Evaluation of the challenges and opportunities that United Nations Global Compact presents to corporate leaders
This paper aims to identify key challenges and opportunities introduced by the United Nations Global Compact to corporate leaders. Milton Friedman, a well-known economist at one time decades ago noted that the sole purpose of a business is to make profits. However as time has gone by, companies and corporations have moved away from that perspective to another. Companies are now more cornered with being socially visible and responsible. Organizations have changed from being financially motivated to being more human and this has changed how they and society perceive or view them. Certainly, the change also affects the kind of manpower that the company employs to run certain activities. The United Nations Global Compact develops the company’s image along with setting guidelines to be followed by members in order to progress the practices of the company or organization. This paper is going to evaluate the challenges and opportunities the United Nations Global Compact introduced to corporate leaders.
An evaluation of the challenges and opportunities that the United Nations Global Compact presents to Corporate leaders Case Study
Key Learning Outcomes
- Understand the challenges and opportunities presented by the United Nations Global Compact on various organizations
- Understand the effect of the United Nations Global Compact on corporate leaders and their businesses
- Understand how the United Nations Global Compact has contributed to the growth and development of organizations
The United Nations Global Compact is the world’s largest initiative established by the United Nations to aid businesses in managing the risks and opportunities they are faced with in certain areas such as the environment, society, and authorities like regulations. Also, this initiative aims at incorporating their ten basic principles such as human rights, labor, environment, and anti-corruption as abiding by all businesses and societies for a common goal. This means that all organisations must abide by the basic principles that is to say they must all support and respect the protection of human rights, and they should uphold the freedom of association among so many others.
The United Nations Global Compact is sovereign of the government which necessitates that their rules and regulations are not government-delegated law yet it supports and is consistent with certain policies that primarily focus on the social responsibilities of an organization. The United Nations Global Compact develops the company’s image along with setting guidelines to be followed by members in order to progress the practices of the company or organization.
It has presented a number of opportunities to corporate leaders namely; it has developed a variety of guidance and management measures to support organizations towards attaining their development and peace, it has helped organizations to implement responsible business practices in a challenging environment among so many others. The initiative also has a number of challenges for corporate leaders for example; businesses or organizations are expected to submit a communication in progress report annually and failure to do so could lead to expulsion or intense consequences such as losing their status, it has also introduced the concept of bluewash which means to acclaim an organization's commitment to social responsibility among so many others which are going to be addressed in this paper.
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