Describe about the corporate social responsibility and business ethics.
Here in this case study the research work is based on the organization TESCO PLC, a UK based retail stores. The contemporary management issues faced by the management of the TESCO PLC are discussed in this research paper. The TESCO PLC, the British supermarket stores are in the position of third as per the profits earned. To sustain in the challenging market of UK super market, the management have to restructure their business operation to get competitive advantages in the market such that it can achieve the first position in the business of Super market of UK (De George, 1983). The corporate social responsibilities of any company towards its society and employees have a great role to improve their brand image. Here in this paper, the CSR policies of TESCO PLC is discussed. The companies should be ethical to their business and they should follow the policies of the business ethics. The companies always should try for supplying good quality products to their customers and also try for improving their services. The Tesco PLC Company follows the four major principle of business ethics like: principles or values, monitoring, improvement and transparency. The CSR and business ethics both are the most important parts of the contemporary management. The Tesco Company should follow the CSR policy and also main the business ethics to serve their customers in a better way.
This paper is mainly focused on the issues related to contemporary management. With the change in the modern way of business, one organization has to put revolution in their business process to sustain in the challenging market and develop their business. The companies have to take proper and modern approach rather than the traditional market approach as per the present market condition (Brock and Harvey, 1997). Contemporary management is in the simple ways can be said as the change of business process, resource allocation, budget allocation for the development of the organization. Due to globalization, use of latest technologies leads to change of the tradition business process and the management staffs have to identify new strategies for the development of the company. The process of contemporary management follow the steps of indentify the needed changes, taken action plans for implementing the changes and evaluate the changes. Corporate Social Responsibility is an important responsibility for the companies. The companies should work for the betterment of the society. The company also should not supply any products that may harm the society or environment (Corporate social responsibility, 2008).
The corporate social responsibilities are should be followed by every organization. The organizations should take some responsibility towards the society, environment and employees of the company. The organizations should take some charitable initiatives for the betterment of the society. The good CSR policies of a company help them to improve their brand image in the society. The TESCO plc was going through from some issues of CSR policies (Duska, 2001). The CSR policy of the company is discussed in this paper. The companies should take the necessary policies such that their products do not make harm to the environment or the people’s health. Companies should takes steps for the improvement of the society and donate money for the betterment of the environment and society. The stake holders of any company have the responsibility to donate money from their profit gains for the charity events or for the good health of the society and environment. The companies should take initiatives of organizing social events or charitable events.
Friedman’s theories of CSR
The theory of Friedman is very popular in the study of CSR for any organization from the approach of share holder. As per the Friedman theory, the shareholders invest their money in the business and they earn from the profit of the business. So, they have the responsibility to decide about the charitable events of the company (Haerens and Zott, n.d.). In accordance with this theory, the main aim of an organization is to maximize profits and the decision of donating money or organizing charitable events are followed by only the share holders as they invest their money in the risky business. According to that any stake holders of a company should decide to whom and how much amount should be donated.
CSR policies of TESCO
TESCO is well known for its CSR policies. In the year 2006, the company donated 1.87% of their profit earned for the charitable caused. The company asked all their staffs to donate money for the charitable caused of the company. The company taken an initiatives in the year 1992, named as “computers for schools scheme” as a part of their CSR policies. In that initiative, the company were offering computer to the school students who collected the vouchers from the customers who make their shopping at the TESCO stores (Erratum: Ethics and Agency Theory, 1996). The company also starts to sponsor the football tournament called Tesco Cup to inspire the young football players of UK (Hopkins, 2004). In the year 2009, The Tesco Company used the slogan “Change for Good” as a part of their CSR program. This was trade marked by UNICEF. The household products and the personal care products of TESCO are not tested on the animals (Hunnicutt, 2010). To reduce the carbon trace by 30% within the year 2020, the company takes the 2degrees network policy in the year 2011. The company should not supply any products that harm the people or environment. Tesco Company always should be focused on supplying environmental friendly products in their retail stores. The good CSR policies of this company help them to improve their brand image.
