Prior To Beginning Work On This Discussion Read Chapter 18

Prior To Beginning Work On This Discussionread Chapter 18 Inapplied P

Prior to beginning work on this discussion, Read Chapter 18 in Applied Psychology in Talent Management . View the video The Social Responsibility of Business | Alex Edmans | TEDxLondonBusinessSchool Links to an external site. . This video defines corporate social responsibility (CSR) and debates the purpose of business as well as the pros and cons of CSR. In the video, Alex Edmans asks, “Why do businesses exist, to earn profit (shareholders) or to serve a purpose to society (customer, employee, and environment)?†Address the following: Explain what answer he came to and why. Next, discuss the approach human resource management should take toward organizational social responsibility.

Finally, cite one real-life example of a company implementing social responsibility that is not mentioned in the video or the course textbook. Be sure to be factual and to fully support your answer. Your initial response should be a minimum of 200 words.

Paper For Above instruction

In his TEDxLondonBusinessSchool talk, Alex Edmans explores the fundamental question of why businesses exist—whether solely to maximize shareholder profits or to serve broader societal purposes. After analyzing various perspectives and evidence, Edmans concludes that companies should prioritize creating long-term value that benefits both shareholders and society. He emphasizes that focusing exclusively on short-term profit often neglects social responsibilities, which can lead to reputational damage and decreased long-term profitability. Edmans advocates for a stakeholder-oriented approach, where businesses pursue sustainable growth by considering the interests of customers, employees, communities, and the environment. This approach not only aligns with ethical principles but also enhances corporate reputation and resilience.

From a human resource management perspective, embracing organizational social responsibility (OSR) involves integrating CSR principles into core HR practices. HR managers should foster an organizational culture that values ethical behavior, diversity, and employee well-being. They should implement policies that promote fair labor practices, environmental sustainability, and community engagement, recognizing that employees are vital stakeholders in advancing corporate social goals. HR can also develop training programs that enhance employees' awareness of social responsibilities and encourage active participation in CSR initiatives. This strategic integration ensures that CSR becomes embedded within corporate identity, leading to improved employee morale, retention, and overall organizational effectiveness. Furthermore, HR can serve as a bridge between corporate leadership and employees, translating CSR objectives into actionable practices fostering shared value creation.

A notable example of a company demonstrating social responsibility is Patagonia, an outdoor apparel retailer. Patagonia has established a reputation for environmental sustainability through initiatives like using recycled materials, advocating for conservation, and committing to fair labor practices. The company donates a percentage of its profits to environmental causes and champions initiatives that promote sustainable production and consumption. Patagonia’s business model reflects a deep commitment to environmental stewardship, aligning profitability with ecological responsibility. This example underscores how organizations can effectively integrate social responsibility into their core operations, thereby enhancing brand loyalty and societal impact.

References

• Edmans, A. (2011). The social responsibility of business: A review of the debate. TEDxLondonBusinessSchool. https://www.ted.com/
• Freeman, R. E. (1984). Strategic Management: A Stakeholder Approach. Pitman Publishing.
• Porter, M. E., & Kramer, M. R. (2006). Strategy & Society: The link between competitive advantage and corporate social responsibility. Harvard Business Review, 84(12), 78-92.
• Freeman, R. E., Harrison, J. S., Wicks, A. C., Parmar, B. L., & De Colle, S. (2010). Stakeholder Theory: The State of the‐Art. Cambridge University Press.
• Schwab, K. (2019). The Fourth Industrial Revolution. Currency.
• Unilever. (2020). Unilever Sustainable Living Plan. https://www.unilever.com/sustainable-living/
• Patagonia. (2021). Environmental & Social Responsibility. https://www.patagonia.com/values/
• McKinsey & Company. (2020). ESG Today: The Business Benefits of Sustainability Focus. https://www.mckinsey.com/
• Epstein, M. J., & Buhovac, A. R. (2014). Making Sustainability Work: Best Practices in Responsible Business. Greenleaf Publishing.
• Elkington, J. (1997). Cannibals with Forks: The Triple Bottom Line of 21st Century Business. Capstone.