logo

Assignment on Ethics and Corporate Social Responsibility

   

Added on  2020-04-07

9 Pages2172 Words180 Views
Running Head: Ethics and CSREthics and CSR

Ethics and CSR 2Introduction Corporate social responsibility is an initiative in which company work to protect the environmentand well-being of society. In the current business scenario, CSR strategies are effective for the company because it not only provides profitability but also builds the company’s image. In this way, the company tries to meet the legal standards like an employment contract. But, at the sametime, it may increase the cost of company (Drea DeFoe, 2015). This essay discusses the arguments in favor and against of corporate social responsibility. It also supports the arguments with a real example. Arguments in favor of CSR It is argued that corporate social responsibility pulls the attention of stakeholders. Labour force makes the unions and create demand to protect their right from the company. Hence, it has become essential for companies to release the duties of employees as a result it helps the company to get the support of workers. For example, Woolworths use caveat emptor strategy which means let the buyer beware and no more holds true because the customer is a key player around whom entire marketing practices are revolved. The consumer does not purchase the products and services which are offered to them instead they only purchase those goods and services that they actually want (Shyamala Sankaranrayanan, 2017). Hence, companies that unable to meet the needs of customers, have the possibility to close down sooner and later. It is analyzed that Wesfarmers Company uses remedy cells for consumers which protect them against the anti-consumer acts. In this way, consumer control forced the firms to use social responsiveness with respect to them. For example, if Wesfarmers Company uses effective social responsibilities then it may suffer loss for a short period but accomplishing the obligation is

Ethics and CSR 3effective for a company to survive at long-term (Forbes, 2012). Although, it can be a short-term cost for the company yet, provides long-term profitability to it. Flammer (2013) is also in the favor of CSR as it discusses that CSR is beneficial for the company to survive in the market at long term. In this way, it is analyzed that business companies are a strong factor for the society because it provides different benefits to them. But, if a customer ignores the social problem then society can deny the acceptance of company’s products and services. Therefore, the company considers social responsibility in its strategy to avoid self-destruction in long-run. Tai and Chuang (2014) are in favor of the corporate social responsibility as it depicts that CSR iseffective for self-enlightenment. It is analyzed that education level and business understanding is increasing in society hence company can encourage the customers to buy the products and services by involving the social activities. Moreover, managers build the public anticipation by considering the social and moral responsibilities. For example, BHP Billiton ensures to pay taxesto the government, fair wages to employees, dividends to shareholders, and quality goods and services to consumers (Joutsenvirta and Vaara, 2015). Moreover, it involves the social responsibility rather than using legislative interference. CSR is also beneficial for a business to avoid the government regulation. Non-conformance to social standard is used to attract the legislative limits. Government directly control on the corporation by making regulation regarding business functions. As well as, there are different agencies that affect the business activity. For example, central pollution control board addresses the issues associated with environmental pollution and Australia stock exchange focuses on the issues associated with investor’s protection. As well as, Employees State Insurance Corporation highlights the issues associated with the health of employees. Hence, company will be held liable

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
CSR AND VALUE CHANGE OF STARBUCKS CSR and Value Change of Starbucks
|13
|2454
|258

Corporate Social Responsibility: Walmart's Engagement and Framework
|12
|2461
|155

Ethical and Philanthropic Responsibilities Towards the Society
|8
|1929
|50

Business Ethics - Timberland’s Corporate Social Responsibility
|4
|623
|20

Importance of Corporate Social Responsibility and Ethics: A Case Study of Wesfarmers
|14
|3058
|325

Development on Corporate Social Responsibility
|9
|2494
|16