Organizations across the globe are becoming aware of the importance of social responsibility as it pertains to, environmental sustainability, equality and ethical business practices. Millennial’s are fostering the idea that is no longer acceptable to just be aware, but more importantly that action is taken and they become part of a solution. Job seekers of modern day society are now requiring that social responsibility be embedded in their work culture. Unlike job seekers of the past who were driven primarily by monetary value and financial gain , not to say that others or not , however Millennial’s are now using Corporate Social Responsibility along with sustainability to help with the process of elimination in determining which positions they are willing to accept. There are many organizations that are lacking in the area of social responsibility, thus they are being steered in a new direction by Today’s employees. In the textbook reading it covers the …show more content…
In the article titled The Social Responsibility of Business is to Increase its Profits. In the article Milton Friedman has a very interesting take on this topic he said “The whole justification for permitting the corporate executive to be selected by the stockholders is that the executive is a n agent serving the interest of his principal. This justification disappears when the corporate executive imposes taxes and spends the proceeds for “social” purposes. He becomes in effect a public employee, a civil servant; even though he remains in name an employee of a private enterprise”. Friedman concludes in his article that “there is one and only one social responsibility of business—to use it 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 free competition without deception or
“There is only one and only one social responsibility of business- to use its resources and engage in activities designated to increase its profits so long as it decides to stays within the rules of the game, which is to say, engages in open and free competition without deception or fraud.”
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...
Millennials for example, “have been exposed to volunteering and fundraising ideas in many areas of their lives, each one reinforcing the message that giving back should be a natural way of life. And one of those areas is their place of work, where employee volunteer and giving programs are increasingly commonplace. Millennials have grown up in a world where community service is often integrated into schools, where MLK Day and September 11th are now tributes to volunteering, and where the number of nonprofits has exploded over the past 35 years. Perhaps that’s why, according to the 2014 Millennial Impact Report, one-third of Millennials surveyed said that their companies’ volunteer policies affected their decision to apply for a job, 39% said that it influenced their decision to interview, and 55% said that such policies played into their decision to accept an offer. Throughout the four years of the Millennial Report’s survey, several consistent trends have emerged: Millennials engage with causes to help other people, not institutions. Millennials support issues rather than organizations. Millennials prefer to perform smaller actions
Over the course of this semester, among all the different perspectives, two that stayed on my mind the most are the social problems perspective and the social responsibility perspective. While both of these perspectives are similar in that they both cover theories about crimes, they differ greatly in the way in which each suggests crime occurs. The social problems perspective provides that people are not actually responsible for their actions, but rather that their actions were the result of a failure of society to prevent the problem. For example, towns often create after-school programs to help keep children off the streets and out of trouble. However, towns that do not have such after-school programs often report higher rates of teenage crime as well as unattended children. Children are naturally curious and even mischievous. After-school programs that help to keep the children busy and involved in activities report to have lower occurrences of vandalism and gang activity.
An organization’s Corporate Social Responsibility (CSR) drives them to look out for the different interests of society. Most business corporations undertake responsibility for the impact of their organizational pursuits and various activities on their customers, employees, shareholders, communities and the environment. With the high volume of general competition between different companies and organizations in varied fields, CSR has become a morally imperative commitment, more than one enforced by the law. Most organizations in the modern world willingly try to improve the general well-being of not only their employees, but also their families and the society as a whole.
With the current change in demographics throughout the workforce, organizations are feeling the effects of a larger percentage of baby boomers retiring and a large percentage of millennial new entrants. The words used to describe millennial employees, “spoiled, trophy kids, ambitious”, seem to be as everlasting as the constructive and negative perspectives attached to them. Many can debate on the entitlement of these employees within an organization, how these employees can be groomed and managed to better fit the organization, the positive and negative attributes they bring into the workplace, and how the preceding can benefit or derail the effectiveness of an organization. Nonetheless, a harder debate, comes about in denying that organizations must adjust to and integrate these employees into the workforce.
