Corporate Scandals

Johnson & Johnson Scandal: Recalling of baby powder bottles and lawsuits from customers.

Hello everyone!!I am here with my another 

blog on the topic that is corporate scandals.

What is meant by scandal?

Any action, a situation that shocks people because of doing any bad or wrong thing.

Now, when people within or on behalf of a corporation acts in unethical manner which leads to shock the customers is called corporate scandal.

Such type of corporate scandal is also done by one of the most trusted brands that is Johnson & Johnson

Johnson & Johnson company has been a household name for more than 100 years with a reassuringly cozy image as the quintessential family brand of baby powder, baby shampoo and the maker of Band Aids. But it also the name behind a huge range of drugs and devices.

On October 2019, Johnson & Johnson recalled 33,000 bottles of baby powder. The recall comes after decades of concern from both the public and within the company that the baby powder could contain the cancer causing mineral.

At the time of the recall, J&J faced more than 15,000 lawsuits from customers who alleged the baby powder cause them to develop cancer.

This affects the reputation of the company terribly. Its reputation drop steadily from 9th place to 57th out of 58th leading pharmaceutical companies since 2014.

At that time, all experts are concerned that how one of the world's most valuble companies is caught in no less than an existential crisis and the public was asking: what happened to Johnson and Johnson?

The company was so trustworthy and valuable that this question was expected from the public.  The company could become trustworthy only because of the  public trust on company's products. But their one unethical behaviour leads to make them suffer  in the market. This means, no matter how much reputated the company is from decades ,but their one scandal can leads to affect the reputation drasticly.

So, this means if the company is reputated and valuble, it has to maintain that level of reputation and dignity in the market. However, later on J&J declared their products completely safe but after paying lawsuits upto $10 billion. But if they initially maintain that ethical practices then this day would never  be faced by them.

It means in the market if you have top level position than you have to maintain that position.

Thank you!!

An Ethical Corporate

Tata Steel:Global leader in maintaing the standards of Ethical Business Practices 

"A man without ethics is a wild beast loosed upon this world".

I Muskaan gladden to write my first blog on an important aspect of society that is "Ethics".

We humans are very good in criticizing others, those who are not doing right things, but rarely appreciate the one who is doing things in a right manner. 

Same is with ethical issues in companies, if a company is performing unethical practices we criticise it at a peak and remember them for their unethical practices but what about those companies who are performing ethical practices, do we know the names of those ethical companies who performing in a right manners by doing right things? 

 So, let's discuss about some global leaders of ethical business. 

First of all,  we should know the meaning of "Ethics"-a Greek word "ethike"  which means the standardized rules that a social system provide.

Nowadays, it is very important for the companies to perform in an ethical way to maintain their brand value in the society.

Doing ethical practices leads to achieve all the objectives of the company i.e. organisational,personal and social objectives also.

 There are many companies those are doing unethical practices to increase their revenues, but this is not the only way to do that. There are also some companies those are doing ethical practices and not only increased their revenues but also brand value in the market and became a trustworthy Company because of their ethical behavior.

One of those ethical companies is Tata Steel

Tata Iron and Steel Company Limited(TISCO), is an Indian multinational steel-making company headquartered in kolkata, West Bengal, India.

It is well known for doing ethical practices and has been recognised as one of the 2019 World's Most Ethical Companies by the Ethisphere Institute, a global leader in defining and advancing  the standards of ethical business practices.

The company has received the recognition for the eighth time in the 'Metals,Minerals and Mining' category.
The company always continue to improve communities,building capable and empowered workforce.The Tata name evokes a sense of Trust,  Credibility and Integrity to many millions of stakeholders in India and overseas.

All these above practices makes a company an ethical company in all prospective.
Being ethical to the society and to the stakeholders increase the efficiency of the company.Ethical practices should not only done inside the company,  but also outside the company with society. This would increase the revenue of company and the company would perform more effectively for a long period of time. And there are many companies those are doing well for being ethical such as:
1.Canon
2.Dell
3.H&M
4.Wipro
And more companies are there in the list those are performing ethically. All these companies respect the rights of all its stakeholders and create overall value for society.

It is great to know that there also many companies those are reinforcing ethical culture and looking forward to an equally aligned work culture with all stakeholders, internal or external without any discrimination.

At last I would say that we should appreciate the companies for their ethical practices and should keep recognising them for their work and ethical behavior towards  the society.

Thank you!!