Multinational Corporations | Corporate Social Responsibility and Ethical Management
Multinational Corporations | Corporate Social Responsibilities and Ethical Management Duties
Corporate social responsibility is a type of international, private corporate self-regulation aimed at contributing, participating, or supporting voluntary or ethically orientated practices to a philanthropic, activist, or caring social objective. Although Corporate Social Responsibility could once be represented as an internal corporate policy or a company ethical strategy, this period was over, as different international laws were established, and different organizations used their powers to move it beyond individual or even industrial initiatives. While it has been known as a form of corporate self-regulation, it has changed rapidly from voluntary decisions at the individual, organizational level to compulsory schemes at state, national, and international levels over the last decade or so.
Corporate ethics are introduced when a corporation becomes a multinational. While ethical behavior standards differ country by nation, companies must counteract that practices in foreign jurisdictions where they operate must be tolerant and acceptable. It may be not very easy for business owners to create a common set of universal standards, but they can do something that works on the global marketplace.
Multinational Corporations | Corporate Social Responsibility and Ethical Management
Respecting the Tradition
A company doing business is not an invader in another nation; it is a visitor and should aspire to follow foreign practices. This can cause dilemmas in ethics. An American company, for example, has to pay the same benefits, regardless of the worker’s ethnicity or gender. If this contradicts a practice in a foreign country, it must show that while acknowledging the differences in the host country, the organization must uphold its home value. In short, it is a responsibility of a multinational to accept foreign customs, but not to adopt it.
Multinational Corporations | Corporate Social Responsibility and Ethical Management
Sustainability
Many companies might find the United States environmental constraints heavy, but this does not mean that the environment in other countries can be voluntarily destroyed. American firms are responsible for enshrining as closely as possible the environment of the host nation even if local laws do not require it. Companies from other countries may not receive fines to ignore the local environment, but if the word goes out, they may face a government relations crisis.
Multinational Corporations | Corporate Social Responsibility and Ethical Management
Protecting Human Rights
American companies have a duty, regardless of where their employees are working, ensuring their workers’ safety, health, and well-being. While a US company can contract with a foreign company with different practices, all American employees are entitled to the same fundamental rights as their US employees. If the overall cost of living is lower, the company may pay lower wages in another country, but using foreign employees by offering lower subsistence wages runs counter to its responsibilities.
Multinational Corporations | Corporate Social Responsibility and Ethical Management
Giving it Back
Most businesses perform philanthropic efforts, and certain multinationals plan to extend their social programs to host countries where they are engaged. For instance, multinationals can fund vaccine-supply initiatives in poor health-care countries or create task forces that teach residents how to keep the water clean. A multinational company can aid in community embellishments projects or purchase local school supplies in more developed nations. This charity could be a profitable enterprise. Public relations in a host country are just as relevant as in a home country.
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Multinational companies should not just be focusing on profit though its mandate is to earn, thay have also this responsibility to give back especially in this time of uncertainty and crisis.
There are businesses that can be considered essential that during lockdowns in many parts of the world who can continually operate while there are others that forced to temporarily close due to there are not allowed to operate but then there are establishments closed due to lack of sales brought by few number of people who go out. This pandemic the following are the things that the company should be doing. First is to, donate.
Many companies in china like alibaba who is considered as one of the biggest company in the world donated healthcare and food reliefs to the most affected area hit by the virus. The business are more capable of giving aid to the people who are in need. Hospitals need equipment to help address the spread of the virus and cure those who are already infected.
The second one is to help their people be to back to work, a lot of people for example as of this writing, millions of United States citizen have lost their jobs and now have lack of source to live. Give them the opportunity to work remotely or give them work from home scheme so as to protect them too from frequent outside exposures. Think of new ways of working mode.
The third one is to focus on supply chain too, be not distracted and find means to provide and extend your business through finding remedies to continually operate because if you will be disrupted as a business how will you extend help to your employees and the people in need you intend to help
The fourth one is establish teams that will focus on rising again and be back on track in the business though normalization of the business operations seem so be too elusive it doesnt mean we wont focus into it and lost it.
The last one, is to adjust your budgeting plans, cancel some previous projects that will cause you to much risk. Calculated actions are now more required in this situation. For example some companies almost 46 percent, try to focus on their cash inflow and outflow so to monitor if the business can still sustain and try to fit any adjustments. We need to stand as a company at the end fuel by this pandemic. Treat this as an opportunity to enhance your view about business and for sure after this pandemic, this will change how you will look at things.
Listed below are some things that the Multinational Corporations should do, give support and consideration.
a. Protect Employees Health – It is important to provide employee’s needs, to protect them with the infectious virus especially the front liners. Some examples are to give off a free face mask to the employees and vitamins to boost their immune system. With this simple support from the corporation, employees will feel that they are been protected, feel loved and they will feel that they are not strand with their employer.
b. Implement Skeletal Workforce – Employees that are working despite the pandemic needs support and protection especially to those front liner. Implementing a skeletal workforce can help the employees, to minimize in contact with other people. We know that the virus can transmit from one person to another that’s why through this consideration it can relieve employees.
c. Provide Employees financial Security – Advance giving of the bonus and considering the 13th month to set forth is a great favor to the employee.
d. Charity for the help of Community – Helping others without expecting in return is true compassion and self-worth. You may think, it is just an as small thing but to others, its great blessings and help. Also, giving them hope and encouragement will inspire them and give them the courage to surpass this pandemic.
e. Support Government Rules and programs – Corporations should ordinance the employees to follow the government rules and protocols for the safety of everyone, like wearing a face mask and social distancing, these are some rules of the government. Also, some companies must understand why their businesses will temporarily close.
The Novel Coronavirus is an unexpected crisis that brings a lot of problems, especially for the poor and marginalized sectors of the society. Those who have the least financial stability have the hardest time dealing with it most especially buying and sustaining their food essentials. The pandemic causes impacts especially on health, loss of income, limited transportation and other struggles with the people.
With the effect of this COVID-19, these are the the things that the multinational companies should be doing:
1. DONATIONS- Shortage of Personal Protective Equipment (PPE) is one major concerns of health frontliners across the globe. And it may led to our doctors and nurses to get infected with the virus. The deaths of healthcare workers from the coronavirus are inevitable. So one way to prevent it is giving them proper protective gear. Multinational company can donate and help our healthcare workers by providing their needs in the hospital to become more equipped and safe to the virus. This kind of act will resulted to mitigation of viral infection.
2. ASSISTANCE-Sharing is loving. Thru the help of the multinational company’s in some poorest area of the country, is a great impact to the society. Giving them food to eat will be a great share for them. Reaching them out by providing them food assistance like rice, water, canned goods and other essentials will help them to escape from hunger. And with that, it will lessen them to go out to their respective houses and prevent from taking the virus.
