Question: I need a substantive comment on this post: There are a myriad of reasons why ethical behavior, social responsibility and sustainability are important aspects of
I need a substantive comment on this post:
There are a myriad of reasons why ethical behavior, social responsibility and sustainability are important aspects of corporate governance. For one, they all influence a companys reputation, that when negative, can lead to decreased profitability because consumers and employees do not want to be associated with a company where leadership is untrustworthy with questionable practices. Also, if a product or service is offered by a company that was manufactured or produced at the expense of others (think sweat shops), supporting that company could appear as being implicit in their lack of social responsibility. Or, when a companys focus veers from making their customers a priority, as well as ensuring the environment is protected, sustainability is threatened and can have irreversible impact (Uhl-Bien et al., 2021). The four tenets of capitalism are: higher purpose, stakeholder orientation, conscious leadership, and a conscious culture. As a company, having a higher purpose means that you are not in it for just the money you have a greater aspiration to expand a reach that brings value. Being mindful of stakeholder orientations allows a business to make decisions knowing that their stakeholders are directly affected based on the path they decide to take. And just as the bible teaches in Luke 14:11a, when there is a lack of leadership, people will fall, which speaks to the importance of conscious leadership that seeks to harmonize environments and lead by example. Last, a conscious culture informs others of the importance of having a purpose that is driven by values, principles and practices that lends itself to a culture that can promote itself when demonstrated by action (Conscious Capitalism, 2023). Creating a company with these principles in mind can result in a company that not only exists but stands out from the rest based on a focused approach to care for what they represent and those that practice good stewardship over. A company that I believe exemplifies a conscious capitalism perspective is Chick-fil-A. Their vision, To glorify God by being a faithful steward of all that is entrusted to us, is not only in word, but deed as well as they sacrifice being open for business on Sundays so that their employees are able to tend to their religious activities, if they choose. Equally important are their values of serving others, doing their best, recognizing the importance of purpose, and being open to change (Chick-fil-A, n.d).
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