Case Study Religion

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Centennial College *

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CORPORATE

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Business

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Jun 10, 2024

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Case Study - Religion Corp. Sustain. and Int'l Devel - INTL 710 - 005 The Business School, Centennial College Date: 21/05/2024 1. Why is it important for a company to embrace CSR? Is it a company’s responsibility to deliver social and environmental progress? Explain in detail and provide examples. 1

In today's business environment, corporate social responsibility, or CSR, has grown in significance for businesses (Chandler, 2020). Adopting CSR entails incorporating environmental and social issues into corporate operations and decision-making procedures. Companies have a strategic imperative to produce social and environmental improvement in addition to a moral duty. Businesses should implement CSR for two reasons: first, to build trust with stakeholders; and second, to enhance their reputation. By engaging in CSR initiatives like environmental sustainability, charitable giving, or moral labor practices, businesses may demonstrate their commitment to moral corporate conduct and the benefit of society (Chandler, 2020; Carroll, 1999; McWilliams & Siegel, 2001). Companies like Patagonia, renowned for their commitment to environmental conservation, have developed a loyal customer base and achieved financial success by aligning their goals with social values. Furthermore, corporate social responsibility, or CSR, can help long-term economic success by lowering the risks associated with social and environmental concerns. Companies that address these problems early on will be better equipped to meet client demands, adjust to changing laws, and maintain their good name (Chandler, 2020; Carroll, 1999; McWilliams & Siegel, 2001). Additionally, implementing CSR aids companies in attracting and retaining top talent. In today's competitive labor market, employers who value moral corporate conduct and social responsibility are attracting more and more workers. Setting a high priority for CSR initiatives helps a business attract bright candidates who share its values and are motivated to make a good impact (Chandler, 2020; Carroll, 1999; McWilliams & Siegel, 2001). In conclusion, starting a corporate social responsibility (CSR) program is a smart business decision as well as a moral one. Integrating social and environmental factors into business 2

operations may help companies attract talent, lower risks, enhance their brand, and promote long-term sustainable growth. 2. Reflect on how Chandler (2020) compared the relationship between religion and capitalism. Chandler (2020) examines the complicated link between religion and capitalism through a detailed contrast. Chandler shows how religion and business are similar and different in many ways on pages 46–63. One significant topic that Chandler draws attention to is the historical influence of religion on economic systems. He discusses how historical economic activity was influenced by religious ideas, particularly during the Middle Ages. Chandler, for instance, highlights how attitudes about lending and interest were impacted by early Christian doctrines, such as the prohibition against usury. In addition, he discusses how Islamic banking principles, which have their origins in religious doctrine, have developed and how they impact modern financial institutions. Chandler also looks at the tension that exists between Christian morality and the objectives of capitalism. He examines how some religious doctrines uphold moral principles that may conflict with capitalism's profit-driven objectives, such as fairness, humility, and charity. Chandler also discusses how religion principles—like those found in Islam—have influenced financial practices and led to the development of alternative financial institutions that adhere to religious teachings. Chandler also examines the ways in which religion continues to influence conversations and behavior in the contemporary economy. He discusses the ways in which religious authorities and institutions shape economic policies and encourage ethical business practices. Chandler also 3

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examines how religious ideals and beliefs impact consumer behavior, corporate decision-making, and societal conceptions of wealth distribution and social responsibility. In summary, Chandler's analogy highlights the intricate relationship that exists between religion and capitalism by illustrating the ways in which moral values, religious beliefs, and cultural customs have shaped economic systems historically and continue to do so in the present. 3. “Religion is a delicate topic and one that is considered “taboo” to discuss in the workplace.” Do you believe religion is a private matter and shouldn’t be discussed at work? Discuss whether companies need to include religion into their operations and strategic outlook. What laws are in place in Canada to protect you regarding religious freedoms and do you believe they are enough? Since religion may cause discomfort or disagreement, it is generally avoided in workplace talks. It is frequently considered a delicate issue. There is disagreement about whether or not religion should stay a private affair at work. Some say that conversations about religion should remain private and should only occur in private, while others support discussing religion in the workplace, especially when it comes to business operations and strategic planning. It might be advantageous to integrate religion into business operations and strategic planning for a number of reasons. First of all, recognizing and honoring the variety of religious views held by staff members promotes an inclusive and tolerant work atmosphere. This inclusiveness can boost engagement, morale, and output among staff members. Offering prayer rooms or flexible scheduling on religious holidays, for instance, shows that an organization supports the right of its workers to exercise their religion freely (Canadian Human Rights Act, 1985). 4

