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Business and Community Stakeholders.docx

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MGT 3031
John Usher

MGT3031: Managing Responsibly in a Global Environment March 15/12 Business and Community Stakeholders  Positive and negative effects o Community involvement o Business people are efficient problem solvers o Employees gain satisfaction and improved morale  Employees are more engaged o Positive image facilitates hiring  Because of the good work that the company might do in the community makes people want to work there o Business gains prestige and community acceptance o Social responsibility over government regulation  Let’s be good to the community so they don’t turn against us o Company benefits from helping institutions essential to the continuation of business  Companies may receive endowed shares  Organizations get payback for training employees  Encourage employee volunteerism o Publicity about volunteer opportunities o Ongoing endorsement of programs by CEOs o Company sponsored projects  Ie: CIBC Run for the Cure o Executives who have board memberships o Recognition through articles, awards, and commendations  Benefits from employee volunteerism o Indirect community benefits  Employees are improving the infrastructure of the community o Employee benefits o Potential bottom-line benefits  Good reputation can bring in good employees  Managing community involvement 1. Knowing the community: the corporation should get involved with communities they know 2. Knowing the company`s resources: can be cost-effective 3. Selecting projects: programs should affect & interest those employees involved 4. Monitoring projects: management must run community involvement like other parts of the business. o Corporate philanthropy  Why do companies give? o The non-donor: no evidence of charitable giving MGT3031: Managing Responsibly in a Global Environment March 15/12  Anonymous donations, may not understand that there is room for charitable donations in a business, resources should be going to shareholders for them to decide o “What’s in it for us” donor: direct interest of company and employees – strategic/economic  not doing it because it`s the right thing to do but just thinking of the welfare of the company o “Company president believes in art support” donor: interest of senior management – image/reputation
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