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Globalisation and Diversity - Essay Example

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GLOBALIZATION AND DIVERSITY Abstract In today’s competitive environment global businesses are experiencing tremendous challenges. It has now become necessary for the listed companies (i.e. listed on the stock exchanges) to make sure that they carry out their businesses in an ethical and responsible way…
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Download file to see previous pages These are a set of indicative norms that companies can use to do their business. They help companies to adapt to international standards of corporate behavior. By adopting this, companies show their willingness to conduct their business in an ethical way and become role models for others to follow. Introduction It has been increasingly felt by all that there should be a proper alignment of objectives between the international community and the business community. This need has become stronger by the fact that they have common goals. Some of them are, fighting corruption, taking care of the environment and issues related to its safety, enabling social inclusion, and building common markets. All these factors have opened up avenues for an extraordinary cooperation and need for transparency between different stakeholders such as business, governments, civil society, labor force and the United Nations. The UN Global Compact is a very well planned initiative for all those organizations in the world, which are dedicated to align their business operations and strategies with “Ten universally accepted principles.” (United Nation, 2011). These principles are adopted in the areas of human rights, labor, environment and anti- corruption. This initiative is both local as well as global. In fact private and public enterprises can participate in this. There are no mandatory requirements to join this initiative. However once a company joins it, it must endeavor to remain accountable for its operations to its stakeholders. Discussion of question set By aligning the business operations and strategies with ten universally accepted principles, the organizations are indicating their willingness to join it on a voluntary basis. They also agree and believe that business is the key driver of globalization. With this initiative, they can make sure that they make significant contributions to the growth of economies and societies at large (Schreck 2009). Their contribution can be in several areas such as, markets, technology, finance and trading. The social, political and economic opportunities and threats have a significant effect on all the businesses. More and more companies are increasingly realizing the need to work together and collaborate with the all the stakeholders such as, governments, civil society, labor to improve their business volumes and profits. The UN Global Compact has made vital contribution to the development of business in an ethical way (Gjolberg 2004). The environmental principles of the United Nations Global Compact have left a great impact on the organizations. More and more companies have now started realizing the need for focusing on environmental issues and their effect on the industry and individuals (Rasche 2010). The first ten years of the existence of Compact have thrown interesting findings which have been endorsed by scholars, business tycoons, and stalwarts from the civil society as well the staff working in the Global Compact initiative. Their comments clearly indicate the achievements of the Global Compact and the future trends it should follow to sustain the initiative. It also has to meet challenges and oppositions from the traditionalists. Rashce also highlights the changes in the structure of the Compact, role of Global Compact Local Network and the spread of communication on the progress of the policy. The story of UN Global Compact is not all successful and its strengths and weaknesses are clearly brought out by Rashce. ...Download file to see next pagesRead More
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