Assignment on Social Responsibility Concerns of Business

SOCIAL RESPONSIBILITY OF
BUSINESS
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Table of Contents
Executive summary................................................................................................................3
INTRODUCTION...........................................................................................................................4
A. Social responsibilities ............................................................................................................4
C. Social responsibility's practical models to a particular situation...........................................6
D. ETHICS OF BUSINESS........................................................................................................7
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9
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Executive summary
In this report it has been described about Social responsibility of a business and various theories
such as triple bottom line and also various models such as CSR pyramid as well as EFQM
excellence models, At last it discussed the various ethics regarding business
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INTRODUCTION
Sustainability is considered as an approach to use the resources in such a way that resource are
not exploited and also current consumption of resources unable to affect the future needs as
well as availability (Panibratov, 2017). For leading successful strategies that must include all
aspects regarding sustainability such as environmental, economic as well as social. Most firm
avoid the social responsibility and thus it affects their growth as well as reputation and
expansion in the international market. Present study will give a discussion of various models of
corporate social responsibility so that it can influence as well implementation could be
understood regarding the success of business.
A. Social responsibilities
TRIPLE BOTTOM LINE
Triple bottom line is considered as a practical model that aids to determine about not
economic bottom line but firm affects within social realm to protect the environment . These
are different sustainability that obtained to get the sustainable results.
Social Sustainability
According to the social responsibility to make a balance within the life of the people as well
as their place of living. As imbalances cause poor gets poorer and rich gets richer. For this it
is needed for a county's people corporation to maintain a more healthy relationship. It
occurs when the informal and formal process ,structure and system as well as relationship
that actively assist the ability of current as well as future generation. It needed the
cooperation of the citizens within that country to maintain a relationship . Organization
supports such kinds of programs that aids improving life of society members (Panibratov,
2017)
Economic Sustainability- As per the triple bottom line large organization have to maintain a
responsibility to make a plan that unable to leads riches but also able to avoid the loss. TPS
system is used by some organization for the overall growth regarding small enterprises. As it can
provide the opportunity to small organization that can improve the production system
Environment sustainability- To protect the natural resources such as air ,water for drinking
purpose as well fuel is falls under this category (Mollan. and Tennent, 2015). It enables that
cleaning the resources which are already contaminated in the past. Various Organization
implementing practices that falls under recycling . It is used the waste material so that it utilize
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resources . For example, it Toyota it sues hybrid cars to protect the environment (Mollan. and
Tennent, 2015).
FREIDMAN THEORY
Stakeholder theory is originally prospered through Milton Friedman as well as it states that there
is a sole responsibility that can enhance profits. It can be based on the responsibility to enhance
the profits. The only qualification is to make more money as possible as can . It focuses on the
short term strategy as well as greater risk .
EDWARD FREEMAN THEORY
Stakeholder theory consider on the other hand states that a firm has own responsibility to a
larger group of the stakeholders ,other than just only stakeholders. It is defined as a group of
persons that can effected through actions within a business . It includes
customers,employees,creditors as well as wider community as well as competitors. It is
considered as a crucial element that identifies economic,ethical as well as legal responsibilities
(Routledge, Falkner, 2017).
STAKEHOLDER THEORY
According to this theory each and every stakeholder has various interest within a business .they
have also different powers that can impact the performance of the organization. for example
Stakeholder ,government,investors ,employees . Staff members of the organization are the one
who executes the activities which came under the businesses. Such as they got high salaries as
well as healthy environment at workplaces. Stakeholder needs that their future must be bright, so
they are associated with the large organization who are famous for their works. Influence of the
stakeholder in a project is each and everything regarding a project. stakeholders address the
business morals,ethics,values (Ulrich. and Brockbank,2016). It can optimize the relationship by
the stakeholder so that they are improving their efficiencies throughout the project. One of the
benefits of the stakeholders is that they provide the greater productivity all over the
organization. If employers are considered as the stakeholder than there are more valued as well
as they are going to work hard and also be more efficient as well as productive . According to the
stakeholder drives they provide more than profits ad productivity they are able to drive more
ethical benefits as well. Many organizations founds that the mental health of the employees can
be greatly improved through as the satisfaction of the job increases (Mollan. and Tennent, 2015)
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C. Social responsibility's practical models to a particular situation.
There are different models as well as practices of sustainability that is applied by a firm to
maintain sustainability. Mention below there are various standards that are followed . Each
model can contribute the sustainability. There are various models used by the companies on the
basis such as goals,size/mention below some models.
Carroll's pyramid of CSR (corporate social responsibility).
This model helps to determine why and how organization can meet the social responsibilities
within an organization. It involve such economic profitability as well as social supportive .the
main feature of this model is Profit. This methods able top follows the Hierarchy methods that
are related to the responsibility. There are different layers of pyramid that helps the managers
kinds of responsibility that can assign the various aspect regarding business. It is known as the
philosophical model that has pinned trough Carroll. Thus, various level are mention below
(Routledge, Falkner, 2017).
