The world is undergoing sea change at a drastic pace. In the 21st century when internet communications are easily accessible, it has now become mandatory for the different organisations to run the business in a transparent manner. A number of employers are thus not very comfortable with this process. Now days, any organization cannot only focus on the profit related aspect, however, in order to stay in the market, it needs to concentrate on the arena of sustainability. For instance, the way the national debt has been tripled by Reagan, the business houses of the present times work in such a way that they can triple their bottom line. Measurement of sustainability has been changed over the years and so is the corresponding ways in which the different business houses make decisions (Gold et al., 2013).There is no standardized or specific protocol through which sustainability can be measured. The business houses however normally use triple bottom line approach so that the policies, entities and products can be fit into a common framework. This will further help them with better comparative analysis.
Nestle has been doing very good business since a long time. Only a few cases have actually put their reputation at stake and affected their bottom line. One issue that came up in 2015 was regarding the Maggi noodles in India, which was ultimately banned thereby terribly affecting the business. Overall, this reporting strategy helps to maintain transparency and accountability amongst employees.
Important to undergo PESTEL analysis
Multinational companies like Nestle should ensure that the values and policies of the companies should never be compromised. Those aspects which do not abide by the legal terms and policies of the place must be altered or replaced.
The labour laws and their prior knowledge are essential while diversifying business is different to offsite locations. These practices, in reality, however might seldom be done as the companies want to achieve the desirable market share and the corresponding profits. It is always sustainable to understand the market in foreign lands in terms of political, economic, social, technological, environmental and legal perspectives (PESTEL). In those situations, if these are not followed, the company might land up in legal or any other trouble from one of the perspectives. The analysis of the said attributes thus makes the company responsible, accountable for the employees and labour. In addition, the analysis is utilized to make the overall business model transparent and ethical.
There is an increased need to understand the social norms and legal and political perspectives of any business which wants to open up in a new country. The political and legal rights are something which is a part of the political system of each country and the government agencies participate in the process of framing rules and regulations. As a result the political/ legal contract varies from country to country. It is of utmost importance to know about the same. Most importantly labour rights, minimum wage, working hours and legal framework for establishment of new business – are product or service that needs to be essentially evaluated (Deresky, 2017). For instance, Nestle recently had been facing a number of issues regarding employment of child labourers in different nations across the world. In majority of the countries, it is an offence and legally, and the company can be sued for such an activity. Hence, it is very important to ensure that any company should follow the guidelines of the foreign land where they want to expand their business.
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