Globalization and Corporate Social Responsibility: An Essay

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GLOBALIZATION ASSIGNMENT 1
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Introduction
As per the opinion of Kerr (2016), the modern day business environment has been drastically
changing and evolving due to the rapid popularization of globalization. On the other hand, () had
stated that the explosively evolving dynamics of modern business environment claims for the
development of various organizational as well as operational strategies. In this regard, it can be
said that the businesses are highly required to develop a significant reputation and brand image
in order to acquire a higher competitive advantage in the global market sphere. With respect to
this, the following essay focuses on the evolving business environment as well as the role of
corporate social responsibilities on businesses.
LO1.
According to Kerr (2016), the impact of globalization has influenced the businesses in such a
manner that it directly influences accomplishment of their organizational objectives. In this
regard, the business environment had been classified in two types in the globalization era, i.e.
internal environment and external environment. Although the businesses can significantly in
control of their internal business environments in most cases, they are not always in charge of
their external environment. The internal environment of an organization is usually handled by the
business managers through efficient selection of their suppliers, recruitment of employees,
marketing of products etc.
Furthermore, managers are always in-charge of proper allocation of resources that can help them
in developing their product development activities significantly. Regardless, it is evident that the
impact of globalization does not generally enable the organizations to control their external
environments. In this context, Mumi (2017) had addressed that the modern day business
environment demands for the organizations to continuously study the external environment. As
the success and growth of the businesses are heavily dependent on the external factors, they are
required to study the external environment and strategically align their objectives in order to
acquire higher competitive advantage in the market. In this regard, there are several external
factors such as social, political, economic, technological, environmental etc. that influence the
business’s growth and expansion. In this regard, technology plays a major role in the
enhancement of operational activities of the present-day businesses. With the application of
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scientific innovation in terms of commerce optimization, globalization has ensured the
sustainability of modern-day businesses.
Organizations such as Volkswagen group, Berkshire Hathaway, Apple, and Microsoft etc. are
highly concerned about developing their technological dimension in order to stay ahead of
competition and introduce breakthrough innovations. As per the opinion of van Paasschen
(2015), artificial intelligence is transforming into a major trend for recent businesses. Reports
have stated that the AI industry is estimated to reach $54 billion by 2026 (McHugh, 2018).
Further empirical studies confirm that technological dependence of businesses is rapidly rising as
an impact of globalization. This further justifies the explosive speed through which it is
spreading amidst businesses.
LO2.
Sustainable management of business refers to the implementation of strategic measures that
significantly ensure the long-term growth and success of business organizations. In this regard,
Fatemi et al. (2015) had described sustainable management as the transfusion of sustainability
and commerce. In brief, the sustainable management practices enable businesses to focus on both
the requirements of their customers, and minimize their environmental impact significantly to
ensure corporate sustainability. In this regard, it is important for businesses to ensure
implementation of fair-trade practices, benefitting their customers etc. As per reports, various
organizations have focused on reducing the environmental impact of their product packaging
materials to ensure environmental sustainability.
On the other hand, it is fundamental for businesses to focus on business ethics in order to
maintain a competitive advantage in the present day business environment. Ethics refer to the
moral judgment that differentiates amidst the right and wrong. Therefore, globalization demands
the businesses to take ethically righteous decisions in order to ensure their sustainability in the
market sphere. Furthermore, Attig and Cleary (2015) had signified corporate reputation as one of
the most significant assets of organizations, for which they are required to maintain ethics. As
businesses focus on maintaining their promises in order to manage their reputation, it signifies
the role of ethics in business.
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Corporate social responsibilities refer to the major initiatives undertaken by business
organizations in order to benefit the societal dimensions of business. As per the words of Kerr
(2016), implementation of CSR refers that the organizations are not only focused on acquisition
of profit, but also benefitting the society and environment as well. SASs per the opinion of Attig
and Cleary (2015), leadership is a fundamental necessity of corporate social responsibility that
helps in ensuring corporate sustainability. Singh et al. (2015) had addressed that the behavioral
attributes of the leaders require being transparent and ethically righteous, internally as well as
externally to their respective leading organizations. This is because leadership has a signification
contribution in terms of shaping the moral and ethical attributes of an organization. Corporate
social responsibilities also consist of welfare of the employees working in the organization. In
this regard, the leaders play a significant role in motivating the workers to strive for higher
efficiency and productivity. Leaders further shape the values and morals of the organizations
with their own belief and values in a significant manner. The ethical dilemmas of the employees
are also solved by the leaders in a significant manner, which imp0lies that CSR has a significant
impact on leadership as well.
Conclusion
Based on the discussion presented above, it can be stated that the modern business environment
is rapidly changing and evolving, and is being helped with modern strategies and methods. The
impact of globalization has compelled businesses to adapt to the external environment in order to
gain a higher competitive advantage in the market. In this regard, the modern technologies have
provided great help to optimize corporate sustainability. Furthermore, sustainable management is
focused on the assurance of long-term business growth. On the other hand, the businesses also
focus significantly on maintaining business ethics to maintain their reputation in the market. This
introduces the concept of corporate social responsibility, which has a significant impact on
leadership of an organization.
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Reference list
Kerr, W.R., 2016. Harnessing the Best of Globalization. MIT Sloan Management Review, 58(1),
pp.59–69.
A.Mumi, 2017. Analysis of changing bank services in globalization process of financial
business. Problemi Teorìï ta Metodologìï Buhgaltersʹkogo Oblìku, Kontrolû ì Analìzu, 3(38),
pp.94–98.
van Paasschen, F., 2015. Globalization from a Business Leader's Point of View. The Brown
Journal of World Affairs, 22(1), pp.175–189.
Singh, R., Bakshi, M. and Mishra, P., 2015. Corporate Social Responsibility: Linking Bottom of
the Pyramid to Market Development? Journal of Business Ethics, 131(2), pp.361–373.
Attig, N. and Cleary, S., 2015. Managerial Practices and Corporate Social Responsibility.
Journal of Business Ethics, 131(1), pp.121–136.
Fatemi, A., Fooladi, I. and Tehranian, H., 2015. Valuation effects of corporate social
responsibility. Journal of Banking & Finance, 59, p.182.
McHugh, M., 2018. AI's industry impact. Computer Reseller News, pp.26–27.
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