14. Corporate Social Responsibility Massachusetts based Staples Inc. is one the

Question

14. Corporate Social Responsibility Massachusetts based Staples Inc. is one the largest and most complete suppliers of home and business office supplies in the world. The company started from a single store in Brighton and now employees more than 70,000 people in more than 1,700 stores around the world. The company generates revenues in excess of 17 billion. The following details from one of the companies past yearly Corporate Social Responsibility goals. Objectives Environment • Make it easy for our customers to make a difference by continuingto improve our offering of environmentally preferable products and services. • In the United States and Canada, ensure that 35% or more of all paper products sold by weight at the end of 2006 consist of post-consumer recycled content or environmentally preferable tree-free fibers. • Extend environmental data collection and reporting to encompass international operations and establish specific global environmental improvement targets for 2007. • Develop six or more additional on-site renewable energy projects in 2006,as resources allow, and pursue additional energy efficiency and carbon mitigation strategies, including projects related to operations and transportation. • Incorporate certified fiber content into our paper products offered for sale within the constraints of market conditions, demand and cost considerations. Community • Continue to build the global partnership between Staples Foundationfor Learning® and Ashoka, a global nonprofit devoted to leadership development. • Expand employee involvement in the communities where our customers and employees live and work. • Further leverage relationships with partners in the areas of environmental stewardship, diversity, entrepreneurship and the Hispanic populationto maximize impact on communities in the United States. Diversity • Uphold an inclusive, results-oriented environment that values each member of our diverse and talented team. • Sustain competitive advantage through our ability to mirror the diversity MGT303 EXAM POOL QUESTIONS of our customers.• Improve recruitment and retention of all diverse population segments. Ethics • Continue to expand and refine ethics training for associates in North America and globally to address key business needs and risks. • Continue to drive awareness of customer privacy and implement strategies where needed to promote sound information-protection practices. • Communicate the availability of the new EthicsPoint Reporting System, enabling associates to reportethics questions or concerns openly or anonymously to a third party in their native languages by telephone or the Internet. • Continue to integrate ethics into the global Staples culture through communication, education andthe development of new programs where necessary. • Apply new expanded social accountability audit to additional geographic regions and develop a longer-term strategic plan to evaluate and strengthen our supplier responsibility program. • Describe why the firm might engage in such practices, identifying at least three potential benefits that the firm might realize from this strategy. • Identify potential risks of the CSR practices. • Make recommendations for how to minimize the risks while maximizing benefits.

Explanation / Answer

THE COMPANY WOULD BENEFIT IN SEVERAL WAYS WHILE ENGAGING ITSELF INTO THESE CORPORATE SOCIAL Responsibility practices. CSR activities will reduce the firm’s inefficient capital expenditures and exposure to risks. Being environmentally proactive results in cost and risk reduction. Building positive community relationships would lead to attaining tax advantages offered by city and county governments to further local investments positive community relationships decrease the number of regulations imposed on the firm because the firm is perceived as a sanctioned member of society. CSR initiatives can contribute to strengthening a firm’s competitive advantage, its brand loyalty, and its consumer patronage. CSR initiatives also have a positive impact on attracting investment. Companies which show that they can fir in the community and culture in which they operate, they are able to build mutually beneficial relationships with stakeholders.

On the other side the highly competitive business world in which we live requires that, in allocating resources to socially responsible initiatives, firms should continue to consider their own business needs. Financial profits can be spent on the smoke and mirrors of CSR, for little gain. Core competencies can be ignored. CSR practices designed to trick consumers can lead to marketing fraud. One way to avoid these types of risk is to be alert and active in all your efforts and not to indulge in anything excessively.

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