Impact of Business on the Stakeholdersâ€Free samples For Students

Question: What Is The Impact Of Business On The Stakeholders? Answer: Intorducation As per my point of view, before running a particular business organization in the market, every individual organization has to follow business ethics values and beliefs. Moorthy (2012) stated that the success of an organization is highly dependent on the product quality and service process. I have noticed that behind maintaining product quality as well as services, every organization has to follow corporate ethics as well as values. Brand identity is one of the most important factors based on which the organizational image and reputation depends highly. I have observed that large number of companies prevailing in the retail sector is facing ethical issues at the workplace that highly affects in maintaining organizational sustainability. The employers fail to maintain effective employee relation within the organization. As a result, the performance level of the employees is decreasing rapidly. Customers are deprived of receiving appropriate service from the organization. Automatically , the retail business sectors are facing challenges in maintaining organizational sustainability. Impact of business decision on the stakeholders: A particular organization is constituted with two kinds of stakeholders primarily that include internal stakeholder and external stakeholder. Among the stakeholders, the importance of customers and employees is most important (Pulina and Timpanaro 2012). I have noticed that the organizational decision leaves a major impact on the stakeholders. In order to satisfy the needs and demands of the employees and organization decides to implement some major strategies such as reward and recognition policy, interpersonal communication with the employees regarding their personal issues at the workplace (Biedenweg, Monroe and Oxarart 2013). At the same time, the organization tends to follow some of the major legislations and acts in order to keep the company free from biasness. The legislation implies health and safety act, right to information act anti-discrimination act, gender equity act, data protection act and many more (Williams and Schaefer 2013). According to me, these specific business decision or initiatives help the organization to maintain employee motivation. However, I have observed that most of the business experts in the retail sector currently fail to maintain employee relation due to the lack of maintaining ethical practices. Company like Woolworths has faced huge employee turnover at the workplace due to the lack of ethical practices (Carroll and Buchholtz 2014). The employers failed to maintain effective communication with the employees. As a result, they showed their intense reluctance for providing good services to the customers. As per my point of view, the implementation of corporate social responsibility is more effective in order to impress the customers mind. While dealing with the customers of different geographical corners most of business organizations tend to follow CSR activities (Tufa 2015). For an example, in order to promote the products in global market The Iconic has decided to organize social events where large number of poor but meritorious students would be contributed education kits and cash for their further studies. As a result, this particular organization is successful to render their image and reputation in the global market. I have noticed that some of the companies tend to implement diversity management at the workplace. With the help of this specific strategy, the customer service executives tend to allow every single customer at their organization for using their services (Crane and Matten 2016). People of every culture and religious attitudes are treated with equal priority. There fore, the question of discrimination does not arise in between the stakeholder and service providers. Therefore, I have realized that the customers showed their flexibility while using the service process. As per the above mentioned discussion I can come into a conclusion that the satisfaction rate of the customers is highly dependent on the business decision and their ethical practices. Legislation that supports the practice: I have already mentioned that some of the relevant legislations are there that supports in maintaining business ethical practices. I believe that organization would be able to maintain its sustainability in the current market only when the service providers would be able to maintain organizational ethical practices. Both the employees and customers are key stakeholder for an organization that helps to render business success (Fredericks 2013). As per my opinion, employees need to get necessary facilities and benefits from the organization as well in order to keep up their level of performance. Implementation of health and safety act as per my point of view is highly important based on which employees feel safe while working within the organization. This particular act ensures that employees facing any kind of health issues should get necessary co-operation from the employers both financially and emotionally (Meijboom and Brom 2012). As a result, employees would not have to face any kind of insecurity to be associated within a business process. As per my opinion, anti-discrimination act helps to maintain business ethics and practices. As per the concept of this anti-discrimination act, both the female and male employees should be treated with equal respect and dignity at the workplace. As a result, the organization would automatically be able to sustain in the business industry for a long time. People belonging to different age group, culture and religious attributes can be associated together at the workplace. Business ethics enables that the skill and competency level of the employee is highly important for an organization rather than their cultural backgrounds (Heizer and Barry 2013). I have noticed that the internal ethical practices is possessed with a major impact on the impression level of customers. Recommendation: After evaluating the entire report regarding the impact of maintaining business ethics and corporate social responsibility for long term sustainability I can provide some of the major recommendations. Retail sectors should follow corporate social responsibilities more effectively for meeting the long-term goal. For an example, the business experts in order to maintain community relation can hire the skillful and competent employees from their regional boundary In order to impress of the customers, the organization can enhance their business diversification strategy more effectively. As a result, the number of target market would be increased at the workplace. The employers should maintain effective communication with the employees in order to know their challenges at the workplace. If the employees get enough scope to share their difficulties, they would be motivated in performing well towards reaching the business goal. In this kind of situation, the interpersonal communication between the employees and the employers would be effective automatically. I believe that retail business organizations should have a contribution towards government sponsorship. Government sponsorship is one of the most effective ways of CSR activities. As a result, the organization as well will be able to create a market demand by involving them in government activities. Summary: The entire report has provided a self-reflection on how organizations are able to maintain business ethics. As per my knowledge and experience, the success of an organization is highly dependent on the organizational practices. Business ethics is one of the most effective practices based on which the sustainability of a business is highly dependent. I have discussed the several factors that help an organization to maintain business ethics. I have evaluated the importance of corporate social responsibility in enhancing the organizational sustainability in market. By sharing my personal experience, I have analyzed on how business organizations belonging to the retail sectors are facing difficulties in maintaining sustainability due to the lack of ethical practices. Reference List: Biedenweg, K., Monroe, M.C. and Oxarart, A., 2013. The importance of teaching ethics of sustainability.International Journal of Sustainability in Higher Education,14(1), pp.6-14. Carroll, A. and Buchholtz, A., 2014.Business and society: Ethics, sustainability, and stakeholder management. Nelson Education. Crane, A. and Matten, D., 2016.Business ethics: Managing corporate citizenship and sustainability in the age of globalization. Oxford University Press. Fredericks, S.E., 2013.Measuring and evaluating sustainability: Ethics in sustainability indexes. Routledge. Heizer, R. and Barry, R., 2013.Operation Management, Sustainability and Supply Chain management(Vol. 11). Pearson, UK. Meijboom, F.L. and Brom, F.W., 2012. Ethics and sustainability: Guest or guide? On sustainability as a moral ideal.Journal of agricultural and environmental ethics,25(2), pp.117-121. Moorthy, R., 2012. Ethics and sustainability.American Journal of Applied Sciences,9(1), pp.24-31. Pulina, P. and Timpanaro, G., 2012. Ethics, sustainability and logistics in agricultural and agri-food economics research.Italian Journal of Agronomy,7(3), p.33. Tufa, R.A., 2015. Perspectives on environmental ethics in sustainability of membrane based technologies for water and energy production.Environmental Technology Innovation,4, pp.182-193. Williams, S. and Schaefer, A., 2013. Small and medium?sized enterprises and sustainability: Managers' values and engagement with environmental and climate change issues.Business Strategy and the Environment,22(3), pp.173-186.