TOYOTA RECALL: An issue that put its aim of “moving forward’’ to a standstill
CSR, Corporate Social Responsibility, is currently a fashion in the business world. Many corporations and/or organizations set up divisions of CSR and have been publishing reports of their CSR activities in the past decade. To explain and understand this concept further let me tell you about the most talked about organization in the past few years, Toyota Motors which has been facing certain criticism in its business operations on the social responsibility front. Toyota, a Japanese car manufacture whose name is derived from the founders family name – “Toyoda”, whose history dates back to 1933 with the company being a division of Toyoda Automatic Loom Works devoted to the production of automobiles under the direction of the founder's son, Kiichiro Toyoda. Post World War II, the economic situation in Japan was bad and Toyota had almost become bankrupt but with the help of some finance from the consortium of banks they got a chance to bounce back. As the years passed by, they had become the largest and the most successful car manufacturers in the world with most of its concentration in the American and the Asian markets. In order to move fast to keep pace with other competitors and to maintain its position and reputation in the business, Toyota has practiced the Corporate Social Responsibility (CSR) policy which is “Contribution towards Sustainable Development”. Today, where the consumers are highly educated and environmentally conscious, Toyota has to make sure that they can balance up the needs of the society and consumers. The model that the company follows focuses on Employees, Shareholders, Community, Business Partners and the Environment as a whole. Towards employees they ensure safe and healthy working environment, medical benefits, special discounts on purchase of Toyota vehicles, etc. Toyota has been for long volunteering in the various activities directed towards the...
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