The fast-paced world of the global economy needs leaders who aren’t just skilled and knowledgeable but also principled, future-oriented and able to navigate a dynamic environment. Ethical business practices and corporate social responsibility are increasingly important parts of any successful enterprise, large or small. It isn’t enough to simply focus on the bottom line: Shareholders expect companies to take actions that benefit society as a whole.
What those actions look like isn’t always easy to determine, but managers with strong ethical principles to guide them can always pivot in the face of a changing economy. This is just one way that the online Master of Business Administration (MBA) concentration in Management and Change program from the Sprott School of Business at Carleton University helps business leaders chart a path to sustainable, responsible growth that simultaneously improves outcomes and burnishes brand recognition.
What Is Corporate Social Responsibility?
Investopedia defines corporate social responsibility (CSR) as “a self-regulating business model that helps a company be socially accountable to itself, its stakeholders, and the public.” This business model, sometimes called “corporate citizenship,” can take many forms. However, it always focuses on how businesses can actively create positive change in their communities.
These socially responsible actions are not only vital to the world at large but also benefit the company directly by establishing its brand as ethical in the minds of consumers. In a business.com article, Jennifer Dublino notes studies showing “that companies that fully integrate CSR into their operations can expect to achieve profitable growth and see sound financial returns on their investments.” Additionally, employees may be more likely to want to remain in a workplace committed to improving society, which can boost recruitment and retention.
How Do Environmental and Social Responsibility Impact Leadership Practices?
Leaders who understand the importance of CSR can put their principles into practice and drive transformative organizational change. The Carleton online Change Management MBA program’s Leading and Managing Change course emphasizes teaching managers how individuals, groups and organizations respond to change. The Leadership course focuses on developing personal leadership styles in a practical way.
These aspects of change management and leadership practices are crucial because social responsibility isn’t just an abstract concept: It must be operationalized in day-to-day business decisions. As Dublino points out, “CSR goes beyond making a charitable donation and calling it a day; it requires a daily commitment.” Thus, a manager who cultivates a leadership style with a focus on embracing change in a positive way will set themselves apart from the rest.
How Can Studying CSR, Ethics and Diversity Help Leaders Drive Change More Effectively?
Managing diversity not only recognizes the diversity within your workforce but also means creating an inclusive culture that empowers different voices to be heard. Diversity in a corporate setting is a net positive for businesses and reinforces responsible behavior, as employees with different backgrounds and perspectives might identify strategies that others wouldn’t, driving innovation.
Students in Carleton’s online program have the unique opportunity to practice this skill in the classroom before moving to the corporate world. Program courses like Managing Diversity explore what differences can mean for motivation, communication, conflict and leadership at work.
Expand Your Knowledge of CSR and Business Ethics in an Online MBA Program
If you are unfamiliar with CSR, you are not alone. Natalia Mochales, Ericsson’s Vice President and Head of Compliance for the Middle East and Africa, notes that “until recent times, business leaders were quite focused on maximising profitability. It is only recently that they have started to realise their ethical and social responsibility for what’s best – including what’s best for their own people, society and the world at large.”
Whether you’re an experienced leader or just getting started, an online MBA might be what you need to deepen your understanding of CSR and business ethics.
Learn more about Carleton University’s online Master of Business Administration concentration in Management and Change program.