Sustainability or Social Responsibility -- What's in a Name? Tuesday, August 25, - There seems to be an endless battle over whether sustainability is merely a component of corporate social responsibility or whether social responsibility is simply one of the so-called bottom lines in sustainability's triple bottom line TBL. It is not really a battle since neither side will even recognize the other.
Even a small business has internal stakeholders, such as the owner, any investor or partner or financing organization. External stakeholders consist of any person, group or organization outside your business, who has interest in what you are doing.
Being socially responsible in business means that a business meets the needs and expectations of its stakeholders.
Engagement With Stakeholders Stakeholder engagement is more than a social responsibility.
It is a key factor in successful business operations. Stakeholders help guide company leaders with necessary information regarding business development, regulatory issues and public awareness.
When a company is not forthright with information that pertains to internal or external stakeholders, there is less engagement, and the potential for animosity when stakeholders feel that they are being "kept in the dark" on key business matters.
Home depot 4 social responsibility example, a plumbing company has several company trucks to service customers. The trucks are insured with XYZ Insurance, and all drivers are listed on the insurance policy. The insurance company is a stakeholder in the business, because it has a financial interest in protecting the company.
If a new driver is hired, who has a bad driving record and the company doesn't inform the insurance company, the company has just added an unknown liability to itself and to the insurance agency.
If there is a loss, the insurance company may be less inclined to believe a company that has a history of withholding pertinent information. Community Development Small businesses are a cornerstone of communities. Communities reap the economic benefits of a strong small business market, and also enjoy how a variety of small businesses make the community unique and enjoyable to live in.
The community, schools, city council and other local organizations and businesses are external stakeholders. Although most small businesses don't draw concerns from community leaders or organizations, others do and they need to address these in a socially responsible way.
For example, if a quaint coastal community is known for its antique shops, art galleries and seafood restaurants, a plan to bring in a big box store might affect the cultural dynamic of the community and might attract more big box companies. This could squeeze out the mom and pop businesses that have been in the community for decades.
These external stakeholders would voice opinions in city council and planning meetings to ensure that big and small businesses can co-exist.
Growth and Sustainability Having a plan that allows for continued success with growth is not just a business objective but a stakeholder objective. Communities with a lot of commercial space left vacant often attract more crime, vagrancy and vandalism. It is also important to consider the responsibility of the business owner to his staff.
At the core of your business, your team is one of your greatest stakeholders. The livelihood of each employee is contingent upon the continued success of the company. When companies shutter their doors or they let go groups of employees, it means that some people are no longer able to provide for their family.
Home Depot Inc NYSE:HD. Score: Neutral (56) 4 days at current score. Downgraded from Positive on September 21st View full report here! Summary. This company ranked neutral compared to the. Home Depot Local Ads, Guides, and Catalogs. Create an Account Track orders, check out faster, and create lists. DOING THINGS BETTER EVERY DAY. When customers shop with The Home Depot, they invite us into their homes and businesses. We are grateful for their trust and understand the responsibility .
This trickles down into the community, with the result being that consumers soon will have less disposable income to spend.Lowes and Home Depot are national and international home appliances’ stores. Both firms are considered monopolistic competitive.
Both companies publish on their websites information and data on their social responsibility efforts. The use of corporate social responsibility (CSR) initiatives to influence consumers and differentiate product offerings has become quite common.
Thus, a good fit between prior expectations, knowledge, associations, actions, and competencies of a firm and a given social initiative (e.g., Home Depot and Habitat for Humanity) can be more. Sep 23, · 🎀SOCIAL MEDIA ACCOUNTS 🎀 Facebook/ lera calayag Wiebe Instagram/ lera_wiebe 🎀 BUSINESS E-MAIL ADDRESS 🎀 [email protected] [email protected] Home Depot’s vision statement highlights a number of key factors that define the business today.
For instance, the vision statement shows that the company aims to be a one-stop shopping venue, which involves a wide array of home improvement products. Home Depot Local Ads, Guides, and Catalogs. Create an Account Track orders, check out faster, and create lists. Microsoft is committed to making our planet a better place.
Read and learn more about our corporate social responsibility (or CSR) policies and practices.