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Why has it become necessary to identify stakeholders in the framework for examining corporate social responsibility?

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Why has it become necessary to identify stakeholders in the framework for examining corporate social responsibility?

Stakeholders in a corporation are the people with major interests. Identification of stakeholders is pivotal in the making of decisions. Businesses, therefore, have duties towards the stakeholders and society in general. The people who live around the business make up its social society. The stakeholders also have a role in making the business prosper. The society for some businesses makes up part of their consumer market. It, therefore, creates the need for the company to implement social responsibility. Morality in business practices is highly related to the success received by many big companies. Identification of stakeholders also implies that the company gains social power which is also a competitive tool in the business world. Identifying stakeholders in the CSR framework implies that a firm gets an informal social license to operate within the confines of society. The informality of the license is based on the fact that the stakeholders have no legal claim to the business as compared to shareholders who receive economic benefits from the firm. In some instances, the inclusion of stakeholders in the framework may look like sacrificing economic benefits for human benefits. However, the inclusion is basically widening of the claimants net to include people who do not have a legal claim to the business but are affected by its operations.

Describe the important criticisms for Lean management (LM) projects and the problems that are encountered.

The framework of lean management implies that a company derives its value by reviewing its activities from a customer’s or society’s perspective. This implies that the company has to cut down its waste and continually improve their efficiency to help them deliver more with less. The framework is criticized as its sustainability is in doubt. To increase efficiency over time, innovations have to be implemented from time to time. The implementation of these innovative ideas requires the firms to set aside resources from time to time to replace resources that have not been worn out. Lean management, therefore, makes the company seem to focus mainly on the factors that benefit the society overlooking the economic factors in the business. LM framework may also lead to low environmental and social performance. The framework emphasizes the efficient use of resources, reducing waste and enhancing productivity. However, the LM framework may stop the company from achieving this. Implementation of the LM framework implies that the company overlooks the adoption of technology that will cut down the number of employees in order to keep the employees happy.

 

 

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