Social Performance Part 1

Social Performance Part 1

Introduction

Description of the Company

My company is a medium sized pharmaceutical company which manufactures specialized medicines for cancer patients. The company is in this business for the last 15 years and faced number of challenges successfully since its inception. I have been appointed as the new CEO of this company. After thoroughly reviewing various functions of the company and its culture I have found that the social performance of the company is good but some changes are still required to improve corporate social performance. In evaluating performance of any company I always keep a quote in my mind, “If you don't have honesty and integrity, you won't be able to develop effective relationships with any of your stakeholders” (Lane, 2009).

Discussion

Primary and Secondary Stakeholder Groups

In any company stakeholders are either individuals or groups having interests, rights and ownership in the organization and its activities. Success or failure of the business of any company is generally based upon the performance of these stakeholder groups. These stakeholders are further subdivided into two groups; primary and secondary (Hellriegel et al., 2008).

In my company primary stakeholders include customers, suppliers, employees and shareholders who have got direct stakes in the company as to how it delivers and involve them in the performance process. Success or failure of a company has a direct impact on primary stakeholders.

Examples of secondary stakeholders in my company would include regulatory agencies of the government, unions, media, political action groups and nongovernmental organizations (NGOs).

Stakeholders' Influence on my Business

In order to study social performance of my company I applied the model for evaluating social performance which comprises of certain criteria on the fronts of economic, legal, ethical and discretionary responsibilities (Samson, 2009).

In the domain of economic responsibility, I found that the company is producing quality cancer ...