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How does WPP Media fulfil its obligations to their stakeholders in terms of ethical business practice and socially responsible corporate behaviour

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Introduction

Strategic Business Environment BUS 2500 Individual Research Essay Date of submission: 24 October 2003 Word count:1555 Seminar tutor: Jonathan Moont Seminar group: 5 Student name: Yan Li Student number: 2324644 How does WPP Media fulfil its obligations to their stakeholders in terms of ethical business practice and socially responsible corporate behaviour Businesses have become increasingly aware of the need to manage organisational reputation and many business leaders take the view that reputation is best managed with due recognition to all stakeholders. The best companies are focusing on a host of social issues. They are serving not only stockholders but other stakeholders as well. Stakeholders are persons or groups that have some claim on or expectation of how a business should operate. They don't necessarily have to be financial such as shareholders just general. A firm's stakeholders include employees, consumers, the community, government and even society in general. It is said that a social contract exists between a business and its stakeholders. The stakeholders agree to support the activities of the organisation as long as the organisation acts in a manner that is acceptable to the stakeholders. WPP Media is India's largest media investment management group and one of the world's largest communications services companies. ...read more.

Middle

It provides current and historical financial information including trading statements, news releases and presentations. WPP's customer service is convinent and quick, so that their shareholders are well informed with updated information and benefit from their investment. This result helps the shareholders to build up their confidence and trust in the company; therefore they will invest more money for a longer term. Eventually it will benefit both the shareholders and the company. Clear ethical standards and direction foster more favorable and promising work climates. WPP's employment policies are designed to attract, retain and motivate the most talented individuals. It has been proven that when employees feel motivated and supported they can work more efficient. WPP's groups of companies invest significantly in communications, training and development programs at parent and operating company levels. Their training spend in 2002 was over �21 million, equivalent to �345 for every employee. The companies encourage an ownership culture through WPP's stock option and other incentive plan. Employees at WPP Media have seen the best perks in recent years. Long-serving employee's i.e. over 2 years are given share options in the group. With the company ever growing, with take-overs and parent companies forming, employees will benefit from bonus dividends. Meanwhile the treatment of staff is very essential not only for WPP Media but every other large company. ...read more.

Conclusion

This government-backed initiative aims to equip young people with the skills needed to succeed in business and to make learning more relevant to the needs of future employers. Group companies are contributing help, counsel and equipment to the college. To carry on the social responsibility doesn't mean the company has to give up their profit, WPP's success has proved that socially responsible firms tend to outperform the market average; it shows the company has long term plan. In addition they will obtain good reputation and stable relationships with their external environment. In conclusion of this essay, WPP Media is showing signs of being a Company that is dedicated to high standards of ethical practice. Their behaviour has met the public expectation, customer demand, also the employee's desire. They are taking up projects, policies and standards that please all of their main stakeholders and are still improving every year. Therefore they have obtained not only economic profit but also more importantly, the good reputation, which will benefit their business in long run. Their needs are being met and constantly exercised. It remains to be seen what entails for the company in the future; after all ethical practise should be set as a long-term goal for any organisation and it's worth the investment. ...read more.

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