CHAPTER 2 INTRODUCTION TO FOOD GOVERNANCE AND SOCIAL RESPONSIBILITY.pptx

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1. INTRODUCTION TO GOOD GOVERNANCE AND SOCIAL RESPONSIBILITY

2. PERSONAL INTEGRITY Personal integrity encompasses the moral principles one holds to gain trust, show self-respect, and display a professional work ethic. Integrity can help companies attract employees and customers. Why Is Personal Integrity Important? Improves Customer Retention Boosts Brand Image Talent Acquisition

3. Improves Customer Retention In terms of sales, companies without integrity may suffer sinking stock values or customer retention. When companies find themselves amid a scandal, there is a lack of trust amongst the base, decreasing the brand’s financial opportunities. Why Is Personal Integrity Important? Boosts Brand Image Integrity helps keep strong relationships and positive word-of-mouth marketing. This engenders greater faith and confidence in a company and can lead to good press and an exciting digital presence. Talent Acquisition F or branding, one’s integrity is intrinsically tied to one’s ethos and mission statement. A company’s sense of integrity will dictate what kind of applicants want to work for the company and the customers it attracts.

4. Examples of Personal Integrity TRANSPARENCY STRONG MORAL COMPASS TRUSTWORTHINESS CUSTOMER AND STAFF PRIORITIZATION ETHICAL STANDARDS TRANSPARENCY Strong integrity is characterized by the ability to talk through difficult situations. Customers expect brands they can trust to be honest with them, even when times of uncertainty and change are rife with uncertainty.

5. Examples of Personal Integrity STRONG MORAL COMPASS Customers appreciate it when they know what to expect from a firm, and they are more likely to do so if that business has a consistent set of moral standards. Clients will have more faith in a business if it acts in a transparent and dependable manner. TRUSTWORTHINESS False advertising will turn customers away and lead to bad word of mouth. Brands can fortify their reputation and customer engagement by being true to their word.

6. Examples of Personal Integrity CUSTOMER AND STAFF PRIORITIZATION Customers want to feel taken care of, which means positive customer service and in-store experiences. Consumers also care about how an organization treats the staff of an organization. Companies without policies protecting employees are subject to criticism and backlash. ETHICAL STANDARDS Companies should hold all employees accountable to the same standard of values, regardless of standing. If those at the top abuse power, it can trickle down and create a corrupt work environment, affecting how consumers view a brand.

7. SOCIAL RESPONSIBILITY As the adoption by a business of a strategic focus for fulfilling the economic, legal, ethical, and philanthropic responsibilities expected of it by its stakeholders. Business Ethics, Corporate Volunteerism, Compliance, Corporate Citizenship, Reputation Management. Social Responsibility Businesses that make an effort to improve their local communities are practicing "social responsibility." Norms of what is considered acceptable in a society are determined by that society. Corporations that do well by society's standards are those that respect such standards.

8. SOCIAL RESPONSIBILITY APPLIES TO ALL TYPES OF BUSINESS It is important to recognize that all types of businesses small and large, sole proprietorship and partnership, as well as large corporations, implement social responsibility initiatives to further their relationship with their customers, their employees, and their community at large. Social Responsibility in Business Now, more than ever, people feel a sense of obligation to give back to the community. Modern businesses refer to environmental, social, and governance (ESG) as part of their commitment to social responsibility. Sustainable business practices can be implemented through ESG. Businesses that prioritize ESG issues typically see an uptick in both brand value and bottom-line profits. Modern consumers prefer to do business with ethical businesses, and modern workers prefer to work for ethical businesses. Cone Communications discovered that more than 60% of Americans viewed businesses that sought to make social and environmental change favorably, regardless of whether or not they were regulated to do so.

9. Occupational Ethics The ethics of a company are shaped by its employees and are intrinsically linked to the tasks performed by those people. When it comes to workplace ethics, the whole company, not just one department, benefits. Employees that are pleased and fulfilled in their jobs are more likely to be loyal to their employer. Responsible behavior, professionalism, and accepting accountability are all elements of professional ethics. By adhering to these moral standards, businesses can be sure their employees are giving their all. One's attitude towards one's work is the defining characteristic of occupational ethics. In the workplace, for instance, the ethic of professionalism develops from the actions and even the words of individuals.

