Responsible business practices Name Institution Tutor Date Responsible Business Practices Influence of Stakeholders on Encouraging Responsible Business Practices In the business world, stakeholders constitute of any group or an individual who has an effect or can be affected by the achievement of the business objectives…
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For most businesses, there are values, responsibilities and sustainability issues that are in consideration. As a result of these factors, business management comes up with a variety of ways to ensure responsible business practices as seen in the research study by Olson (2009). The business world has come under criticism that it is to blame for global warming, carbon dioxide emissions, deforestation and pollution. To prove the critics wrong, Cohen (2010) states that the stakeholders having begun a fight to reduce global warming and carbon emissions. The green movement has come in to promote the growth of trees. It also helps in educating the public in regard to emission of carbons. The stakeholders meet annually in Rio de Janeiro for the earth summit. Worldwide campaigns regarding proper business ethics are underway to ensure that businesses reduce pollution and global warming. Apart from the green movement, the stakeholders have stipulated strict rules within their businesses to ensure that there is proper waste disposal. The stakeholders came together in 1997 to sign the Kyoto protocol so as to control the rate of waste disposal as stated in the research study by Kotler & Lee (2005). Stakeholders are now forming various groups to promote responsible business practices. ...
conduct of employees and behaviour expectation, the stakeholders have come up with the code of ethics through a voluntary statement that commits the business entity to its values, beliefs and actions together with setting appropriate behaviour for employees. These codes of ethics have become increasingly common in most organizations, which most stakeholders promote since they ensure responsibility in carrying on their business activities. The codes of ethics are vital than the legal requirements of a business since the code of ethics addresses the need to guide individuals and develop a workplace which has considerable ethics. Responsible business ethics are presented by stakeholders through a statement of rules, a statement of core values and statement dealing with corporate philosophy. To ensure business responsibility, the code of ethics promotes respect for individuals. Respect of individual entails speaking to customers with exceptional terms even when the customer is hostile, the employee should remain respectful. Fair treatment is also in the code of ethics since the employees do not have to undermine other employees on grounds of sex, gender, age or race. Employees should treat all customers and individuals in the same way. Honesty is vital in every business to ensure that there are no losses arising from dishonest employees. According to Horrigan (2010) the stakeholders especially the management ensure that there are rules and guidelines to promote honesty within the businesses. Through the code of ethics, integrity gets incorporated in the running of the business. Integrity is necessary when dealing with many customers who require fast services since when dealing with many customers there is a lot of money flowing, and employees may face the integrity
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ansportation, analysis and proper disposal of waste materials. From a critical perspective, waste management can be considered as a distinct and vital practice which encompasses the controlling measures for wastes concentrating upon the consumption rate of natural resources produced by human activities.
The author defines business ethics as the willingness and ability of an organization to consider values in the decisions concerning the organization, determining how decisions and values affect the company’s stakeholders, and designing a way in which managers of the organization can implement these values in the daily operation of the organization.
It can further be considered as one of the imperative facets of an organisation in order to build a long-run sustainability within the domestic or global business market. With this concern, the report intends to discuss about the significance of ethical consideration and its relevance to build efficient and responsible business as compared to other related approaches such as corporate responsibility, sustainability, social enterprise as well as corporate social responsibility (CSR).
This essay aims to explain responsible business by analysing the concepts related to the term. This will be done by building on a range of views and different explanations for the term. Other terms related to the concept of responsible business are also explained in the essay.
How stakeholders influence business activities?
“The narrow definition considers those groups vital to the firm’s survival and continued success” (Booth and Segon 2008, p. 323). In the broader perspective, an individual or a group can be considered as a stakeholder in a business if there is something of interest to it in the activities of the organization and is powerful or authorized enough to affect the performance of the organization or has stake of any kind in the organization (Stonehouse and Houston, 2002, p.
ew of the psychological contract, an understanding of what motivates certain individuals and understanding the work-life balance which prevents employees from burning out (Erdogan, 2005). There are several examples of companies employing effective policies and others where the
ered by our organization because consumers’ satisfaction is a potential measure of our success as an organization, to direct the strategic planning at the well-being of the society, and to reduce the negative impacts of the activities of the organization on the environment. To
The study leads to the conclusion that the stakeholders play considerable roles in ensuring that the business demonstrates responsible business practice. To make the essay easy to understand, there is the analysis of the various issues that a business undertakes to show responsibility, this helps to outline the role of the stakeholders in each business activity.
Corporate responsibility also involves following ethical rules because of they direct organizations on how to adopt and practice acceptable behavior. The European fashion retail industry is faced with all these corporate responsibility issues; for example, fashion retailers have to reduce their environmental pollution and provide safe working places for workers.
Stakeholder theory states that any organization is a system of many stakeholders who are responsible for providing necessary market and legal infrastructure. This form of infrastructure is necessary for
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