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Webster Hire - one the six business divisions of Lex Service Group, Ltd - is a fork truck hire business division led by Sarah Markham. Under the current manager’s leadership, spirit of employee-management cooperation is being emphasized, as well as the dedication towards the general welfare of the employees and commitment to treating employees as individuals. With these directions in general, the division has achieved outstanding business performance in the recent years, even in the period of extremely high unemployment rate, through extensive employee trainings and cost cutting efforts.
Despite the outstanding performances, Webster Hire currently has a grave concern regarding the lease contract in the Inglesby Site in Southampton. Currently, Webster Hire is in the contract of supplying and servicing 16 fork trucks for the shipyard’s usage. The contract is highly lucrative, but the concern is that the working conditions in Inglesby Site are below industry-accepted standards and far below the standards in Lex Service Group’s Guidelines for Corporate Conduct. Despite the current group manager’s endeavors in many respects to resolve the problem about the working conditions - including installation of portable facilities and negotiation with the shipyard – it seems very unlikely that the working conditions would be improved to a satisfactory level. Apart from the potential subsequent loss of revenue, the firm will also lose three Inglesby service engineers, one of whom includes Joey Barton, the employee with the longest working experience. In short, the decision regarding operations in Inglesby Shipyard would be whether to continue operating in the site that does not meet the minimum working conditions, ensuring high-profit of the d...
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...dic medical examinations, if it still is reluctant about the operation in the site.
Works Cited
Brian Schaefer, 2008. Shareholders and Social Responsibility, Journal of Business Ethics, Springer, vol. 81(2), pages 297-312, August.
Freeman, R. E.: 1984. Strategic Management: A Stakeholder Approach (Pittman, Marshfield, MA).
Freeman, R. E.: 2002. Stakeholder Theory of the Modern Corporation, in T. Donaldson and P. Werhane (eds.), Ethical Issues in Business: A Philosophical Approach, 7th Edition (Prentice Hall, Englewood Cliffs, NJ).
Friedman, Milton. 1970. The social responsibility of business is to increase its profits. New York Times Magazine. September 13.
Griffin, Jennifer, and John Mahon. 1997. The corporate social performance and corporate financial performance debate: Twenty-five years of incomparable research. Business and Society 36(1): 5–31.
Carroll, A. B., & Buchholtz, A. K. (2006). Business & society: Ethics and stakeholder management. Mason, Ohio [u.a.: Thomson/South-Western.
...Foundational Considerations in the Corporate Social Responsibility Debate’, Business Horizons, vol. 34, no. 4, pp. 9-18.
Founded in 1991, Riordan Manufacturing, Inc. is an industry leader in the field of plastic injection molding. With a current total workforce around three hundred employees and a turnover rate that increased from 3.7% in 2002 to 8.8% in 2004, it is obvious that Riordan's three recruiting team members are very busy. This paper will evaluate the staffing strategies currently used by Riordan's recruiters for efficiency and legal compliance. In addition, the paper will consider what staffing needs Riordan may have in the future to determine if their current strategies can be used or if they will need to evolve based on the growth of the company.
Ciulla, J. B., Martin, C. W., & Solomon, R. C. (2007). Is "The Social Responsibility of Business... to Increase Its Profits"? Social Responsibility and Stakeholder Theory. Honest work: a business ethics reader (pp. 217-253). New York: Oxford University Press.
Furthermore, he believed that any corporation assuming a more socially responsible attitude would be met with economic limitations, rendering them less competitive in the market area (Friedman, 1970). R.E. Freeman’s ‘Stakeholder theory’ is often seen as a better alternative to Friedman’s ‘Shareholder primacy theory’. Both the Stakeholder theory and Shareholder theory are normative theories explaining what a corporations social responsibilities ought to be and both adopt a similar stance on management’s accountability (Smith, 2003). However, the Stakeholder theory states that a manager’s duty is not only to focus on shareholder’s interests, but also to balance them against the interests of the company’s other stakeholders. Freeman believes that managers should take into account their customer’s, supplier’s and employee’s interests, even if it brings about a decrease in shareholder returns (Smith, 2003). This is being expanded on because Freeman believes that if Friedman were alive today, he would be a supporter of his Stakeholder Theory. Simply because, in today’s day and age, globalization and increased competition in the markets has led to corporations having to rely not only their shareholders for support but on all their stakeholders (Makower,
There is major concern for corporate management whether there is a direct relationship between corporate social responsibility and financial performance. There is need for assessing the validity of the relationship between CSR and financial performance .Macguire, sundgren and schneweels (1986) argued that previous research has yielded mixed results regarding the relationship between CSR and measures of financial performance. Reviews by Cochran and Wood (1984) and Ullman have all found mixed results regarding the relationship between CSR and a firm’s financial performance. Ullman suggested that the results may have been derived from differences in research methodologies and measures of financial performance
Carroll, A. B. (1979), A three-dimension conceptual model of Corporate Social Performance. Academy of Management Review, 4, 497-506
Mackey, J. (2005, October). Rethinking the social responsibility of business. Journal of Reason, 10, 15-17.
The Treadway Tire company’s Lima plant at Ohio has faced a huge turnover rate in the year 2007. Per Skinner & Beckham (2008) “Out of a total of 50 foremen at the Lima facility, 23 of these positions had turned over in 2007” (pg. 1). As Treadway, had closed its plant at Greensville, South Carolina and hence the volume of work at Lima plant had increased drastically as it was reequipped with advanced tools for better productivity.
Friedman, M., (2007). The Social Responsibility of Business Is to Increase Its Profits. In W.
Sollars, G. C. 2001. An appraisal of shareholder proportional liability. Journal of Business Ethics, 32(4), 329-345.
Friedman, M. (1970). The Social Responsibility of Business is to make Profit. New York Times
The article “The Social Responsibility of Business is to Increase its Profits” is written by a famous economist Milton Friedman. Friedman in this article implies that shareholders are the main drivers of the corporations and he believes that it is to them corporations must be socially responsible to. The goal of any corporation is to maximize profits and return the portion of these profits to shareholders for investing in the corporation. The shareholders can themselves decide which social causes to take part in rather than assigning a corporate executive to decide on their behalf. Friedman argues that a corporation must have no social responsibility to society because its only concern is the increase profits for itself and its shareholders.
In this essay we are taking a look at the famous Milton Friedman's essay "The Social Responsibility of Business is to Increase Profit ". The following paper is an attempt to critically evaluate the article in consideration of Freeman Stakeholder Theory.
Social responsibility allows for the market system to be centrally controlled by forcing shareholders to unwillingly contribute to social responsibility. While this idea of social responsibility may help companies in the short run, it will ultimately hurt them in the long run. Each person has their own values and responsibilities and “society is a collection of individuals and of the various groups they voluntarily form” (55). Businesses, as Friedman understands, are separate from this society since individuals are the only ones who can hold values and responsibilities. Subsequently, businesses are freed of the need to embed social responsibility into their practices and should focus only on creating the largest profit possible for their shareholders