I chose to look into General Electric for this project because they are an energy supplier and multi-national company. Energy providers have a reputation as a money hungry companies that care about the bottom line more than people and the planet. It is easy for a person to assume that a corporation of GE’s size, money would be its only concern. What I learned was that GE has a public image problem more than a Corporate Social Responsibility (CSR) problem. The company has been working to make the people of the planet more Earth friendly by creating technology that has higher efficiency with fewer emissions and lower resource demands. GE has a well-established strategy for Corporate Social Responsibility. As a result of CSR the company has reaped profit benefits as well as a perceptibly better company image. It was with great expectation that I chose GE in the hopes to find an area that a global energy supplier would need improvement. I found that GE is within the top-10 of companies that demonstrate CSR. GE shares this distinguishment with other companies such as Patagonia, Nike and General Motors. Besides continuing the course they have started, GE could further add to their repertoire by providing roadmaps for other companies to follow in order to be a business with demonstrable CSR.
Background of CSR
According to Mike Peng, Corporate Social Responsibility (CSR) is the consideration and response to issues beyond the narrow economic, technical, and legal requirements of the firm to accomplish social benefits along with traditional economic gains the firm seeks. CSR is a way in which a company seeks to achieve a balance between profit, environmental concerns and social imperatives. This is known as the ‘Triple-Botto...
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GE considers a huge emphasis on the development of innovative solutions for today’s global problems. It has long been focused on innovative solutions to environmental challenges and producing valuable products and services to customers while generating profitable growth for the General Electric.
An organization must always look within and outside of themselves to assess their internal strengths and weaknesses and realize which external factors pose a threat or an opportunity for them. These factors have direct impact on how the organization operates, allowing them to mitigate their threats and maximize their opening to create new and diverse products as the demands of the people grow and technology advances (Rothaermel, 2013). The desire to have greener options in the products people use has forced The Home Depot and Ford Motor Company to respond. However, these two companies not only enforce the environmental concerns of the people with the products they offer to the public, but also in how their plants and stores are ran under sustainable energy. This will
“Sources of Greenhouse Gas Emissions: Electricity Sector Emissions.” Paragraph Title: Emissions and Trends, and Table. United States Environmental Protection Agency. 2015. Web. May 17, 2015. http://www.epa.gov/climatechange/ghgemissions/sources/electricity.html
Kemper, A., & Martin, R. (2008). Best practices in corporate social responsibility. Retrieved from http://www.qfinance.com/business-ethics-best-practice/best-practices-in-corporate-social-responsibility?page=1
Firstly, performing CSR requires companies to bear the environment in their minds. Specifically, reducing the waste and pollution through technical improvement to enhance the environment is an effective practice. In 2007, the Walt Disney Company in Hong Kong decided to run Disneyland trains on biodiesel made from wasted cooking oil from the resort’s hotels. With this decision, 21% gasoline of Hong Kong Disney Theme Park has been saved in 2007 (gongyishibao, 2010).This act led to not only totally disposal of waste cooking oil but also reduction of traditional oil which releases more carbon dioxide when burning. In addition, the firm with CSR will launch environmental-friendly initiatives to raise people's awareness of environmental protection and ecological consciousness. Shaklee, one of the biggest American nutrition companies, launched an activity in Beijing annually from 2009, aiming to encourage people to walk rather than drive for short trips. The number of people who took participate in this activity has increased from 600 in 2009 to 9000 in 2013, showing an increasing awareness among citizen. (China ...
Stuart Hart, in a business article, discusses the tough task for companies to make a sustainable global ec...
Corporate social responsibility (CSR) is similar to an individual’s social responsibility. An individual who is socially responsible is aware of how their decisions affect the environment. Corporate social responsibility can be define as “how well a company meets its economic, legal, ethical, and discretionary responsibilities” (Peter & Sarah, p. 51). Corporate social responsibility holds businesses accountable to stakeholders such as consumers, in areas of concern such as environmental factors, community and society in general. As a result successful CSR initiatives creates a sustainable company in all ways: financially, ethically, environmentally, and socially. The moral problem with CSR is based on the belief that “CSR would be a cost that would be higher than the perceived benefits. By financially supporting “charity” based initiatives, firms are not performing their fiduciary duty to their stockholders” (Peter & Sarah, p. 49).
Sustainability isn't just about how long a company can survive but sustainability also incorporates three important components, the three E’s: equity, environment and economy. Equity is all about people. How does Google Inc. treat their employees? What does Google do for the population as a whole? Environment on the other hand is all about Earth. What is Google’s carbon footprint? Are they doing more bad or good for the environment? Google is one of the largest search engines available and not to mention one of the most popular. Google supplies several different branches, covering pictures to email to new gadgets. With an annual revenue of 50 million dollars, “green” actions and great benefits for workers and the community as a whole I would argue that Google Inc. is one of the most sustainable companies out there.
Green and sustainable companies has made social responsibility an important part of their business models.
From last few years there are plenty of good companies telling their environmental stories to the world and even some who are not but should be. Some do it well; others do not know where to begin or how to go about it. There are a few tips on what to look for by a customer who does not get greenwashed.
In recent years, business or green business was no longer an option to become an obligation. Companies started to change their mindset and values to develop new environmental proposals, for example launching second ecological lines.
There are now several concepts of CSR and its definition, along with the meaning across corporations. In my opinion, and according with our textbook in page 11. CSR is about a particular set of business and strategies that deal with social issues. In addition, we can clearly perceive that CSRs application along corporations has increase in the past decade due to the several local, and international regulations in order to enforce business to act responsible.
Corporate Social Responsibility (CSR) can be defined as “situations where the firm goes beyond compliance and engages in actions that appear to further some social good, beyond the interests of the firm and that which is required by law” (McWilliams, Siegel & Wright, 2006, p.
European Commission, "Enviornment Action Programme to 2020." Last modified 03 25, 2014. Accessed March 27, 2014. http://ec.europa.eu/environment/newprg/.