The corporate social responsibility is a commitment by a business to contribute to economic development while improving the quality of life for employees and their families’ as-well as contributing to the society. Walmart is a well-known company that offers customers the items they want and need at a low cost, with nearly 4,000 stores in the United States. According to the Fortune 500, Walmart was ranked number 1 in 2015. Just like any other superstore Walmart needs to continue the use of social responsibility by recreating a relationship between business and the community especially if they want to dominate the competition in 2016. The use of sustainability, strategic philanthropy, causing market, shared values, stakeholders and global perspective will help readers understand the purpose of social responsibilities in the corporate world.
Friedman, M. (1970). The Social Responsibility of Business is to make Profit. New York Times
Holt, S., Marques, J., & Way, D. (2012). Bracing for the Millennial Workforce: Looking for Ways to Inspire Generation Y. Journal Of Leadership, Accountability & Ethics, 9(6), 81-93.
The article “The Social Responsibility of Business is to Increase its Profits” is written by a famous economist Milton Friedman. Friedman in this article implies that shareholders are the main drivers of the corporations and he believes that it is to them corporations must be socially responsible to. The goal of any corporation is to maximize profits and return the portion of these profits to shareholders for investing in the corporation. The shareholders can themselves decide which social causes to take part in rather than assigning a corporate executive to decide on their behalf. Friedman argues that a corporation must have no social responsibility to society because its only concern is the increase profits for itself and its shareholders.
The arguments for and against corporate social responsibility have captured two points of view. Those who believe that organizations should not be concerned about social responsibility base many of their arguments on the costs involved and whether organizations should shoulder those costs on behalf of society. And those who are in favor feel that organizations benefit from society and, therefore, have an obligation to improve it. Although there is no universal agreement, surveys and other reports express that many organizations are, becoming increasingly active in addressing social
The first discussion question posed was, “How does Dr. Friedman characterize discussions on the “social responsibilities of business”? Why (Jennings, 2009, p. 79)? Friedman (1970) characterized the discussions on social responsibilities as one hundred percent unadulterated socialism. Friedman (1970) characterized these discussions in that manner because he felt that a corporate executive should focus solely on making profits and not on social aspects. He mentioned how people who conduct and express themselves in this fashion are positively reinforcing and supporting the actions of individuals that have been weakening the foundational blocks of free society. Friedman (1970) posed a question which was the crux of his 1970 article “The Social Responsibility of Business is to Increase its Profits” where he investigated the true contextual meaning of what responsibilities mean to businesses. Friedman describes how businesses cann...
While the concept of an individual having responsibility is commonly recognized, modern views have lead to the emerging issue of corporate responsibility. Business Directory.com defines corporate social responsibility as, “A company’s sense of responsibility towards the community and environment (both ecological and social) in which it operates. Companies express this citizenship (1) through their waste and pollution reduction processes, (2) by contributing educational and social programs, and (3) by earning adequate returns on the employed resources.” But such a concept has been much disputed since at least the 1970’s.
Now-a-days it is considered that CSR is one of the major concerns of organization’s business ethics. Companies increasingly increase their corporate social responsibility (CSR) and ethical management accepting the positive impact on the bottom line. The vast bulk of Standard & Poor’s 500 companies publish sustainability reports unfolding their program challenges and achievements. These pre-emptive efforts can pr...
In the current time of growth and progression, individuals should know that how a business not only flourish but sustain itself. Making profit is one of the main targets of every corporates but it must not be the only one. When an individual builds a company in order to do business, they should be well aware of their contribution towards the society as well as their business and employees in it. It is total strategy of all. We should be able to realize every increment contributes of it. One of the major factors that affect a business is how well it participates in Corporate Social Responsibility. According to (Werther & Chandler, 2006) corporate social responsibility (CSR) refers to a business practice that involves participating in initiatives that benefits the society. In authenticity, there is a whole lot to argue about it. There are no major guidelines that decides either a business is participating in Corporate Social Responsibility; what might be considered a Business practicing CSR to some, can still not be accepted for it by others. CSR may be restrained a term which his highly flexible. This paper will discuss about Corporate Social Responsibility and its