10. Organizational Ethics In business parlance, these are the rules and norms by which all actions must be guided. Fairness, responsibility, and moral rectitude are all ways to show these qualities. An example of organizational ethics is a policy of treating all employees equally. In a company, management is held to a higher standard when it comes to treating employees with dignity and fairness no matter their race, religion, or national origin. Every worker should be afforded the same chances at advancement. Since both organizational and occupational ethics are concerned with the success of a company or organization, they share many commonalities. The difference between organizational ethics and occupational ethics is that the latter reflects the corporation as a whole, while the former is defined by an individual's relationship to his or her work.

11. SOCIAL RESPONSIBILITY ADOPTS A STRATEGIC FOCUS Social Responsibility is not just an academic term. It involves action and measurement, or the “extent” to which a firm embraces the philosophy of social responsibility and then follows through with the implementation of initiatives. BENEFITS OF SOCIAL RESPONSIBILITY Initiatives in enhancing stakeholder relationships. Improving performance of the company Creating other benefits that have been debated from many different perspectives

12. The Role of Social Responsibility in Performance

13. Social Responsibility Model

14. BUSINESS ETHICS Business ethics is the moral principles, policies, and values that govern the way companies and individuals engage in business activity. It goes beyond legal requirements to establish a code of conduct that drives employee behavior at all levels and helps build trust between a business and its customers. These principles govern every aspect of the company's operations, including its interaction with the government and other businesses, its treatment of its employees and its relationship with its customers. If an ethical dilemmas or controversies comes up, a business will reference their ethics to help resolve the situation.

15. Business ethics makes sure that companies operate according to all applicable laws. This keeps the company's respect among its peers and customers and protects it from legal liability. Businesses that care for their teams according to the highest ethical standards are also often attractive to job seekers. Ethical treatment can also increase employee retention, reducing hiring and training costs. Why Is Business Ethics Important?

16. When all employees make ethical decisions, the company establishes a reputation for ethical behavior. Its reputation grows, and it begins to experience the benefits a moral establishment reaps, such as: Brand recognition and growth Increased ability to negotiate Increased trust in products and services Customer retention and growth Attracts talent Attracts investors Why Is Business Ethics Important?

17. Principles of Business Ethics Leadership Accountability Integrity Respect for others Honesty Respect for laws

18. Principles of Business Ethics Responsibility Transparency Compassion Fairness Loyalty Environmental concern

19. TYPES OF BUSINESS ETHICS Corporate Social Responsibility T he concept of meeting the needs of stakeholders while accounting for the impact meeting those needs has on employees, the environment, society, and the community in which the business operates. Transparency and Trustworthiness I t's essential for companies to ensure they are reporting their financial performance in a way that is transparent. This not only applies to required financial reports but all reports in general. Technological Practices and Ethics - T he growing use of technology of all forms in business operations inherently comes with a need for a business to ensure the technology and information it gathers is being used ethically. Fairness A workplace should be inclusive, diverse, and fair for all employees regardless of race, religion, beliefs, age, or identity.

20. CORPORATE SOCIAL RESPONSIBILITY Corporate social responsibility (CSR) is the idea that a business has a responsibility to the society that exists around it, and it is a strategy undertaken by companies to not just grow profits, but also to take an active and positive social role in the world around them. The term is also associated with the related term corporate citizenship.

21. Benefits of corporate social responsibility Increased employee satisfaction How a company chooses to treat its employees plays a significant role in its overall success. If employees feel unappreciated and believe they are simply a means to an end for their employers to make money, it will greatly affect the standard of their work. On the other hand, employees who feel that the work they do matters and that they are a valuable asset to their employers will naturally feel more motivated to do their best to help the brand succeed. Offering employees opportunities to volunteer in the community during regular office hours is a great opportunity for personal growth and development.

22. Benefits of corporate social responsibility Increased customer loyalty Any business seeking to obtain loyal customers must understand that customers are loyal to brands that share a set of corporate beliefs and values that align with their own. Research shows that 87% of Americans are more likely to buy a product from a company when they can align their values; over half of all consumers are willing to pay extra for a product if they’re buying from a company with a sturdy CSR strategy. By embracing corporate social responsibility, you can add increase your competitive advantage and enhance brand awareness exponentially.

23. Benefits of corporate social responsibility Increased employee engagement Extensive research proves that CSR and a strong sense of employee purpose actively contribute to increased employee engagement. That’s important because when a company has engaged employees, they see a 17% increase in productivity, are 21% more profitable and can have 41% lower absenteeism. Innovation also increases in an engaged workplace.

