Many business executives concur that a company’s long-term wealth development is at its core by boosting the maximum contribution to the sustainability and growth of environment, social, and human resources. This article will discuss a company that has successfully maintained this approach and made them famous globally. This discussion focuses on the Japanese automobile, motorcycles, and power equipment manufacturer that made its name big in 1948 – Honda (History: About Honda, n.d.). We will integrate long-term wealth generation into their fundamental business strategy.
Environment
Honda has centralized their energy toward their care through their two sets of values in the future: “removal of our environmental effect” and “realization of safety defending valuable human lives” (Honda Newsroom, 2022, p. 4). Based on this conviction, they make a thorough effort to address these environmental and safety concerns. More specifically, in terms of the environment, they commit to achieving carbon neutrality by 2050 for all Honda goods and business ventures (Honda Newsroom, 2022). By 2050, they aim to have no fatal traffic collisions involving Honda cars or bikes anywhere in the world (Honda Newsroom, 2022). They focus on enhancing all technology areas while simultaneously aiming to meet these environmental and safety objectives.
Social
Honda has established its goal of being “a firm that society wishes to exist” as its orientation for the twenty-first century to accomplish both the development of growth prospects for the Company and a sustainable society. The “Creating the Joys,” “Expanding the Joys,” and “Ensuring the Joys for the Next Generation” programs are also being advanced (Honda Newsroom, 2022, p. 146). Honda must deliver value through its goods and services to stakeholders to fulfill stakeholder requirements and expectations and contribute to sustainable development. Fulfilling one’s corporate social responsibility is equally vital, for example, by considering how one’s actions affect society and the environment and using one’s firm to help solve social problems.
Furthermore, numerous social concerns have received much attention, not limited to the issues of poverty and refugees, human rights, climate change, energy, improving workers’ health and safety, and civilization’s growth (Honda Newsroom, 2022). In this situation, Honda’s grasp of its possibilities and responsibilities in the value chain will also be crucial for determining management priorities for the Company, which engages in various companies globally. Additionally, it is critical to lay out Honda’s future course in the form of a vision to quickly adapt to and accept changes in the business environment. The “2030 Vision” contains Honda’s idealized vision of itself in 2030, to continue to be “a corporation that society wants to exist” in 2050 (Honda Newsroom, 2022, p. 19).
Human Resources
Based on Honda’s core value of respect for the individual, workforce diversification refers to increasing the workforce’s overall strength by giving people equal rights and opportunities regardless of their characteristics and empowering them to honor each other’s differences between individuals and abilities while maximizing the utilization of their abilities. Honda offers programs in response to employee concerns about human rights, diversity, women’s involvement, and other ongoing efforts to change their corporate culture and work style. Honda has been promoting better possibilities for women in Japan since 2008 by raising awareness, establishing procedures to assist women in striking a work-life balance, and giving career assistance programs. As a result, the percentage of female colleagues in the workforce has climbed from 5.0 percent to 7.2 percent (Global. honda, n.d.).
Conclusion
To achieve all its goals, Honda develops medium and long-term strategies based on the viewpoints of Honda’s stakeholders and all relevant parties. Honda evaluates these viewpoints while using the materiality matrix as a guide and taking into account the appropriate responsibilities and contributions given the particulars of each global location. Honda also believes sustainable company management will result in long-term social progress by generating social value while seeking economic benefit. Honda will contribute to the SDGs through its business actions following the significant problems for achieving the 2030 Vision (Honda Newsroom, 2022).
References
Global.honda. (n.d.). Human resources 9 – honda. https://global.honda/sustainability/cq_img/report/pdf/2017/Honda-SR-2017-en-061-073.pdf
History: About Honda. Honda Global | Honda Motor Co.,Ltd. (n.d.). https://global.honda/about/history.html
Honda Newsroom. (2022, June 29). Honda issues “Honda Sustainability Report 2022”. Hondanews.https://hondanews.com/en-US/releases/release-db2492147c55da663fd32edfea27feea-honda-issues-honda-sustainability-report-2022
Pixabay. (n.d.). Jeweltommathew pictures. https://pixabay.com/photos/honda-bike-motorbike-motorcycle-4796050/
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