3. CONSTRUCTION- Building disinfecting compartments for the frontliners is a big step to lessen the spread of the coronavirus. This kind of action of the multinational companies will help the community and our healthcare workers sanitized their body. This plan will aligned to the protocol of the government which is the social distancing. Shelters and temporary housing for the frontliners will also be observed. So that they will not return to their home for the mean time, because the primary reason for this is keep their families and neighbors secured from the said virus.
4. EDUCATION-There’s no sure way to prevent the spread of this virus during on pandemic. In the meantime, the best way that multinational company can do is to educate the community on how to avoid this disease. It could be done by doing small clip of videos and post it in many form of social media. The videos may contain proper hand washing, reminding them to go avoid touching their mouth, nose, and eyes unless they have washed it. Avoid crowded places. Stay home if you can.Clean and disinfect household surfaces every day. And many more.
5. COORDINATION and PREVENTION- Everything will back to its normal condition if all of us will properly observed and obey the protocol of our government. Multinational companies should also abide the rules and no one should get exempted. Like practicing physical distancing, avoiding crowded areas, using face masks/surgical masks. Because if some of us will disobey and underestimate this virus. Then probability of it is that the virus will last for a long period of time and everyone will suffer. So if we can make it right now, then we have to tie it seriously. Because COVID-19 will end soon, In Jesus name.
Corporate social innovation strategies can provide a positive impact on society as well as business bottom lines. Given the effect of COVID 19, multinational corporations should do the following. First, Corporations should provide direct donations or in-kind support through advocacy. Through corporate social responsibility programmes, corporations can use their resources toward the betterment of the society. Second, ensuring employees are financially secure during the outbreak, so that the family of the employees can survive the crisis. Some corporations including Starbucks and Microsoft are taking a lead in response to the crises. Starbucks just announced it will expand mental health benefits to include up to 20 therapy sessions for all employees. Third, provide financial security to all employees. Continue to pay the employees and also provide access to a pay relief fund even the stores are close and some factories reduced the hours in working. Microsoft is committing to pay its hourly workers their regular pay even as demand for their services slows down. Fourth, support the small and medium enterprise. Other business leaders including amazon and Google are finding ways to support small businesses in their local areas. Amazon announced a $5million relief fund for small businesses in the vicinity of its headquarters while Google is pledging $1million to organizations in Mountain view California impacted by the pandemic. Fifth, extend the support to other alliance countries which is very affected by the COVID-19. Korea gives his support to the Philippines, by sending COVID test kit, China also show his support to other countries by sending the best doctors to Italy and Philippines to help flatten the curve of this pandemic COVID-19.
First, I think that multinational corporations should mandate employees to work at home until COVID-19 subsides. Second, they should give subsidies to their employees like emergency bonuses or even issue 13th or 14th month in advance. Third, I think that corporations who have employees performing tasks that are not directly hampering operations of the business if not done should be given official leave due to COVID-19 on top of mandated vacation leaves. Fourth, it could donate to healthcare institutions and individuals and families affected by COVID-19 to ease the burden arising from hospital bills. Fifth, it could also donate to the government to use the donation to fund projects that will hasten testing of possible COVID-19 patients and production of accurate testing kits. Sixth, they could temporarily close segment of their business that are not essential in this crisis such as bars. Lastly, they could establish online websites wherein buyers could use to buy their products so that sales are still flowing into their business in spite of the virus.
As confirmed cases of coronavirus increase around the globe, billionaires and multinational corporations around the world are deploying their dollars to help health authorities combat the disease (Knutson, 2020).
5 Things must be done..
A NATION ALLY
Given the fact that multinational corporation are large earners, a billionaire that can support a certain nation financially and provide help to the health status of people affected especially in a developing country.
According to the CNN report, Jack Ma, the founder of Alibaba and China’s richest man, will commit $14.4 million through his foundation, designating $5.8 million for 2 Chinese government research organization working on a vaccine.
MEDICAL ASSISTANCE
There are many establishment and develop countries and there are also developing countries which need most help. Covid-19 is still unknown and it takes many experts to find the cure. Multinational corporations can support medical assistance to countries who cannot survive alone. Medical assistance to be provided will be used to fund for vaccine and provide nations with their peoples emergency needs. Many hospitals outside major urban areas may offer only basic medical care but with laboratory and efficient meds could help a lot.
EQUAL TREATMENT DESPITE OF THE NATIONALITY
According to article 7 of the Universal Declaration of Human Rights (UDHR) states “all are equal before the law and are entitled without any discrimination equal protection of the law”. Thus, everyone must be treated equally regardless of race, gender, national origin, color ethnicity, religion, disability or other characteristics. The equal receiving of health of all countries, the equal treatment and no abuses of this pandemic situation, the thinking of one’s health before oneself benefit.
SUSPENSION OF MULTINATIONAL CORPORATION BRANCHES
As Covid-19 swept across the world, all sectors are being upended. Local, national and global economies are being negatively impacted by the unpredictable nature of this pandemic (Gafni, 2020).
It’s better to postpone the operation than to be sorry later on, corporations should think about their workers health and safety. The headquarters has the control to hold their branches across waters to suspend works in order to support the government with enhance community quarantine plan(ECQ).
RESPECTING DIFFERENCES
Since countries has different practices on how to solve and respond to the disease instead of having rivalry in differences why not respect each other and work together as one.
Nobody is prepared for this pandemic crisis we are experiencing now. but these are the things I suggest that corporations should be doing
1.Corporations should use their foundation to give food, free medical mission, and other nonprofits service in addressing the needs of the communities.
2.Continuing to pay wages, even at less than full pay, is one option. This is not only a matter of CSR but it will also substantially reduce the costs of rehiring employees.
3.Display posters promoting personal hygiene. Offering guidance from occupational health and safety officers to conduct discussions with employees or the community.
4.Corporations should have at least a yearly fundraising event in supporting their foundations and the community
5.corporations should offer advance payments to their small suppliers, giving them goods or financial assistance that they will need when they return to production.
Multinational corporations should be doing the following:
1. A regular restricted savings fund for calamity or emergencies. Pandemics cannot be predicted. Extra funds are a must for a company when such situation occurs in order for the company to recover. One day of stoppage from operation causes the company millions and pandemics don’t stay for only one day.
2. Additional restricted funds for charity to the community. When pandemic occurs, the community around you are greatly affected. The government especially in our country is not ready for the COVID-19 outbreak. Help is so slow that the needy suffers a lot. On these times, many companies have helped not only the community around but also the local healthcare providing care for those greatly affected.
3. Investment in Health and accident insurance for all employees regardless of rank. This provides security for every employee employed in a company that takes good care for the employees’ health in case of emergencies. Most multinational companies provide health insurances only to the regular employees and top management while others are not secured.
