Describe about the Consumerism, values and environmental friendliness in Business?
Given that consumerism, values and environmental friendliness in Business has been an accepted by-line now, the current report endeavours to broaden the conceptualisation and its practice in general and specific. This covers critical analysis of a case of Bangladesh based company in terms of its environment friendliness and regulations issues so as to improve business practices to prevent recurrence of danger events. Other part of the report critically research on a company – the HSBC to find evidences on how this operate ethically, taking into account the approach to consumerism, values and environmental friendliness. The concepts each about consumerism, values and environmental friendliness has been illustrated by giving the example of exact program of the bank, how the consumerism is not only taken in perception but also by practice; what are the values the company maintains; and the programs adhere to the environmental standards and achieve improvements for society at large.
Discuss the ways in which companies, like the ones mentioned in the extract above, that sourced clothes from the Rana Plaza can help improve business practices to prevent recurrence of events of this nature.
By going through a given case, a detailed critique would answerthe most important question on the ways in which companies, like the ones in the Rana Plaza building in Savar, Bangladesh, can help improve business practices to prevent recurrence of fire events as following. The company along the help from otherMNCsshould try to work out specific strategy to improve safety of the factory and the country level bodies should properly regulate garment industries through clear laws.
Seeing through a broader view of environmental safety for the workers and the organization as whole, the company must ensure improvement in working conditions in its offices, factory and ware house. Help and cooperation should also be extended by similar other companies as their sources are similar.
Overall, the critique of this case provides rationale on how the company should operate ethically, taking into account its approach towards consumerism, values and environmental friendliness in a holistic way. The concepts each about consumerism, values and environmental friendliness must need to be followed with specific programs in maintaining the consumerism both at perception as well as practice level; also how the values are maintained by the company; and last but not the least, all the works adhere to existing environmental standards and bring about improvements for society at large.
In order to research on a company in terms of their ethical operation, approach to consumerism, values and environmental friendliness, the HSBC bank (Hongkong-Shanghai Banking Corpn.) is chosen as an example. The bank is anindustry leader in its own sector and overall category hence is worthy for such an analysis. This can provide a case for understanding the importance of consumerism, values and environmental friendliness and at the same time help readers to get to know possible factors behind such behaviour of a company being so successful.
The HSBC forms a large chain in banking company with branches existing in a number of countries of the globe. The reasons behind the success of the bank are manifold, such as their consumerism, values and environmental friendliness in a way that consumers can securely as well as profitably keep their monetary resources, due to bank’s local and global level existence, smoothness in the transactions as well as personal level client relationships. This bank has more than 4000 branches in the US, 2000 in the Europe and 1000 branches in the Asia Pacific countries. For its localized and the need based service like the e-commerce, the OTC as well as the online based international transactions emerged across time, the HSBC bank has really achieved status of the industrial leader all across. As new developments for helping businesses with banking principles, the HSBC has taken over and developed the business-corporatetype of international banking.
The consumerism of the company is clearly reflected by the fact that the environment in HSBC is always consumer centric, vision-oriented as well as competitive in nature. It also maintains society development perspectives through environmental friendliness along with corporate social responsibility (Deal and Kennedy, 1982). In year 2005, the bank achieved a zero carbon status in its infrastructures across operations. Thus HSBC has created a specific policy for minimizing environmental degradations. Major programs regarding saving through sports activities among children are funded the bank as part of its policy on environment.
In HSBC, the organizational culture encompass the formal type of rules, shared kind of values and a collective responsibilities for their workers, consumers and shareholders at one hand, and in other hand the nations and communities in which the organization operates (Javidan et al. 2005). It explicitly maintains many corporate social responsibilities as part of the consumerism and business ethics. The HSBC bank as part of its new initiatives extends various monetary support and facilities to the youths as new volunteer programs. Mainly from LDCs, this chooses students for such program so as to provide them higher education in various subjects such as mathematics, literature, science as well as other development activities. Thisbank contributes significantly towards the employment of local talents through its operation across the world in 86 countries having more than thirty thousand employees. In terms of geographical operation and different functional aspects like industrial financing, disaster management, the HSBC bank has achieved sensibly growth.
