Assessment 3
Journal Entry 1
Business sustainability characterizes the aspects of “ensuring long-standing business success whilst contributing toward social and economic development, a stable society and healthy environment.” As part of their major principles, corporations that are dedicated to sustainable businesses implement superior standards in areas including gender equity, environmental protection, community development, employee benefits and a set of apparent associations between a corporate’s management, its shareholders, its board and other stakeholders that constitute “corporate governance” (Steiner& Steiner, 2009).Social sustainability is one facet of sustainable development or sustainability. It encompasses labor rights, human rights and corporate governance. Along with environmental sustainability, the notion of social sustainability refers to the idea that upcoming generations should have similar or superior access to social reserves within the present generation, whilst there must be equivalent access to social reserves within the existing generation.
Businesses should be concerned with social sustainability since it has emerged as the third element of a flourishing sustainable company strategy, together with environmental and economic sustainability. Social sustainability has become crucial to the practice and definition of sustainability in several respects. Crane (2008) confirmed that; to begin with, this concept is inextricably associated with environmental and economic sustainability. A steady social environment supports the attainment of environmental and economic sustainability. On the contrary, war-the antithesis of this concept, generates unsustainable environments and economies, particularly when link...
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The corporate social responsibility is a commitment by a business to contribute to economic development while improving the quality of life for employees and their families’ as-well as contributing to the society. Walmart is a well-known company that offers customers the items they want and need at a low cost, with nearly 4,000 stores in the United States. According to the Fortune 500, Walmart was ranked number 1 in 2015. Just like any other superstore Walmart needs to continue the use of social responsibility by recreating a relationship between business and the community especially if they want to dominate the competition in 2016. The use of sustainability, strategic philanthropy, causing market, shared values, stakeholders and global perspective will help readers understand the purpose of social responsibilities in the corporate world.
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The important role that the private sector plays in social and economic development led the International Labour Conference to discuss the concept of sustainable enterprises in June 2007. The promotion of sustainable enterprises ensures that human, financial and natural resources are combined equitably. An environment conducive to the creation and growth of enterprises on a sustainable basis must take into account the three dimensions of sustainable development – economic, social and environmental – as interdependent and mutually reinforcing pillars.
It has been shown that there are many different areas in which a company may choose to focus its corporate social responsibility. The top area of focus in corporate social responsibility is on environment. Other areas that should be considered in the development of corporate social responsibility programs are education, health, nutrition and employment. “Social responsibility investment combines investors’ financial goals with their obligation and dedication to factors that ensure the well being of society such as environmental friendly practices, economic growth and justice in society” (Anderson 9). These elements not only epic corporate social responsibility, but also represent ethical standards of a company. It is unethical for some individuals to own so much and earn so much, at the expense of other suffering members of society. It is also unethical for companies to damage environmentally that result in illnesses and loss of life. It can be concluded that Social corporate responsibility and the maintenance of high ethical standards is not an option but an obligation for all
Bowie, (1991) New directions in corporate social responsibility - moral pluralism and reciprocity, Business Horizons, 34, 4 pp.56-65
While the concept of an individual having responsibility is commonly recognized, modern views have lead to the emerging issue of corporate responsibility. Business Directory.com defines corporate social responsibility as, “A company’s sense of responsibility towards the community and environment (both ecological and social) in which it operates. Companies express this citizenship (1) through their waste and pollution reduction processes, (2) by contributing educational and social programs, and (3) by earning adequate returns on the employed resources.” But such a concept has been much disputed since at least the 1970’s.
Corporate Social Responsibility is an organisation’s obligation to serve the company’s own interest and the one’s of the society. Moreover, Corporate Social Responsibility has a definition of a concept where the companies integrate social and the environmental concerns into their own business operation and also on a basis of voluntary with their interactions they have with the stakeholders. Corporate Social Resp...