Business Sustainability and Ethics H&M

Question: Discuss about theBusiness Sustainability and Ethicsfor HM. Answer: Introduction The Ethical Business Strategies Implemented by HM The Swedish multinational clothing retailer is an adorable fashion brand and is aimed at mainstream consumers. The Organization undertakes various approaches to make their business operation transparent to its stakeholders (Siegle 2012). Any visitors to the website of this brand would be able to access information of the suppliers. However, it has been evident that HM has been moving away from the standard compliance auditing that encourages transparency and enables the brand to capture performance (About.hm.com 2017). The organization has also focused to assess sustainability performance of its suppliers. HM have developed large scale adoption of various tools that would create sustainability benchmark for the organization and its stakeholders. This new method was called the Higg index. The Higg index comprises of easy to access online tools or modules designed for different members from every segment of the society. HM is a member of the sustainable apparel coalition and has been r evising and improving its Higgs index. The Higgs index comprises certain questions that check the validity of sustainability. HM update this information comprehensively. It was assumed that with the help of this index, companies do not have to undergo multiple audits. This way they create a transparent analysis of their stakeholders among consumers. These ethical approaches have been effective in achieving their business strategies and reaching their corporate values. HM is proactive towards any kind of corruption challenges and conduct regular risk assessments aiming at zero tolerance to corruption. These practices reflect their policy towards their business and a clear commitment to the legal compliance and the local law and regulations. In 2006, HM has been named as the one of the worlds most ethical companies (About.hm.com 2017). There are endless CSR strategies that are undertaken by HM like fre lunch, education in the local community, lifetime contracts with employees, use of organic cotton for manufacturing and several other things. Their CSR report is transparent to all that helps the suppliers and consumers to directly have a look to their business activities. This way the Company has been successful in creating a transparent and a positive image in the business arena. These approaches can be easily regarded as the back bone of the business structure that enables the managers and leaders to make best choices to shape their future industry standard. HM can undertake a number of CSR strategies: Charity: The Company can donate money in some charity. Organizing social awareness events: Social awareness events against social discrimination or saving environment can be organized. Sponsorship: The Company can make sponsorship in local events like marathon or or any other sports event. Development of infrastructure: The Company can also contribute in improving the infrastructe of the regions where it operates. References: About.hm.com 2017 BUSINESS ETHICS Available at: https://about.hm.com/en/sustainability/sustainable-fashion/business-ethics.html [Accessed on: 11-4-2017] Apparelcoalition.org 2017 Sustainable Apparel Coalition Available at: https://apparelcoalition.org/the-higg-index/ [Accessed on: 21-4-2017] Siegle, L., 2012 Is HM the new home of ethical fashion? Available at: https://www.theguardian.com/business/2012/apr/07/hennes-mauritz-h-and-m [Accessed on: 11-4-2017]