Essay on Business Ethics and Social Responsibility

Many believe that business entities should have an ethical duty to be socially responsible, to work towards increasing its positive effects on society while decreasing its negative effects. Many organizations look for opportunities to be socially responsible while also creating shareholder wealth.

Both key elements have an interactive relationship that helps in building profitable businesses, as well as a well-rounded community. Ethics refers to set of beliefs about right and wrong, good and bad. Therefore, Good ethical practice help build our business, as well as help our staff members to make ethical decisions. The decision of each official can affect the entire organization. Whereas, most people come from different background and culture which also plays a vital role in shaping their ethics. Business ethics involves the application of the issues in the workplace. While much unethical behavior is illegal, one important role of business ethics is to manage behavior that cannot be covered by government laws. The universal ethical standards, which involve respect, responsibility, and citizenship, are rules that apply to people and should be held high within the workplace. Social responsibility is the obligation of a business to contribute to society. The cheesecake restaurant social responsibility affects the environment, customers, investors, and our employees. (Bruning, 2014)

3.Business to External Environment. Because businesses exist within a community from which they take resources, businesses have ethical responsibilities to the community. This obligation to protect and enhance the society is called Social Responsibility. This also includes responsibilities to the customers from which they earn profits. The main areas of Social Responsibility are:

Ethical responsibility is what keep the company in line to do what is right. It is important that the company performs societal and ethical manners in order

There are also four perspectives of social responsibility that is key as well. The first responsibility is economic responsibility. This is the perspective that says the social responsibility of an organization is to make profits and provide attractive returns on investment. This is an important responsibility to their employees as well as their supplier’s employees because this brings in the profits which is what gives them the money to be able to pay their workers as well as keep the business running properly. The second responsibility is the legal responsibility. This is the perspective that the social responsibility of an organization is to obey laws and public policy. This is also an important responsibility because if the company doesn’t obey the laws and public policy, the state could shut the company down leaving hundreds of thousands of workers jobless. The third responsibility is ethical responsibility. This is the perspective that an organization should respond to the spirit as well as the letter of the law. Just as the second responsibility, this works just like it. Not following this responsibility could shut the business down, leaving many people jobless. The last responsibility is the philanthropic responsibility. This is the perspective that organizations

Social responsibility is a form of corporate self-management that tightly integrates into the business model and operations of an organization. In practice, social responsibility encourages personnel at all levels of the company to not only consider the method of

Ethics and Corporate Social Responsibility in the corporate world are very important. By understanding business ethics and socially responsibility, companies can develop and implement a socially responsible plan. Organizations are no doubt an assembly line of different networks that are both complex and dynamic in nature which face various conflicts. With this, a qualitative paradigm needs to be used in order to ensure in-depth knowledge and understanding of the issues and challenges among business practices and how they can be handled. The influence of leadership and management decision making in an

Social Responsibility has multiple definitions as to what the concept is but, by its most basic definition, it is the practice of producing goods or services in a way that is not harmful to society or the environment by an entity. In other words, people are expected to compose choices that will have a positive impact on the society that they reside in. When it comes to Corporations and other organizations and businesses, there is another term that is used, which is Corporate Social Responsibility (CSR). CSR implies that businesses must craft decisions that are positive to the society that they reside in. That includes social issues, environment issues, economic issues, or cultural issues.

A corporation must try to avoid egregious negative externalities, must actively promote corporate social responsibility (CSR), and must engage in philanthropy. Let’s take the example of the mining industry, in which 75% of mining companies (diamonds, copper, uranium, cobalt, etc.) are listed on the Toronto Stock Exchange1. For Canada, mining is a source of economic prosperity that brings along with it some risks. To maintain their competitive advantage, it is crucial for Canadian firms involved in mining to invest in programs that bring about long term prosperity for Canada as well as the populations in countries where the natural resources are extracted. One way that CSR is linked to competitive advantage is that it allows firms to anticipate potential negative changes in the firm’s external environment. For example, global capital markets adversely reacting to a Canadian mining firm’s exploitation of workers in the Congo, or increased pressure from sophisticated Non-Governmental Organizations using the media, or boycott campaigns.

Ethical responsibility is shown when the company encounters issues that are not guided by law, but need an appropriate and good-hearted reaction. Whether the issue is related to the environment, people, or financial, taking the proper action gives the company the right to fully embrace the persona of being a moral member of the community.

According to the online dictionary, the definition for ethics is the study and evaluation of human conduct in the light of moral principles. The human concern for what is right and wrong, good and bad. Ethics arise from human awareness of the future, combined with a lack of detailed knowledge about it. Lives and actions have to be projected into acknowledged but unknown and future, which at once makes evaluation inevitable: is a possible action right or wrong, wise or stupid, prudential or risky, good or bad? The attribution of value then extends too much else, and produces the characteristic recognition by humans of truth, beauty and kindness, not as contingent or arbitrary, but as independent of the moment which gives rise to them- such

Corporate social responsibility can be simply defined as the “business’s consideration of society’s well-being and consumer satisfaction, in addition to profits.” (Kurtz, 2015). The term Corporate Social Responsibility refers to a company who take responsibility to provide needy benefit to the society that support the company’s existing with consumer’s buying power. Social responsibility is considered a moral principle of a business entity. It is a duty of every business and its leadership in-charge to maintain the balance between business ethics and profit, and social responsibility. It is the social duty, the mission and commitment of the company to help improve the society by providing the best possible working and living conditions for its employees, their families, and effectively contributes to the community as a whole.

The aim of this paper is to explore Corporate Social Responsibility in the framework of business ethics. Companies, in this modern day and age, are urged to show more responsibility towards society while operation their businesses. According to Milton Friedman, “there is one and only one social responsibility of business: to use its resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say, engages in open and

Social responsibility as defined in the textbook means that organizations are part of a larger society and are accountable to that society for their actions. Toyota’s cleaner and greener initiative strives to create an economically vibrant, efficient fuel technologies, and strategic partnerships to accomplish a mobile society in harmony with the einvornment. (Kerin, 2015).

Social responsibility is the accountability of companies for the contacts of its results along with actions on civilization and the surroundings, through crystal clear and ethical performance with the purpose of gives to continue progress together with the strength and the benefit of people. The truth so as to the expressions itself has tainted above this point also recommends that the significance qualified to perception for example, corporate social responsibility will maintain to progress in change with business supporting and common improvements. The conception of corporate social responsibility means that every organization have their own responsibilities as well as ethical and moral responsibilities in another sources of earning