Please enable JavaScript.
Coggle requires JavaScript to display documents.
Ethical, Social & Environmental Responsibility. - Coggle Diagram
Ethical, Social & Environmental Responsibility.
-
Code of Ethics
-
-Improves Decision-Making~ Creates a good foundation for future business decisions, helps company consider all the stakeholders that decisions impact.
-Sets High Standards~ When a business sets out desired behaviour, it is easier for management & staff to know what is expected of them.
-Improves Reputation~ If a brand promotes the code of ethics on website & shows examples of it acting in harmony with the code, this creates positive PR & attracts customers & employees.
-Creates Clear Rules & procedures~ A code of ethics outlines expected behaviour, if this behaviour is not met there are clear consequences this deters breach of the code.
-
-
-
How Meeting Social, Ethical & Enviornmental Responsibilites Affect a Business
-Increased Wage Bill~ If a business pays the living wage to employees, this will increase their staffing costs.
-Costlier Manufacturing Processes~ It might be more expensive for a business to source ethically produced raw materials. A business might also have to invest capital to replace old machinery with new ones that release less emissions.
-Lowered Costs~ If a business behaves ethically it will have less of a chance of being fined by the government by braking environmental laws, or sued by their employees.
-Lower Energy Costs~ Moving to more renewable resources like wind & solar energy might have a costly initial investment but over time the usage costs will be lower.