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Stakeholder theory
The stakeholder theory case
The stakeholder theory case
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Stakeholder theory
The stakeholder theory case
The stakeholder theory case
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Modern day businesses have to be socially responsible; actions are taken to satisfy customers who might have a cause that they care deeply. Social responsibility occurs when a person or a company acts in an ethical and sensitive way towards important social issues of the day such as economic, environmental, and cultural concerns. Many businesses have a section of their website or business literature dedicated to social responsibility. Companies proudly detail the steps they are taking to address concerns that people have with the environment and economic issues. Having companies act in a socially responsible way is necessary because their actions have a tremendous positive impact on society.
Lululemon want employees who had an egoless nature and sense of self awareness. All suitable employees participate in a group interview in which employer asked question about company’s core values means to them. After finishing this all selected individuals get training in which they learn importance of core values and how they act live within those. In terms of managerial decisions related to their retail locations, is decision making at Lululemon centralized or decentralized?
Additionally, there is growing public awareness and demand for social responsibility, sustainability, and transparency in business operations. Companies that prioritize social and environmental impact, ethical practices, and stakeholder engagement can gain a competitive advantage and enhance their reputation. All these factors contribute to an environment of constant change and uncertainty, which requires businesses to be agile, innovative, and adaptable. Companies must be willing to adopt new technologies and business models, embrace social and environmental values, and respond to shifting market
Dilemmas and decisions are integral components of every professional’s day; some are elemental while others are dynamic. Because not all decisions appear immediately critical, the professional requires skills to consider queries and analyze information to execute sound judgement with provision of reliable and responsible determinations. Regardless of the industry, there is a subsequent fiduciary expectation of managerial and administrative leaders not only within their organization, but from affiliate organizations, as well. This is quite evident in this era of the Affordable Healthcare Act in the healthcare industry.
Davis (as cited by Khalidah, Zulkufly, & Lau, 2014) defined Corporate Social Responsibility (CSR) as “… the firm’s consideration of, and response to, issues beyond the narrow economic, technical, and legal requirements of the firm. It is the firm’s obligation to evaluate in its decision-making processes the effects of its decisions on the external social system in a manner that will accomplish social benefits along with the traditional economic gains, which the firm seeks. It means that social responsibility begins where the law ends. A firm is not being socially responsible if it merely complies with the minimum requirements of the law, because this is what any good citizen would do.” A firm will not survive without the support of both the stakeholders and shareholders, thus the CSR proposes the indication which stats that a firm can never exist In a vacuum (Khalidah et.
It is the firm’s obligation to evaluate in its decision-making processes the effects of its decisions on the external social system in a manner that will accomplish social benefits along with the traditional economic gains, which the firm seeks. It means that social responsibility begins where the law ends. A firm is not being socially responsible if it merely complies with the minimum requirements of the law, because this is what any good citizen would do.” A firm will not survive without the support of both the stakeholders and shareholders, thus the CSR proposes the indication which states that a firm can never exist In a vacuum (Khalidah et. al.).
Furthermore, a leader can play a significant role in terms of judging and decision making in a more complex changed phenomenon. According to Cummings and Vorley (2007) to clarify and shift IBM’s culture, it needed to change its approach. Participative Approach The Participative approach, is often called the democratic leadership style as participative leadership values the input of team members and peers in general, but the responsibility of making the final decision relies with the participative leader. Participative leadership increases employee morale as employees make contributions to the decision-making process. It shows the employees and tends to make them feel as if their opinions do really matter.
When Julia committed on the work of the employee’s organization she should have asked if there was anything the employee noticed that could assist with other employees maintaining the organization versus how to make it better. Leading by choice empowers employees and delegating assignments and tasks. Understanding Julia has thousands of stores she has to understand that she can task store managers and assistant managers with the responsibility to train employees to her expectations. Leading for competence is the supporting and coaching of employees. Julia has a good way of exhibiting positive feedback to employees that have done what is expected
Employees are allowed to make their own decisions but the leaders are still responsible for the final outcome. It is because of employee confidence that there is no requirement for central coordination. More recently, Judge and Piccolo (2004) indicated that that leaders who scored high on laissez-faire leadership scales avoid making decisions, hesitate in taking action, and are absent when
As much as company managers face a lot of burden in their works, it is better to get along with some of the issues that we might face along that might hinder the success capability. First, precise decision making which via voting to ascertain on matters pertaining the company, this is much better as an individual is not the one that makes decision on behalf of the whole organization, he voting are acquired after shares are divided such that each share is a one count vote. Secondly, there is unbiased structure as CEO’s and managers cannot make decision for their own self-gain but for the company, (Michael &Andrew, 2001). This means that the top level managers and the executives are not basically the owners as they are differentiated from those who own the company’s daily operation from stock
Change has been a challenge for social scientists. It is such an evident feature of social reality that has attracted much attention of social-scientific theory regardless of its conceptual starting point to address it (University of California Press, 2004). This is because change comes with certain degree of enlightment with new social, economic and political issues. Sociologists, for instance are regularly concerned with social change (see Spencer 1890; Durkheim, 1928; Rostow, 1960; Merton, 1968; Pareto, ). The entire thinking of early sociologists was dominated by a conception of man and society as the alienation between the subject (nature) and object (human) continue to diminish since the age of the Enlightment.
Like political culture and the public political efficacy, perception/ public opinion can be influenced by the individual efficacy and the media effects, Lindsay Hoffman observes that, despite the media flow in content, media have a chance in setting public agenda and orientation beyond individual characteristics; individuals might interpret information differently to create contextual data. Other theorists argue about the role played by bureaucrats in influencing public perception, they ascertain that politicians and bureaucrats play an important role in manufacturing public opinion through a series of activities ranging from channeling televised programs, visits, and engaging in activities to mold certain orientation. 2.3.1 Spiral of Silence Theory The theory of Spiral of Silence was founded by Elizabeth Noelle-Neumann to entail the process of public opinion formation whereby an individual will refrain from expressing opinion whenever he/ she faces uncertainty over his viewpoints. The lack of self certainty is said to be influenced by social environment; Social environment is more influenced by media, and individuals
Thus, instead of focus on short-term profit maximizing or costs saving, firms should be stakeholder-oriented. A firm which is stakeholder-oriented focuses on the need of their stakeholder such as employees, customers, society and others who have a direct economic link to the firm (Habil, n.d.). Businesses that are socially responsible will avoid actions that may cause detrimental to stakeholders. They have greater concern on stakeholder well –being. A firm that decided to ignore the social issues may results in a loss of strategic opportunities ('Shareholder value or social responsiblity?', 2007).
Being socially responsible is the idea that businesses should balance profit-making activities with activities that balance benefit society; it involves developing businesses with a positive relationship to the society which they operate. Social responsibility is an ethical theory, in which individuals are accountable for fulfilling their civic duty but the actions of an individual must benefit the whole of society. Social and civic responsibility should be an automatic thing that should come to people’s minds when trying to improve society. The main concept of social responsibility is that every individual, has to perform so as to maintain a balance between the economy and the ecosystems.
Decision Making Journal Reflection The art of effective and efficient decision-making can be an intricate matter. The purpose of this paper is to discuss the extreme importance of rational decision-making and how decisions can either positively or negatively influence us and other individuals. Additionally, it is crucial for business organizations to make adequate decisions that benefit all parties associated with that organization to guarantee future success. Why Decision-Making is Important