In the aftermath of Tyco’s executive scandal in the early 2000’s, Ed Breen and Tyco’s newly elected management team were vital elements to the repair of Tyco’s corporate social responsibility and company image. During this time, Tyco International began focusing on the repair of internal weaknesses and devised several initiatives to improve their image and reform their values. During Tyco’s reform period they focused on multiple goals and company-wide achievements. Governance, customers, growth, teamwork and culture, operational excellence, and financial strength and flexibility were analyzed, scrutinized, and revamped.
Tyco’s new vision: “To be our customers first choice in every market we serve by exceeding commitments, providing new technology solutions, leveraging our diverse brands, driving operational excellence, and committing to the highest standards of business practices-all of which will drive Tyco’s long-term growth, value, and success. ” (About Tyco: Tyco International) Supporting diversity in today’s global commerce is imperative to maintaining a competitive advantage. Tyco realizes this strategy and has developed their own innovative diversity initiatives to increase stakeholder value and strengthen their brand image.
In 2010, Tyco International launched a diversity roadmap that developed strategies to increase the level of purchases from small businesses owned by minorities and women. Our goal is to increase the number of diverse suppliers, increase the amount we spend with diverse suppliers, and include diverse suppliers in our sourcing initiatives. We are dedicated to building a strong community and driving diverse suppliers to sustain themselves well into the 21st century. Participation in diversity events also enables us to network, learn and share best practices with other corporations that have strong commitments to supplier diversity. (Corporate Citizenship: Tyco International)
As part of Tyco’s revolution to improve teamwork and culture, the company implemented a career development planning process. Training options are designed to suite every Tyco employee varietal. Training options range from on site specialists and mentors to paced e-learning and instructor led classes. “Our businesses ensure that our employees keep pace with the ever changing technical skill requirements of their jobs through the development of functional career paths and customized training plans.
Our performance management process is also key to the development of our people. It drives on-the-job learning by ensuring that all employees establish both performance and development goals each year” (2010 Annual Review & Corporate Responsibility Report: Employee Learning & Development) Aside from the many internal reform practices, Tyco has taken great measures to positively impact external factors within our environment. Energy conservation and waste reduction have been elemental in Tyco’s repair of corporate social responsibility.
In 2008, Tyco incorporated its own environmental committee to ensure compliance and inspire new environment protection and conservation goals. ” (2010 Annual Review & Corporate Responsibility Report: Environmental Goals) Tyco called its new environmental campaign “Vital World. ” The specific focus of “Vital World” is monitoring and improving efforts to reduce water waste, decrease green house gas emission, and maximize fuel efficiency. Plans to use the most innovative, energy saving components for new facilities is just another way Tyco plans to reduce its carbon footprint.
Tyco is making certain that the global environmental goals and initiatives that are created remain relevant and compliant. Tyco is raising the bar on environmental protection efforts and seeks to exceed government standards by developing a higher set of regulatory policies. “To ensure the compliance of environmental objectives, Tyco developed a comprehensive compliance program in 2004. Compliance components include self audits and assessments with a corrective action tracking system. Tyco’s audits are benchmarked against national laws and regulations to uphold the highest standards.
Tyco facilities throughout the world have earned external environment, health and safety recognition through rigorous international registration programs such as ISO 14001and OSHAS 18001 and national standards such as the U. S. Department of Labor’s Occupational Safety and Health Administration Voluntary Protection Program (VPP). ” (2010 Annual Review & Corporate Responsibility Report: Compliance) We are all stakeholders in Tyco when you take a look at the company’s 3 business segments, Covidien (formerly Tyco Healthcare), Tyco Electronics, and Tyco International. Tyco’s security solutions protect nearly 7 million homes, 50 of the top U. S. Banks, 300 International Airports, and 80% of the top global retailers.
Every day customers in more than 60 countries rely on Tyco’s fire protection business to help protect lives and property on land and sea. Tyco’s flow control business is a leading manufacturer and marketer of valves and controls, water & environmental systems, and thermal control solutions for multiple industries. ” (Our Businesses: Security Solutions) After researching Tyco, our group realized that Tyco’s companies and many product lines have affected some detail in each of our lives.
Whether you’ve ever been in the hospital or flown the friendly skies; you have experienced an extension of Tyco International. In short, Tyco protects the world’s most vital elements: people, assets, and the environment. Our group, also classified as Tyco stakeholders, feel that Tyco has reclaimed the title of a reputable and successful corporation. In the last decade, Tyco has demonstrated many achievements of corporate social responsibility and shows no sign of losing that objective.