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Role of ethics responsibility in developing strategic plan while considering stakeholder needs and agendas - Essay Example

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Role of ethics and social responsibility in developing a strategic plan while considering stakeholder needs and agendas Ethics in business is an important consideration and aim for the interest of stakeholders, creditors and investors. Besides, social responsibility is another goal that the corporate strategy must include while establishing business unit(s)…
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Role of ethics responsibility in developing strategic plan while considering stakeholder needs and agendas
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"Role of ethics responsibility in developing strategic plan while considering stakeholder needs and agendas"

Download file to see previous pages The need to make strategies in accordance with business ethics and taking care of stakeholders’ financial investment in a responsible manner is a must for any corporation (Kotler and Lee, 2004). The company’s top management ensures social responsibility by contributing toward social causes and charity and spends a portion of revenues on helping the society work effectively. Also the management takes charge of those who could not find work or are permanently unemployed by offering job opportunities and providing a secure work package in their firm (Werther and Chandler, 2010). Therefore, a corporation goes a long way in acting in a responsible manner for the betterment of a society by ending unemployment and general poverty level. It is also the duty of the company’s top management to allocate the funds appropriately to be used for the social betterment. Furthermore, the ethical issues also include taking care of environment by refraining from spreading pollution through industrial waste. The ethics also lies in providing such goods and services to stakeholders that is beneficial for them and not harmful in any way (Werther and Chandler, 2010). One of the most important agenda to be taken care of for the social responsibility ensuring is the accuracy of financial statements of the firm. The case of Enron represents a worst example of crossing of ethical boundaries by its ever-famous accounting scandal. Enron was found guilty of fraud by producing fake financial reports for external users. It resulted in a big loss on the part of owners, stakeholders and employees of the firm when it got bankrupt. It happened because of the top management of the firm who was responsible for creating falsified accounting records of the company’ business transactions. They presented a bright picture of the firm through creating reports in which they showed the firm in profits when actually it was in big losses. It lost trust of stakeholders badly and made a history where unethical business activities are associated with Enron (Baron, 2009). In order to prevent such unethical happenings in the world of business again, it is important to first take care of the financial reports that reaches potential customers or stakeholders. It is because these reports are a way to demonstrate the company’s financial position and investors use these reports as a guide to make decision about their preferences of companies in the market. It can be made possible by communicating the financial condition of a company is an accurate manner without leaving room for errors. Not only in preparing accounting records the management also needs to take care of other matters that make a company sensitive to ethical issues. The main thing is the way to communicate the social effectiveness of the firm to stakeholders as different people have different opinions about various products and services a company offers (Baron, 2009). In case of British American Tobacco, some people would not consider the goal of firm as of being socially responsible because of the product it is offering, that is, cigarette, however, the company has other policies such as protecting environment to show that it is ethical and socially responsible firm (Hollender, et. al., 2010). Therefore, taking care of the needs and preference o stakeholders is very important and other thing is to communicate the ...Download file to see next pagesRead More
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