4. A chain of available local suppliers that can sustain the corporation’s needs. During pandemic, everything goes on a stall, especially the arrival of supplies that are shipped internationally. It would be better to have a local suppliers available to keep the business running until everything normalizes.
5. Assessment for emergency preparedness. Every multinational corporations must be ready to face major risks during pandemic. Assessing the risk prepares the corporation for tolerable losses it may face.
6. Health Programs for employees. Healthy employees equal reduce cost in health care not only for the employee but also for the corporation. Loosing a good employee or executive due to bad health will cost greatly. COVID-19 deaths are usually those patients who are older and those who have other underlying diseases or those who are not very healthy. Healthy employee means happy employee. And a happy employee is a very productive employee.
As the world battled with the pandemic, those abled-multinational companies should be socially responsible to help those in need without sacrificing the business. Some of the things these companies’ social responsibilities that they can focus on but are not limited to supporting community in crisis, academic innovation, community development, offering flexible work arrangements and promoting green technology. Work from home option is one of the contingency plans the IT-BPO industry ventured into where employees can still earn in the safety on their home. Foundations from big corporations reportedly donated millions of dollars to WHO in the hope to find some cure and vaccines for the disease. Aside from the devastating news caused by the outbreak, it is still heartwarming to see people from different background, different countries, cultures and beliefs come together and lend each other’s hand, and that’s what we all need right now.
With the crisis brought by COVID-19, now is the right time for multinational corporations to practice their corporate social responsibility. Listed below are five (5) CSR activities they may possibly do to help the society.
1. Protecting Animal Rights – Since the COVID-19 virus came from eating Bat. It may be nice for the business to support animal rights advocates in protecting animals against human abuse. This is to avoid future viruses that we may get from eating them.
2. Support Medical Advancement – With new viruses being discovered from time to time and shortage of medicinal cure, it is very obvious that there is a lack of support for medical advancement coming from the government and private sector. Businesses may partner with medical laboratories and hospitals in developing and creating cure not only for the COVID-19 virus but for other diseases that are life treating to the community.
3. Giving Back to the Poor – As people are panicking for the safety and security of their families, there are those innocent ones that don’t have the choice but to live their daily life, amidst the threat of COVID-19 virus, as it is. These are the poor who still need to go to work or else they will die of hunger. In times like these with a sympathetic heart, businesses may offer them assistance or relief food to lessen the burden of sustaining their daily needs.
4. Employees’ Benefit and Security – With the temporary closure of some establishment, No work No pay policy was implemented by different employers. It is crucial for employers to be transparent with the benefit and security of the job that their workers have. They may also aid their workers for their daily needs and necessities.
5. Promotes more benefits for Healthcare Professionals – COVID-19 made us realize how healthcare professionals are treated less important in the past. A company may start an advocate to promote more support for them. Not only to boost there morale but also for them to be paid according to the sacrifices they have made and to increase the benefit they may enjoy. They have offered a lot more than their profession, it is more pleasant for the businesses to give back to our healthcare team.
The firs priority of a multinational company during this crisis should always be their staff. Ensuring the health of their workers should be on top of their list. They can do this by ensuring they have the proper facilities and execution if operation is necessary to keep the business afloat. Providing protective gears to their workers, enduring safe distancing is followed at all times are just a few that they can do to make sure their workers do not transmit or acquire the virus. An article in Washington Post illustrated the importance or social distancing which appears to be significant in avoiding transmission of the virus – of course just second to washing your hands frequently. Event 201’s simulation of a pandemic should have helped multinational corporations understand the needed actions in this situation. It was an opportunity for nations to learn and be prepared to come up with extensive measures for something like this. Investing in this kind of activity may prove useful although of course we never know when an epidemic or pandemic will ever strike again. Last but not the least, I think it is only ethical for multinational companies to give back to communities during times like this. Extending help where it is needed is vital to beat such crisis and it doesn’t just stop at throwing financial support but to also make sure it goes to where it should.
Corporate social responsibility(CSR) are built in to companies and industries as they are kept alive by the community around them. This may seem burdensome to those who take it lightly but when properly planned and put to action, without big expected return, it’s comeback will just be heart whelming.
As years gone by, CSR of the industries and organization evolved as well for the benefit of both sides. Today, with COVID challenging the entire world, international companies does their plan to action through doing CSR.
The usual and well known kindness are through donations. Donations in cash. These may be easier as it is just given by the Donors, but with the pandemic effect, Donation of Proper Protective equipment to the frontliners are much appreciated.
There are companies who are not main producing hospital supplies but they under the clothing line, this, doing voluntary work through making face masks and sheilds and donate it to the frontliners. They do help doing what they have.
There are companies, especially those in food industry where they feed the homeless. There are also those who have taken their time to pack basic commodities to those who could not access or afford especially during the quarantine times.
TV stations could help in providing accurate and essential update and instructions to the general public for proper receiving of information.
Large companies may opt to provide donations of not just PPEs but hospital equipments like ventilators for the needing patients and there are also commendable ones who have overcomed the disease and personally send volunteer health care team to do the job to other countries in need.
These acts maybe large in scope or so small enough to be notixed, but when there is unity with the service, COVID 19 would get away from this battle.
Given the effect of COVID-19, there are certain things that multinational corporation should be doing, these are the following:
1. Implement Social Distancing
2. Provide protective gears (Mask and gloves), alcohol or disinfectant prescribe by Health
Department
3. Set permanent schedule for disinfection of the entire offices
4. Monitor health condition of employee by regular checking of body temperature, blood pressure, blood sugar
5. Provide medicines an vitamins to boost employees immune system
6. Promote work from home, (on-line, telecommute)
7. Additional incentives like Hazard pay, Food allowance.
Above are list of what multinational corporation should be doing in adherence to the international pandemic cause by COVID-19, to protect the health of every employee and to promote the prevention of the possible contagion of the virus. This gesture is a sign of Philanthropic social awareness. Every individual, rich and poor has a social obligation to be done in the national and international social obligation. As of January 31, 2010, U.S. Secretary of Health and Human Services, Alex Azar II, declared a public health emergency in response to the outbreak of the 2019 Novel Corona Virus (COVID-19) and later declared as pandemic due to the magnitude of affected countries, like USA, EUROPE and Asean countries and even Philippines, which states “This is an emerging, rapidly evolving situation.” The marketer’s minds and costumers’ mind is focused on the health and safety of the employees.If you sick, self-isolate, or work from home. The recommendation would be a good self-judgement when travelling on both local and international, frequent hand washing with a duration of at least 20 seconds. This practice should be implemented by Multi-National Companies and Corporation as a participation in the fight against COVID-19. And this is an ethical standard should be done by every corporation in the business world wherever your location and regardless of your nationality, this is the social obligation.
