Responsibility of a Company (Essay Sample)

Responsibility of a Company Tanya Randle Purdue University Global MT140: Introduction to Management Brenda Harper 10th Oct 2022 Responsibility of a Company Introduction Before the emergence of modern business, there were not many ethical principles that corporations were required to follow or expected to consider following. Recent years have seen a rise in interest in Corporate Social Responsibility. This is not any policy that businesses adhere to; rather, it is what is known as "the commitment toward society accepted by business" (Bateman, Snell, & Konopaske, 2018, p. 84). This also implies that you have a duty to society to behave ethically and fair. Also, more duties to maintain peace, to keep the environment as clean as possible, and so on are needed. CSR refers to every action a company may take to ensure they are acting ethically and responsibly, and they should do all of them. Companies quickly began using this strategy to lure new clients, retain existing customers, and comply with legislation. Corporate Social Responsibility An organization's Corporate Social Responsibility, often known as CSR, is a corporation's commitment toward society. This obligation aims to maximize the good influence the company has while minimizing the bad impact they have. In recent years, corporate social responsibility (CSR) has become an increasingly popular tactic for maintaining and expanding a company. Businesses can maintain their stability by standing firmly on the following four pillars: the economic, the legal, the ethical, and the philanthropic. As part of the economic pillar, companies must provide their goods, services, and other offerings to customers at competitive prices so that they may continue to expand while maintaining the satisfaction of their investors. The legal pillar compels them to observe laws enforced by their government or international laws that encompass that industry. These laws might be either domestic or international. The phrase "ethical" does not necessarily refer to a codified set of rules; rather, it might simply refer to a set of standards that are generally accepted. Companies are seen to engage in philanthropic activities if they go above and beyond what is required to further the welfare of their local community, the nation, or any other entity. The firm itself determines which business strategy or tenet an organization adheres to. For instance, Walmart places significant importance on its Philanthropic program since the company engages in ongoing voluntary additional activities that are not needed but that it chooses to execute nevertheless. Walmart’s Pillar of CSR The primary pillar of Walmart's corporate social responsibility is philanthropy. For various factors, including the availability of a program called the Associates in Critical Need Trust (ACNT). The ACNT is a trust that was wholly established via contributions to assist colleagues who are in a precarious financial condition and face the possibility of being unable to pay for certain costs as a result of unanticipated events. After spending a week in the hospital and being out of work for two weeks due to her condition, June Lockhardt was finally diagnosed with Type I diabetes. Because she was on unpaid leave for two weeks, the ACNT could assist her in paying her bills and utilities, something she would not have been able to do otherwise (Walmart, 2019). Without any pressure from outside sources, the firm concluded that this was the best way to assist its employees who were in a precarious situation. One further reason is that they are contributing to solving the problem caused by the scarcity of Covid-19. After the launch of Covid-19, people immediately began stocking up on products with a longer duration of freshness. This is because people have been instructed to spend as much time as they can at home to contain the infection and stop it from spreading. When this began, Walmart made the most of the chance and donated their fresh vegetables to several charities, one of which was a food bank. Both Walmart and Sam's Club sent food donations to various groups; Walmart gave 85 truckloads of food to nonprofits, while Sam's Club gave 84,000 pounds of produce to healthcare employees (Redfield, 2020). Again, none of this was necessary in any way, but to assist the community, they chose to provide food donations to families struggling to make ends meet. The Mission Statement Connection to CSR Walmart's mission statement is "to save people money so that they may live better." The expression "spend less, live better" is the most well-known paraphrase of this principle. This fits well with their policy for corporate social responsibility, which prioritizes helping local communities, preserving the environment, and expanding access to economic opportunity. Most people are familiar with the "save money, live better" component. They may keep their present pricing structure if they want to raise prices to levels that are still reasonable for customers while generating a healthy profit for the business. Nevertheless, they prioritize their clients' high quality of life by providing the lowest possible prices. As a result of leaning on the pillar of charity in this manner, they can keep their footing. An additional aspect of the mission statement that is connected to the company's CSR policy is how the company strives to be sustainable to improve people's quality of life. This does not necessarily apply to the present generation in terms of living better but rather to the generations who will come after them. The most significant financial expenditures for enhancement are in paper and plastic bags. Walmart, Target, and CVS Health have collaborated to support an initiative referred to as Closed Loop Partners that addresses the issue of plastic bags. To reduce the amount of trash produced, this project emphasizes creating a new bag that may be used instead of plastic bags (Vinogradova, 2020). When it comes to paper, Walmart only offers items that are either created from recycled material or recognized by a variety of accredited organizations as having virgin fiber since these products best meet the company's requirements (Prince, 2020). These activities will unquestionably improve the quality of life for future generations since they are sustainable. Conclusion Businesses need to participate in CSR. To keep their excellent reputations ...