Ethics: Social Responsibility and Strategic Planning
Strategic planning can be defined as the formulation of plans that will lead to well informed and sound decisions and actions that when implemented will help achieve all short and long term organizational goals. During this process, the creation of well defined mission and vision statements along with organizational values and policies that are directly related to the company’s goals will help the business organization achieve long term success. Because success or failure directly impacts all stakeholders, whether employees, suppliers, investors, the local governments or community in general, special considerations of their needs should be included in the strategic planning process. Because of recent well known corporate scandals, business organizations have incorporated business ethics codes and social responsibility programs as part of their strategy to boost their public image and reputation in the community along with the reduction of potential legal fees or financial settlements resulting from legal actions against the organization.
Ethics refer to the fundamental principles of an individual or a group. Social responsibility is how a business performs its activities to meet its wider obligations toward the society and environment, such as by avoiding activities which may be harmful. Strategic planning is an essential preliminary step in the corporate world in which senior management defines the organization 's strategy, direction and decision-making. Ethical values and social responsibility serve an important role in the strategic planning process.
Social Responsibility To the Stakeholders
o Management must ensure that strategic decisions are reached after taking into account the possible impact on the stakeholders. Stakeholders are suppliers, customers, societies and anybody who is affected by the activities of the business. A socially responsible company treats stakeholders equally. Wider perspectives also have to be considered in
Ethics refer to the fundamental principles of an individual or a group. Social responsibility is how a business performs its activities to meet its wider obligations toward the society and environment, such as by avoiding activities which may be harmful. Strategic planning is an essential preliminary step in the corporate world in which senior management defines the organization 's strategy, direction and decision-making. Ethical values and social responsibility serve an important role in the strategic planning process.
Social Responsibility To the Stakeholders
o Management must ensure that strategic decisions are reached after taking into account the possible impact on the stakeholders. Stakeholders are suppliers, customers, societies and anybody who is affected by the activities of the business. A socially responsible company treats stakeholders equally. Wider perspectives also have to be considered in
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