Companies around the world are increasingly acknowledging the importance of social responsibility. Consumers also emphasize supporting companies who have a reputation for social responsibility and ethical behavior. How can companies improve their performance in these areas? This unit explores social responsibility and ethics that organizations may encounter while operating internationally.
Completing this unit should take you approximately 2 hours.
Corporate social responsibility has increasingly become an essential aspect of a company’s marketing structure. These days, consumers place a higher value on what companies do, not just the products they sell. As a result, global corporations have become very aware of how their company’s behavior is perceived, both at home and abroad.
In this video, Michael Porter, the well known author and Harvard University professor, sits down to discuss corporate social responsibility at the World Economic Forum. As you watch, focus on the areas companies can promote social responsibility and advance their own corporate interests at the same time.
Do you know the difference between free trade and fair trade? You may have heard terms such as "fair trade coffee", but what does that mean? This video explores the differences between free trade and fair trade, and why balancing the two may be necessary to sustain our global economy.
Business partners, employees, and customers expect an organization to approach business with integrity and adhere to high moral and ethical standards. Ethical failures can severely damage a company's reputation, and companies now frequently value developing corporate policies to declare and enforce ethical standards.
Ethics in business has changed over time. Read this section to learn more.
Corruption and bribery are severe issues in many parts of the world, but are present in all countries to some degree. In the United States has implemented a law, the Foreign Corrupt Practices Act (FCPA) applies to all American companies and individuals, whether they are conducting business in the United States or abroad. Read more about the FCPA in this article.
A corporation has many legal, economic, ethical, and philanthropic responsibilities to be considered well-rounded and in good standing with society. We have seen examples where companies do not live up to these standards and face the consequences. However, companies with robust corporate responsibility plans can set goals, benchmarks, and tracking methods to ensure they are on the right path. Learn more by reading this article.
Global sustainability is about balancing the importance of the economy, society, and the environment. It is a difficult task, but corporations need to take the lead in these areas. If any of these areas is not a priority, everyone will suffer. Today, business leaders are beginning to recognize the importance of this global sustainability and its significance for future generations.
It is possible to promote economic growth while also creating sustainable and environmentally-friendly practices. Can you think of an environmentally-friendly natural resource that can be used economically and for the benefit of everyone? The goal is to meet the present's needs without compromising the ability of future generations to meet their own needs. Watch this video, which presents economic models for sustainability and what they mean for our planet's future.
Some say that economic growth and environmental sustainability cannot coexist, but technological innovations, sustainability policies, and corporate responsibility measures have proven that idea to be wrong. Can you think of environmental policies that would help the economy and society at large? Watch this video, which highlights the fundamental principles of environmental sustainability.
Business leaders can play a leading role in establishing social sustainability, and anyone seeking a career in business should focus on social responsibility and sustainability. Watch this video, which highlights the fundamental principles of social sustainability.
We recommend reviewing this Study Guide before taking the Unit 7 Assessment.
Take this assessment to see how well you understood this unit.