Ways in which interests conflicts
1. Employees and unions require safe working conditions and reasonable wages while customers want reasonably priced products. Providing safer working conditions or a wage rise is ethically and socially responsible, but it will cost the business money in the short term.
2. A business decision to move production overseas may reduce staff costs. It will therefore benefit owners but work against the interests of existing staff who will lose their jobs. Customers also suffer if they receive a poorer service.
Strategies a manager can use to reconcile conflicting interests
- Keep it simple - main message, ensuring all developers and designers kept within the guidelines
- They employed a full time environment officer
- Worked on all aspects of environmental management in buildings
- Looked for environmentally friendly way to ship products, using rail and sea rather then air
- Trains emit less greenhouse gases then
- Paper tape instead of plastic tape, when shipping
- Products are made with at least 55% eco-friendly fabrics, including organic cotton, linen, hemp or recycled fibres.
Triple bottom line
Economic, social and environmental performance of a business.
E.g. a company focuses its community efforts towards training and education programs. This helps underprivileged kids by giving them access to items they wouldn't normally have.
Businesses sharing information with and seeking input from stakeholders, and involving them in decision making.
Stakeholder engagement assists in reconciling conflicting interests of stakeholders as businesses anticipate that a positive image of their business will be maintained if all stakeholders have their expectations satisfied, leading to increased sales as well as an improved reputation for corporate social responsibility.