EFQM excellence models-
It stands for the European foundation for quality management .this model of quality
management aims is to provide excellence in which efficiency as well as sustainability are
considered as the key elements . He basis of this model is TQM I.e total quality management
concept (Rugman and Verbeke, 2017)... Thus, it allows the organization to share information
within an effective way ,culture as well as life stages ,irrespective of various cultures in which
they are located. So it can enable to understand the relationship between the firms ad its
outcomes. There are three components that are mention below
Fundamental concept- it involves the principles as well as rules that can be followed by firm. to
maintain the sustainability. Through this it is easy to recognize that what needs to be done.
Criteria – It can assist organization to implement this principle into practice .it can be done of
certain concepts as well as models (Ulrich. and Brockbank,2016).
RADAR- This considers making the improvement in certain areas. Here the tool is used to make
the things that are easy as well as make continuous improvement within practices. In-spite of
their size,nature this model is applied. There are various concepts that are taken into
consideration that can simplifies its use within sustainability. It can integrate economic,social
those factors which are able to make the decision-making. Here in this as per the stakeholders
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view it assist in forming the policies as well as strategy. On the other side there are some factors
that can impact firm's decision (Mollan and Tennent, 2015). . This Means that they are able to
need a strong leadership,effective resources and on the right side the factors that can impact
results are consumers,business as well as society.
Here, stakeholder view point is also taken that helps in forming policies and strategy. On
left side are factors that influence company decision. This means that it requires strong
leadership, effective resources, etc. on right side are factors that can affect results. It includes
customer, business, society, etc.
D. ETHICS OF BUSINESS
Ethics is a set of rules which explain right and wrong activity while ethics in business gives new
structure and leads differentiation between good and bad decision-making behaviour. Business
ethics means a process of moral principles and rules which is applied to business, It refers to
study of written and unwritten codes of rules and values that justify decision and action in a
business. Business ethics plays vital role to protect employees and shareholders, These ethics
require in business to protect the interest of shareholders, suppliers, customers, government,
competitor, dealers etc. and relieve them from unfair trade to each-other. It also important in
workplace because it assists management to treat all employees in fair mode (Ulrich. and
Brockbank,2016).
Integrity: It refers the fundamental values that human resource(HR) desire in the employees that
they act. In simple words 'trust and honesty' are foundation of integrity. It plays essential role in
business ethics. Integrity is important in management practices because management is a
platform for organizational integrity. Integrity leads transparency in decision-making. It leads
fair customer services or employment services. It is basically dependent on ethics policy. It also
important in workplace. Workplace integrity establishes good relationship among management,
client, employees, dealers and stakeholders etc. it establishes set of ethical standards that
influences honesty in workplace (Routledge, Falkner, 2017).
Confidentiality: It refers protecting information from being approach by unofficial parties. It is
most important factor that assists to build and develop trust and allows accessing information
between client and management. It is second foundation in business ethics. Confidentially is
crucial in workplace where employees have responsibilities to conceal information of client and
employees so that unauthorized parties doesn't misuse it. Thus, organization maintaining
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confidential standards in workplace and improve the employee's productivity by providing
secure and safe work environment. It helps to maintain professional attitude in business.
Objectivity: Objectivity means 'fairness or transparency' in business, It is essential part in
business ethics. It assists to owner, manager, employees and stakeholders work together to
follow of the task and to accomplish goals with fair trade. Objective is assisted to evaluate
performance of employees with fairness in workplace. It builds respect between employer and
dealer and establishes good relation between them. It also helps in investigation into matter
which occurs in business during dealing or workplace. In that state organization uses objective
methods to investigate complaint. It is third foundation line in businesses ethics which assists to
achieve goal of organization (Rugman and Verbeke, 2017).
Competency: It refers the ability to do something with efficiency or successfully. Competency
in business ethics brings up ability of an employee to utilize suitable methods for problem
solving and decision-making when business suffers from moral issues. Competence is a
distinguisher tool which differentiate between simple having acquirement and having true sense
of expertise. Ethical competency assists extending policies to support skills. It uses as platform in
workplace and helps to access employees behaviour and leads success. Competency in business
ethics enhances value of stakeholders. It assists to communicate well in business and capable to
control and focus daily business activity. Thus, competency is crucial for businesses ethics
(Mollan and Tennent, 2015).
CONCLUSION
It is summarized from the above study that social responsibility is considered as an integral part
regarding any business . It assist the companies to establish a stronger brand image and able to
meet the ethical duties . It had been concluded that from report that internation business can
experience various challenges while implementing CSR. Models regarding the difficulty
balancing between ethics as well as profitability. Thus ,in long term success as well as
competitive advantage ethics and sustainability would have taken into the practice. Thus, it is
also summarized that formulating effective practises of sustainability that can overcome the
challenges with the terms of quality as well as Operations.
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REFERENCES
Books and journals
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