Planet, People, Profit—Global Perspective
Planet, People, Profit—Global Perspective Multinational corporations perform business with the aim of making profits. However, such corporations are expected to be socially responsible for upholding the well-being of the society. The welfare of the society is upheld by carrying out commitments that contribute to the sustainable economic development of all members of the society (Patton, 1994). This paper looks at the best and the worst MNC in CSR by describing and contrasting them. Moreover, this paper evaluates their practices and consequences regarding their CSR.
Part 1 After carrying out a survey on the best MNCs, Forbes cited Google as the overall MNC with
…show more content…
Com, the Bank of America was found to be poor in CSR. The Harris Poll conducted this ranking. It was revealed that the Bank of America trouble began after the latest financial crisis. The financial meltdown forced the bank to acquire tow companies, which have prompted litigations from regulators, states governments, and investors as well. The bank is also unpopular with its customers, who think that its customer service is below par (Hess, Vince, & Thomas, 2014). Google and Bank of America are different. While customers praise Google for its efforts in maintaining an almost perfect relationship with the society, Bank of America is on the contrary having a rough relationship with the society. The Bank of America is experiencing a myriad of litigations while Google is experiencing none. Customer satisfaction with Google is exquisite. On the other hand, customers are disgusted by eh Bank of Americas performance particularly in the customer service section. Financial institutions are risk averse. They opt for stability hence they commit little money for CSR, the case with the Bank of America. On the other hand, technological companies such as Google are high-risk takers hence they commit big financial support for the welfare of the society.
Part 3 Following the global financial crisis, and the subsequent acquisition of two companies, the Bank of America prompted litigations from investors, states, and regulatory bodies. These litigations and poor customer service