Information about the companies on which the research has been done
The following assignment is going enlighten the business values and a comparative study between the social and organisational morals and values of two leading multinational electronics organisations Samsung and Panasonic Corporation. Addition the discussion is going to enlighten their corporate social responsibilities along with the most impactful and relevant sustainable social development goal on the basis of both their current organizational status and the industries they belong to.
The chosen companies are Samsung and Panasonic that develops their identical social reports and the values of both of the companies are identified by going through their individual websites along with the other documents of the companies such as sustainability reports, consumer social responsibility reports, and social reports and so on. Both of these companies Samsung and Panasonic belong to the telecommunication as well as the electronics industry and come under the category of the most leading and renowned electronics organizations of the global electronics industry (Sorenson, 2014). However, the company Samsung is a South Korean multinational organisation and offers a vast amount of products like automotive, apparel, consumer electronics, chemicals, medical apparatus and electronic gadgets (Report&Policy | Sustainability | Samsung US. 2018). On the other hand, Panasonic Corporation is one of the leading Japanese multinational electronics organizations retails mainly electronics devices, home appliances, and semiconductor devices (De Anca & Vega, 2016).
When it comes to evaluating the social cum company values of both of the company it can be noticed that both the companies hold their unique and identical social values which have a great impact on their industrial growth as well as their corporate social responsibilities. On the other hand, the core value systems of these organizations help them holding their sustainability and integrity, in the long run, resulting in making them two of the most reputed and consumer-friendly multinational organizations (De Anca & Vega, 2016).
At Panasonic, they developed their social value strategy mainly based on certain corporate social responsibilities such as environmental responsibilities like creating and utilizing clean energies and the energies come from renewable resource and responsibilities towards the society like contributing towards the development of a better society through resolving the complex social issues (Sustainability – About Us – Panasonic, 2018). Apart from that, the company values of Panasonic corporation speaks volumes for human rights and labor rights via designing descent organizational structure cum human resource management strategies which take into account the total supply chain of the company. Last but not least the company is determined to ensure an impartial and unbiased working environment which can enrich the well-being of both the society as well as their employees (De Anca & Vega, 2016).
A comparative analysis of the social and company values of the chosen organizations
At Samsung, they design their social and company value system known as sustainability report in a way which can ensure the enrichment of the environment, the economy and the society besides intensifying the business morale and ethics of the company (Sorenson, 2014). At Samsung, they paid their prime attention to corporate governance while drafting their social and company values. In this context, the mentionable fact is that they have run their business from an ethical point of view through thick and thin resulting in enriching their integrity. They always encourage independence, diverseness, and transparency when it comes to developing their corporate governance organizational structure (De Anca & Vega, 2016).
However, when it comes to drawing a comparison between the social responsibilities cum company values of both of the organization it is noticed that there are certain similarities dissimilarities between the two in terms of social and company values. There are numerous similarities between the social value systems developed by the organisations such as both the company focuses upon environmental welfare and substitution of non-renewable energy resources by the renewable energy resources in order to help the world getting rid of the issues like limitation of non-renewable energy resources, both the company encourage the utilization of more greener energy for establishing environmental sustainability. In addition to that, both the company turn their spotlight on social welfare in terms of making the society educated. However, at Panasonic, they paid their prime attention to following the human rights like preventing forced labour and child labour and providing proper safeguards to their workers at the workplace and ensuring the rights of the foreign employees and so on. Whereas at Samsung, they also paid attention to human rights but from a different aspect they put their prime focus on ensuring an unbiased organizational structure where all the employee are treated in the same manner regardless their gender, religion and sexual orientation (Pfeffer, 2014).
As discussed earlier the organizations Panasonic Corporation and Samsung have their identical sustainable development goals in terms of contributing towards the wellbeing of the environment, the society and their organizational culture and the employees. However, among all the sustainable development goals the most essential development goal which is relevant to their industry is incorporating technical up-gradation and modernization but taking into account the utilization of renewable energy resources (Sorenson, 2014). In this context the mentionable fact is that both the companies Samsung and Panasonic corporation belong to the same industry which is electronic industry and both the company has their common sustainable development goal associated with the utilization of renewable energy resources which is the most relevant sustainable development goal with the electronics industry and can intensify the social and company values alongside. In this competitive and dynamic global electronic industry having modernized approach is very much essential for an organization to hold their sustainability. On the other hand, being a corporate citizen the company should be aware of their social responsibilities as well and cannot ignore the social welfare initiatives for the sake of implementing digitalization and technical up-gradation. Therefore, the solution is to turn their spotlight on the utilization of greener energies (Kumar & Reinartz, 2018). Modern technologies need a lot of energies for their implementation and operation and a vast amount of energy resource is the non-renewable energy resources which are limited in amount and getting reduced with the passing time. However, the solution to this problem is the usage of more and more renewable energy resources like solar energy, wind energy, water energy, biomass etc. and thus the organizations have made these natural energy resources as their main energy source for bringing about technical up-gradation resulting in the implementation of modern technology besides enhancing the energy efficiency. The organizations mainly focus on developing energy saving business strategies, energy management strategies as a part of their corporate social responsibilities and sustainable development goal (Choudhury, & Harrigan, 2014).