Multinational companies needs to encourage their employees to be physically and mentally fit. They need to ensure their employees that they are financially secure during the outbreak so that they can still support the needs of their families. They can also find ways to support small businesses in their local areas. They can give as well donations to those who are less fortunate that really need to survive during the pandemic. They also need to make sure a concerted effort to keep customers engaged and reassured in the short term. They can give discounts and special offers will all help to incentivize current customers.
Multinational corporations are enjoying astronomical revenues from different business ventures they are into. With this success, these corporations are obliged to give back to the community via its social responsibility programs.
Given the current scenario against COVID-19, these corporations must be doing the following: (1) A work-from-home options, hazard pays, and medical assistance must be provided to ensure the safety of its employees, (2) Provide support or donations to the government of the host nation in the form of cash or through distribution of basic commodities and medical supplies etc. to affected families and frontliners, (3) If the corporation is engaged in manufacturing and distribution of basic commodities, then it must ensure that enough supplies are readily available across all regions, (4) Protecting consumer rights through imposing correct and fair pricing of products and services offered amidst this pandemic, and (5) Give back to the community what is essential through partnership with charitable institutions that facilitates distribution of goods and services needed to help those who are affected.
Multi National Corporations should first address the immediate challenges the pandemic presents to the corporate workforce, customers, technology and partners. Protect the workforce. Companies need to increase communication, and morale building so employees know that their well-being is of utmost priority. Protect people’s health, with whatever measures are appropriate to the workplace: positive hygiene habits, personal protective equipment, amended sick-leave policies—whatever it takes to ensure health and safety. Address challenges in the management of cash and broader flexibility issues during economic shutdowns in the host countries where they are engaged. Create a plan to resume operations quickly as COVID 19 situation develops and upshots become clearer. Fund researches, Coordinate with the government donate vaccine and PPEs supplies to help mitigate the current situation and in the immediate solution of the pandemic.
Multinational company believes that the greater the urgency the more rules need to be in placed to face challenges calmly. As key contributors to the economy the basic social responsibility is to conduct business well and organize employees properly. One side that multinational companies should look into is social responsibility and stakeholder management and incorporate sustainable development strategy into decision making, enterprises should obey the unified planning and arrangements of the goverment, proper corporate information disclosures can enhance an enterprises public image. For chinese companies, the most important leading practice is being able to implement corporate social responsibility from the perspective from the environment, society, economy and employee stability as well as coordinate relationships with the community and supplies. They should assess the possible impact of the pandemic and adjust plans.
Multinational companies must work to keep supply chains running, its natural that an initial corporate response to the outbreak is to focus on supply chain logistics. And this time it is vital to extend help. For example, corporation like alibaba and bank of china have donated large volumes of healthcare and food supplies to the affected areas. The third one is helping people get back to work virtually. Millions of workers are now using tools including alibaba’s “Dingtalk and WeChat” for online workplace collaboration. The fourth is to establish emergency decision making team to build the whole objectives and emergent plan and ensure the fastest possible decisions can be made in various situations. Tha last one is that companies need to consider adjusting their budgets and implementation plans, cashflow strategy and early warning mechanisms for international trade, they should pay attention to the international import and export trade situation, particularly sudden changes or disasters in locations from which will impact trade and potentially give rise to huge losses. For example, according to deloitta data 46% of companies plan to lower their performance hurdle 2020 and pay attention to cashflow and arrange cash sheduling to assure safety funds.
To prevent undesirable incidents, companies should establish emergency ‘scenario plan’ responses for basic providers as soon as possible.
4) a) Labor Security
Securing the welfare of the employees by giving them competitive salaries and benefits. Businesses must show to their workers that they care not only for profit but also for the welfare of the most important resource a business may have, human resources. Letting them feel that they are secure in the company will make their loyalty stronger.
b) Educate about the situation
The surrounding community may have anxiety and fear of what is happening especially of this COVID19. Giving them the information about what is happening may give the community an eye-opener and confidence. They may also provide information on how to deal with psychological problems that this pandemic brought.
c) Public Service
Multinational Businesses and other big businesses who have the means to provide for public transportation, food, and shelter must lend open arms. Given the effect of this pandemic most of the necessity of the community has been limited or cut down, the economy had been badly affected. At these events, food, transportation, and shelter are some of the important things a person can have especially when you are a front liner.
d) Support Government Programs
The programs of the government are solely for the good and safety of everyone. Multinational businesses must respect the decisions of the host country. For example, the government orders to close a business indefinitely because of the situation COVID19, that business must follow. And if the government would take over a certain business for the reason that its products or services would be used for the containment of the virus, the business must allow.
e) Environmental Efforts
Since Covid19 and other kinds of viruses originated from animals, it’s time for these multinational businesses to support environmental efforts to save or conserve wildlife. Natural disasters like floods and landslides have been frequent because we destroy the forest (flora) and now this pandemic occurs because of the wrong consumption of animals (fauna).
Question: Given the effect of COVID-19, Give at least five (5) or more thing that multinational corporations should doing.
Answer: Five thing that multinational corporation do in time of this pandemic are:
1. Sustainability of Supplies.
2. Giving back to the Purchasers/Customers
3. Availability of Options
4. Logical Presentation of Business Hours
5. Guidelines Presentation for Effective Business in times of an irregular health condition.
When in times of normality, the people always patronize the suppliers and that means gain and financial growth. Now these times are not normal and even financially draining, so it is the duty of the suppliers to have the debt of gratitude for people who have sustain also their business. That is by means of giving back to the people and by means of making the supplies available and sustainable enough to survive the time of crisis.
Availability of options is one great idea to do, as there will be an automatic rise in prices if there will be few options to chose from.
Logical presentation of business hours. During this time we have curfew, so business hours should be also jive with it or else there will be imbalances such as more clients but no more store open or more stores open but there are no more clients. So to be effective in times of curfew business establishment should also adjust time to logically compliment the curfew requirements. So there will be mutuality in this action.
Lastly there should be an action protocol for social distancing that will be implemented so that there is compliance to the health requirements of the government, there is also continuity of business.
This is one way for the multinational business to do in times of this pandemic crisis.
1.Fighting Poverty in times of crisis.
This means that business must ensure the financial stability of their employee due to crisis. People were safe at home to avoid spreading of viruses but most people are earning as employee. In times of this, the business must also help the government to help each individual since business growth is from employees’ perseverance.
2.Using of company resources.
Ensure to have suitable programs may apply for using company’s technology and resources necessary to healthcare and disaster relief. Government needs some support of private sectors to help local communities in needs.
