Contemporary Issues in business and management Essay

Contemporary Issues in business and management - Essay Example Sustainability refers to the voluntary activities of the company, which show that it is committed to environmental and social concerns, according to the ways it administers its operations and in its dealings with its stakeholders (Van Marrewjk & Verre, 2003). This paper will discuss the challenges encountered by the leaders of the organization, in their attempts to incorporate CSR, and particularly that related to the impacts of their business activities, in the light of the models, theory and the analytical tools related to CSR, change and innovation management and leadership. Further, the paper will evaluate the ways in which companies are going green, giving some examples. The era for applauding the economic prosperity of corporations as a stand-alone area has ended, as corporations, societies, governments and agencies are questioning the impacts of corporate activities and actions (Orlitzky, Schmidt and Rynes, 2003). This change of outlook requires firms to redirect and split their attention towards increasing its economic performance, while at the same time filling the position of good corporate citizen. Filling these positions requires companies to keep in touch with global trends on maintaining commitment to the two major goal areas; meeting private and public needs (Henderson, 2007). These new demands have forced corporations to review their rules, frameworks, and business models. Among the most responsible companies, it is a daily practice to review short and long-term plans, so as to stay safe and at the front line in the rapidly changing world. There has been a change in the way that companies consider their place, paying reference to local an d global stakeholders (Holcomb, Upchurch and Okumus, 2007). There has also been a change in the management of the relationships maintained between companies and its stakeholders, particularly with customers, suppliers, investors,