The organization should follow their social responsibility. They should not supply any products that may harm the people or environment. The companies also should not supply any products that are not following the environmental standards. The companies also should supply products that follows the govt. Rules or standards. The companies should take initiatives for the betterment of the society. So, as per the CSR policies, Tesco should supply the products that are environmental friendly. Tesco should be more concerned about the reduction of carbon emission (Grace and Cohen, 1996). The company’s main Moto is to earn more profits, but it should always be careful that it should not disobey the environmental laws. It should never compromise with the products qualities or standards. The shareholders of the companies earn profits from the business of the company. They should be respectful towards the environmental law. They should also donate some money from their profit earned for the charitable caused or they should donate money for the betterment of the environment or the society. The stakeholders should also take the decision for the company to donate money for the improvement of the society or environment. As per the Friedman’s theory of corporate social responsibility, the stakeholders are investing their money in the company by taking high risk about their money and also get a portion from the company’s profits. So they should have the responsibility to decide about how much money the company will donate for the charitable event and to whom. The share holders of Tesco should take decision for donating money to the charitable organizations. The stake holders of the company Tesco should also donate some money from their profit earned for the charity or social caused. The social caused or initiatives of the company give them good brand image in the market. So, the Tesco Company should take more social initiatives to improve their brand image in the market.
The business ethics are a set of moral values that helps the businessmen to work ethically. It is the process of choosing the right decision. The principles of business ethics helps a businessman to behave ethically. The ethical theories help the businessmen to take the right decision. The ethical theories are based on three parts: meta ethics, normative ethics, and applied ethics. Business ethics is most important in the
Ethical theories
As per the ethical theory, it is divided into three parts. Meta ethics refers to the source of ethics from where the ethics are coming. The normative ethics means to choose the right among the right and wrong things. The applied ethics means analysis of controversial issues. As per the ethical theory, the company should follow the ethical theories such that they can be able to improve their customer services. They should always have to satisfy about the quality of the products supplied by new suppliers before recuing new suppliers. The companies should trained their employees about business ethics such that they can be able to provide the customers better customer service and serve their customers ethically (Moon, 2002). The companies should also analysis the quality of their service, quality of the products supplied by the suppliers to ensure about the quality of the products and also to enhance their customer services. The customer should always be transparent about the products to their customers. They should update their online platform about the latest changes of the products. The company should keep the full details of their suppliers like their locations, licences, trades etc. The company should always try to improve their customers’ services as per the business ethics and always try to improve the quality of the products they supplied to the customers. So, as per the business ethics the companies always should try for improving the products quality and the employees of the company also should behave ethically to their customers.
Ethical approach of TESCO PLC
The Tesco PLC is focused on the business ethics. It follows the rules of fair business. The company offers its products suppliers and workers a fair working platform. The fair mode of products supply rules of this company helps the suppliers to improve their services. The company gives its suppliers fair option for supplying goods to their company (Velasquez, 1983). The company also provide its customer’s good quality products and it never compromise with the product quality as it is their ethical responsibility to give their customers better quality products. The staffs of the company should be ethical to their job and should try to provide better customer service to their customers. The Tesco PLC Company works basically based on four main objectives: principles, monitoring, progress, and transparency.
Principles:
The Tesco Company is totally believed on the organization’s principle of providing good quality products and services to their customers. The value of the company states that the company should provide its customers the products that are environmental friendly. The Tesco Company should focus on the products suppliers who respect the values of Tesco and supply good quality products to the stores. The Tesco Company should focus on the ways how the company is able to give their customers good quality products as per their needs (Vogel, 1992). The company should maintain their product’s quality level and also try to achieve a very good standard of supplying good quality products to the customers. The company should only work with the ethically rich suppliers who meet the products standards of the Tesco. The company should make aware their staffs about the products standards and also trained them properly such that they give their customers all kinds of helps that they needed. The company should try to supply the products as per the needs of the customers and choice as a part of their ethical business. In the time of approving the new suppliers for supply of products to their stores, the company should have to ensure about the products quality and standard of the products they supplied.
