Reply to the below post in 200 words. The reply must include at least 2 scholarly sources (published within the last 5 years) in addition to the course textbook (attached) and relevant biblical integration. All citations and references must be in the current APA format. Do not repeat the same sources as the original post; use the text or Biblical integration.
Since the inception of business practices and public companies as a whole, the mindset has always been for businesses to maximize profit and ensure their fat cats and general shareholders remain happy. As time has passed, however, the shift is moving away from shareholder happiness and towards customers, employees, and global happiness. While, yes, a business MUST profit to remain in business, they have many other obligations to support and must strictly adhere to these necessary requirements to remain relevant and active. In a poll with over 200 chief executives from some of the largest corporations in the world, the New York Times, during the annual Business Roundtable meeting, explained that the days of sole focus on quarterly earnings reports and shareholder are over (Gelles & Yaffe-Bellany, 2019).
Corporate Social Responsibility (CSR) is a new-wave concept where companies must enrich the lives of the communities they conduct business in (What is CSR?, n.d.). A PESTLE analysis is a business analysis tool where you judge a business based on six separate principles: Political, Economic, Social, Technological, Legal, and Environmental (What is PESTLE analysis? An important business analysis tool., 2022). Between CSR and PESTLE, it shows there are many facets in which a business must practice, and they all veer away from the age-old concept of solely focusing on shareholders.
In today’s society, you see many different requirements that fall into a PESTLE: livable wages, unethical business practices in developing countries, environmental spillage, racial issues, and fair treatment. Many companies are continuously supporting these initiatives, donating billions of dollars annually to help reduce waste and their carbon footprints, giving honest and fair wages and benefits to their employees, or ensuring they are taking care of everyone from the factory workers to customers. Unfortunately, not everyone on Wall Street and in large corporations feel this way, as C-suite employees are still making inordinate amounts of money, dodging taxes, and mistreating their employees. Although the words of the Business Roundtable are important, continuous misuse of people, products, and the planet do nothing to move the pendulum. As stated by Ms. Elizabeth Warren, “without real action, it is meaningless” (Gelles & Yaffe-Bellany, 2019).
References
Gelles, D., & Yaffe-Bellany, D. (2019, August 19). Shareholder value is no longer everything, top C.E.O.s say. The New York Times. Retrieved October 27, 2022, from https://www.nytimes.com/2019/08/19/business/business-roundtable-ceos-corporations.html
What is CSR? UNIDO. (n.d.). Retrieved October 27, 2022, from https://www.unido.org/our-focus/advancing-economic-competitiveness/competitive-trade-capacities-and-corporate-responsibility/corporate-social-responsibility-market-integration/what-csr
What is pestle analysis? an important business analysis tool. PESTLE Analysis. (2022, April 22). Retrieved October 27, 2022, from https://pestleanalysis.com/what-is-pestle-analysis/
