Essay on Ethical Standards And Corporate Social Responsibility

Essay on Ethical Standards And Corporate Social Responsibility

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As the world trends towards a more globalized marketplace, the need for a universal definition of suitable ethical standards and corporate social responsibility is imperative due to the recent upsurge in global welfare issues. If successful, every facet of the business and supply chain would concentrate on not only the maximization of wealth, but the well-being of all stakeholders. Until such time, many multinational corporations (MNCs) are continuing to encounter human rights issues resulting from unethical actions from overseas suppliers that conflict with their own code of conduct. These adverse engagements have been shown to cause significant damage and guilt by association to MNCs even though they do not directly oversee their suppliers’ business practices. For example, Apple has continued their highly lucrative and controversial contract with Chinese electronics manufacturer Foxconn despite numerous violations to employee welfare. However, Apple’s employment of objective auditors and Foxconn’s continued emphasis on labor regulations has led to the improvement of workforce conditions and each companies’ reputation (Chandler & Werther, 2014). Therefore, the responsibility of MNCs is to make every effort possible to hold these unethical suppliers or business partners accountable considering it is their reputation and bottom line at risk. Yet, beyond these measures, this paper justifies that the actions of monitoring and ensuring compliance further down the supply chain should not be the responsibility of an MNC. In this paper, an in-depth examination is provided concerning both MNCs responsibilities as well as the advantages and disadvantages of Apple overseas business dealings.
Supply Chain Accountability
As a result of many d...

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...hile recognizing limitations on labor hours and increased spending on compliance audits (Chandler & Werther, 2014). Yet, as Foxconn continues to sustain their global leadership and Apple’s profits remain unaffected, the disadvantages associated with the incidents at Foxconn have not transcended the outcomes. From a profit standpoint, the increase in spending and subsequent alterations of labor methods serve as the biggest disadvantage to each company’s bottom line. However, after both companies attempted to negate blame, their ensuing developments indicate assuming responsibility was the best avenue to recoup reputation issues and focus on long-term growth. Therefore, the greatest advantage for both companies was their heightened reputation resulting from increased transparency and the employment of business models focused on the welfare of all supply chain members.

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