3. Raising fund and awareness
Raise fund and awareness of pandemic and provide healthcare to disabled person, senior citizen, children, sick, homeless, unemployed who struggle with suitable care.
4.Transparency, accuracy and right information
Campaign for transparency, accurate and truth information. In times of crisis, multi-corporation is helpful for giving facts since they are well known. People will believe on what right information to avoid fear and frightening.
5.Communication, teamwork and empowerment. This is essential for multi-corporation to advocate effective communication to relay solutions in times of pandemic. Learning new ways to encourage and inspire the community to cooperate and have a strong defense as facing to end the crisis.
Given the effect of COVID-19,Give at least (5) or more things that multinational corporations should doing.
Global epidemic response and preparedness is underfunded.The rich world can afford corona virus interventions but the global spread has demonstrated how international health system as the poorest and the weakest. WHO,governments and central banks will not defeat COVID-19 alone,multinational corporations and private sector must play a role. The business world needs to help fill the gap.
Multinational corporations can contribute much working with governments and institutions to take actions in the relief efforts by:
1. Sending Medical help- Multinational corporations have the logistics to access to critical supplies . There are many critical items not available locally or stocks are too limited. From hygiene kits,diagnostic,personal protective equipment and case management equipment
2. Donating Cash- They can always tied up with science research laboratory working with the vaccine or drugs for this virus
3. Pay the wages of workers- Giant companies have capability to support their employees who cannot work from home and might therefore lose out financially.
4. Add production lines- Large companies that produce perfume and cosmetic brands which have the logistics to produce hygiene products like hydroalcoholic gels, or large brewery can produce 70% alcohol or big companies can work into making medical equipment such as mechanical ventilators.
5. Establish relief funds- Many multinational companies have the respective foundations which can fund for the relief efforts and rehabilitation.
6. Access to and increase in manufacturing capacity- Companies producing the corona virus test should manufacture massive to address the present needs.
7. Corporate citizenship efforts- Companies respond as corporate citizen in a way that demonstrates empathy,offers meaningful help and leaves lasting impact.
8. Using corporate ads or web page for dissemination of useful,correct and credible information from health authorities. Educate first their employees.
Multinational Corporations by their core competencies, resources,logistics, equipment and personnel can make great difference and fill the gap during this time of crisis.
Facing the possibility of a downward cycle in the worldwide economy is the impact of COVID-19. Listed below are some of the additional things that the Multinational Corporations should support and give consideration.
a. Encourage Mental Health Awareness – The flare-up of coronavirus disease 2019 (COVID-19) may be stressful for people. Fear and anxiety about the disease can be overwhelming and cause strong emotions in adults and children. Promoting and encouraging Mental Health wellness will improve psychological well-being.
b. Providing Financial Security – Protecting the finances during the Coronavirus Pandemic. To provide consumers with up-to-date information and resources to protect and manage their finances during this difficult time as the situation evolves. Encouraging financial institutions to work with their customers to meet their community needs.
c. Supporting Small Businesses – An investment fund that will support financial institutions around the world to help provide small businesses with access to capital. Helping the Small Businesses after the tough economic time. These measures will protect and help to deal with the impacts of the pandemic to the economy through a difficult time.
d. Execute Government Rules and Protocols – Government Rules telling us to continue to follow its rules and regulations for the better and the safety of everyone. The benefits of following the rules and protocols will protect the company and employees and higher company morale. Help employees understand what is expected and will happen if they will violate the rules.
e. Take the initiative to contribute to the benefits of Community – helping-hand support can inspire and give courage to those who are affected. Amplifying generosity to those less fortunate will give them hope to surpass this crisis.
“Corporate social innovation encompasses the many ways businesses can have a positive impact: through philanthropy, advocacy, social responsibility programs, and shared value creation.” (Gafini, 2020). It is imperative in this time for the government and businesses to safeguard the lives and livelihoods of the people and look beyond the pandemic and plan the life after this issue.
Multinational Companies have that social responsibility to give back to the countries and culture they have been serving as customers, and the employees working for them. If i were a part of their strategic team, i would like to propose 5 things:
1.Help employees in dealing with mental issues during the pandemic. Mental health is as important as physical health, physical distancing and quarantine can negatively impact emotional well-being of employees. Businesses should follow the move made by Starbucks where employees get to benefit from therapy sessions and some telecom companies pledging to help keep the internet accessible during this pandemic.
2. Provide employees financial assistance , during this tough times most of the establishments will be closed and jobs will also be unavailable. This will be challenging for employees if they won’t receive any pay during this crisis especially those employees who are being paid in an hourly basis. Paying employees and providing relief assistance can boost employees’ mental heath and can be a good pr advertisement for them.
3. Support Small businesses, multinational corporations should also help the businesses that were with them before the pandemic struck. This businesses helped their employees in their everyday lives and also attracted customers in areas where they are located. Like with what Amazon did, they prepared a relief fund for businesses in the vicinity of their headquarters.
4. Help the country their businesses resides on to heal, MNCs have the social responsibility to help the country and customers as they also have benefitted from them. it’s time for them to give back what they ethically and morally owe. Companies, instead of spending for their advertising, should donate funds to help fight the virus and provide necessities to the people during this pandemic. We’ve seem big companies pledge assistance to the government, and some of them are tying up with NGUs to help the poor.
5. Firms will also have to revise their targets and expectations, meaning they will have to devise a new plan for their future after this pandemic. They would need to re evaluate supply-demand chains and the challenges the customers and distributors will have. Companies will have to plan out if their investment strategies and prepare for the future shocks they will be facing.
Given the tremendous effects this COVID-19 has on everyone, I think multinational companies should start doing the following to sustain humanity and help save our planet.
1. Support programs of govt geared towards the research and development for the health care
Multinationals should think of allocating a portion of their income to help support the government in their quest for developing a cure for flu whichever form it may seem. This pandemic has become such an eye-opener for the world that really we are not ready. It has been ages since the evolution of Ebola which killed millions yet we never learn and were only caught off guard by the deadly virus.
2. Facilitate loan program
Companies should be ready to provide loan to affected workforce in times like this and offer it at a low interest, thus govt may not be too burden subsidizing funds to augment the employees who were out of jobs.
3. Export assistance
Neighboring countries were quick to send their assistance to us and other affected regions needing aid. Multinationals should also see the message right away to provide assistance in whatever they can to alleviate the situation. Other protocols may need to be overriden so help will come expeditiously.
4. Technology to higher prominence
Multinationals should have known that during this pandemic, there was a surge in WIFI usage and technology was really at the forefront. Employees were directed to work from home and connectivity was very vital in giving information and getting the job done. Multinationals should now rethink that online transactions can be feasible and might take a second look into it.
