You are a manager in a large, global manufacturing and services organization. You're trying to explain to your grandfather how different your job is from his. You both know how society has changed and you want to explain how that has changed management. Go to the Discussion Board and post your thoughts on how management has changed with respect to one of the following areas:

Organizational culture
The outside environment
Globalization
Corporate responsibility and ethics
Society and trends (such as diversity)

That's why there are libraries. Please visit one to do research on this very important topic.

You did not even ask for help on this - you posted this as a demand. Sorry, but this site does not do your homework for you.

I will talk about corporate responsibility and ethics,


Business ethics is a branch of ethics that examines ethical rules and principles within a commercial context; the various moral or ethical problems that can arise in a business setting; and any special duties or obligations that apply to persons who are engaged in commerce. The corporations apply business ethics by having good corporate governance.
Corporate Governance is all about promoting Corporate Fairness, Transparency and Accountability. Self-regulation for the industry is an important step towards becoming more efficient and socially responsible. All parties to corporate governance have an interest, whether direct or indirect, in the effective performance of the organization. Directors, workers and management receive salaries, benefits and reputation; whilst shareholders receive capital return. Customers receive goods and services; suppliers receive compensation for their goods or services. In return these individuals provide value in the form of natural, human, social and other forms of capital. Hence it is clearly good that businesses should seek to minimize their negative social and environmental impact resulting from their economic activity.
Thus corporate governance is required to promote fairness, transparency, discipline and self regulation. Good governance is having a significant impact and benefit because traditionally, a company’s worth was based on the tangible assets (Imhoff). More and more intangible assets such as goodwill, brand value and intellectual property are needed to be valued. Measuring is depending of the credit rating of a company which is the reliable resources for investors. Therefore, the investors expect to see the information of rating, “a high rating indicates good compliance with governance standards” (Imhoff). Board of Directors plays an important role in promoting corporate governance. Their role is to increase managerial performance and changing their incentives because they are the brains of the management. They frame the policies and regulations for the organizations’. They directly regulate the activities of the management whereas shareholders don’t have direct control on the management.


Case of increasing unsound financial reporting

The corporations should be aware of the long term issues rather than short term ones in business, even if it means forfeiting profits in the short run.

Take the case of World com which was involved in unsound financial reporting.

(Wikipedia)

On July 21 2002, WorldCom filed for Chapter 11 bankruptcy protection in the largest such filing in United States history. Its founder and former CEO, Bernard Ebbers, came under fire for his failure to prevent the bankruptcy.

In August 2002, an additional $3.3 billion in improper accounting since 1999 was announced. By the end of 2003, it was estimated that the company's assets had been inflated by around $12 billion.

Post scandal Impact on World-com and on its shareholders and employees
The company has suffered multiple downgrades of its credit rating as they downgraded its debt to junk status. WorldCom, now known as MCI, filed the largest bankruptcy in U.S. history in 2002. The company's collapse led to billions of dollars in losses for shareholders and employees.

In July 2005,
Ex-WorldCom chief executive Bernard Ebbers was sentenced to 25 years in prison for his role in orchestrating the biggest corporate fraud in the nation's history.

Thus all moral and ethical activity occurs on the basis of a reasoning of having balance between the realization of interests and the avoidance of physical, social, or even state sanctions. Hence in the areas like product, industrial and environmental safety, social welfare obligations, correctness and completeness of information, standards that satisfy the stringent requirements of total responsibility must hold sway. Double standards would have doubly fatal consequences, not only for the corporation but also perhaps for the health and quality of life of people now or in generations to come.
Recent criteria for the formulation of corporate codes of conduct

* The principles of the code must be tailored to the specific corporate culture – merely taking over general codes is not enough.
* The code of conduct addresses those activities of the corporation which are particularly sensitive or which concern the greatest vulnerability (legal, socio-political, and other).
* Corporate codes of conduct have to be pragmatic, i.e. they must reflect the circumstances of the corporation and should only set standards which can reasonably be expected to be followed.
(Indiainfoline)

Moreover it can have following best Practices to fulfill corporate responsibility and ethical responsibilities:


1. Grooming talent from all around the globe

As many companies in top 20 is grooming talent all around the globe, to have all around development of the organization. It helps in learning from each other’s culture and sharing the knowledge with each other. It helps in development of employees.

2. Hiring professionals
The professionalism is the hallmark of the excellence for successful companies. They recruit from best universities and groom them to become future leaders. Infosys is recruiting not only from India but also from US universities to develop global pool of talent.
(Hindu)


3. Recognizing and respecting differences
Organizations need to acknowledge people's differences and also value these differences. This will enhance good management practices by preventing discrimination and promoting inclusiveness.

4. Diversity at top
It is a good practice to have top management from various backgrounds if possible like Nestle has only one Swiss director in it Board.
Getting the global view: Nestle, led by Peter Brabeck-Letmathe, climbs to the #1 spot in this year's Best Companies for Leaders Chief Executive, The - Find Articles m

Corporations that treat environment with respect leave little waste for the environment to consume, have efficient processes, low energy costs, high degree of recycling, high product quality, high social standing and high levels of customer satisfaction. It becomes a Win-Win Strategy for the corporate enabling them to improve their environmental or social record while reducing costs and/or increasing competitiveness and productivity.
(Indiainfoline)

Other References:
1. Redirect Page
2. Paper by Asit Keshri
3. Corporate Strategy: by Gary Hamel
4. Company Law by N.D. Kapoor