Global Business - Essay Example

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Responsible Management of the Global Businesses Abstract In the context of globalization a number of companies have spread their wings to various parts of the world. The companies have to therefore several markets and varying standards of labour rights and other practices…
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Download file to see previous pages Introduction In the twenty first century, the companies are experiencing unprecedented global competition and economic uncertainties along with challenges of managing their social responsibilities. As the companies expand their business globally they are facing a number of challenges regarding their human resources and several other issues regarding the conduct of their businesses. Human resource management is a key issue for consolidating the business globally as well as maintains a healthy image of the company (Palthe, n.d.) According to Morrison, integration of the nations and the citizen towards a global market opens up opportunities as well as risks for large corporations (Mennen, 2010, p.2). Globalization has also led to a change in the paradigm of how business is conducted globally. The organizations have to take into account various other issues apart from their sales and production to sustain their profitability. The company’s image, participation in the stock exchange and taking care of the social responsibilities find high priority in the company’s agendas. The three principles of sustainable development of an organization suggest profit, people, and planet. Management of this is a crucial issue for any company as efficient management of all three contributes measurably to the profits for any company. Good social behavior along with ethical corporate has made many of the global companies flourish. 77% of the executives from various corporate have confirmed that undertaking corporate social responsibility programs and good governance practices have benefitted their companies in terms of profit. Corporate Social Responsibility programs of any company have different dimensions. The company has to address the environmental issues like their carbon footprint and maintenance of local environment, have proper corporate ethics regarding employees, customers and other stakeholders and product safety. CSR as a crucial aspect of corporate management have gained importance in the recent years. Companies that have a good reputation in this regard have outperformed their counterparts that are less reputed. For a company recognitions come in various ways like the Most Admired Company List or the Corporate Citizenship List as well as a rise in profit. The image of the company and the trust it enjoys from the customer helps it develop business for a long period of time. Companies are eager to get enrolled in the Dow Jones Environmental and Social Criteria. All this is evident of the increasing consciousness among the organizations to reshape their businesses to the new trends and practices of the global businesses. The perception about the responsibility of the business towards the society in terms of human rights, labour standards, environmental concern, and attitude towards corruption has changed over the years due to globalization. This has resulted in the companies addressing the issues and challenges faced by the global businesses. Research is being conducted everywhere and new models of businesses are being developed and incorporated by the companies (Palthe, n.d.) We shall try to investigate the role of the stock exchanges in the businesses of a company and also the issues regarding the responsible management practices especially the principles laid down by the United Nations Global Compact on responsible manag ...Download file to see next pagesRead More
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