5. Protect less advantaged communities
Multinational leaders may work on the city or local agencies to enhanced health coverage and safety of communities thereby providing them with information that could help them combat diseases and wont leave them helpless.
QUESTION: Given the effect of COVID-19, Give at least 5 (or more) things that multinational corporations should be doing.
First, Multinational Companies should put more resources in supporting the medical field in terms of researches or clinical research in combatting infectious diseases. This way if we could see companies funding our researchers see dramatic changes in the way we advance our medicines and protection from infectious diseases.
Second, in light of the recent outbreak of the virus COVID-19, multinational companies should be looking to support our medical industry in terms of technology, they could be partnering with local hospitals and improve their medical equipment, laboratory apparatus, and protective pieces of equipment for front liners.
Third, multinational companies could look into stabilizing their internal protocols in terms of laying-off employees during crisis. As we have seen multiple multinational companies, lay-off employees, during these trying times.
Fourth, spearhead programs and events that enhance the awareness of local communities in terms of proper sanitizing.
Lastly, companies could look into their strategic plans during an outbreak or crisis, revisit their action plan, and try to improve the overall response during times like this. They could also look into strengthening the alliances between private institutions and public institutions alike.
Given the effect of COVID-19, for me these are the 5 things that company should do:
1. Help: divert a portion of resources to help the local communities that you are in get through this and recover.
2. Support goverment efforts
3. Support your employees both economically ( as much as you can),socially, and spiritually.
4. Watch,prepare and wait: this will at some time pass. Get yourself ready to move when the time comes.
5. Keep in contact: keep in contact with the markets you are involved in. Touch base with your partners, customers and suppliers. Let them know what you are doing and understand what they are doing.
(1) Producing more affordable and high quality product and services:
As the economy is down, multinational companies must produce affordable but high quality products that fits the needs and demand of the market especially for those who has low buying powers, but these low buying power has a larger population.
(2) They must be more innovative:
Multinational companies has businesses, staff and premises in one or more country, in order for them to survive the intense competition in that particular region, they must innovate something that will caught the attention of the prospective markets where their businesses is located.
(3) Promote equality of employees regardless of Race and Ethnicity:
Many companies will find this difficult to handle because of this pandemic, but as multinational corporations that employs different races and ethnic groups around different the region, it’s the responsibility of the administration to impose strict guidelines about this.
(4) Must research, produce, use and introduce more Green Technology in the market:
As a multinational corporation and a giant in the industry, they must be the one setting the example in caring for the environment. They must be more concern on to the environment where they their their raw materials since they are these giants and the one who consumes more of the natural resources.
(5) Must give more attention to the Health Issues:
As a giant in the global businesses, they must also give more attention to the issues that surround the regions. Most often health issues were not given more attention especially in the ranks and file employees, they only think or more profits at the expense of the health of these employees.
CORPORATE SOCIAL RESPONSIBILITY
1. ENVIRONMENTAL PROTECTION – If pandemic will be over, there will be more stricter in implementation of law concerning to environmental protection. Before it will happen, a corporation must be a step ahead in helping to protect the environment. The corporation should help the state in protection and conservation concerns as part of its social responsibility.
2. CHARITY OR FOUNDATION – There were lots of charitable institutions organized by different sectors and private corporations. It is one way of giving back also to the community. Some large companies deaignates certain percentage of their income, solely for their choosen or owned foundations.
3. COOPERATIVES OR LIVELIHOOD – Other large companies, organized different types of cooperatives or Livelihood. This is to help and promote local productiona thru, farmin, fishery, poultry, amd other available livelihood activities. Corporations help them by providing machineries, materials, seeds, fertilizers and other that migth needed in productions.
Corporations will be self-sufficient with this arrangements and members of cooperatives will feel secured that they have a company ti supply.
4. OUTREACH PROGRAM – Some of the corporations, has a regular routine activities that involves their employees encouraging volunteerism.
5. EMPLOYEE PRIVILEGE – Aside from being good in providing rigth benefits and following labor standards. Other corporations offer excellent privileges to their employee, medical assistance, car and house assistance, bonuses, allowances and other incentives. Even offering of competitive salaries, tuition fee assistant or reimbursement (like mine) and other helpful packages.
These are all some of the social responsibilities formed or organized by large corporations.
Topic 4: TITLE: CORPORATE SOCIAL RESPONSIBILITY
QUESTIONS: Given the effect of COVID-19, Give atleast 5 (or more) things that multinational corporations should be doing.
1. Support and protect employees at all cost. This is a very challenging time to most of the businesses worldwide but it is more challenging on the part of the employees. Therefore, multinational corporations should put basic protections for their employees who worked for the benefit of the company. Companies need to increase communication and balance the needs of the business and expectations of their employees. Whenever possible they have to change the working norms, making remote work practical and simple. And the most essential is to protect their people’s health- do appropriate measure to cater the needs of the employees in the workplace and provide PPE and other benefits to ensure the health and safety of their people.
2. Be a helping hand of the government. Multinational companies are the bloodline of the economy. It has the sustaining power to uplift the growth of the economy of the nation. And in these very challenging days, the government needs the aid of these multinational companies. In the Philippines for example big businesses have collected billions of funds to aid the needs of the Filipino People through goods and other necessities. That is likewise what the world needs, that multinational companies extend help in the government in any form possible.
3. Ethical Labor practice – Most of the companies have shut down or was forced to rest because of the effects of this pandemic virus. But companies should always practice ethical labor that will also give employees fair rate, especially in these very challenging days. The most affected in the strike of this virus are the employees and thus they need to be given right amount of benefits in order to survive.
4. Volunteer within the community. Only multinational companies have the venue to help the community right now. They have the access and at the same time the resources to be of great help in the community. When most the people are hiding because of fear of this pandemic virus, now it the time for multinational corporation to extend help in any way possible in the community like for example provide awareness about this covid-19 and provide solutions to ease the fear brought by this pandemic virus.
5. Give customers assurance that you are still of service regardless of this pandemic virus. Everyone is in a panic mode right now because of this covid-19, but I think it would be best if multinational companies make their customers feel that they will still be provided regardless of limitations and restrictions. Other multinational companies can opt to have online shopping where customers will still be catered even without going outside their safety nets. These companies can think of innovation in order to cater the needs of their customers.
QUESTION:
Given the effect of COVID-19, Give at least 5 (or more) things that multinational corporations should doing.
ANSWER:
I have listed below 5 things that the multinational corporations should be doing right now with this pandemic.
1. Charitable Giving – Food is very important to people right now, if big corporations producing food supplies will help and charitably give a portion of this food, it would be a great help.
2. Medical Missions – As pandemic rises, many are in need of medical supplies right now. Like vitamins, medicines for their maintenance, and others.
