Title: The Modern World You are required to research and write a 2,000-word management briefing paper on a range on contemporary issues. You are to identify a range of issues and choose one to...

CONTEMPORARY ISSUES IN BUSINESS MANAGEMENT
Table of Contents
Introduction    3
Contemporary issues    3
Caroll’s four responsibilities    4
Contemporary issues of the BMW group    6
Balanced approach    8
Conclusion    9
References    10
Introduction
The concept of contemporary issues has been pushed for quite a long time and is regularly availed by enterprises. The way these issues must be addressed and executed stays a combative issuebetween the organizations and society. So, tofind a solution to this issue, the organization must put emphasis on the community requirements, compliance standards and procedure. Along with CSR, sustainability, corporate governance, ethical principles, and accountability shape the workings of an organization. Each of the dimension must be assessed by the organization and devised properly. Noncompliance of any part can make the organisation vulnerable to losses. The effect of Covid-19 on BMW Group is also to be discussed herein.
Contemporary issues
CSR- According to Hopkins (2006), Corporate Social Responsibility deals with procedures that must be capable of treating the shareholders of an organisation in an ethical way.Crowther and Aras (2008) stated that CSR defines relationships between government, organization, and people of the society. Smith (2011) gave a broad definition of CSR and mentioned that it is a system that is continuously evolving, and a framework must be designed to accommodate the changes. Ralph Nader and Milton Friedman had contrasting views on CSR. While Friedman argued that businesses should engage to improve society only if that leads to a gain in reputation or more profit. He says that there is less possibility of an organization genuinely practicing sustainable behaviour. Ralph Nader said that it is the organizations’ responsibility to practice sustainable activities.
Sustainability-Corporate sustainability is progressively being taken up by companies and making everyone question the connection between CSR and sustainability? The expression was initially acknowledged in 1987. Now, the phrase has developed to envelop community and financial parts too.PricewaterhouseCoopers characterize corporate supportability as 'adjusting thecompany’s offerings and serviceswith partners’ optimism, consequently including financial, and societal norms. The Global Resources Initiative (GRI)guidelines constitutes for economic, social execution and the ecological ones (Hopkins, 2006). CSR and Sustainability labelsvarious partners and their significance in the system.
Corporate Governance-It allude to the course of action of systems, norms, and techniques by which an association is managed. It showcases the relationship between the members associated with the company. The members are the board of directors, shareholders, and the management. They affect the working of the organization (Monks and Minow, 2004).They give the standards concerning how the association can be composed or controlled to a degree that it can fulfill its targets and focuses on adding to the estimation of the association.
Ethical Principles- This includes a set of principles that determines whether the business practices are ethical or not. The organization’s conduct must be honest and ethical. It should never release misleading information. The employees must maintain integrity in all situations. They must be loyal to the organization(Schwartz, Dunfee,& Kline, 2005). Businesses must fulfil its social and economic commitments and should only conduct fair dealings. There should be diversity in the organization and employees should be respected. The business must follow all the rules and regulations and must abide by the laws. The organization should not be involved in hideous malpractice that may hamper its reputation.
Accountability- It relates to answerability and provides that an organization must be answerable for all its conduct (Dubnick, 2003). Performance and accountability reporting must be processed by the organization. It must include companies’ budget, targets, profits and is published once a year. It must be answerable for any divergence from its goals and stated values.
Caroll’s four responsibilities
Caroll’sexplanation of CSR is divided into four sections.: "Corporate social obligation includes the economic, legal, ethical, and discretionary part that community expects from abusiness organisation.
Economic responsibilities- organizations have a financial obligation towards the general public that allow them to be creative and supportive. Organizations might appear to be surprising to consider a monetary desire as a social duty from one perspective, yet this is the thing that society expects and requires, business associations to have the option to support themselves.society sees business associations as institutions that will create and sell the products and services it needs and wants. society permits organizations to take benefits (Carroll 2016). Organizations earn profit by creating a valuable product or service and delivering it to their customer. It is responsibility of any organization to evaluate new ideas and fund them.
Legal responsibilities-organizations are viewed as financial entities from a societal perspective, however organization must adhere to its additionally set guidelines.Society's perspective on "arranged morals include laws and guidelines of organizations...