Ethics in contemporary business practices and strategy.
The topic of Ethics continues to increase as an issue of central importance to strategic planning. Corporate Social Responsibility and Environmental Sustainability are significant topics that are figured into any substantive discussion of Ethics in contemporary business practices and strategy. In this discussion, you need to investigate the topic of conscious capitalism, conscious business, or businesses with a conscience. Tell why the issue of conscientious business is significant; and, tell where this current theme is headed in a global application, if possible. Tell why this topic should be discussed in the context of strategic planning.
Sample Solution
The concept of conscious capitalism, or businesses with a conscience, is becoming increasingly important in the business world. Its focus on corporate social responsibility and environmental sustainability emphasizes that companies should have a positive impact on both people and the planet. This concept has become particularly important as more organizations are held accountable for their actions and as global awareness of ethical issues increases (Riihiluoma & Forsman , 2019).
One key component of this idea is that it often goes beyond just compliance with laws or regulations. It requires businesses to actively look for ways to be socially responsible citizens in their communities, such as through charitable donations or volunteer activities (Baisch et al., 2020). Additionally, they must work to reduce their environmental footprint by reducing energy consumption and waste production while also maintaining transparent policies about where materials come from (Robinson et al., 2018). This helps create an ethical framework that allows companies to make decisions based not only on profit margins but also on how those decisions will affect society at large.
Another aspect of conscious capitalism is its emphasis on treating employees fairly. Companies should strive to provide safe working conditions, fair compensation and benefits packages, meaningful job security, and opportunities for professional development (Kumar & Brooker , 2017). This creates an environment where individuals can reach their full potential which in turn leads to higher levels of productivity since workers feel valued motivated .
Finally, with the rise of globalization comes greater responsibility for being aware of cultural differences between countries when conducting business abroad. Companies must take into account local customs when dealing with customers suppliers so ensure success operations outside home market(Mennaoui et al., 2016) . Similarly they must understand diverse employee populations cultures within own workforce order foster inclusive environment within organization.
In conclusion, conscious capitalism provides opportunity organizations address complex economic social systems changing face our world today. By focusing sustainable solutions long-term goals rather than short-term profits allows businessmen take into account impacts those decisions have both locally globally. Furthermore its emphasis importance fairness equal treatment throughout entire lifespan company increase chances success significantly.
