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Importance Of Social Responsibility

Good Essays
Assignment 4

Part A

1. To me Social Responsibility means having concern for the greater good and not just the bottom line of a company or profit and loss margins. Of course those things are important and a company cannot succeed without profit but it should not be ruled by profit alone. Social Responsibility should include being aware of how the company operates on an ethical level and the way it effects the environment and any outside sources as a whole.
2. Most companies are driven to maximize profits rather than possess the desire to be socially responsible. However, I believe a company should want to be socially responsible. There are many benefits to building a relationship with society and the environment where a company operates.
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Value-based management is a modernized approach to management geared towards a focused customer system. Managers encourage employees to think like owners and make decisions that will have long-term effects on the organization. Value Based Management is not a “do-gooder” ploy if implemented correctly it can be a beneficial business strategy that benefit employees, business owners and stakeholders alike. The employees work together according to the company's values and management visions to obtain a common goal. This approach offers employees the opportunity to act as shareholders and benefit with the company’s growth. Value-based management is more than a "do-gooder." ploy as long as its implementation is done correctly with attainable metrics. The more employees succeed in hitting their metric targets the more they are rewarded which also results in more value for the company. It’s a “win” “win” situation for everyone involved. This practice is common in the insurance industry when an agent reaches their quota set by their employer a bonus is given out for reaching their goal. This strategy is also used by Wal-Mart in their distribution centers. Employees are given a daily bonus if they surpass their production requirements. This gives employees incentives that they can actually be seen and are attainable daily. A company that invests in its community by improvement projects or donating resources to an education foundation they are investing in their business environment and potential future
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