A definition of green management according to is the process within an organization of applying innovation in order to achieve sustainability, waste reduction, social responsibility and a competitive advantage by the aids of continuous learning and development. Organizations shall be doing such developments, by implementing environmental goals and strategies which match the goals and strategies of the organization. This will therefore help the organization to stay focused to its mission and vision. Nowadays, it is found that companies advertise their products by promoting their environmentally – friendly behavior. It does not matter whether it is on TV or on banner; the message of “go green” is almost always used. But why green? Green is not simply a color. Going green is a way of making changes in the lifestyle of some organizations as well as the society also. This implies bringing in some changes which are friendlier towards the environment. Continue reading
Modern Management Concepts
Corporate Social Responsibility as a Source of Competitive Advantage
Corporate Social Responsibility (CSR) means that a corporation should be held accountable for any of its actions that affect people, their communities and their environment; it may require a company to forgo some profits if its social impacts are seriously harmful to the corporation’s stakeholders or if its funds can be used to promote a positive social good. Tougher competition recently has compelled the firms to adopt something that is different from their rivals and has also put a pressure on the firms to examine their philanthropy and other social activities, by doing so the company can sometimes achieve a strategic advantage over its competitors. There is a business case for CSR but it is much less important or influential than many proponents of civil regulation believe, CSR is best understood as a niche rather than a generic strategy: it makes business sense for some firms in some areas in Continue reading
What Is Coworking?
One of the grimmest predictions about the future was described by Robert Putnam in his work on social capital. He envisaged low likelihood of participation in community life, smaller groups of friends, even less happiness, and lower perceived quality of life. Furthermore, the enthusiasts of globalization and internet predicted that since people do not have to be together in order to work together, so simply they will not be. Both of these statements are deemed fallacious when recent innovative developments like coworking spaces are considered. Instead of dividing people and further rupturing community life, they reintroduce collaboration and community building through establishing an innovative office design that is being implemented worldwide. Coworking has been present for centuries, but the first forms of collaboration appeared in the beginning of the 20th century. Artists from around the world gathered in Paris to live and work. One of the establishments, La Ruche, was Continue reading
Risk Management in Business
Kaplan and Garrick (1981, p. 12) provide a simple equation for risk, which is “risk = uncertainty + damage”. They believe that it is irrelevant as to what context risk exists in, and that the same equation can always be used to identify and manage risk. However, risk can still be categorized differently depending on what facet of the organization it is affecting. Before a risk management strategy can be decided upon, the risk event must first be identified. An organization should conduct three steps before deciding on the best risk management strategy to use. As risk management can use a substantial amount of resources, clarification and direction should be decided upon before conducting risk management. The three factors are; Identification of the risk: The organization should first review all of the possible risk sources. Furthermore, they could use a risk assessment tool to identify the risk event that may Continue reading
Why Stakeholder Management is Important?
In order to justify why managing stakeholders is important to the organization, first, we have to clarify what is a stakeholder? A stakeholder is a person, group, or association that has a direct or indirect post in an organization because it can affect or be affected by the organization’s achievement objectives, and rules. Key stakeholders in a business organization include creditors, customers, administrations, employees, government (and its agencies), owners (shareholders), traders, unions, and the community from which the business gains its capital. A stakeholder can be dividing into primary and secondary groups. Primary stakeholders are important to the continued success of the organizational venture and include shareholders and investors, staff, contractors, customers, and suppliers. The secondary stakeholder can impact the business or are affected by the organizational venture. They are not involved in direct transactions with the company. Also, they are not directly critical to the survival of the business Continue reading
Stakeholders Perspective on Corporate Social Responsibility (CSR)
There are various definitions proposed by various scholars for Corporate Social Responsibility (CSR), but still, it remains uncertain and is poorly defined with few explanations. First, the issues that a CSR must address should be easily interpreted so that it includes virtually everyone and everything. Second, with its unique, often particular characteristics, different stakeholder groups tend to focus only on specific issues that they believe are the most appropriate and relevant in organizations’ corporate social responsibility programs. Thus, the beliefs about what constitutes a socially responsible and sustainable organization depend on the perspective of the stakeholder. Although the most basic definition CSR describes it as a social obligation for an organization, which is conceptually and operationally diverse. Corporate Social Responsibility is the continuing commitment by businesses to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as of Continue reading