Ethical and Philanthropic Responsibility and Competition

Added on - 28 May 2020

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Running head: ETHICAL AND PHILANTHROPIC RESPONSIBILITY AND COMPETITIONEthical and philanthropic responsibility and competitionName of the UniversityName of the StudentAuthor note
1ETHICAL AND PHILANTHROPIC RESPONSIBILITY AND COMPETITIONIntroductionEthics constitute an important part of human’s life. A set of principles, ethics govern theway people behave with others. Philanthropy, on the other hand is the desire to invest in other’shappiness and well-being.Globalization has taken the economic world by storm and it has influenced almost everysector of business. The most important aspect of globalization however, is competition. Thisshall be discussed broadly in the later sections.Comparing and contrasting ethical and philanthropic responsibilityEthical responsibility refers to the morally correct path that people choose to walk onthroughout their lives. In the business sector especially, ethical responsibility holds a vitalimportance. This ethical responsibility in business in popularly termed as business ethics or BE.It emerged after the 1980s and it has since been considered the most important aspect of modernorganizations. Business ethics can be defined as the principles or values adhered to bycompanies. It is concerned with the business’s correctness or equality, actions and behaviorsdisplayed by manager and employee, and the policies undertaken in a commercial framework.Business owners are ethically responsible to the people who rely on them to do thecorrect thing, be it small or big business. However, several factors test businesses to maintain theethical standards. In times of financial stress, companies and its employees face the difficultywhether to put ethics at stake for the sake of profit or whether abide strongly by the ethics. Whena company decides to cut on staff capacity and fires an employee without prior notice is anexample of this. A company has the responsibility to be honest with not only its customers butalso its employees. The employees have all the right to be informed about any decision taken by
2ETHICAL AND PHILANTHROPIC RESPONSIBILITY AND COMPETITIONthe company. When an employee is sacked without prior notice, it breaks the very foundation ofethical responsibility.Philanthropic responsibility on the other hand, although comes under the umbrella ofethical responsibility, is a separate entity. It is amongst the corporate social responsibilities(CSR) that companies maintain. Unlike ethical, philanthropic responsibility is not compelling toorganizations. Businesses do not have to be answerable to anyone for not fulfilling thisresponsibility. However, businesses do have the opportunity to contribute to the society andenvironment as a whole by fulfilling its philanthropic responsibilities. These could include,expending money in organizing blood donation camps for the unfortunate, encouraging use ofrecyclable materials by organizing events and seminars and so on.One good example of philanthropic responsibility could be the involvement of a companyin a charitable function that provides shelters to the homeless. The company arranges for theentire event and invites the local community to engage in this noble activity. In this way, thecompany gives an opportunity to the local people to be a part of it. Strategic philanthropy couldalso be applied here if the company decides to impose its logo or brand name in the keys or roofsof the buildings given to the needy.Competition as an important aspect of globalizationGlobalization has probably been the biggest revolutionary incident of the bygone centurythat affected not only the then world; it continues to influence the present as well. It has on onehand, benefitted nations and corporations and on the other; it has proved to be a nightmare forsome. Many aspects of globalization came to the fore, among which competition is possibly the
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