Strategies that a firm can use to become a better corporate citizen

Strategies that a firm can use to become a better corporate citizen

Introduction

Companies have legal personalies in that they are recognized as legal entities since they can sue and be sued among other characteristics. Corporations just like normal human beings need to maintain good citizenship status with its environment. This is because corporations are dependent on the environment for their survival and they also serve the environment. Corporations sell their products to the environment and also recruit employees from the same environment to work with. Corporations also sell to consumers in the same environment (Glick, 2013).  A corporation with a good corporate citizen ship status in an environment is able to attain competitive advantage. Such a firm is also able to get more loyal customers than one that does not have good corporate citizen status (Glick, 2013).

1. Strategies a company can use to become a better corporate citizen

There are many strategies that a firm can use to become a better corporate citizen. One of these is that the firm could undertake corporate social responsibility activities. Such activities enable firms play a role in finding solutions to problems facing the society. The company could also ensure it undertakes its business ethically (Wang, 2011). This could include paying workers according to industry standards, ensuring products are labeled and that it does not engage in unethical practices such as selling expired products, employing children in factories, etc .The other strategy that a firm could use is by putting in place strategies that ensure it champions the wellbeing of the society (Wang, 2011). Lastly firms could ensure that they do not pollute the environment by dumping chemical waste in the area’s streams and rivers.  The next strategy could be paying taxes on time and creating jobs. Creating jobs will go a long way in boosting the image of the company in its target market. A company keen on developing good corporate citizenship contributes to sustainable economic development by investing in the local community and society at large to improve their standards of living (Glick, 2013).

 References

Glick, S. (2013). How doing good helps a CPA firm. CPA Practice Management Forum, 9(6),

21-23. Retrieved from  http://search.proquest.com/docview/1367062852?accountid=45049

Wang, Y. G. (2011). Corporate social responsibility and stock performance-evidence from taiwan. Modern Economy, 2(5), 788-799. Retrieved from http://search.proquest.com/docview/915686663?accountid=45049

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