brand employeecustomer relations have higher impact More focus on human rights

Brand employeecustomer relations have higher impact

This preview shows page 2 - 4 out of 4 pages.

brand, employee/customer relations have higher impact More focus on human rights and community relations, fair disclosure and labelling, labour relations and employee health among othersValue in behaving ethically Builds trust among stakeholders (esp customers, foreign governments, media) Greater goodwill; differentiated brand; less price sensitivity, enhanced corporate reputation and image
Background image
LISA YANGIBUS20002 Business in the Global EconomyImproves chances of hiring, retaining quality employees and motivating them → employer of choice Eases the search for attractive partners Minimises the risk of non-compliance - reduces lawsuitsReduces the cost of capital⇒ Not just due to its upside potential but that it’s simply the rightthing to doEconomic responsibilities Responsibilities to be profitable The foundation of all responsibilities Maximise earningsper share Be as consistently profitable as possible Maintain astrong competitive positionLegal responsibilities Responsibilities to obey the law Play by the rules of the game Meet expectations of government and law Comply with various federal, state, and local regulations E.g. national and international laws against corruption (e.g. OECD Convention of 1997) Be a law-abiding corporate citizen Fulfil legal obligations Provide goods and services that at leastmeet minimal legal requirementsEthical responsibilities Responsibilities to be ethical Do what is right, just, and fair → more enlightened Meet societal mores and ethical norms Recognise and respect new or evolving ethical/moral norms adopted by society Prevent ethical norms from being compromised so as to achieve corporate goals Recognise corporate integrity and ethical behaviourto go beyondmere compliance with lawsand regulationsPhilanthropic responsibilities Responsibilities to be a good corporate citizen MNEs recognising their ‘noblesse oblige’ The social responsibility to give something back to the societies Contribute resources to the community Exceed societal mores and ethical norms Assist the fine and performing arts Participate in voluntary and charitable activities in the community Provide assistance to private and public educational institutions Assist voluntarily those projects that enhance a community’s quality of lifeDealing with differing ethical standards across countriesVariations in ethical standards in host countries elicit two contrasting approaches: Relativism (= belief that ethical truths are not universal and so “When in Rome do as the Romans do”)
Background image
Image of page 4

You've reached the end of your free preview.

Want to read all 4 pages?

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

Stuck? We have tutors online 24/7 who can help you get unstuck.
A+ icon
Ask Expert Tutors You can ask You can ask You can ask (will expire )
Answers in as fast as 15 minutes