Should Business Be Concerned about More Than Profit - Literature review Example

Reflective Pieces Professor (Tutor) The Name of the School (University) The City and State Date Reflective Pieces The capacity to reflect is an important element of professional life. It enhances the capacity to evaluate current knowledge and to understand and accept personal weaknesses and strengths. The following paper aims at offering my reflection on 3 different topics. Should business be concerned about more than profit? Upon reading Freeman’s article, it was obvious to me that there is exists an extensive perspective of the modern corporation in relation to sustainability and corporate social responsibility. Freeman (2005), strongly believes that the modern corporation cannot escape the reality of legal and economic responsibilities to customers, suppliers, management, local community, employees, and stockholders. Additionally, Freeman’s article offers a new stakeholder perspective on sustainability in the modern corporation where the organization is linked directly or indirectly to suppliers, owners, employees, customers, local community, and management. I believe that Freeman’s article has offered me a new and fresh perspective on sustainability and corporate social responsibility. Currently, I feel that almost all organizations in today’s world have a form of sustainability strategy or awareness. Since starting my Course in Business and Management, I have come to understand the importance of sustainability for the success of today’s corporations. Clearly, I feel that Freeman’s article emphasizes on the issue of sustainability in a comprehensive manner through the stakeholder perspective. I did not know that current legal and economic systems require corporations to not only seek profits, but meet the needs or address the problems of shareholders. It has never come into mind that to be sustainable, the firm has to honor its responsibilities to all its stakeholders whether direct or indirect shareholders. My perception on this issue was further reinforced as I continued to read Freeman’s article. I realized that I couldn’t agree more to the arguments and opinions expressed in the article. I was truly inspired by the focused description of sustainability in a simple manner that reflects the image of a modern corporation. Freeman’s (2005), argument that management have a role to play in balancing all the needs of stakeholders has made me realize that my values of organizations being socially, economically, and environmentally responsible are spot-on. I was able to getter a clearer picture of the whole idea of sustainability in all its aspects. Having read Girad’s (2009) book ‘The Google Way: How One Company is Revolutionizing Management as we know it’ makes me feel that sustainability is not an environmental or economic agenda. I believe that it extends to all stakeholders of the corporation including employees. Previously, I had not considered employees as critical part of the sustainability agenda in today’s business environment. According to Girad (2009), employees at Google enjoy one of the best working environment, benefits, and incentives. I have been employed in several corporations and despite their size or performance have never come across such focus to ensure employee satisfaction. It is the management’s ability to take care of employee needs that makes Google competitive and innovative in all its businesses. Having enrolled into this course, I now find myself motivated to understand how to effectively balance the needs of all stakeholders of an organization including customers, employees, local community, suppliers, stakeholders, and management. I have no doubt that I have developed a new principle geared towards ensuring that all the needs of stakeholders especially employees are taken into consideration. I believe that if I got a job at Google, I would be a hard working individual based on their focus to enhance the employee experience rather than focusing on profitability alone. I feel that this is a new phenomenon that I have come to learn. In my professional or career experience, I have not encountered a firm so committed meet the needs of their employees. This has made me develop a new perspective in terms of sustainability. Furthermore, this has renewed my understanding of the modern corporation where management seeks to balance the needs and challenges of all stakeholders. I can now comfortably say that my values as far as sustainability is concerned have changed significantly. I believe the new corporation is about balancing all the needs of stakeholders as a strategy for success in today business world. What I value in a career Having spent an hour in class completing the careers workbook, I can confidently declare that I value challenge and ethics as part of the 56 career values. Challenge means that I prefer a career whereby I am likely to perform demanding tasks or jobs that when finalized offer me with a sense of achievement (University of South Australia, 2010). Additionally, I prefer to work in a setting where ethical values are deliberated and acted upon (University of South Australia, 2010). My understanding of these values is stemmed from reading Bowman’s article ‘Understanding what it means to be a Professional’, which argues that being a professional is not just an intellectual application, but also involves a pledge to being something transformative and compelling. Surely, this article has opened up my values in a career. I could swear that having come from high school; I only thought a career was all about wealth and the salary. Nonetheless, having joined campus, I have come to learn a lot in the area of business, which has had me thinking of the values that are important in my career. Bowman’s conceptual work is truly inspiring in my reflection on what I value in my career. Bowman (2013), argues that professionals live based on principles of creation and contribution rather than by the principles of social exchange and organizational survival. I believe that having the value of challenge is an effective way of contributing as a professional. I want to work in an organization or a job that offers challenging tasks so as to solve challenging problems and provide me with a sense of achievement. Stark et al., (2013), also believe that being a professional is extended to a personal level. As a young individual, I believe that I want to live an ethical career and personal life. Being involved in unethical or immoral acts in business and