The sustainable development goal that is the most relevant one with both their organizations and the industries they belong to
According to Zadek’s criteria of social accounting approach availed by both of the organizations should be concerned stay about the degree to which these reports mirror a veritable aim of organizations to make themselves responsible for their social and natural execution or whether they are simply a method for keeping up corporate notoriety despite outside feedback. Exchange with partners lies at the core of Corporate Social Obligation rehearse. While poll studies are a fundamental strategy for counseling expansive stakeholders gatherings, little has been composed about how the information utilized in CSR reports are produced (Zadek, 2017). However, both the companies Samsung and the Panasonic corporation satisfy the social accounting approach of Zadek’s criteria which introduces a contextual investigation of how one organization directed a large-scale multinational worker overview and recognizes key outline highlights of the study procedure that were utilized to improve the nature of the exchange between the organization and its representatives. The reason for partner discussion and discourse is to discover commonly concurred answers for distinguished issues of concern. It can just profess to be a moral business hone in the event that it endeavours to accomplish this all-encompassing reason. In this context, the mentionable fact is that both the companies design a flexible social accounting approach that ensures the development of strategy can be adjusted in approaches to advance discourse and consequently partner consideration, without loss of specialized thoroughness which follows Zadek’s criteria of social accounting approach (Heenetigala, De Silva, Armstrong, & Ediriweera. 2016).
Taking a look through the social reports provided by the chosen multinational organizations Samsung and Panasonic Corporation it is got to be noticed that social and organizational values stated by the companies are reflected through their social reports. When it comes to evaluating the social reports of Samsung it is noticed that their corporate social responsibility policy was designed based on the welfare of the environment, people, and society (Sorenson, 2014). However, the put a great amount of positive impact while developing a society where nature, people, and society co-exist maintaining well compatibility. The core motive of the social value was to offer a better life to the society besides preserving the nature. However, they not only accomplish a positive outcome in the quality up-gradation of life but also fulfilled their consumers demand. The five prime CSR emphasized are taken account by Samsung was healthcare initiatives, education, enrichment of energy efficiency and employability and they achieved satisfactory outcome form all the CSR initiatives stated by them (Bor?un, 2015).
The impact of Zadek’s Criteria of social accounting approach on the sustainable social development initiatives taken by the selected organizations:
However, same scenario is noticed at Panasonic Corporation, where the social values where designed focusing upon their environmental goal of creating and availing renewable energies in order to lead the nations towards a society with green energy, social goals in which they treated the organization as a public entity and the corporate social responsibilities where they emphasized on the corporate citizenship duties in order to resolve social difficulties associated with coexistence and education. However, they met all their goals successfully by means of their quality up-gradation of the goods, better consumer and employment relationship, protection of human rights, transparent business practice, improvised community relationship and the corporate citizen activities (Alrousan, Bader & Abuamoud, 2015).
At the end of this teamwork regarding the business value assignment comparison being a part of the team, I am quite influenced by their business values and the sense of corporate social responsibilities. However, the motive of social welfare of these world famous organizations put positive impacts on all of the members of the group including me as well. The most interesting thing in this context is that, being big multinational organisations the companies could only be aware of their own profitability and product but to a contrary they are equally aware of sustainable social development and has been fulfilling their consumer social responsibilities besides running their business successfully which encouraged the teams members all well to be aware of their individual duties towards the environment, people, and society. At the end of the assignment the group has come to the conclusion that the most effectual sustainable social value of them is developing production strategies that can encourage greener energy utilisation which is desperately needed in this modern era of globalisation where pollution has gradually been eating up the globe and the world has been running short of the energy resources this is so far the best social welfare approach that can ensure both the modernization and preservation of natural resources (Schwartz, 2017).
Conclusion:
Having a look through the entire discussion about social and organisational values of two world famous multinational electronic organisation we can come to a conclusion that having proper social and organisational value is way too essential in order to hold the sustainability and integrity of an organisation in this dynamic global industry.
References:
Alrousan, R. M., Bader, M. A., & Abuamoud, I. (2015). Stakeholders approach in influencing corporate social responsibility: a case study at two hotels in Jordan. International Journal of Tourism Policy, 6(1), 17-28.
Bor?un, D. (2015). A Synoptic Research Overview of CSR amongst Romanian Managers. In Corporate Social Responsibility in the Digital Age (pp. 187-196). Emerald Group Publishing Limited.
Choudhury, M. M., & Harrigan, P. (2014). CRM to social CRM: the integration of new technologies into customer relationship management. Journal of Strategic Marketing, 22(2), 149-176.
De Anca, C., & Vega, A. V. (2016). Managing diversity in the global organization: Creating new Business values. Springer.
Heenetigala, K., De Silva, C., Armstrong, A., & Ediriweera, A. (2016). Investigation of criteria used for assurance practices of sustainability reporting in Australian listed companies. Victoria University.
Kumar, V., & Reinartz, W. (2018). Customer relationship management: Concept, strategy, and tools. Springer.
Pfeffer, J. (2014). Business and the spirit: Management practices that sustain values. In Handbook of workplace spirituality and organizational performance (pp. 43-59). Routledge.
Report&Policy | Sustainability | Samsung US. (2018). Retrieved from: https://www.samsung.com/us/aboutsamsung/sustainability/report-and-policy/
Schwartz, M. S. (2017). Corporate social responsibility. Routledge.
Sorenson, R. L. (2014). Values in family business. The Sage handbook of family business, 463-479.
Sustainability – About Us – Panasonic. (2018). Retrieved from: https://www.panasonic.com/global/corporate/sustainability.html
Zadek, S. (2017). An economics of Utopia: Democratising scarcity. In Tomorrow’s History (pp. 36-52). Routledge.
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