Learning 1:

Capitalism and its effect on stakeholders.

Top 5 learnings

In capitalism, companies aim to make money by producing goods or services people want. However, they must consider how their choices affect everyone involved, not just their profits. This means considering the impact on employees, customers, and the community and finding the right balance between making money and doing what is appropriate for society. Poor restrictions in the government rules lead to the exploitation of many resources by some industries. Their disregard for the environment leads to contamination as they take advantage of resources. Nature suffers, and the local population is impacted. Government regulations enforcing environmental protection policies and corporate responsibility are crucial. For example, employees working in factories in countries like Vietnam and China often face significant challenges and hardships.

Learning 2:

Importance of stakeholder analysis.

Stakeholder impact can be either positive or negative. It is essential for the corporation as a whole and specific project inside the organization. A corporation must identify all stakeholders impacted by a decision before starting a project. These parties may be internal or external to the company. For instance, there may be unfavorable effects if a business plans to construct a plant in an environmentally sensitive location without considering all stakeholders. This may include opposition from the local community, conflicts in goals resulting in dissatisfaction, financial losses, damage to reputation, or legal consequences. Whether sourcing expertise internally or externally, it's essential to thoroughly analyze the impact on stakeholders before making decisions that cannot be easily reversed. In the corporate world, Heinz EZ Squirt introduced colorful kinds of ketchup targeting children but eventually discontinued the product due to losing interest among kids.

Learning 3:

Challenges for indigenous people in Canada.

Those who were initially established in countries with rich cultural identities often faced invasion and mistreatment by foreign powers, leading to the concealment of their own identity to avoid harassment. This has resulted in a disconnection from their original culture, education, medicine, and cuisine, causing a sense of alienation from the broader world. Indigenous people often faced access to resources in their personal, social, or economic development in their nations. Education has disparity; health concerns are excessive, and fewer financing rights are a few of their indicators of differences. Their willingness to use traditional knowledge in current market practices is impressive. However, they are concerned about resources to develop production in their manner. In the future, whether in innovation, leadership, or personal development, we can benefit from understanding the difficulties faced by Indigenous peoples. Building an equitable and sustainable future for all requires embracing diversity, advancing social justice, and encouraging inclusive methods that can be practiced in our workplace.

Learning 4: Maximizing overall happiness.

Utilize utilitarian principles while making decisions by weighing the effects of your choices and selecting the course of action that will benefit the most significant number of people overall. It is considered beyond self-interest and impartially finds the interest of all persons affected by our success. In today's world, fully applying utilitarian theory isn't straightforward because happiness and well-being vary from person to person. If the theory is fully used, it might not always consider the needs of minority groups, which raises questions of fairness and justice for them. Concurrently, a healthcare policy for all employees may ensure fairness. So, while aiming for the greatest good for the most significant number sounds good, it's trickier in practice because people's needs differ, and fairness matters, too. When making decisions in personal relationships, keep my and other people's welfare in mind. Making open communication, empathy, and respect for others will be top priorities to ensure my actions make those around me happy and fulfilled.

Learning 5: Ethical relativism.

Knowing ethical relativism is crucial for business since it demonstrates how different cultural perspectives on right and wrong vary. Businesses can now collaborate more effectively with individuals from diverse backgrounds. Still, following what is acceptable in one culture may not always be the wisest action. Companies should consider what is equitable and fair for all customers, not just what is customary in a specific location. By comprehending ethical relativism, corporations can interact with individuals from many cultural backgrounds with greater deference and consideration. However, although they differ from culture to culture, they still must ensure they abide by fundamental ethical standards. This can be utilized as the Canadian workforce is diversified with different beliefs.