Societal preferences change with the new set of values and expectations. Even the company's attitude changes to `what is good for society is good for my company/business'. Business is created by society as an instrument of wealth and welfare to attain socially desirable goals through ethical means. Only Indian management style associated with Indian culture and tradition can lead our nation to `Excellence' in all the areas of business.
Management, today, has become a necessity in everyday life-at home or in the office. The changing environment has created a new set of values and expectations in society. But at the same time, when ethical and social demands on business have been increasing steadily, doubts also have been raised whether corporate action could ever take over social responsibilities of the government entirely. Milton Friedman 1 who won the Nobel prize in 1976 in Economics, said that business should produce goods and services efficiently and leave the solution of social problems to the government, concerned organizations, and individuals. Friedman's views are generally considered to represent one extreme of a continuum that recognizes some division of social responsibility among the various segments of society. But as the government and the business organizations are two powerful institutions in the country, ignoring social responsibilities on the part of the business organizations might be self-destructive. If business does not amend its public image voluntarily, it might also become subject to increased government regulations. But, it is also a hard fact that before a business organization can devote resources to socially desirable objectives, it must make enough profit to maintain the confidence and support of its shareholders and creditors, because when the financing cost of social responsibility runs too high, there may be tension between economic and social goals. There are seven key constituents of an organization: owners, employees, customers, suppliers, creditors, community and government. First two are internal interest groups and remaining five are external interest groups. Against these interest groups, manager's role has been changed from that of the earlier period.
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