The paper 'Importance of Corporate Responsibility" is a great example of business coursework. Lilong & Jianxin (2009) argues that corporate responsibility is built on a company’ s ethics as defined by the shareholders, owner, directors and management. The ethics element work alongside the company objectives and interests to give the right balance between the company interests and the rights of immediate employees, clients, suppliers, business partners and society at large. Ethics combine with company’ s culture which operates through the functioning values, beliefs, behaviors and provides a predictable pattern of actions in an organization or a business context.
Those companies, which have currently assumed strong cultures in their operations, have resulted in the achievement of higher results through a laid focus of doing things. Corporate responsibility involves integrated self-regulation for any business. It is a company way of promoting and building in a mechanism that ensures and monitors active compliance with the law, various international norms and ethical standards. The responsibilities embraced trickle down to set positive company activities amongst its employees, consumers, communities, public spheres and its environment. According to Li, et al (2011), the term corporate responsibility has been used more so by multinational corporations whose activities and impacts produce various effects on people and the environment.
It is expected that the companies should not wholly depend on the government to be regulated in their operations but it has to actively take initiatives as per the overarching values and responsibility. This assures the actors, competitors and customers that their expectations are met. The integrated corporate responsibilities work together in attaining the company’ s mission through applications of the principles for ensuing or emerging problems in a business environment.
In actual sense, there is formal legislation which is developed and enforced, but generally, the company will strive more to endear ethics, culture and corporate responsibility. This work for the long run attainment of national competitiveness, contribute to social and economic development and prosperous social environment (Kramer, 2011). In an organizational context, self-governance set guiding principles and the management role in defining and guiding values. They create an environment which supports ethical behavior and instil shared responsibility. Corporations should ensure their obligations to society. This accounts for engagement in activities which increase profit and in accordance with the rules of open and free competition while avoiding fraud and deception.
The law effectively constrains the unfair pursuit of stakeholders’ interests while affecting other claimants. The companies are entitled to follow some steps to define their ethical approach and handle the dilemma of ethics (Lilong & Jianxin 2009). First, they must perceive the imminent danger through fact-gathering from different entities be it the consumers, employees, community, management, owners and suppliers. Second, they should take the data into critical analysis to see the implications that affect each stakeholder group.
Thirdly, they should synthesis the data by converging different outcomes of the analysis. Consequently step four, five and six that ultimately determine the company’ s stand and the decision is marked by the choice, action and learning. The design chosen should be ethical which will further be enacted by the company, then control and evaluate whether the outcomes are in line with the correct decision. The outcome of the company’ s decision matters a lot (Bebbington, Larrinaga & Moneva 2008).
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Lilong, Z L Z & Jianxin, Y J Y, 2009, Construct and Evaluate the Indicators System of Corporate Social Responsibility. 2009 International Conference on Management and Service Science.
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