The most successful and enduring organisations are also those that give the greatest attention to the well-being of their staff, to their stakeholders, and to their broader social and ethical responsibilities.
How do these factors play a role in the organisation's success, including CSR, corporate governance and business ethics.
Well, clearly, if it's a commercial enterprise, it needs to be profitable. Although, it might be that the things you mention are the path to that.
Equally, a public enterprise needs to be cost efficient, or it's storing up long-term misery for all concerned.
So good leadership and good management are also crucial.
Christopher NOCK
I recommend this article:Article Value-Enhancing Capabilities of CSR: A Brief Review of Conte...
It summarizes the value-enhancing capabilities of firms’ social and environmental activities that exist in theory, but fail to find convincing empirical evidence to link CSR efforts with greater business success.
Dear Sohaib
These are very important aspects that the competitive macro-environment of the company demands with greater intensity, but they are not enough for a business to succeed in a market. The aspects that you indicate contribute above all to improving the image of the company in the society. I believe that companies that do not care for their macro environment have more to lose than win, reason why corporate social responsibility is increasingly importance in the management of senior executives.
With regards.
PM
You seem to have an enterprise in mind.
In your list of factors, there is considerable if not total overlap between society and stakeholders. You ignore the environment; but that may not matter if the objective is only the short-term success of the enterprise.
You have not specified your criterion of success. If it is exclusively profit, the business need satisfy only a subset of stakeholders; ditto if it is the survival of the entrepreneurs or their household (a starving family stealing food or landless peasants invading land for instance).
Dear Sohaib
The factors that contribute to the success of a business organization require, in addition to what is indicated in your question, a better education. It is essential to have a quality integral education, in which ethical, cultural, human values can be objectified, along with a validation of professional competences. The other element of a successful organization is to formulate common objectives between the staff and the company, additionally the institutional and personal values must coincide, while they must be evaluated periodically, this helps the sustainability of the company not only in its accounting records but also humans.
Dear Sohaib,
The concept of CSR, business ethics, corporate governance are directly related to and determined by corporate culture. I think that a company-appropriate culture that implies the real implementation of good practices, as well as reciprocity in the company relationship, is one of the main components of a successful organization.
Appropriate leadership, in the context of modern concept development, is also a prerequisite.
Best regards,
Yanica
Dear Sohaib,
In my opinion,these aspects are necessary,but various other requirements are there to be successful in business.
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