Description

Organizations today operate in a dynamic environment characterized by technological, economic, social, political and legal changes. Organizations are accountable to multiple stakeholders such as employees, consumers, suppliers, local communities, policy makers and society at large. In earlier times, the organizations focussed almost entirely on financial profits in order to satisfy shareholder concerns or their demands for an increased rate of dividend. The financial profits of the organizations have led to an increasing rate of industrial growth. Rapid industrial growth has come at a cost, such as increasing gap between the rich and poor, degradation of the environment, depletion of scarce resources etc