Business and Social Responsibility It is widely known that for a business to be successful it needs to provide a good or service that is desired by the public and also to obtain a profit in providing said good or service. Now while these are the most important components to a successful business, they are not the only ones. The social responsibilities of a business include the following: environmental protection and preservation, employee safety and morale, product safety for the consumer. The financial manager must keep these three social responsibilities in mind when making any and all decisions. The environment has become a big issue over the last 30-40 years, especially for the businesses that may negatively affect it. Businesses that have been suspected of polluting or...
There are three main responsibilities for a company to cover under social responsibility environmental, social and economical. When social and economical responsibilities overlap it helps create an equitable company. When environmental and economical responsibilities overlap it creates a viable company. When social and environmental overlap it creates a bearable company. But when all three are combined it creates a sustainable company that incorporates all three outcomes of overlapping
In response to the brief presented case study, Company Q has stores in high crime areas, and has chosen to close these stores citing above average losses because of shrinkage or theft by both customers and employees.
Social responsibility in business is very important because it goes hand in hand with creating shareholder wealth. A business should strive to increase their positive effects on society and decrease their negative. In the case study we were given we were asked to examine Company Q’s relationship with social responsibility. Company Q is a small local grocery store located in a metropolitan area. After careful review of Company Q it is very evident that their social responsibility is poor and needs improvement. Recently they closed a few stores in higher crime areas blaming the closures on the stores consistently losing money. Company Q has finally begun to offer
Friedman, M., (2007). The Social Responsibility of Business Is to Increase Its Profits. In W.
“Only about half (53%) of employees trust their organization’s senior leaders – the people who set the tone for organizational culture and need to inspire high-performance and commitment. In contrast, three in four (75%) of employees trust their immediate managers” (BlessingWhite, 2008, p. 2). Senior leaders have the difficult task of aligning organizational culture and ethics and it has been determined that it is impossible to demonstrate trustworthiness without a personal relationship. This finding is consistent among all generations in the workplace, throughout the different business lines, and at every level. Employee engagement is dependent on the manager-employee relationship. This is important as BlessingWhite (2008) stated that bad managers are the third most common reason for leaving, behind lack of career growth and actually disliking the job (p. 2). Contributing employee are employees who trust their managers. For leaders to be effective, they need to know what engagement means, they have to experience engagement, and they need to lead engagement. “They need to be able to help their team members believe in the value of full engagement and inspire them to pursue it on a personal level” (BlessingWhite, 2008, p. 21).
There are slow adoption rates for internal corporate social networks for many reasons. Although management and organization plays a role, the technology factor is the main reasons why employees are refusing to use these internal networks. With the rate at which technology is becoming more and more advanced, social networking systems are constantly updating their software and user interface (Laudon & Laudon, 2013). This mean that employees who are used to traditional forms of networking such as email, have to take the time to learn new systems and keep up with more social networking than they would like. In the eyes of the employee, using traditional forms of networking is simply more efficient. In order to make these internal social networking programs work, companies need to make more user friendly and easily manageable sites (Altman, 2015). Management also plays a part in the slow adoption rates. Managers need to provide more incentive for employees to use these networks aside from basic social interaction. For example, instead of sending memo’s via email, or other traditional forms of communication, slowly veer employees to seek memos on the company’s social networking site. Making strides like this will give employees more incentive to at least use the sites more often and participate in discussions and posts related to the business. This will allow employees to explore the sites and discover other useful features that might help improve productivity within the office. Organization of the sites could also be greatly approved. Many companies try to mimic other popular social networking sites, this however, may not be a viable solution. Instead, IT personnel should format th...
The company has an economic and legal responsibilities, which are required, ethical responsibility, which is expected, and a philanthropic responsibility, which is desired.
The importance of ethics and values in business sustainability is undeniable. Ethics has been defined as, “Moral principles that govern or influence a person’s behaviour”- Hornby. Ethics is different from business ethics however, business ethics is defined as “Written or unwritten codes of principles or values that govern decisions and actions within an organisation”. Therefore we can see that the ethics, moral standards and behaviour of the consumers, employees, entrepreneurs or management teams does not concern business ethics.
All successful organizations have a social responsibility to their stakeholders. This includes everyone who may be involved with the business. Shareholders and employees rely on the success of the business due to their personal investment in the company. The customers and the community also desire a socially responsible organization for their personal needs such as access to cheap quality goods and a thriving environment. Social responsibility to stakeholders has governmental oversight and laws which must be complied with. Such laws include labor laws and the Sarbanes Oxley act. If an organizational leader wants to be successful, the goal for this individual or group should be to do everything within their power to maximize profit and performance. A business that aims to be profitable has a secondary effect which makes all stakeholders happy and
So before we go in greater detail on the different perspectives related to social responsibility, one might question the meaning of social responsibility. It is generally agreed that social responsibility is defined as the business obligation to make decisions that benefit societ...
Social responsibility is the part of the framework of an organization or individual which makes up an obligation to act for the benefit of society. There are many different ways act out social responsibility. The social responsibilities of a business can be classified according to the businesses relationships to the general public, customers, employees and investors. The companies that make their product or service with the rooted mindset of benefiting the community and the world around them do this by providing things like scholarship funds, all natural products, biodegradable storage, and or just by treating the consumer as well as the employees as individuals rather than a corporate dollar sign. Businesses may exercise
Every business has a social responsibility toward society. That means to maximize positive affects and minimize negative affects on the society. Social responsibilities includes economic-to produce goods and services, that society needs at the price, that satisfy both-business and consumers, legal responsibility-laws that business must obey, ethical responsibilities-behaviors and activities that are expected of business by society, but are not codified in the law, philanthropic responsibilities-represent the company’s desire to give back to society (charietys, volunteering, sponsoring).
...can be an arbiter of business responsibility to society through the application of tax incentives or tax credits. In good corporate governance, the management should be able to meet their social responsibilities, these include making sure that their products are not hazardous to people and to the environment, sharing their profits for the good of the community as a natural person or human being would do, donating to social causes, organizing activities to benefit the community.
This insight has led to Corporate Social Responsibility becoming increasingly important in our society nowadays. It has more or less become part of business ethics. A socially responsible company should be an ethical company. And an ethical company should be a socially responsible company. Companies that manage to apply business ethics to all aspects of their business conduct can be regarded as well-run businesses, that are strongly committed to good corporate
Business ethics and social responsibility are two concepts many individuals believe go along together for corporations in the business environment. Business ethics are the moral values a company uses to ensure all employees action in a standard manner when completing business functions. Social responsibility is typically a conceptual theory that governments and the general public hold, believing that businesses should not conduct themselves in a manner counter to cultural or societal norms. The connubial of these concepts happens when companies introduce a written code of ethics to demonstrate that the company only acts in its greatest interest so long as it does not damage the company’s social responsibility.