Essay # 4. Corporate Social Responsibility: Just as all human beings have a personal responsibility to each other and the world around similarly businesses, whether large or small, private or public, have responsibility to their stakeholders, such as customers, shareholders, employees, suppliers, and society in Estimated Reading Time: 6 mins According to Milton Friedman and his followers, a corporation engages in social responsible behaviour when it pursues a profit within the constraints of law as imposed by society. Since society permits business to exist, business is obliged to repay society for that right by taking profits. This means that legal behaviour in pursuit of profit is socially responsible behaviour, and any behaviour not legal or not in pursuit of profit is socially Estimated Reading Time: 4 mins Now we can say that social responsibility is one of the components of citizenship, of relations between man and man in society. According to Wikipedia, social responsibility is an ethical framework and suggests that an entity, be it an organization or individual, has an obligation to act for the benefit of society at large. Social responsibility is a duty every individual has to perform so as to maintain a
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Ethics and social responsibility play an important role in business management. Organizations, both public and private, feel the need to incorporate corporate responsibility in their organizational culture. Ethics deals with knowing what is wrong and what is right. Business ethics encompasses analyzing ethical decisions, beliefs, and actions inline with business activities. Organizations are expected to show ethical values and operate socially responsible.
The major issue is that business ethics integrates different sets of ethics. This is the reason as to why organizations should employ good individuals as workers. Social responsibility deals with business conduct in respect to the broader social values.
It questions the duties of business to the entire society Sims, In this light, this paper discusses the importance of ethics and social responsibility and various practices and theories employed in different organizations. Businesses operate in such a way that their owners can realize some benefits, essay on social responsibility. Business owners are also known as shareholders.
Though, other stakeholders are part of critical components of decision making because businesses have to act in a liable and ethical manner and reflect on the potential effects of any choices made.
Stakeholders such as dealers, customers, staff, owners, and communities are the integral part of business operations. Customers, who are also citizens, require quality products which are affordable. Likewise, other stakeholders expect fair business engagements from organizations. Citizens need to know that right things are being done for the right reasons. This is because organizations target citizens in their plans for making profits and it is imperative that citizens essay on social responsibility the conduct of businesses in order to make the right choices McNamara, Businesses should work in a way that is lawful, beneficial, ethical, and inline with social commands Johnson, n.
Ethics in business enable organizations to maximize profits, utilize business resources, and create support in the market. Ethical values should command what is suitable to pay employees as well as to charge consumers.
An organization is therefore required to have a culture that enhances strong values. This will also attract good employees in the company. For example, companies strive to be included in the list of the top firms in the United States issued frequently in Fortune magazine. The most common criteria used are analyzing profit sharing, bonuses, and stock markets. The list also incorporates policies and rewards that refer to work and enhance social responsibility Griffin, In the health sector, patients are supposed to trust physicians because hospitals are normally governed with good ethical conducts.
This trust ensures that good medical care is offered to patients. Moreover, such trusts are essentials because in many cases patients require long-term or ongoing management in chronic cases. Social responsibility is an element of ethical conduct. It is improving the community in general. Areas of social responsibility include business giving, ecological and environmental quality, essay on social responsibility, consumerism, government relation, and labor relations.
Social responsibility improves the public image of an organization and enhances the local economy. Trust and excellent reputation are among the most important assets in any business that essay on social responsibility only be realized through social responsibility. Social responsibility also attracts and retains employees who are committed to their task, hence improved performance.
By doing so, essay on social responsibility, companies can reduce the cost of recruitment. Moreover, social responsibility increases the customer base and attracts investors. Being a social responsible organization enable a business to gain competitive advantage. Developing products that are friendly to the environment adds value and increases sales in business.
Investors prefer social responsible businesses because essay on social responsibility is an indication of proper management and a good reputation The Economist, essay on social responsibility, The effect of pollution on air, water, and land calls for the need to observe ecological and environmental quality. Companies should clean up the existing pollution, start processes to reduce pollution, control noise, recycle materials, and perform aesthetic improvements.
Consequently, social responsibility determines how children behave and thus there is need to educate children about social responsibility in order to put a sustainable investment in the future. Children are the potential business stakeholders in future. Practicing social responsibility such as training children and improving health and education broadens their view and persuade them to help others.
Teenagers can be asked to take part in volunteer programs in nursing essay on social responsibility, heath centers, and schools. This helps to heighten the idea that we are accountable for the state and quality of our societies Griffins, Ethics and social accountability in the context of business have changed over the last decades.
