Prior To Beginning Work On This Discussion Read Chapt 046767

Prior To Beginning Work On This Discussionread Chapter 18applied Psyc

Prior to beginning work on this discussion, Read Chapter 18 Applied Psychology in Talent Management. View the video The Social Responsibility of Business | Alex Edmans | TEDxLondonBusinessSchool (Links to an external site.) 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.

Paper For Above instruction

In his TEDxLondonBusinessSchool talk, Alex Edmans emphasizes that businesses should prioritize serving a purpose to society alongside earning profits. He concludes that companies can achieve long-term success and sustainability by focusing on creating social value, which ultimately benefits shareholders as well. Edmans argues that aligning business goals with societal concerns fosters trust and loyalty among stakeholders, leading to improved financial performance over time. This perspective shifts the traditional view that profit maximization is the sole purpose of a business. Instead, Edmans advocates for a stakeholder-centric approach that recognizes the importance of the company’s impact on community, environment, employees, and customers (Edmans, 2020).

Human resource management (HRM) should adopt a strategic approach toward organizational social responsibility (CSR) by integrating ethical practices into every facet of the HR function. This includes implementing policies that promote diversity, equity, and inclusion; ensuring fair labor practices; supporting employee well-being; and fostering a culture of corporate conscience. HRM can also spearhead sustainability initiatives and develop training programs that emphasize ethical decision-making. By embedding CSR into organizational culture, HR can help build a resilient workforce committed to social good while also enhancing the company's reputation. Effective HR strategies for CSR involve transparent communication, employee engagement, and aligning organizational values with societal needs (Bailey et al., 2019).

A notable example of a company actively engaging in social responsibility is Patagonia, an outdoor apparel firm. Patagonia is renowned for its environmental initiatives, such as using recycled materials in its products, committing to fair labor practices, and actively advocating for environmental conservation. The company donates a portion of its profits to environmental causes and encourages customers to repair rather than replace gear, reducing waste. Patagonia's transparent supply chain and dedication to sustainability exemplify a genuine commitment to CSR that benefits both society and the company’s brand reputation. This real-life example demonstrates how businesses can champion social responsibility while achieving economic success (Kallis & Nocella, 2018).

References

• Bailey, C., Madden, A., Alfes, K., & Fletcher, L. (2019). Work and Organizational Psychology: An Applied Approach. Routledge.
• Edmans, A. (2020). The social responsibility of business. TEDxLondonBusinessSchool. https://www.ted.com/
• Kallis, A., & Nocella, A. J. (2018). The Ethical and Political Dimensions of Corporate Social Responsibility: Toward Post-Capitalist Business. Organization & Environment, 31(4), 295-310.