It takes decades for business organizations to build goodwill and trust in the minds of customers and shareholders. Building an ethically responsible culture in the organization can provide long term success to any business enterprise.
Can any business organisation exist in isolation?
Well the answer is NO!
All firms need to introspect that their existence is impossible without the involvement and contribution of employees, shareholders, suppliers, society and last but not the least environment as a whole.
For gaining competitive advantage and sustainability all firms need to focus on their Core competency which is fundamental knowledge, ability, or expertise, in a specific subject area or skill set. I have in my paper tried to touch upon a set of core competency like motivational and leadership skills, customer-driven excellence in terms of high quality products and services at the same time providing value for money, organisational and personal learning through regular training programs, treating employees and partners as valuable assets, innovation in products and services, social responsibility, and to develop environmental friendly techniques of production, design, recycle industrial waste- products and conserve natural resources, forest conservation, and customer solutions for Sustainable Business Practices which are being incorporated by various business firms .
INTRODUCTION OF CSR
The topic of business ethics is incomplete without the reference of CSR which involves a business identifying its stakeholder groups and incorporating their needs and values within the strategic and day to day decision making process.
Harmony between man and environment is the essence of healthy life and growth. Therefore maintenance of ecological balance and providing a clean environment is of utmost importance to NTPC.Developing and operating world-class power stations is ntpc’s core competence.
It has received Business World FICCI-SEDF CSR award, Golden peacock award, for occupational health and safety 2008.
(federation of Indian chambers of commerce and industry, with Business World, and Social Economic Development foundation.)
NTPC has decided to allocate .5% of distributable profit annually for its research and development fund for renewable energy sources, and developing eco-friendly technologies.
Taking a look at the future prospects of NTPC, include increasing efficiency of its power stations, developing 1 million sq feet of green building space within NTPC, replacement of old units.
CRO TOP THREE SOCIALLY REPONSIBLE FIRM
INTEL- joined climate leaders program to reduce its g h gases emissions upto 30% per production unit from 2004-2010
EATON CORP- diversified industrial manufacturer operating in aroud 140 countries focus on employee relations and climate change
Employees and shareholders- They are the valuable assets to every business enterprise. Corporate Social Responsibility can assist and help orgzn in recruitment and retention of some of the best employees in the industry.
ESOPs Employee social options at Mahindra and Mahindra enables employees to choose a social responsibility and take some time from his weekends to serve the society.
A greater awareness of environmental issues, working conditions and social responsibility has led an increasing number of consumers to take these aspects into consideration when shopping.
The Standard Chartered Group launched major initiative in 2003 under its ‘Believing in Life’ campaign- ‘Living with HIV/AIDS.’
ETHICAL MARKETING PRACTICES AND SOCIAL AWARENESS
Due to globalization, and the active role played by media, has increased awareness among customers regarding the malpractice in the market, privacy of products, the consumers are now more conscious about their rights.
Accurate and factual information helps consumers make informed choices, thus making this marketing aspect very important.
Companies often wish to express and display their concern and awareness of the importance of these issues in their marketing activitiesand to ensure the consumers that the goods are environmentally sound and/or produced under socially acceptable conditions
Immediate areas which require attention include education for all, women empowerment, health, food and nutrition, AIDS awareness programs, environmental protection.
Project Nanhi Kali supports the education of girls in the poorest and most remote parts of country including tribal belts in Rajasthan, Chattisgarh, Andra Pradesh, and Madhya Pradesh.The support is both academic and material.
Mahindra group announced project Mahindra hariyali with a drive to plant 1 million trees by oct 2008.
Businesses have an impact on the environment as a whole. Due to rapid industrialization the environment is severely polluted. Dumping of waste products into the water bodies there by causing air, water, soil, pollution. So there is an urgent need for environment consciousness and various firms have already taken initiatives for providing clean environment for all the future generations to come.
Intel has taken up plantation and cultivation activities. Recycling used products also acts as a step towards minimizing wastages.
Facts like Himalayan glaciers may vanish by 2035.
Melting glaciers, snow cover, could affect upto 40% of the world’s population through rising sea levels.
If such facts become true then this possibility is not far away.
Climate change is the greatest environmental challenge facing the world today.
Agriculture in India will be significantly affected by climate change due to global warming.
Productivity of certain crops like wheat are already on the decline.
It is therefore essential to reduce the concentration of green house gases in the atmosphere.
The importance of topic climate change can be supported by the nobel peace prize awarded to Al Gore, Dr. R.K. Pachauri for disseminating knowledge on man made climate change and its consequences.
UTI Ventures invest $8 million in Presco(Pragmatic Environmental solutions
Co) with Beam Environmental Solutions, a company involved in waste oil recycling
and alternate energy systems.
Google has created research group for initiating a project called Renewable
Energy Cheaper than coal is meant to help Google cut its energy cost and then to offer
Customers cheaper power.
The topic of Energy conservation and global warming is incomplete without the reference of Kyoto Protocol, which is an agreement made under United Nations Framework On Climate Change for reducing emission of CO2 and other green house gases.