, Florida. In June 2016, Raymond James joined the Fortune 500 list for the first time. This paper will address the corporate social responsibility and ethics of this financial institution (Raymond James).
Raymond James and Corporate Social Responsibility Raymond James addresses social responsibility in a variety of ways. The “Social Responsibility” tab on their website demonstrates their efforts to show their impact in the community. The page starts with a message from Bob James, the founder of Raymond James, and his belief that putting others first is the only way to conduct business correctly. This mentality has stuck with the company as a way of thanking those who have supported Raymond James over the years. This message is followed by photos of some of the activities that Raymond James employees have participated in, helping paint the picture of what the company has really done in the community. According to the website, in 2015 Raymond James contributed over $8 million to local communities and supported 25+ organizations, events, and programs. A CSR fact sheet is also available that lays out the quantitative facts from their volunteer
We will look at the Enron Corporation and discuss its application of Corporate Social Responsibility (CSR) or in actuality its irresponsible behavior as related to social responsibility. We will revisit what CSR is and discuss Enron’s philosophy regarding its use and function within the corporation. We will discuss the consequences of Enron’s irresponsible behavior and the far reaching effects it had on society.
From a business ethics stance “corporate social responsibility” (Velazquez, 2007, pp. 23), refers to the social interest an organization manifest in the environment it operates. SoftMagic has not seized opportunities from corporate social responsibility. In the U.S., the use of pro-bono activities to develop networking is fundamental considering that multiple leaders of different firms participate and engage in activities that consequently offer an opportunity to market and increase the awareness of the organization. One more time, the cultural challenge seems to have affected the opportunities for SoftMagic.
Corporate Social Responsibility (C.S.R.) is a theory practiced in the business sphere since fifty years. It refers to the duty of business organizations to adopt certain activities that will benefit the society in some way. Charity, health-awareness campaigns are few examples that a business undertakes to fulfil its objectives of C.S.R. According to this ideal, it is important for various corporations today to undertake such social activities, apart from merely focusing on their objective of profit maximization. But, is it an obligation that is most important than other objectives of business? This thought further leads us to another significant question – In contemporary settings, should corporations be guided by the concept of C.S.R.?
References: http://www.businessnewsdaily.com/4679-corporate-social-responsibility.html By Nicole Fallon, Business News Daily Assistant Editor June 19, 2015, 10:12 am EST See more @: http://www.businessnewsdaily.com/4679-corporate-social-responsibility.html#sthash.WryFEojn.dpuf https://en.wikipedia.org/wiki/Corporate_social_responsibility This page was last modified on 24 July 2015, at
Corporate social responsibility can simply be identified as a duty, which is not a legal obligation lately, under very much consideration by every multinationals, as well as the growing firm. The ongoing concern is meant to increase the awareness between the business Individuals, to implement and draw line which should clearly indicates that what social obligation an organization has towards the society.(Caroll,1970) (Caroll, Archie, B.(1991). The pyramid of corporate social responsibility is towards the moral management of organization stakeholder.
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
doctors, would help with responsible leadership in business” (Archbishop of Wales calls for ethical business). It is probably the case that all businesses should sign the oath, this gives consumers to show that they are dedicated to being an ethical business. There are numerous of old businesses that can steer the new business in an unethical direction in this field. By adapting business ethic terms and look for examples in the business fields that have an ethical or unethical reputation, this will give the opportunity for the business leaders to steer their employees into a healthy environment for their business to go the right direction.
Corporations’ measured success by financial means only undermines the global impact companies can have on society. With the evolution of business into a global market, society requires corporations to emphasize social welfare beyond simple philanthropic contributions. A new initiative called Corporate Social Responsibility blends philanthropy, social initiatives, corporate responsibility, and corporate policy for the overall benefits to various facets of society, including but not limited to investors, employees, and local communities.
Corporate social responsibility has been one the key business buzz words of the 21st century. Consumers' discontent with the corporation has forced it to try and rectify its negative image by associating its name with good deeds. Social responsibility has become one of the corporation's most pressing issues, each company striving to outdo the next with its philanthropic image. People feel that the corporation has done great harm to both the environment and to society and that with all of its wealth and power, it should be leading the fight to save the Earth, to combat poverty and illness and etc. "Corporations are now expected to deliver the good, not just the goods; to pursue
Ethics are principles of behavior based on the ideas of what is good and what is bad. Business ethics, or also known as corporate ethics, is a form of ethics that is used in the business environment. The study of business ethics looks at the decisions that businesses make and whether those decisions taken are right or wrong. Many company executives are unethical, because their number one goal is not to satisfy customers, or clients; Instead their number one goal is to make as much profit as they can no matter what. What this type of companies fail to realize is that there is long-run and short-run profit maximization. A company can maximize its profits by in the short-run by being unethical; however, in the long-run, the bad publicity, lawsuits, etc. will make the company suffer plenty in both the public appearance and the monetary aspect. One of the biggest legal scandals of a company being unethical was in 2001, when, Enron, a natural gas pipeline company went from having $65 billions in assets to being bankrupt 24 days after. Enron Corporation was founded in 1985, in Houston, Texas, it was a merger between Houston Natural Gas Co. and InterNorth Inc. Enron reached dramatic heights, it was the seventh largest corporation in America, and named the “Most innovative company” by Fortune magazine for 6 years straight. Enron innovated the entire natural gas market by adding a natural gas trading segment; making it the world 's largest energy trading company. At its peak
Ethics are a collection of principles of right conduct that shape the decisions people or organizations make.
ITC Ltd has worked exremly hard to start several procedures that have led to compliance of the standards of social responsibility. ITC’s dealings within the tobacco industry have contributed to the increase in company revenues and the company has worked towards following the triple bottom line and giving back to society. Most, businesses pay little attention to their social responsibilities and make it part of their overall strategy, instead they concentrate more on financial benefits from the sales of products. Consequently, managing business in a socially responsive manner contributes to the best combination of business success and societal acceptance, trust and loyalty. Giving back to the community in ways that benefits only society such as planting trees to curb pollution and help the environment or using biodegradable materials in packaging can reap financial benefits to a company by building loyalty among the community. The notion of business ethics and corporate social responsibility is becoming a defining concept in all industries worldwide. ITC believes in the Triple Bottom Line philosophy where the performance and perception of a corporation should not be judged only on the basis of its financial statements or revenues, but its environmental and social performance as well. ITC is one of the only companies in the world to be carbon positive, water positive, and conduct solid waste recycling. ITC provides water to areas where water is very
Nowadays, a business wants to exist and grow in a society, which business ethics and corporate social responsibility are sensitive and crucial objectives, the business should do what is right. Many people agree that business does not exist beyond society, it is a citizenship in the society. Therefore, business has to have many certain obligations and social responsibility. It generally means business have to do something good for the community, making social contribution, and using effectively resources in a way that next generations can continue to use them. Especially, business managers should pay attention not only their companies’ financial aspects, but also their social and environmental contributions. In the past, TideeKleen used to be a famous company in its fields, with strong reputation for social and environment responsibility. Unfortunately, the company hit temporarily financial and reputational issues. Standing among three tough choices, the company should make decision which satisfies all parties related, helping the company overcome the issue, and bringing the most benefits for the company about financial and reputational aspects.
‘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,