personally is not in line with my values. This is the reason I want a job or an organization where ethical principles are discussed and acted upon. These career values are significantly aligned to my personal values as well as the expected business values of any business. I feel that challenge and ethics as what I value most in my career are just part of the whole equation. It is hard to narrow down to two career values based on the demanding nature of today’s professional. I have realized that what I consider important in my career is still interconnected to other career values. I never had much interest in career planning, but since joining this course, I have realized the importance of career values. Through the career workbook, I have appreciated the need to understand the values I hold most true in my career. This has also changed my perspective even in the classroom from where I have drawn experience. Since discussing the topic on career planning, I have focused on working on challenging tasks from my research and assignments. This has offered me an increased motivation to seek challenges or issues that require problems solving. Additionally, my first work experience has also involved seeking demanding tasks. I remember taking a task that required me to do a market analysis and planning for a company selling food products in Australia. The task was demanding since it required increased research as well as collection of data from consumers, but in through hard work and determination I accomplished the tasks. This was a valuable achievement since the management recognized my unique skills in marketing and research. Additionally, I have always been an ethical individual as part of my personal and professional principles. This reflection has been invaluable in changing my belief system on career values as well as on my future as professional. What Integrity means to me I previously never considered what integrity means to me. I have always believed that integrity is just about being honest or truthful to oneself and others. However, Platts’ article ‘Developing Competence and Trust: Maintaining the Heart of a Professional’ has offered increased inspiration for this reflection. According to Platts (2003) at the center of every occupation is a covenant or pledge that makes a professional to exemplify a principle for the sake of society. I believe that this is a profound statement that every student and professional should consider. Having read Platts article has made me understand that integrity can be one of those principles or pledges to society. I hold integrity as a core personal value and belief. I personally believe that being truthful or honest in all I do is important. Nonetheless, I previously never considered integrity as a pledge to society or my professional life. Nevertheless, I am now confident that integrity is not just about honesty, but also a pledge to remain honest in all my actions. Upon reading Yunus’ article I also developed a different perspective of integrity. Yunnus is an inspiring example of integrity at its highest level. I believe that Yunus won the Nobel Peace Prize based on his ability to illustrate integrity in his actions (Beard, 2012). I strongly believe that he was not the first person in the world to spread the idea of microcredit. However, all his actions illustrated a pledge to be honest in his objectives, determination, and work. I can now catch a wider perspective of integrity outside of my narrow view that is focused on honesty in day to day issues. The article offers a short interview of Yunus that clearly illustrates integrity as an underlying lifelong value or commitment. I feel that people such as Yunus make personal and professional covenants with society where they pledge to not only be honest, but ensure that their work is focused on truthful or helpful objectives. I believe that even when in a profession, I should have a genuine goal or objective that is to help others or solve problems in the world rather than making money or just getting work done without any potential benefits to society. I now realize that integrity extends to living a life that is dedicated to solving problems or improving society as whole despite any challenges or impediments on the way. Integrity is not merely a concept for day-to-day use, but a lasting principle that can be seen in an individual’s work for years to come. It is only now that I grasp the extent of integrity in the personal and professional life. Another inspiration article is Goodall’s interview that has opened my perspective on integrity and me. According to Bell (2010), she finds the right balances between her ethics and the possible by being true to own self. I did not quite comprehend that integrity was also part of being true to self. Goodall’s work and life reflection increased success and motivation (Bell, 2010). However, it is clear to me that she faced numerous challenges from people with increased experience in scientific research. I have realized that it is through being honest to self that Goodall was able to conquer all these challenges. I found her response on how she conducted research without any experience in research rather moving. Out of her childhood hobby of observing and researching birds, she replicated the same strategy on chimpanzees, which was a success (Bell, 2010). I believe that I should also live a life where I am true to self in terms of believing that what I do is true, important, and for a higher purpose. In this case, integrity to me means being a professional by making a pledge to support society in a truthful and beneficial manner while believing and being true to self. References Beard, A 2012, 'Life’s Work', Harvard Business Review, vol. 90, no. 12, p. 136. Bell, K 2010, 'Life's Work', Harvard Business Review, vol. 88, no. 4, p. 124. Bowman, R 2013, 'Understanding What it Means to Be a Professional', Clearing House, vol. 86, no. 1, pp. 17-20.  Freeman, E 2005, A stakeholder theory of the modern corporation, Boston : McGraw-Hill. Girard, B 2009, The Google way : how one company is revolutionizing management as we know it / Bernard Girard, San Francisco : No Starch Press, c2009. Platts, J 2003, 'Developing Competence and Trust: Maintaining the Heart of a Profession', PROFESSIONAL ETHICS -GAINESVILLE-, vol. 11, pp. 3-18. Stark, D., Miller, J & Fabricant, F 2013, Creating Career Success: A Flexible Plan for the World of Work, Hoboken: Cengage Learning. University of South Australia, 2010, Career Planning Workbook, University of SA. Read More