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walmart social responsibility policy
walmart social responsibility policy
corporate level strategy of walmart.
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Corporations deal with a wide variety of social issues and problems; some directly related to their operations, some are not. Corporate Social Responsibility (CSR) can be defined as “the actions of an organization that are targeted toward achieving a social benefit over and above maximizing profits for its shareholders and meeting all its legal obligations” (Ghillyer 78). If this is the case, establishing appropriate and practical ethical guidelines in the workplace seems to be a reasonable request as a basis for corporate operations. Wal-Mart should be an example in determining what constitutes the values associated with its fundamental purpose of Corporate Social Responsibility. The four components of CSR are financial, legal, ethical, and philanthropic (Barnett). These areas of CSR ought to exist within every company’s infrastructure; however, the organization’s primary focus is usually on performance and profit not on social conscientiousness. Financial being the first component of CSR is often the major factor in a company’s consideration of ethical standards. The main goal of any business is to keep its costs low and to earn a profit. Financial responsibilities in regards to CSR means that society expects that a corporation will produce needed goods and services that are desired by customers and sell those goods and services at a reasonable price while still earning a profit. The organization strives to be efficient and profitable along with keeping the best interest of the shareholders in mind (Barnett). Financially, the Wal-Mart Corporation is a multi-billion dollar industry with close to two million employees worldwide. On the positive side, Wal-Mart’s motto is “Always low prices. Always!” They uphold this motto by p... ... middle of paper ... ...f it is willing to recognize their duty to society. With its tremendous size, the organization is faced with being an example to other corporations. It is trying to make efforts such as supporting the environment, but they have just begun to scrap the surface. It will require balance between profit and social responsibility (“The NEW Age of Walmart”). Works Cited Barnett, Tim. "Corporate Social Responsibility." 2010. Reference for Business: Encyclopedia of Business, 2nd ed. Web. 27 Dec. 2010. Responsibility.html>. Ghillyer, Andrew W. Business Ethics: A Real World Approach, 2nd ed. New York: McGraw- Hill, 2010. Print. "The NEW Age Of Walmart." CNBC Originals. 23 Sept. 2009. Video. 27 Dec. 2010. .
Corporate Social Responsibility is the obligation from corporations to utilize their resources to aid and benefit the larger society. The four components of CSR are economic, legal, ethical, and philanthropic. Social Responsibility is a fundamental force in the wealth creation process. If correctly demonstrated, CSR should heighten competitiveness and boost the value of wealth creation to society. A company's CSR Initiatives directly represent who the company is and what it believes it. The m...
Times have changed drastically for businesses since the Internet and social media have become part of our everyday lives. It’s now easier than ever for the individual to gather data and follow organizations to ensure they are performing legally, morally, and ethically. Stakeholders believe that organizations have a social obligation to operate their business in an ethically, socially, and environmentally responsible way. The term for this idea is Corporate Citizenship. Corporate Citizenship is “the extent to which businesses are socially responsible for meeting legal, ethical and economic responsibilities placed on them by shareholders. The aim is for businesses to create higher standards of living and quality of life in the communities in which they operate, while still preserving profitability for stakeholders” (Investopedia.com, 2013). Stakeholders are expecting organizations to conduct business in a way that meets legal, ethical, economic, and philanthropic expectations that go beyond commercial relationships. Many organizations are including corporate responsibilities in their corporate mission statements and goals. They want stakeholders to see that they practice ethical behavior and are committed to their local communities in order to maintain a positive corporate image. According to CNN Money “Wal-Mart Stores Inc., had $469.2 billion in revenue last year and has reclaimed the top ranking in the Fortune 500 ranking of the largest U.S. companies by revenue”( Hathaway, 2013). Wal-Mart has over 10,800 stores and is a company that can have a tremendous impact upon the environment and their current employees and future employees. Largely due to its size and resultant influence, Wal-Mart is receiving constant pressure t...
Wal-Mart, the multi-billion dollar corporation and the second largest employer in the world, is the most controversial corporation in the world. Wal-Mart stands as a global powerhouse and affects countless individuals around the world. This company is constantly receiving criticism from unions, human rights groups, small towns and small businesses. There are accusations of Wal-Mart treating workers poorly and driving small businesses out of business. However these accusations are false and over exaggerated. Wal-Mart offers families and low income individuals quality products at affordable prices. Their workers are paid competitive wages and are treated with respect. Wal-Mart opens their stores in rural and under developed areas. Wal-Mart improves the lives of the folks who live rural area and improves their lifestyles.
With Wal-Mart deciding to improve its social performance through taking on these particular concerns, it may help Wal-Mart to have a better reputation. According to philosopher Milton Friedman the only Corporate Gregarious responsibility a Corporation has is to increment profits for its stockholders. Through a utilitarian perspective, we can visually perceive that Wal-Mart is acting in a way to produce the greatest possible balance of good over dissatisfaction for their stockholders. Wal-Mart upholds the fiduciary obligations to their stockholders by not incrementing wages of their employees, instead they take the sum of currency and return it back to their stockholders and shareholders such as customers and suppliers. Wal-Mart engenders the bliss for the amount of people who invest in the company. Ethics is about the consequences of an action and the consequence of Wal-Mart’s actions engenders the greatest amount of good for the people who are the primary stockholders of the corporation.
An organization’s Corporate Social Responsibility (CSR) drives them to look out for the different interests of society. Most business corporations undertake responsibility for the impact of their organizational pursuits and various activities on their customers, employees, shareholders, communities and the environment. With the high volume of general competition between different companies and organizations in varied fields, CSR has become a morally imperative commitment, more than one enforced by the law. Most organizations in the modern world willingly try to improve the general well-being of not only their employees, but also their families and the society as a whole.