Monitoring:
The Tesco Company should monitor the working of the company properly. They should monitor about the products quality supplied by them to the customers. As per the ethical business, the company should properly monitor the supply chain of the products. The company should maintain the information database about their suppliers of products that includes the information about their location, sector etc. The company should send its staff members to the supplier’s places on regular bases to check the product’s quality and stores. It is a step of ethical business and also helpful for monitoring the product supply chain (Zu, 2010). The company also annually make survey about the market of the suppliers and products standards such that they can approve best suppliers for their stores such that the customers can get better quality products in the Tesco stores. The company also should be concern about their employees such that if the company is proper work places for them to work and if they are getting proper salary and benefits from the company such that they can be more motivated to their works and serve the customer’s need properly. The company also should keep their eyes on the performance of the employees such that they can offer their customers better customer services that can help them to get more customers and also increase their profits.
Progress:
The Tesco PLC Company always should work for the improvement of their services and they also should provide better quality products to the customers. The company also should monitor their performance regular basis such that they can be able to improve their performance and serve their customers better. In every year the company arranges training program for the employees about how they can be able to provide their customers better services. The company should train their employees ethically such that they can be able to serve their customers ethically. The company should also take the customer’s suggestions for the improvement of their services and products.
Transparency:
The Tesco PLC Company should always be honest to their suppliers and the customers. They should provide better quality products to the customers. The transparency is an effective way for the company to serve their customers ethically. The company should provide the updates about their products and services in the online platform to aware the customers about the products. The suppliers of the Tesco should be ethical and the company should register their suppliers full details like trade licences, locations etc.
Several theories have been adopted to understand the role of the Stakeholders in the organization regarding the ethical theories. Among the several other ethical theories, researcher has concentrated on the Normative Ethical Theories. Utilitarianism is the most significant one; this is the most easier and relevant for the organization like. With the help of the cost-benefit analysis, right and wrong can be judged. The best possible impact on this theory is on most of the stakeholders like employees, government, customers, society and suppliers. Ethical Theories help to maintain the rights of every stakeholder. It facilitates in maintaining justice, so that customers, employees and stakeholders do not suffer due to ant unfair means. Renowned organization like Tesco has should not do any kind of gender biasness and should treat every employee equally. Along with that Virtue and Ethics are the integrals part of the organization like as it is a large organization. Virtue and Ethics are applicable for every stakeholder specially Society and Suppliers.
The paper is mainly focused on the contemporary management issues. Here the two most important issues named corporate social responsibility and the business ethics are discussed in this research paper. As a part of the CSR policy, the Tesco PLC Company should arrange charitable and social events. The stake holders of the company should donate money for the development of the society and environment. The company also should always have to concern about providing environment friendly products to the customers and also have to take aim for lowering the carbon traces. As per the business ethics principle, the company have to supply good quality products to the customers. The employees of the company Tesco also should work ethically for the company.
References
Brock, G. and Harvey, B. (1997). European Perspectives on Business Ethics. Business Ethics Quarterly, 6(3), p.385.
Corporate social responsibility. (2008). London [u.a.]: SAGE.
De George, R. (1983). Business ethics. New York: Macmillan Pub. Co.
Duska, R. (2001). Business Ethics: Oxymoron or Good Business?. Business Ethics Quarterly, 10(1), p.111.
Erratum: Ethics and Agency Theory. (1996). Business Ethics Quarterly, 5(4).
Grace, D. and Cohen, S. (1996). Business ethics. Australia: Oxford University Press.
Haerens, M. and Zott, L. (n.d.). Corporate social responsibility.
Hopkins, M. (2004). The planetary bargain. London: Earthscan Publications.
Hunnicutt, S. (2010). Corporate social responsibility. Detroit, MI: Greenhaven Press.
Moon, C. (2002). Business ethics. London: Economist.
Velasquez, M. (1983). Business ethics. Englewood Cliffs, N.J.: Prentice-Hall.
Vogel, D. (1992). The Ethical Roots of Business Ethics. Business Ethics Quarterly, 1(1), p.101.
Zu, L. (2010). Corporate social responsibility, corporate restructuring and firm’s performance. Berlin: Springer.
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