On its approach to consumerism, values and environmental friendliness, HSBC demonstrates clearly local banking requirements of consumers in an open fashion (Lee et al.2010). This includes bank’s strategy of financial flow for next decade expecting 35 markets to represent 90 per cent of world trade growth and economic development plan for 2050 etc. (www. hsbc.com). Among other routine operations and programs, the HSBC bank has focused on some of the very important aspect of human values. The bank maintains transparency as well as shared value of ethics in providing proper dividends as part of its longer-term savings for shareholders. The bank has worked out effective pension plan of shareholders too. Both these programs significantly contributed to public services of the bank as it pays taxes to the governments. As an international banking major, HSBC Group has operation in 80 countries with robust financial services both commercial as well as merchant banking (referenceforbusiness.com, 2013).
The value system of HSBC includes the transparent system of investor relationship, open governance system which earn it prestige as well as reputation globally. The company extends clear and transparent information on credit rating and investor updates. It also observes the investor days every year. This perceives that through a good banking can lead to provision of good products and services as per of consumers’ need. In this way also the company feels that it manages a better environmental impact (Revell and Chen, 2010). The bank also have a number of sustainability programs such as assessment of sustainability risks, Climate businesses, environment level efficiency, HSBC’s Water Programs and Youth education program. The Water Programof HSBC worked in collaboration with other NGOs for long term programs to carry out safe water extensionto sanitation facilities to around 2 million people in South Asian region and Western part of Africa and more than one million persons by the WaterAid. The Climate business approach of the company is formed of the groups dedicated for central as well as regional climate business programs for identifying commercial opportunities by new technologies. HSBC’s program on Teams for the Global Banking’s Clean Technology Renewability solutions undertake development projects on clean and renewable energy resources projects and design services — risk mitigation suggestions, and debt finance, project financing etc.This bank renders suggestions providing the consumers help for addressing various opportunities. The evidence from Centers of Excellence on HSBC Climate Change gives information on climate intelligence useful for its stakeholders across the globe to make informed and clear decision. The bank is rated as the best firm which has integrated the climate change in its program. The youths education program of the company emphasize upon helping the youths reaching their best potential irrespective of the background. Particularly, it invests on access for life skill, better education and the entrepreneurship development in addition to discover of natural world and culture. As a financial institution this bank can create a significant differences to lives of individuals with a skilled type of workforce and global level presence (www.hsbc.com, 2015).The company commits to money, time as well as resources by making investments in the educational partnerships for enhancing learning of young people and capacity for making a higher contribution.
Environmental freindliness of the HSBC caters the activities that affect the current environment more directly by the operation of the physical infrastructure, travel for commercial purpose – and also by banks’ consumers’ business. Hence across all offices of the bank and its branches as well as the data center, the company works very hard in reduction of banks use of solid-wastes, energy emission of carbon oxides. The sustainability as concept is built on provision of services in environmentally friendly manner. The bank continuously innovates with suppliers and employees to create better products so the bank can definitely work very efficiently. The companies posses different locations and branched showing new technologies on green-buildings and clearly demonstrate HSBC’s commitment towards achievement of highest level of standards in developing environment performance (hsbc.com, 2015).
Conclusion
Across the discussion in this report it is well accepted that consumerism, values and environmental friendliness are the must for good business. The critical analysis of these concepts in the chosen company – The HSBC shows that its work towards consumers in an open manner. The bank’s strategy of financial flow for the coming decadesfor world trade growth and economic development plan for 2050 and maintenance of transparency and ethics reflect good business ethics. Its transparent system of investor relationship, open governance system has earned it the prestige and reputation globally for the banking organization.
The company’s provision of clear and transparent information on credit rating and investor updates, the investor days, good banking through good products and services as per of consumers’ need are a part of these assumptions. Environmental friendliness of the HSBC caters the activities that has impact on the environmental aspect directly by existing physical infrastructure operations, travel for commercial purpose – and also by the consumers’ business activities. So all across the bank offices so also in its branches, added with data centres, the company works harder in reducing use of bank’s energy, solid-waste products and emission of carbon dioxide. The sustainability is in built upon provision of services which can be environment friendly.
Based on the critique of the case and specific company (HSBC) study, some possible recommendations to businesses that source to clothing manufacturers can be worked as follows. The companies with help from MNCs need to design clear-cutstrategy to improve safety of the factory and the federal governments should keep in place a regulatory mechanism for garment industries. The company itself must also ensure improvement in working conditions.The concepts such as consumerism, values and environmental friendliness are considered to be prerequisites for good business. The critical analysis of these in chosen company – The HSBC recommends that companied should maintain openness and transparencywithconsumers. Environmental friendlinessof the companies should be followed by practice not only by theory, such as environmental programs for all the stakeholders should be designed.
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