Philosophy Of Social Responsibility

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1. 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 must perform to maintain a balance between the economy and the ecosystems. My views on social responsibility include respecting the surrounding community by giving back, forming trusting relationships, behaving ethically in all aspects to include the impact on the environment. I believe my views to be the same as what is defined in the text book and all companies should conduct themselves in that manner. 2. There are many positive benefits for a company that adopts the philosophy of social responsibility; loyalty …show more content…

As the 1970s and 1980s approached, many old corporations lost their way with bankruptcies, corporate takeovers, high energy prices, and increasing foreign competition. This instability led corporations to focus more and more on profits in the 1980s and 1990s. With increased focus on efficiency and productivity, a trend of downsizing and restructuring left the communities insecure. Increased competition and demand from consumers and stockholders led the bottom line to become even more of a focal point. Increased exposure through technology led to more consumer awareness of corporate behavior. With the scandals in the beginning of the 21 st century like Enron and WorldCom, the integrity of big businesses and its effects started being challenged. With the creation of the Sarbanes-Oxley Act and the Public Company Accounting Oversight Board, the demand for corporate social responsibility increased. Add on the recent financial fiascos of the 2008-2010 period and companies may feel they ever so watched and scrutinized, more than ever. With the contemporary issues and trends, I think companies are increasingly becoming more transparent, at least the ones that intend on succeeding. The trend of greener practices has bumped the number of green startups. If companies start off this way, it not only benefits their bottom line but …show more content…

obviously presents the positive aspects of social responsibility and spends less time on the costs of these initiatives. While critics may argue that concepts and ideas advanced in the chapter are “pie in the sky” or naïve in some way, performance benefits are key to the practical application of social responsibility to business. Performance is a component of the social responsibility framework discussed in Chapter 1. Before approving any company initiative, managers and executives need evidence of the potential positive effects on performance. This chapter provides the type of evidence that is needed to persuade and motivate managers and executives to implement social responsibility programs. Companies that do not invest in and support social responsibility may experience a lack of public trust, less employee and customer commitment, and other effects that are counter to or opposite from the positive benefits advanced in the

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