This is due to various ethics scandals that have captured essay on social responsibility interest of people. It is vital to talk about some of these scandals. The Salmon Brothers, a sponsor of security, defied Treasury policy in s by purchasing more than thirty five percent of a Treasury copy of securities at auction.
This business scandal forced three top executives to resign, including other effects. The crime contributed in the effort of setting the U.
Sentencing Commission in which was responsible for ensuring that companies are accountable for any unlawful behavior Brenner, In the midmany ethical scandals were inline with sexual harassment and racial prejudice. Coca-cola, Mitsubishi, and Texaco are some of the companies that received such accusations, essay on social responsibility. At the start of the new century, scandals were persistent in the news. InFirestone and Ford expressed regret to their customers for a continued tire failures.
Business ethics crimes are still common in the present days and therefore there is a possibility of changing ethical and social responsibility practices and theories in the future. From the inference of public interest in social responsibility during the last forty years, two implications can be made. Attention in social responsibility has increased throughout the past three decades.
Consequently, attention in ethics and social responsibility appears to have been driven by business scandals. In essence, the society has constantly changed their view on the issue with different tastes; some take it seriously and others take it lightly, essay on social responsibility.
Because of the increasing ethical missteps, companies have been undergoing an intensive analysis from the public with regards to their performance. Due to many allegations, such as unfavorable care for the customer and environmental degradation, social responsibility has changed dramatically and thus essay on social responsibility are required to offer back to the community. It is believed that individual corporations are like citizens so they should contribute to the society Henn, The current organizations in many aspects are part of the society made up of many persons with different views and expectations.
This implies that there is new demand for all stakeholders to reorganize their relationships. Those businesses expected to last for long will be concerned with making certain that the evolving requirements are met. These companies will need to observe legal, ethical, and social requirements essay on social responsibility being able to operate in tandem with changing economic conditions.
Likewise, most organizations applied the utilitarian principle in solving ethical problems. The utilitarian principle argues that an action should be taken if it brings greater value to the whole organization.
Modern organizations take into consideration essay on social responsibility rights of every individual. This is known as the moral rights principle of solving ethical problems.
It is imperative that modern firms observe and preserve the rights of employees, customers, and the whole society. In future, ethics and social responsibility will have a new meaning in the context of business operations. From the current happenings, it is possible that businesses will be required to be adoptive and interactive. Future organizations will need to observe the changing laws that govern business operations. As pressure increases from the outside environment, companies will be able to anticipate environmental changes and blend their own goals with those of the society.
Social responsibility is part of business ethics that require managers to be open in their business engagements. As explained in this paper, ethics and social responsibility requires constant changes in organizational conduct and performance. Since internal and external requirements change, it is imperative that firms likely to survive in future observe the changing needs from the society and regulations imposed by the government.
In essence, since businesses create some problems they should help solve them. Brenner, S. Journal of Business Ethics11, Griffin, A. Philadelphia, USA: Kogan Page Limited. Henn, K. Business Ethics: A Case Study Approach. Johnson, K. Integrating Essay on social responsibility Ethics and Social Responsibility. Ethical Complexity or Ethical Chaos? McNamara, C. Complete Guide to Ethics Essay on social responsibility An Ethics Toolkit for Managers.
Free Management Library. Oneal, M. Chicago Tribune. Sims, essay on social responsibility, R. Ethics and Corporate Social Responsibility: Why Giants Fall.
What is SOCIAL RESPONSIBILITY? What does SOCIAL RESPONSIBILITY mean?
, time: 5:51Essay on responsibility: Importance of being responsible | blogger.com
According to Milton Friedman and his followers, a corporation engages in social responsible behaviour when it pursues a profit within the constraints of law as imposed by society. Since society permits business to exist, business is obliged to repay society for that right by taking profits. This means that legal behaviour in pursuit of profit is socially responsible behaviour, and any behaviour not legal or not in pursuit of profit is socially Estimated Reading Time: 4 mins Now we can say that social responsibility is one of the components of citizenship, of relations between man and man in society. According to Wikipedia, social responsibility is an ethical framework and suggests that an entity, be it an organization or individual, has an obligation to act for the benefit of society at large. Social responsibility is a duty every individual has to perform so as to maintain a Social Responsibility The discussion this week centers on how social responsibility, politics, ethics, and organizational culture impact strategic analysis and choices. There are two discussion questions that will be addressed
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