Introduction
The days when businesses both large and small only think about their own interest are diminishing. In today’s business environment, many companies understand how society can affect the reputation, and profitability of the business. It is important to have an effective strategy that embraces a top-down approach to being proactive to environmental, compliance, and social issues in their business operations. In terms of XYZ Bank, the enterprise has a solid social responsibility strategy, but senior leadership should consider certain improvements in the areas of the planet, people, and profitability.
Prompt A1
The banking industry is highly regulated, so banks have to be creative on how its products and practices effect the environment. XYZ Bank continuously looks for ways to improve upon how they serve their customers, while limiting their impact on the environment. One specific initiative that the bank shows their commitment to reducing pollution is through lending towards hybrid and electric vehicles for consumers [ (Bank of America Corporation, 2013) ]. While this helps in the efforts to help our customers and the environment, there is more we can do to show our dedication to reducing the number of gas driven vehicles. The United States Department of Energy mentions that driving range and recharge time are among the drawbacks in for electric vehicles [ (U.S. Department of Energy, 2014) ]. It is the recommendation that XYZ Bank invest in the infrastructure to accommodate electric vehicles nationally.
One challenge that may prevent more drivers to purchase an electronic vehicle is that he or she is unable find a location to recharge the car once at the initial destination. If our rest areas, parking lots, or parking garages do not provide the capability for owner of electric vehicles to recharge once they reach their destination, it