Social responsibility is how a business performs its activities to meet its wider obligations toward the society and environment, such as by avoiding activities which may be harmful. Cannot be used in conjunction with other promotional codes. Looking for a flexible role? Examples are ‘going green,’ matching employee charitable contributions; creating ‘help the community’ programs, and sponsoring community events. We've received widespread press coverage since 2003, Your UKEssays purchase is secure and we're rated 4.4/5 on reviews.co.uk. *You can also browse our support articles here >. Copyright © 2003 - 2020 - UKEssays is a trading name of All Answers Ltd, a company registered in England and Wales. Wider perspectives also have to be considered in terms of environmental and social impact of planned activities. Reflecting such ethical content or implications in one’s decisions and actions must be salient in every aspect of how companies operate. Members should respect others' opinions by giving them the opportunity to speak and by listening to their ideas with interest. (Lingham, 2009). Discussion in a friendly environment improves the relationship among the members, strengthens the strategic planning process and results in better decision-making. All work is written to order. Second, it refers to continually examining our moral beliefs and moral conduct, and striving to live up to these well based standards (Andre, C, Velesquez, M., 1987). Ethical values and social responsibility serve an important role in the strategic planning process. Study for free with our range of university lectures! When companies develop strategic plans, they must consider what role ethics will play and how social responsibility will affect the plan keeping stakeholders need at the forefront. Recent corporate scandals such as Enron (Business Wire, 2002), and the collapse of a major Wall Street banking house, Lehman Bros. (Jaffe, 2009), have scarred the business industry. Free Management Library: Business Ethics and Social Responsibility. Hence it is important for companies to consider incorporating ethics and social responsibility into their strategic planning. First, it refers to well based standards of right and wrong behavior. Ethical and social responsibility criteria must be included as part of the strategic process in before-profit decisions rather than after-profit decisions in order to receive the maximum benefit, i.e. During the planning process, the team should take a fair and truthful look at the possible risks and impact of decisions reached. Do you have a 2:1 degree or higher? To export a reference to this article please select a referencing stye below: If you are the original writer of this essay and no longer wish to have your work published on the UKDiss.com website then please: Our academic writing and marking services can help you! Reference this. There are four elements strategic planners should develop when considering ethical alignment: Copyright 2020 Leaf Group Ltd. / Leaf Group Media, All Rights Reserved. Ethics ensure that a company achieves its mission, vision, goals, and objectives in such a manner that they give a company a sense of direction and framework. These need to be thoroughly considered to maintain the welfare of the stakeholders such as employees and the society at large. Another major element of today’s strategic planning is corporate social responsibility (CSR) where managers face a varied and increasing demand from stakeholders (McWilliams and Siegel, 2001). Five ways a company can ensure ethics is included in their strategic planning are: Establish explicit ethical goals and criteria. Thus CSR focuses on two areas: Internal behaviors, which refers to the way a corporation conducts the day-to-day operations of its core business functions, and External behaviors, which refers to a corporation’s engagement outside of its direct business interest (Jones, 2004). (Valentino, 2007). The future of our organizations, the people they represent, and the wider community can only be strengthened by embedding ethics into the strategic planning process.” Ethics should be central, not peripheral, to the overall management of the firm. It can be an aid to recruitment and retention. Building ethics into strategic planning is important to ensure that every facet of the organization is aligned with the ethos and values of the broader organization. Ethics must be incorporated in the strategic planning process so as to build trust on the part of all stakeholders of an organization (Hosmer, 2007). Ethics and social responsibility occupy an important place in our personal value system. We're here to answer any questions you have about our services. Demonstrate commitment to ethical goals and criteria. Adhering to the highest possible ethical standards, and integrating these ethics into their strategic planning, can build a good corporate image in front of all the stakeholders of the organization. The program has taught me the relationship between ethics and the different components of the strategic plan of the organization. However, academic research to date has been inconclusive, finding positive, negative and curvilinear relationships between CSR and financial performance (McWilliam and Siegel; Margolis and Walsh, 2001). 15FRIDAY2020 can only be used on orders with a 14 day or longer delivery. The Role of Ethics in Strategic Planning Reflecting critically and actively on ethical issues is an obligation of every professional. Such a strong focus on ethics will ensure that each set of stakeholders will be happy and assured that strategic plan will address their needs and wants and the organization will act in the best interest of each stakeholder. VAT Registration No: 842417633. The promotion is valid for either 10% or 15% off any service. Reflecting such honest content or implications in one's decisions and activities must be salient in every facet of how companies operate. To be their most successful, companies must consider ethics and social responsibility as critical parts, inherent components of strategic plan. This applies whether a company is involved with customers one-on-one, such as a Taco Bell or Dell, Inc., or their involvement is indirect, through their relationship with their clients, such as newspaper distributor Pogo Distribution Company, or wholesale food seller, Del Monte. Company Registration No: 4964706. Social Responsibility To the Stakeholders Management must ensure that strategic decisions are reached after taking into account the possible impact on the stakeholders. Ethical values and social responsibility serve an important role in the strategic planning process. Internal behavior planning generally starts in the Human Resource Department. Communicate ethical expectations and train workforce to enact ethical goals and criteria, Assess and monitor employee behavior and decisions, and, Maintain on-going proactive integrity continuity management (Valentino, 2007). 10FRIDAY2020 can only be used on orders that are under 14 days delivery. Strategic planning is relevant when corporate ethics are discussed because corporate ethics serve a crucial role in the strategic planning process. Stakeholders are suppliers, customers, societies and anybody who is affected by the activities of the business. Our academic experts are ready and waiting to assist with any writing project you may have. Orders placed without a payment will have the discount removed, but continue as normal. Members should be truthful and frank in providing ideas and comments. This enables the team to identify and monitor any potential risks which may arise and find an alternative solution. From simple essay plans, through to full dissertations, you can guarantee we have a service perfectly matched to your needs. Strategic planning is an essential preliminary step in the corporate world in which senior management defines the organization’s strategy, direction and decision-making. Ethics ensure that strategic plan is prepared as per the best interest of all a company’s stakeholders, whether employees, vendors, customers or even the society in which the organization operates. Customer confidence in how business operates has been severely shaken by recent corporate scandals and collapses, such as Enron and bank failures. A management meeting provides an opportunity for management team members to raise concerns and come up with new ideas. Reflecting critically and actively on ethical issues is an obligation of every professional. corporate profits. To qualify for the discount, you must have paid at least 50% of your order cost by 23:59 on Sunday 29th November 2020 (UTC/GMT). You can view samples of our professional work here. Registered Data Controller No: Z1821391. Any opinions, findings, conclusions or recommendations expressed in this material are those of the authors and do not necessarily reflect the views of UKEssays.com. The Role of Ethics and Social Responsibility in Strategic Planning. The motivation is laudable: if a positive CSR – financial performance relationship can be demonstrated, and then firms will be motivated to increase spending on CSR activities. All have left customers with levels of distrust in our businesses, resulting in more scrutiny from regulatory authorities, government and the public.

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