An increasing large number of firms are developing mission statements that also attempt to define the social and ethical boundaries of their strategic domain. Some firms are actively pursuing social programs they believe to be intertwined with their economic objectives, while others simply seek to manage their businesses according to the principles of sustainability – meeting humanity’s needs without harming future generations. For example, Unilever has launched a variety of programs to help developing nations wrestle with poverty, water scarcity, and the effects of climate change. The firm’s motives are at least as much economic as moral. As environmental regulations grow stricter around the world, the firm must invest in green technologies or its leadership
It is important to understand that decisions made by businesses can have either negative or positive implications on the public, which is companies have corporate social responsibility. In order to understand Wal-Mart’s corporate social
McWilliams and Siegel (2001) define CSR as, “actions that appear to further some social good, beyond the interests of the firm and that which is required by law.” (p. 117) Corporate social responsibility is considered both strategic, in that it yields a firm benefits, and non-strategic, in that it encompasses an observed behavior (Burke and Logsdon 1996). There is also a perception that CSR encompasses a zero-sum trade-off with the economic interests of the business. It is somewhat accepted that accepting CSR strategies will be a more long-term payoff, while entailing short-term costs, leading modern businesses to abandon it in order to appease the interests of shareholders.
What is CSR? CSR or Corporate Social Responsibility indicates the actions or conducts that have strategic importance to companies. CSR has been defined as a company’s efforts or obligations in reducing and getting rid of any detrimental effects on the community and maximizing long-term beneficial effects to the company and community in which it operates (Mohr et al, 2001, cited Trendafilova et al, 2013). CSR usually starts with the general emphasis that businesses are not only responsible to generate economic returns for shareholders, but are also responsible to the environment and to other stakeholders. This is usually known as the “triple bottom line” – the company’s returns for investors, the environment and stakeholders (Markley, 2014). In today’s modern business environment, CSR is undoubtedly important because whenever possible, customers would like to purchase goods from companies they trust; suppliers want to develop business partnerships with companies they can entrust; employees want to work for companies they have a high regard for and NGO’s want to work with companies seeking possible solutions in areas of common concern. Pleasing each of these stakeholder groups enable companies to maximize their obligations to their shareholders who gain most when the needs of other stakeholder groups are met (Waldman et al, 2010).
People like to think of Walmart as a store with many variety, because you can get almost anything for low prices. Although Walmart is an American Retail corporation, there are many branches of Walmart, not only in the United states but also other places around the Globe, making it the largest company by Revenue. Because of its variety in products and worldwide locations, Walmart has a significant effect on the society, both economically and most importantly the impact of environmental issues. Like many other Global Industry, Walmart overtime has develop strategic ways in the sustainability of the environment not only for the environmental issue we face, but also a market strategy which forms a connection between society and businesses.
The corporate social responsibility is a commitment by a business to contribute to economic development while improving the quality of life for employees and their families’ as-well as contributing to the society. Walmart is a well-known company that offers customers the items they want and need at a low cost, with nearly 4,000 stores in the United States. According to the Fortune 500, Walmart was ranked number 1 in 2015. Just like any other superstore Walmart needs to continue the use of social responsibility by recreating a relationship between business and the community especially if they want to dominate the competition in 2016. The use of sustainability, strategic philanthropy, causing market, shared values, stakeholders and global perspective will help readers understand the purpose of social responsibilities in the corporate world.
Corporate Social Responsibility (CSR) is a word that is bandied about with really little regard as to what the full implications actually are. Consider a few thoughts: What exactly is a corporation’s responsibility? Who are the arbiters of CSR for corporations? What does it cost to “rein in” corporations? Why are some companies held to a different standard than others?
...and - its promise, image and emotion that it creates - remains relatively strong. The Wal-Mart mission of “saving people money so they can live better” is clearly and consistently communicated. However, Wal-Mart’s reputation, the “outside in” view, built on direct experiences, outside opinions, rumors and judgments, must be strengthened. The pillar of its overall business strategy – price leadership – must be maintained. The company’s power and influence can be used to create positive affects in consumers’ lives, not only in their wallets. Finally, growth opportunities exist in the US and beyond. In order to deliver growing shareholder value, the company must continue to reach into emerging markets.
Corporate social responsibility is in many ways is tied to the values and ethics that a business believes in. While CSR encompasses the economic, legal, ethical, and discretionary responsibilities of organizations, business ethics usually focus on the moral judgments and behavior of individuals and groups within organizations. In their text, BUSINESS AND SOCIETY: ETHICS, SUSTAINABILITY, AND STAKEHOLDER MANAGEMENT, Carroll and Buchholtz's give a four-part definition of CSR that incorporates the multi-faceted nature of social responsibility. The expectation that businesses will produce goods and services that are needed and desired by customers and sell those goods and services at a reasonable price, is the key to the economic responsibilities that are cited in their definition. Organizations are expected to be efficient, profitable, and creative to keep shareholders welfare in mind. In the western corporate structure, fair competition in the marketplace is not only the leg...
It is said that “The only social responsibility that there is, is to obey laws and pay taxes,” but according to Milton Friedman, “social responsibility is to increase profits.” This kind of responsibility, I believe, is also a form of giving back. Many people believe that the future of Wal-Mart is sustainability by the Wal-Mart Stakeholders which are the associates, otherwise known as employees, the suppliers, and the investors of their company. Wal-Mart continually seek to improve and to engage in ethical pathways. I believe that Wal-Mart is doing enough to become more sustainable both locally and globally by using its resources as its key stakeholders.