24. Benefits of corporate social responsibility Attract and retain top talent There’s a lot of competition to acquire top talent in the marketplace and increase retention. Do you wonder how you can tilt the odds in your favor? Here’s a tip: a company with a robust CSR program will appeal more to socially conscious job candidates than one that chooses not to support their communities or declines to take a stand on important cultural issues.

25. Benefits of corporate social responsibility Increased revenue When you’re trying to win buy-in from leadership for your CSR program, it often falls to financials. Stakeholders want to know if this project will see a positive ROI - and research shows it will. CSR and sustainable initiatives positively affect businesses’ bottom-lines. Companies investing in social purpose have a 6% higher market value and generate 20% more revenue than companies that don’t invest in social purpose, according to Project ROI. And cost savings are often recognized in the process as well.

26. WHAT IS GOOD GOVERNANCE? - is an approach to a government committed to creating a system founded on justice and peace that protects individual human rights and civil liberties.

27. Corporate Social Responsibility - Top Trends Virtual Volunteering for Employees Employee engagement directly translates into happier customers and better work productivity. This even helps in retaining good talent in the organization. Contributing to rebuilding the community develops a sense of satisfaction among individuals.

28. Corporate Social Responsibility - Top Trends Supporting small businesses Small businesses have limited resources and capital to conduct business operations. When they receive assistance from well-established organizations, it improves their quality of work and boosts their morale. Many large companies take up their corporate social responsibility to ensure the upliftment of small and medium-sized enterprises.

29. How some corporations gave small ventures a helping hand: After the pandemic outbreak, American Express offered cashback to its members shopping at small businesses. Businesses that advertised on Google and Facebook received ad credits. For up to 180 days, Dell Technologies offered 0% interest on new Dell equipment purchases to small businesses.

30. Corporate Social Responsibility - Top Trends Going Green Trending issues like climate change have taken the internet by storm. To balance the harm induced, many companies have pledged to take the matter into their own hands and neutralize the lethalities caused to the environment. Large corporations have contributed to generating carbon footprints due to their business activities.

31. Corporate Social Responsibility - Top Trends 4. Equality, Inclusion, and Diversity Diversity and the feeling of inclusion are the needs of the hour. Equality is a fundamental human right that should never be overlooked. Companies have pledged to reduce social discrimination by hiring racial and ethnic minorities and ensuring non-biased remuneration for every employee regardless of their caste, creed, gender, or community. Gender equality has been the frontrunner in corporate social responsibility trends, where frequent campaigns are conducted to promote fair compensation for women.

32. Organizations have made equality reforms by following practices like: Equal Promotional Rights Discouraging ageism Equal compensation for employees working in the same position. Not restricting candidature because of physical disabilities.

33. Corporate Social Responsibility - Top Trends 5. Localizing the business model Local communities experience a threat from globalization. With cut-throat competition in the market of thriving large corporations, local traders and business owners often get exploited due to a lack of opportunities and networks. This led to a localization trend in corporate social responsibility, where companies choose to uplift the locals as they move up the success ladder.

34. Corporate Social Responsibility - Top Trends 6. Business Transparency Stakeholders and customers appreciate businesses that foster transparency instead of indulging in shady practices. As part of the emerging trend in corporate social responsibility, companies have started disclosing operations along with a glimpse of how they work. Many investors resort to scanning public information about a company before making investment decisions. An honest business ethic is as important as disclosing green financial statements with flourishing profits. ‍

35. 10 Characteristics of Socially Responsible Organizations (And What Makes Them Important) MISSION: Communicates a clear message about its unique purpose for existing and how it benefits all youth, families, communities, and the world. PARTNERSHIPS: Develop broad cross-sector initiatives with a wide range of organizations to create a collective impact. INCLUSION: Engages the people it seeks to serve in facilitating transformative change in a community.

36. 10 Characteristics of Socially Responsible Organizations (And What Makes Them Important) AUTHENTICITY: “Walks the talk” by ensuring that its words, actions, resources and relationships align with its vision, mission, and values. EMPATHY: Connects with and understands how other people see the world, experience it, and make meaning. EQUITY: Fosters social justice locally and globally by working to eliminate disparities and discrimination that limit peoples’ opportunities.

