For decades now, “news stories have brought to the attention of the public countless social and ethical issues that have framed the business and society relationship.” (Carroll et al 2012)
Serious questions have known to been raised about a collection of other business issues: “corporate governance, executive compensation, backdated stock options, the use of illegal immigrants as employees, high fuel prices, minimum wage, the safety of SUVs, the distraction of cell phones, the healthiness of fast food.” This illustrates the “continuing tensions between business and society, which can be traced to recent high-profile incidents, trends, or events.” (Carroll et al 2012)
Thus, it is extremely important to have an understanding of where we are now and how we got there, especially for an aspiring manager and leader to be where business when defined is “as the collection of private, commercially oriented (profit-oriented) organizations, ranging in size from one-person proprietorships” and society a “community, nation, or a broad grouping of people having common traditions, values, institutions, and collective activities and interests.” (Carroll et al 2012)
Upon completion of immersing myself in a number of personality opportunity developments under Business and Society theme, I have come to the overall learnings outcome, which is the capability to reflect on the legitimacy of business firms as an institution in global society through awareness of the varied demands that stakeholders place on businesses.
This was achieved by extending my insight and knowledge into “which local and global social, ethical, environmental issues need be considered from a strategic perspective and the appropriate approaches for understanding and managing stakeholders.” (Cushen 2014)
A second overall outcome is the “appreciation of the variability of commercial environments around the globe and the tools for navigating and operating in different environments.” (Cushen 2014) To attain these overall learning outcomes I carefully selected personal opportunities development areas in which I wanted to extend my knowledge in.
This can be identified in the figure on the following page, where PODS ( personal opportunity developments) selected have been evenly distributed amongst the four Business and Society sub themes.
This is true where POD based on the Review of the Inside Job directed by Charles Ferguson falls under the category Globalization and Financialization with the subject matter The Global Marketplace. Secondly, SUAS Global Issues Course falls under Environment and Community with the subject matter Social Responsibility and Doing Business in China talk is under the sub theme of Globalization and Financialization with the subject matter Doing Business Abroad. Furthermore, Review of Lean In by Sheryl Sandberg touches on Societal Trends with the subject matter of Equality where POD based on Intel CSR Practices falls focuses on environment and Community with the subject matter Corporate Social Responsibility. In addition, POD based on the talk of Small Firms concludes on Corporate Stakeholders with the subject matter Governance.
|Globalization and Financialization
|Environment and Community
Fig. 1 Business and Society Sub Themes and POD Relevance
Above key learning outcomes are extremely relevant to my desired future career of holding a managerial position where “management’s ability to understand and manage external stakeholders directly affects their competitiveness in global and local markets” where stakeholder management perspective is essential as it requires managers to firstly identify the various groups or individuals who have stakes in the firm or its actions, decisions and practices as well as secondly incorporate those stakeholder concerns into firms strategic plans and daily operations.” (Carroll et al 2012)
In addition, “stakeholder management is said to be an approach which increases the likelihood that decision makers will integrate ethical wisdom with management wisdom in all that they do.” (Carroll et al 2012) By taking part in this experience and immersing myself in activities related to the sub themes of that of Business and Society at large I have grown extremely as well read individual where prior starting this course I only shared a limited amount of knowledge in relation to this subject matter.
his extensive learning process has allowed me to be aware of expectations and demands that stakeholders placed on business firms as well as understand appropriate business responses and management approaches for dealing with social, political, environmental, technological, and global issues and stakeholders. Furthermore, I know have an extensive knowledge how ethical issues affect society, management decision making, behavior, policies, and practices is important as well as broadly question how business legitimacy as an institution must be considered from a business and societal perspectives. (Carroll et al 2012)
In summary, having been provided with insight into contemporary role of business in global, national and local society I evaluated the role of business in society along with an insight into emerging key trends and debates which are shaping business in society today. (Cushen 2014)
This learning overall is of high relevance to my personal development where each task at hand will play a certain part in assisting me to reach my desired role of holding a managerial or higher position within the digital marketing industry. This is true where by having read Lean In by Sheryl Sandberg it has inspired me and assured me that I as a woman do chance a chance at sitting at the cooperate table and can also be a mum at the same time.
I have taken note of the challenges and obstacles that I will need to overtake, however I am certain I will continue to strive on and become the better of those two roles.
Secondly, by learning about the global and local scale strategies in relation to Environment Sustainability and Justice as well as key practices that a business can apart when in relation to corporate social responsibility and CSR strategy/principles/objectives, when I do reach my goal of holding a managerial or higher position I will be skilled with the knowledge of the current issues in relation to environment and how we as a business entity can not hinder but strive to make our planet a more healthy place to live in.
Thirdly, having immersed myself in regulatory regime and the extent to which different regulations help or hinder small firms as they strive to be competitive, this knowledge will play a vital part when I do choose to set up my own digital marketing agency in future where knowledge gained from looking at the issue of the Financial Crisis of 2008 and study the causes behind the result of this economic catastrophe unraveling will help me make vital decisions how I can choose to invest my money more wisely. In addition, having identified the vast opportunities and benefits that China as a market provides to businesses will allow me to make key decisions how I can expand the business I have created and improve my entry strategies to market.
To note, these personal opportunity developments acquired align with those under Personal and Management Theme where I placed high emphasis on developing skills and competencies expected of a successful manager. By achieving both and merging these experiences I hope to hold the management knowledge as well as managerial ability.
In conclusion, is it important to carefully study “the role of business relative to the role of government in our socioeconomic system; what a firm must do to be considered socially responsible; what managers must do to be considered ethical; and what responsibilities companies have in an age of globalization.” (Carroll et al 2012)
These issues are known to require immediate attention and thoughtful courses of action. Businesses are advices to “weigh the pros and cons of these issues and adopt the best postures, given the many, and often conflicting, points of view that are held and expressed.” (Carroll et al 2012) Sometimes, “the best responses are not always easy to identify, businesses must respond and be prepared to live with the consequences.”
This is due to the fact that “powerful groups, aided by a cooperative media looking for stories, can frequently exert enormous pressure on businesses and wield significant influence on public opinion, causing firms to take or not take particular courses of action.” (Carroll et al 2012)
In conclusion, as according to Jack Welch “before you are a leader, success is all about growing yourself. When you become a leader, success is all about growing others” (Kruse 2012) as well as
“Men make history and not the other way around. In periods where there is no leadership, society stands still. Progress occurs when courageous, skillful leaders seize the opportunity to change things for the better” as stated by Harry S. Truman (Kruse 2012)