Introduction In the beginning, corporations were not socially responsible. The old thinking for corporations was that the bottom line is the only thing that mattered. Therefore, getting goods as cheaply as possible, even if that meant that these goods came from countries with abusive labor practices, including child labor practices…
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In short, being a good corporate citizen was not a part of the standard playbook in the corporations of old. This has changed. Nowadays, corporations need to be socially conscientious, if for no other reason than to avoid public relations nightmares when these socially irresponsible practices come to light. Corporations need to be socially responsible in procuring their goods and services, with an eye towards the environment and labor practices around the world. They also should be charitable, as individuals have indicated that they are more likely to give their business to corporations who share their values. If a corporation is big into animal rights, and makes this fact known, then consumers who are also big into animal rights will see that corporation in a better light and will give their business to this corporation. Therefore, charitable contributions, contrary to the old conventional wisdom, are actually beneficial to the bottom line. With this in mind, the focus of this study will be Swiss Banking firms and how being socially responsible benefits them by attracting new clients. Literature Review The corporate mandate to act responsibly is known as socially responsible procurement. ...
On this level, the supplier must meet certain criteria to receive the contract, and they are evaluated according to their technical, financial and professional qualifications. At the third level, bids are evaluated, looking at “life-cycle costs, environmental impacts, innovation, user-friendliness and delivery of additional benefits.” At the fourth and final level, the contract is awarded and the supplier winning the bid must comply with any and all parameters set forth in the contract, such as mode of delivery, training of the staff and disposal of products. (Carpe Guide at 10-11). Socially responsible procurement is the act of procuring goods while taking into consideration the ethics of how they operate. Corporations must ensure that they or the corporations with whom they work receive appropriate wages and other fringe benefits and that employees are provided with safe working conditions (Socially Responsible Procurement). They must also consider the impact their operations have on the environment (Environmentally and Socially Responsible Procurement Working Group). Furthermore, corporations and government entities must consider the global context “and see purchasing as embedded in a global supply chain.” (Catlaw at 2). They therefore have a great responsibility that extends past their local chain into the global supply. There are three levels of strategic commitment to socially responsible procurement, according to Stanly and Thelen (3). The first one is the fundamental business protection model, which encompasses corporations and organizations that comply with legal and regulatory requirements, and do not go beyond this. The second one is the proactive level, where businesses mitigating unfavorable social risks “by ...
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It is today a well-accepted notion that besides making profits and increasing shareholders’ worth, a company is also responsible to all stakeholders or the society at large. Recently, we have seen Wall Street companies such as Goldman Sacks and British Petroleum receiving high credit ratings despite their unethical, destructive behaviors that have brought economic catastrophe and anguish not only to many people but countries.
The foreign affairs and international trade department, Canada, has defined Corporate Social responsibility (CSR) as the way companies integrate social, environmental and economic concerns into their values and operations in a transparent and accountable manner.
People have foregone the cultural aspects of the traditional society which emphasized the need for good parenting, responsible lifestyles and general integration of children into the society through teachings that contribute positively to their lives. However, the fast-paced world has increasingly denied the child a chance to participate in the building of the society with parents spending too much time working at the expense of parental guidance and love (Kumpfer, Alvarado and Whiteside, 2003).
S. Hershey. This implies that the company has been operating for long, and its management has a lot of experience in terms of the achievement of their CSR goals (Rogers, et al, 2008). The company also has a large labor force that comprises of over 13, 000 employees who provide millions of products to the company’s customers who live all around the globe.
According to the report CSR may incur some costs that are short term and do not have immediate benefits on the fiscal position of the company. It will endorse positive ecological and social change. It helps a company to promote its vision as an accountable to wide range or players like investors, stakeholders and shareholders.
For this purpose, such organizations need to have efficient production facilities and employees. In the case of larger organizations like corporations, it also means providing adequate returns to a large number of shareholders. But as businesses grew (due to aspects like
SR include the ability to recruit and retain qualified image, enhanced corporate reputation, improved operating efficiency and improved relations with environmental regulatory authorities. The choice of CSR projects is determined by the size of business, needs of the community,
In most cases, these strategic plans have been operated from four major themes, three of which are directly found in the 3 spheres namely economic, political and civil society. The forth is environmental. It has however been established that not much focus has been
Such an aspect is a complex issue, and one that requires appropriate measures in order to properly determine. The problem of the issue is due to the fact that Corporate Social Responsibility has had diverse roles in different
In the line of business, there are other factors and circumstances that ought to be considered other than the role of making profit and it is the notion of Corporate Social Responsibility. H&M has continues to pursue policies and principles of CSR as a moral
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