3. Supply Aid – Procurement as I’ve said is very essential right now and supplies should be the top priority of our essential establishments, so may that the government will continue to aid with this supplies that are in need.
4. Community Volunteering – This is the best time where they can be a big help to the community. They should start it off.
5. Environment Protection – Every production really affects environment. And I believe multinational corporations are doing it by heart.
We are all (if not, at least mostly) aware of the chain effect of this pandemic COVID-19. We witnessed how this illness spread rapidly and claims many lives. In this time of the pandemic, competition is not a must. We are all affected by this crisis. We have one goal at this time, which is to stop the root cause of all these negative effects on our economy, the COVID-19. Each of us has a role in fighting this virus. Simple acts can make a great difference. Basic things that companies can do for the benefit of everyone.
* Implement precautionary measures
Start precautionary measures among the employees, even COVID hasn’t arrived in your community to prevent contamination. Leave the epidemiology to the experts, but take initiative to at least prevent it by taking simple safety measures at the workplace.
*Protect employees
Employees play an essential role in the business operation. They are one of the company’s valued resources. At this crucial time, it’s the employer’s role to protect and at least sustain their needs.
* Philanthropic act
Those companies can share a part of their product or services suited for the needs, especially of health facilities and the frontliners. It’s like taking the chance of doing some philanthropic acts while having the opportunity to advertise. The effective marketing strategy is through service. People are the best advertisement tool. No well-financed ad campaign can be more effective than a simple act of kindness at this time of crisis.
* Comply with government’s protocols
Be informed about government protocols on this pandemic. Comply with all necessary requirements implemented by the government during this time of crisis.
*Divert investments
Divert investments to something more suited in this time of pandemic to sustain the company’s operation and provide employees’ essential needs.
The pandemic COVID-19 is an unexpected crisis that brings a lot of problems, especially for the poor and marginalized sectors of the society. Those who have the least financial stability and other means of buying their essentials have the hardest time dealing with it. The pandemic causes impacts on health, loss of income, limited mobility and other struggles.
This crisis is challenging us, to bring about an increased sense of our humanity and compassion to the community. Given the effect of Coronavirus, listed below are some suggestions that multinational company should take considerations in helping other countries in this global infection.
1. DONATIONS- Shortage of Personal Protective Equipment (PPE) is one major concerns of health frontliners across the globe. And it may led to our doctors and nurses to get infected with the virus. The deaths of healthcare workers from the coronavirus are inevitable. So one way to prevent it is giving them proper protective gear. Multinational company can donate and help our healthcare workers by providing their needs in the hospital to become more equipped and safe to the virus. This kind of act will resulted to mitigation of viral infection.
2. ASSISTANCE-Sharing is loving. Thru the help of the multinational company’s in some poorest area of the country, is a great impact to the society. Giving them food to eat will be a great share for them. Reaching them out by providing them food assistance like rice, water, canned goods and other essentials will help them to escape from hunger. And with that, it will lessen them to go out to their respective houses and prevent from taking the virus.
3. CONSTRUCTION- Building disinfecting compartments for the frontliners is a big step to lessen the spread of the coronavirus. This kind of action of the multinational companies will help the community and our healthcare workers sanitized their body. This plan will aligned to the protocol of the government which is the social distancing. Shelters and temporary housing for the frontliners will also be observed. So that they will not return to their home for the mean time, because the primary reason for this is keep their families and neighbors secured from the said virus.
4. EDUCATE- There’s no sure way to prevent the spread of this virus during on pandemic. In the meantime, the best way that multinational company can do is to educate the community on how to avoid this disease. It could be done by doing small clip of videos and post it in many form of social media. The videos may contain proper hand washing, reminding them to go avoid touching their mouth, nose, and eyes unless they have washed it. Avoid crowded places. Stay home if you can.Clean and disinfect household surfaces every day. And many more.
5. COORDINATION- Everything will back to its normal condition if all of us will properly observed and obey the protocol of our government. Multinational companies should also abide the rules and no one should get exempted. Like practicing physical distancing, avoiding crowded areas, using face masks/surgical masks. Because if some of us will disobey and underestimate this virus. Then probability of it is that the virus will last for a long period of time and everyone will suffer. So if we can make it right now, then we have to tie it seriously. Because COVID-19 will end soon, Jesus name.
As an effect of this pandemic I believe the following efforts from multinational corporations will be a big help in the long run:
1. Incorporate ‘health education’ in the community outreach programs of the branches of the company or adapt a program in coordination with international health organizations.
2. Allot a portion of philanthropic proceeds to international societies for research on medicine and infectious diseases.
3. Build rapport and establish relationship with healthcare facilities in localities of branches.
4. Ensure that business practices are environmentally friendly and safe for the people of immediate branch communities as well as observe best practices for safety in the course of business.
5. Identify resources across branches that can be tagged as emergency supplies to community or hospitals and keep them in a stock level with a bearable excess or develop a regular program of donations.
Before, I don’t understand the logic of my previous company why they were doing mangrove panting and rehabilitate sea turtle who accidentally sweep to the island until it was briefly discuss to us its importance to the environment. It is one of the responsibility that we should take to make the island more sustainable for the business. Below are the lists that multinational corporations should be doing in relation to Corporate Social Responsibility.
1. Employee Diversity. We are living in a global market. Thus, it is not surprising that a multinational company has a lot of nationalities involve in its work place. However, there are still certain cases of discrimination on the record. If you are in this situation, your company must take an action and proves that you are not against diverse workforce and promote social responsibility in every employee. With diverse employee, it brings variety of ideas and increased creativity since people with different backgrounds tends to have different perspectives and views in every situation.
2. Community Engagement. Community engagement is a strategic process that multinational corporations should partake to the geographical location of their business. It is the community’s right to know the plans and actions that the corporation is doing in order to help the community where it belongs. For example, a multinational corporation will create a livelihood program for the unemployed individual to add income for the family. It’s one way of multinational corporate to encourage the community to support their business also.
3. Green Technology. There are many advocacy around the world that encourages both individual and corporation to protect the earth. Multinational corporations are doing their best in reducing their carbon emission and waste, create more access to renewable sources of energy and other sustainable inputs to do their business. We all know that carbon emission from multinational corporations around the globe contributes majority to the climate change and global warming that were experiencing today. Every contributing corporation should therefore be responsible in eliminating or reducing the cause that affect the environment by investing in a greener technology.
4. Transparency. Fake news can rapidly spread with the advancement of technology. Multinational corporations should take a step forward in correcting any issues by being transparent both to their employees and consumers. It is their right to know the current information. This will help the corporations gain more trust from their consumers. And employees will fell that the corporations value them as well.
