Social Responsibility and Policy in Strategic Management

BUSINESS MANAGEMENT

Business Management: Why Social Responsibility and Policy Are Key Issues in Strategic Management

Social responsibility helps the company do good for society that assists in creating a positive image of the company in the market and in the eyes of customers. In return, it enhances employee morale and helps in greater productivity. Corporate social responsibility (CSR) encompasses steps like an equal pay system, equal treatment of employees without discrimination, fair trade, production safety, green consumption, etc. (Mitra, ). Suppose the firm wants a significant transformation for changing society’s outlook towards them. In that case, it has to abide by the social responsibility laws and policies for renewed empowerment. However, it should be discerned by the firms that it is not a certifier for a business’s success but a strategy for pursuing success goals. Since the social responsibility embeds the intent of CSR strategy, its management, following industry standards, and the communication channels through which CSR efforts would be projected to society, it would help revitalize the market and community orientation, verifying its crucial significance for strategic management.

Macy’s could follow the CSR policies set by the state government to improve its goodwill quotient for the business. For instance, by analyzing its SWOT matrix and working on its WO strategy, it can improve its technological position by carrying out security and confidentiality issues of personal data online. The data could be related to the customers or its employees, which would impose a social responsibility of taking care of the big data for the business’s likely success in the long run. A shared value could be created once the company realized that generating economic value could be conveniently done by bringing the firm and the society together. A re-connection could be built by Macy’s for the social progress in terms of building products that would benefit the society, revitalize the supply chain by working on its cited technological weakness and creating supportive, structured working clusters for the progressive operations of the entire company that would create value for the society in the future.