New Balance is privately owned company, which is the second largest footwear manufacture in the United States and the fourth largest footwear manufacture in the world with annual sales in 2008 of $1.61 billion (Veleva, 2010).
Although New Balance owners did not have an official Corporate Social Responsibility policy there was a strong culture of “Doing the right thing” (Veleva, 2010). New Balance owners along with company leadership did realize that New Balance needed to engage in the next step, which was to develop a strong Corporate Social Responsibility. To do this New Balance promoted their senior corporate communications officer to the social responsibility manager. In addition, New Balance hired a firm outside the company to provide a credible and independent study of were New Balance stood in respects to their Corporate Social responsibility. For this study, New Balance hired a local firm which New Balance new well, Boston College Center for Corporate Citizenship (Veleva, 2010).
Before the Corporate Social Responsibility study, New Balance although “Doing the right thing” did not make their social responsibility efforts public. New Balance’s new goal of “Doing the right thing” was to use the Corporate Social Responsibility study by Boston College Center for Corporate Citizenship to improve on their social responsibility and to make their social responsibility public.
Strengths and Weaknesses
Overall Governance (Values, Mission, Principles and Policies)
- Responsible to their employees
- Management is responsive and takes employees seriously
- Employees have a sense of personal accomplishment
- Employees have pride in whit the company is doing
- Senior Management have a strong support for C...
... middle of paper ...
Overall, after New Balance focuses their Corporate Social Responsibility to the above key areas, New Balance will emerge as a Global leader in the Corporate Social Responsibility construct. As a global leader in Corporate Social Responsibility, New Balance will be able to maintain the fine balance of Corporate Social Responsibility and profit.
CSR Handbook for Small and Medium Enterprises . (n.d.). Retrieved January 24, 2014, from Caux Round Table: http://www.cauxroundtable.org/index.cfm?&menuid=104&parentid=16
Hohnen, P. (2007). Corporate Social Responsibility An Implementation Guide for Business. Winnipeg: International Institute for Sustainable Development. Retrieved January 22, 2014, from http://www.iisd.org/pdf/2007/csr_guide.pdf
Veleva, V. (2010). New Balance: Developing an Intergrated CSR Stratergy. London: Ivey Managment Services.
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