37. 10 Characteristics of Socially Responsible Organizations (And What Makes Them Important) SYSTEMS: Understands that long-term and sustainable change comes only from changing the systems that create and prolong social problems. STRENGTHS: Honors and builds on the community’s diverse talents, cultures, identities, worldviews, and histories. FAMILY: Strengthens the family’s capacity to encourage the factors that are key to their children’s positive development. ACCOUNTABILITY: Uses common measures to evaluate the effectiveness of the work over time and is focused on both short and long-term impact.

38. ETHICS AND SOCIAL RESPONSIBILITY Ethics and social responsibility are about an individual understanding the foundation of human values. Being ethical and socially responsible encourages individuals to make sound decisions by relying on their moral beliefs and upholding their civic duty. Each individual has a responsibility, understanding that the actions they commit should ultimately benefit societal welfare. Why is this important? From a business perspective, the way we work (and live) influences principles and decisions within the organization, which in turn shapes the corporate culture. Ethics and social responsibility grant members of society a consistent expectation and boundary that is to be abided by. This also encourages the individual to understand the role they play is pivotal in maintaining harmony within society. The actions committed ultimately affects the balance and sustainability of the society at large.

39. How businesses incorporate social responsibilities and ethics 1. Develop a mission and objective One of the first steps that businesses should complete is to craft a mission and objective that support ethics and social responsibility. A mission and objective serve as the foundation for all goals and actions that a business takes, so it's key to carefully consider these ideas. society as a whole.

40. How businesses incorporate social responsibilities and ethics 2. Create and maintain core values Core values reinforce the company mission and show how the company intends to uphold its social standards. Both the business and employee need to follow these core values, so it's important to define a clear set that lasts long term. Core values that support social responsibility and ethics include: Integrity Kindness Openness Humility Community Knowledge Growth Transparency

41. How businesses incorporate social responsibilities and ethics 3 . Focus on the impact on the local community Society starts with the local community. Businesses that focus on the area they operate in can make a large impact on their residents. By promoting social awareness on a small scale, a company can spread its positive influence on a local group.

42. How businesses incorporate social responsibilities and ethics 4 . Support environmentally and socially conscious initiatives One of the main aspects of being socially responsible is supporting progressive societal efforts. Doing so shows that organizations are actively taking part in making their communities and society better places. Taking part in these efforts can also attract more customers and loyal employees.

43. How businesses incorporate social responsibilities and ethics 5 . Encourage communication Employees should feel comfortable expressing their ideas and opinions in order to foster strong business ethics. Managers should have open-door policies in which employees can approach them with feedback about the culture.

44. How businesses incorporate social responsibilities and ethics 6 . Consider ethics during the hiring process Ethical companies need to hire ethical employees to build a positive culture. Employees also represent the companies they work for, so it's important to hire professionals who can positively influence society on their companies' behalf.

45. How businesses incorporate social responsibilities and ethics 7 . Lead by example Employers should lead by example, abiding by the code of ethics they implement. When employees see leaders following their own business ethics, they are more likely to follow them, too. It also encourages accountability for both the employees and the company leaders.

46. 8. Express compassion Companies that support best business ethics should be generous and kind to consumers and employees. They should genuinely care about the livelihood of those who support them to develop trusting relationships. One way a company can demonstrate compassion is by making socially conscious decisions that positively affect the community or employees regardless of cost. How businesses incorporate social responsibilities and ethics

47. (1) Responsibility Towards the Shareholders Shareholders are the owners of the company. The company should make all efforts to maximize and protect shareholder’s wealth. Sharing of useful information with the shareholders, utilization of funds etc. Social Responsibilities for Different Interest Groups (2) Responsibility Towards the Workers Workers are the key persons behind company success. Management of the enterprise must provide the proper working conditions to the workers. Workers should get fair salaries and wages.

48. (3) Responsibility Towards the Consumers It is the consumer who buys the company’s product & services. So, it is the responsibility of the company to provide the right quality, right quantity with the right price to the consumer. There should not be the unfair trade practices like adulteration, poor quality, courtesy to the customers etc. Social Responsibilities for Different Interest Groups (4) Responsibility Towards the Government & Community Enterprises must follow the laws and regulations of the country/ state in which it is operating. The organization should interact with society to know what they require. It should maintain proper infrastructure, and proper disposal systems and should not cause harm to society in any manner.