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Economic Corporate Social Responsibility

   

Added on  2020-03-16

17 Pages4519 Words166 Views
CORPORATE SOCIAL RESPONSIBILITY1Corporate social responsibility.By[Student’s name]CourseInstitutionDate

CORPORATE SOCIAL RESPONSIBILITY2Table of ContentsIntroduction......................................................................................................................................3Business ethics.................................................................................................................................3Importance of business ethics..........................................................................................................4Ethical philosophies.........................................................................................................................5Ethical business objectives..............................................................................................................7Economic corporate social responsibility........................................................................................8Ethical corporate social responsibility.............................................................................................9Philanthropic corporate social responsibility.................................................................................10Factors enhancing corporate social responsibility.........................................................................11Conclusion.....................................................................................................................................13References......................................................................................................................................15

CORPORATE SOCIAL RESPONSIBILITY3Introduction.Business entities are established for various reasons, and in most cases, the reason is to make profits and improve the returns of the investors and stakeholders. The companies are surrounded by communities, and they exist in communities. Apart from making huge profits, the companies have a moral responsibility to protect the society, and this is enhanced by practicing the corporate social responsibilities. Corporate social responsibility (CSR) refers to a firm's obligation to have a positive impact on the society and minimize the negative impacts it has in the society by being concerned with the society's long-run needs and wants (Tai, and Chuang, 2014, p.117). The corporate social responsibility is governed by formal legislations which are enacted by the industry the company belongs to, the society and in most cases by the government. In some cases, CSR is guided by business ethics. This report is written to highlight the importance of business ethics and how corporate social responsibilities can be meaningful if not governed by formal binding legislation enforcement. Business ethicsRefers to knowing what is right and what is right in the business or workplace. The business ethics enable the business to do what is right in relation to the products and services offered, policies and procedures employed during the recruitment process, having a conducive environment and giving people of the society equal employment opportunities without discrimination (May, et al.2014, p.72). The firm establishes a program that will help it manage the ethics. Code of conduct can be established to guide the operations of the business. The code of conduct helps the business to make choices which are right even if it is not required to do so by the legislation. The organization can also cultivate an ethical culture and embark on ethics training to improve the business ethics. The business ethics has enabled the business to realize

CORPORATE SOCIAL RESPONSIBILITY4that they have a moral duty to protect the people and the society and it should not always think about its economic state.Importance of business ethics.Improve reputation.An organization with sound business ethics is likely to improve its reputation which will lead to increased benefits to the organization. Corporate social responsibility without formal legislation binding can, therefore, be meaningful because the company will improve its reputation. The improved reputation will help the business to attract investors (Park, et al.2014, p.297). The reputation will also lead to improved share prices which will enable the company to raise capital from the public. This will enable the business to operate efficiently. The improved reputation will also enable the business to attract more customers who will purchase its products. Customers always want to be associated with morally ethical businesses and this will lead to improved sales and revenues leading to more profits.Reputation will enable the business to retain best employees as employees feel valued. This will help to reduce employees’ turnover which will help the business to minimize disruptions of activity and this will lead to improved productivity (Lewis, 2003, p.360). The reputation brought about by the sound business ethics will enable the business to attract best employees from the society. This will reduce the recruitment costs as employees are willing to work for the organization. Attracting the best employees will enable the organization to produce quality goodsand services which will attract a large market leading to improved profits. Corporate social responsibility will still be meaningful even if not guided by legislation because it brings benefits to the organization.

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