Second, businesses might gain from embracing religious diversity in terms of developing their market and interacting with customers. Recognizing and respecting the religious preferences of customers may improve brand loyalty and reputation. Businesses could, for instance, provide products or services that adhere to religious or dietary restrictions in order to cater to certain religious groups (McGuire, Sundgren, & Schneeweis, 1988). It's important to introduce religion into corporate procedures politely and without coercion, even though there may be benefits. Employers ought to desist from imposing their religious beliefs on employees or using religion as a pretext for discrimination. Additionally, it is advised that religious discussions in the workplace be optional and considerate of others' perspectives (Canadian Human Rights Act, 1985). Laws are in place in Canada to safeguard people's freedom of religion at work. The basic rights of freedom of conscience and religion are guaranteed under the Canadian Charter of Rights and Freedoms. Furthermore, it is illegal for employment practices to discriminate on the basis of religion under both federal and provincial human rights laws. To ensure that people are not treated unjustly or disadvantaged because of their religion, these regulations require businesses to make accommodations for their workers' religious practices and beliefs to the extent that it would cause them undue difficulty (Canadian Human Rights Act, 1985). While the law now in effect provides a framework for the protection of religious liberty in the workplace, ongoing efforts are necessary to ensure that the law is properly implemented and upheld. Employers must monitor for instances of harassment or discrimination on the basis of religion and ensure that the laws pertaining to religious accommodations are respected. Furthermore, it needs ongoing education and awareness-raising initiatives inside businesses to 5

foster a climate of tolerance and respect for religious differences (McGuire, Sundgren, & Schneeweis, 1988). In conclusion, the sensitive topic of whether or not religion should be kept secret in the workplace has a lot of moving parts. Apart from the reasons for privacy protection, there are compelling considerations for incorporating religion into corporate operations and strategic viewpoints. By politely and inclusively embracing religious diversity, businesses may enhance their relationships with both customers and employees and create a healthy work environment. 4. What does it mean when the case discusses Islamic financial products? Are they sharia compliant as described in this case study? The term "Islamic financial products" in this case refers to financial goods and services that adhere to Sharia, or Islamic law (Chandler, 2020). These goods follow certain rules outlined in Sharia, which forbid investment in certain industries deemed harmful or unethical, like the gambling, alcohol, and cigarette industries, as well as interest (riba), uncertainty (gharar), and gambling (maysir) (Chandler, 2020; McWilliams & Siegel, 2001). Sharia-compliant financial products are those that follow the moral and legal precepts outlined in Islamic law (Chandler, 2020). For instance, the ideas of profit-sharing (mudarabah) and risk-sharing (musharakah) underpin Islamic banking, wherein the bank and the client split investment gains and losses (McWilliams & Siegel, 2001). Furthermore, in order to maintain Sharia compliance, Islamic bonds (sukuk) are designed to yield returns based on underlying projects or assets rather than interest payments (Chandler, 2020). The case study emphasizes how Muslim investors' need for Sharia-compliant financial products is fueling Islamic finance's increasing prominence and worldwide appeal (Chandler, 2020). To accommodate this need, governments and financial institutions have created a variety 6

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of Sharia-compliant goods and services, such as Islamic mutual funds, sukuk bonds, and mortgages (Carroll, 1999; Chandler, 2020). Finally, Islamic financial products are defined as those that follow Sharia law and are meant to serve as morally and socially conscious substitutes for traditional financial services (McWilliams & Siegel, 2001). These products give Muslim investors the chance to engage in financial activities while adhering to their religious views since they are in line with Islamic values and principles (Carroll, 1999). As a result, Islamic financial products are essential for advancing ethical investing methods and financial inclusion both domestically and internationally in communities where Muslims predominate. 7

Reference Carroll, A. B. (1999). Corporate social responsibility: Evolution of a definitional construct. Business & Society, 38(3), 268-295. https://www.researchgate.net/publication/ 282441223_Corporate_social_responsibility_Evolution_of_a_definitional_construct Chandler, D. (2020). Strategic corporate social responsibility: Sustainable value creation (5th ed.). McWilliams, A., & Siegel, D. (2001). Corporate social responsibility: A theory of the firm perspective. Academy of Management Review, 26(1), 117-127. Canadian Human Rights Act, R.S.C., 1985, c. H-6. https://laws-lois.justice.gc.ca/eng/acts/h-6/page-1.html#h-256790 McGuire, J. E., Sundgren, A., & Schneeweis, T. (1988). Corporate social responsibility and firm financial performance. Academy of Management Journal, 31(4), 854-872. https://web.archive.org/web/20170214234730id_/http://ejournal.narotama.ac.id:80/files/ corporate%20social%20responsibility%20and%20financial%20performance.pdf 8

Case Study Religion

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