The paper “ Is There a Relationship between Corporate Governance and Social Responsibility? ” is a potent variant of assignment on management. Corporate governance deals with the holding of a balance between the social and economic goals and also between the communal and individual goals. It also encourages the use of resources and accountability for resources (Jamali, Safieddine and Rabbath 444). CSR, on the other hand, is more concerned with the stakeholders in a socially responsible and ethical manner. Over time CSR has over time become an essential part of conventional corporate governance since it has been recognized that in future companies will not be able to operate when they isolate themselves from the wider society upon which they operate.
This is supported by a broader definition of CSR which states that a continued existence since of the already existing companies is dependent on the implied agreements that exist between the society and the business (Cadbury Sir Adrian 67). At the same time, the fundamental nature of the contact between the business and the society is that the companies should not only pursue their objectives such as profit-making but they also need to take consideration of the long term interests in the community. Should a company be concerned if some of its suppliers in developing countries are abusing their workers, employing child labor, and paying near-starvation wages? Companies irrespective of the industry need to be concerned if their suppliers in the developing countries are abusing the workers, paying lower wages and employing child labor since it is likely to affect their business.
When this happens people can take action and avoid sweatshops and thus such kinds of businesses are more likely to make great losses.
Additionally, the workers may ultimately turn to make poor quality goods (Viederman 1). Companies that are not careful about the above-mentioned issues are likely to experience a lot of difficulties in repairing their reputation of watchdog groups in any way that links them to such kind of injustices. For example, Apple had a rough time rebuilding its reputation after it was discovered that some of its factories were making using of child labor and engaging in other forms of injustices against their employees (Moore 1).
What’ s more, the most desirable and qualified employees look for organizations that share the same values as them, this is similar to the idea that most consumers want to make purchases from companies that places value into their practice. Therefore, companies need to monitor their suppliers to them to attain the associated benefits. Why is environmental uncertainty an important concept in strategic management? Environmental uncertainty is seen as a critical concept in strategic management (). Though it is seen as being critical, it suffers from a lack of agreement on the operational and conceptual definitions.
Environmental uncertainty is of great importance since its understanding ensures the survival of the business in the future (Gerald and Rabin 204). Based on the fact that change is constant in all aspects such as in the business and in its operating environment, the survival of an organization depends greatly on the anticipation of the environment in the future and thus makes changes and adapts to the ever-changing environment. Through strategic management, managers are able to anticipate future environmental conditions, come up with a long term vision that the organization should follow and put into practice changes in the organizations so as to achieve the stated objectives, goals and vision.
This will enable them to survive and overcome environmental uncertainty in the future. For that reason, the connection between the environment and organization is seen as an essential component of strategic management. Through strategic management, managers are able to scan the environment and interpret the collected information into meaning in action (Gerald and Rabin 204).