5. Data Protection. We are living in a world where internet is everything. Therefore, multinational corporations should take data protection seriously. Every single information provided by the employees and consumers should be treated with highest level of confidentiality. Employees involved in this department shall be responsible and aware of the penalties to be impose of any information goes out on public without the owner’s knowledge. If they needed some information, the people involve should be notified and consulted beforehand.
As the globe is bombarded by plenty of news regarding this new pandemic called the Corona Virus, companies are doing double time to keep up with everything that is happening. Each country has taken their own precautionary measures to prevent the pandemic from spreading. These local and foreign policies and the current pandemic also affects multinational companies even if they’re veterans in the business industry. Maybe an advantage some long-ran businesses have is the familiarity of the situation. It may not be the exact same scenario, but they’ll have prior knowledge to start with in brainstorming action plans. Moreover, multinational companies should be more financially stable despite a possible decrease in revenue. Here are some things I believe multinational companies should be doing or should have done already:
1. OPERATIONS PLANNING (STRATEGIC AND TACTICAL)
Each situation in a company may it be a good or bad event must be thoroughly planned out. Proper scenario analysis and forecasting should be considered. All the aspects, pros and cons to each suggested solution should be taken with great consideration. Given the limited time to plan in this situation compared to others, companies still need to be always 10 steps ahead. As mentioned, both tactical and strategic plans should be created and implemented to address the current status of the situation and prepare for its future impact. This may not be easy, especially for multinational companies that need to consider the different polices or situations in their other branches or offices located all around the globe. Although, this is indeed a necessity and an urgent topic of discussion.
2. CORPORATE SOCIAL RESPONSIBILITY
Companies with operations and branches found around the globe have already established their brands. Multinational companies usually invest in corporate social responsibilities. Some local policies even require companies to give back especially to communities near them. As I read in the news a couple of days ago, giants in the business industry have been helping by donating vitamins, alcohol, facemask, etc. wherein offices or branches are located. An example of this is Nestle. The company is said to be a strategic partner of the World Economic Forum and provided emergency help to countries in greatest need. Some of the donations included nutrition products, bottled water and other edible products. It is in times like these wherein the company can give back to its customers and show that as stakeholders they are valued by the business.
3. PROACTIVELY CREATE CLARITY ON EMPLOYEE WELFARE AND SAFETY
Employees should be treated with importance especially during a global pandemic like this. Aside from protecting your financials, you need to ensure that your people are safe. Possible options to ensure their safety is providing work from home opportunities. Also, ensuring that this is not done on the last minute. For example, BPO companies have given employees options either to work from home or let them stay in a secure place near the office and provide their daily meals. Sanitation and prevention of containment is another thing these companies should focus on especially if these companies produce edible products. Ideally by now, the have implemented sanitary measure withing their offices, warehouses and production floors. Lastly, planning and preparing financial assistance to their employees.
4. EVALUATE SUPPLY CHAIN
This is very important for multinational companies because their supply chain basically keeps the business operational. This need critical focus and analysis on the supply chain of your most critical products and looking into alternative suppliers. These companies should have already created contingency plans on where raw materials or production will be made in case a valuable part of their supply chain is affected the pandemics lockdown or other precautionary measures.
5. CLIENT/CUSTOMER MANAGEMENT
Correct and proper communication to stakeholders is also needed during a situation like this. Disinformation and confusion can actually spread more faster than the virus so these companies should inform their business partner and customers on the current standing or situation. So that, if ever the company will stop operating in a specific country they are prepared and aware of it. Especially if this companies produce basic necessities of the people. Consistency and accuracy of relaying the message can help as well as reassurance. It sounds simple, yet I can get easily misunderstood so this is very important.
The health and well being of employees will be the primary corporate concerns.
1. Providing financial security
Many establishments,stores, and business are closed due to pandemic covid-19 the corporate should commit to support employees financially. To continue pay employees and provide relief goods. Showing compassionate is a must in these unfortunate time.
Eg USLS-Bacolod continually pay their employees one month advance without reporting to wor and also provide financial assistance to 200+ maintenance outsource employees.
2.Supporting small businesses
Large companies should provide vicinity/shelter to all front liners also some big companies can purchase lunch to those essential personnel from local restaurants it’s like hitting two bird in one stone first small business can generate profit and also giving back to front liners.
3.Providing Educational materials to students who are learning remotely
Students can still expand their learning in the comfort of their home also it can divert their attention from stress and anxiety due to pandemic.
4.Encouraging Mental wellness
Invest by increasing remote working to greater focus on health without compromising productivity.
Eg Starbucks announced to expand heath benefits including up to 20 therapy sessions for all employees.
5. Advance Development
Large companies should invest in innovation producing disinfectant booth to ensure and lessen the possibility carrying the virus and can be use for establishment like malls, offices and hospitals.
Question: Given the effect of COVID-19, give at least 5 (or more) things that multinational corporations should do.
Multinational companies should joined hands together with the government of their host countries to recover from the effects of COVID-19. They are consider as a big pillar towards economic recovery, being a partner of the government by working together them is also one of the ways for the companies strengthening its own survival. There are many ways that multinational companies are of help to the host country; the following are the things wherein they can do:
1. Find ways not to layoffs employees though situation calls for it rather find adjustments like pay cuts or reduce number hours of work.
2. Organized debriefing session to people who underwent quarantines and to those whose member of the family died because of COVID-19 to decrease stress and anxiety to promote mental health.
3. Fund research and development of drugs, vaccines and other health care products that can be used for future outbreaks of virus.
4. Offer scholarship for qualified students who want to become doctors, nurses, or any medical courses since the pandemic brought great loss on the numbers of our medical practitioners.
5. Above all is to make their employees feel more secure through business operational continuity and employee protection. The liquidity of the company is the utmost concern and thus whatever support they have to give to the environment and people will have an equivalent and prevalent benefits to the company itself.
The COVID-19 have been affected worldwide. Big companies and powerful nations were also suffering this big problems. Facing and solving this pandemic problem cooperation and working together maybe the best way. Multinational Corporations should support developing and poor countries, by first Financial Supports.Many employees and workers were already in their home because of quarantine measures. Giving them their basic needs and food security is more important. Secondly, Giving support to Small and Medium Enterprises. The corporate sector can support this crisis by implementing strategies and initiatives for the benefit of the society thru supporting employees,costumers and economy as a whole. Third, Safety Medical Equipment Use. Medical staffs, professionals and frontliners were needed masks,complete PPE to be use in taking care and treatment of affected cases. Another for example, big breweries and distillers donate alcohol and sanitizers to the LGU’s and distributed to all. Fourth, Provide Quarantine Facilities, this facilities is now much needed by every province and regions. It help to stop spreading the virus and secure the safety of everyone. Last, Invest or creates alternative technology to use by the employees while staying in their home. That maybe helpful to earn little income while in the quarantine period.