TechFite Company has put a great deal of effort to positively play a role in developing the surrounding community as one way of fulfilling its agreement with the city officials. In spite of its efforts, the company is still faced with social and ethical obligation challenges. Therefore, there is a necessity for the company to formulate both corporate social responsibility and corporate policies to assist in addressing these challenges.
Corporate policies
Improvement of the workplace environment
The company shall ensure that every employee is equality treated regardless of their race, gender, religious orientations, social status, nationality, age, and physical well-being (Boyd, 1996). The company shall also ensure that employees feel appreciated, accepted, and valued. Additionally, the company will treat any case of harassment and devaluing with a lot of seriousness and the culprit shall face disciplinary actions
Delegate your assignment to our experts and they will do the rest.
Compliance to the Labor and Employment Laws
All the Labor and Employment laws shall be followed in spite of the condition the company may be in terms of finances since the laws and their provisions play a major role in guiding on human resource matters such as promoting, hiring, and compensations.
Dissemination of information to the stakeholders
The company shall circulate the required information such as plans, ideas, and proposals to the affected stakeholders prior to using the data to make a decision that may have a serious impact on the stakeholders. This shall help establish and maintain an appropriate and constructive relationship between the company and the stakeholders (Rossouw, 2005).
TechFite issues
The first issue is lack of motivation to junior employees. The top management of the company receives huge bonuses while the junior employees receive no incentives at all. Secondly, there is misuse and misappropriation of resources due to mismanagement of finances. For example, instead of paying the employees their dues of working overtime, the company channels those funds towards giving bonuses to senior managers.
Purpose of ethics officer
An ethics officer in any company is appointed an individual whose main role is to ensure that employees and stakeholders adhere to the set of ethical standards and principles. If any individual violates the ethical standards and principles, he/she faces disciplinary actions from the ethics committee which is chaired by the ethics officer.
Corporate social responsibility (CSR)
According to Balabanis, Phillips, and Lyall (1998), corporate social responsibilities can be defined as business regulations that are incorporated within a model of the organization model and surpass the statutory compliance laws and regulations. Companies apply the use of CSR to evaluate the surroundings and own its actions so as to ensure environmental and social well-being.
In TechFite, CSR is important since the company actively engages in the community- based activities such as monetary support of community projects. But, recent disengagement from its contribution to the community has placed the company on a hotspot and tarnished its image to the general public. At the same time, due to poor financial management, the company is faced with financial problems. Additionally, due to its lack of commitment to enhancing its employees’ welfare, the company is facing reduced productivity. Therefore in order to resolve the problems, the company should inform its stakeholders of its financial constraints and ensure that it continues to fund the projects once it resumes normal operations (Yoon, Gürhan-Canli, & Schwarz, 2006). Secondly, the company should ensure that its entire workforce receives equal and fair treatment by appropriately budgeting and allocating funds. Lastly, the company should engage in communal activities that do not necessarily require financial inputs such as tree planting and environment cleaning so as to continue improving its image in the eyes of the general public.
References
Balabanis, G., Phillips, H. C., & Lyall, J. (1998). Corporate social responsibility and economic performance in the top British companies: are they linked?. European business review , 98 (1), 25-44.
Boyd, C. (1996). Ethics and corporate governance: The issues raised by the Cadbury report in the United Kingdom. Journal of Business Ethics , 15 (2), 167-182.
Rossouw, G. J. (2005). Business ethics and corporate governance: A global survey. Business & Society , 44 (1), 32-39.
Yoon, Y., Gürhan-Canli, Z., & Schwarz, N. (2006). The effect of corporate social responsibility (CSR) activities on companies with bad reputations. Journal of consumer psychology , 16 (4), 377-390.
