Find a current business ethics issue using a reliable media source. For this assignment tell me whether you agree or disagree with the company or individual’s ethical decision. Please try to incorporate vocabulary words from your text.
There are number of business ethical issues which can be said as important and which need to be addressed and taken care of. Corporate social responsibility is also one of such issues which is not completely practiced by companies. Companies usually don’t take care of corporate social responsibility and they just focus on revenue generation. Corporate Social Responsibility has been one of the most discussed and most trending topic throughout these years. This term refers to a broad set of ideas and themes in context of any organization and its business. The term corporate social responsibility and business ethics are strongly interrelated terms. With that, the term can be defined as a specific concept of management where companies integrate the environmental, social and economic factors in the business operations and to interact with their stakeholders. Some other terms used for this concept may include the corporate citizenship, corporate conscience or the responsible business.
Corporate Social Responsibility is not something that organizations should try hard to achieve. Instead of that, it should be a natural act of corporations. A business organization has some certain responsibilities in a society. The CSR policy sometimes functions as a self-regulatory mechanism about monitoring and ensuring of the compliance about business, by an organization. The compliance should meet with the spirit of law, the international norms and the business ethical standards (ETHICS AND CORPORATE SOCIAL RESPONSIBILITY , 2014).
While defining the corporate social responsibility, the Business Dictionary states that it is actually the sense of responsibility of a company towards the environment, community and society. Through the waste and pollution reduction tactics and practices, the companies can express their corporate social behavior. With that, they can also contribute to the educational and social programs and can earn adequate returns on the employed resources, for showing their corporate social behaviors (McWilliams & Siegel, 2016).
Organizations have to be socially responsible corporate citizens. In context of social responsibility, it is the moral obligation of every organization to act for the benefit of society. To maintain a balance between the economy and ecosystem, there is always a need for organizations to be socially responsible citizens. The society welfare requirements of every organization can be met by adapting certain actions and strategies. There are number of reasons that support this stance. One of the main reasons is the employee’s and customer’s engagement in organization.
International Chamber of Commerce argues that if organizations behave ethically, they can contribute to the economic development of the society and in this way, they can be socially responsible corporate citizens. Hence it can be said that organizations have to be socially responsible because they have the moral and ethical obligations to participate in economic development and societal welfare.
In order to overcome the business ethical issue of not practicing the corporate social responsibility, some of the main responsibilities of business organization may include:
- An organization should contribute to the overall economy by providing opportunities to its employees and stakeholders(Hui, 2013).
- An organization should create the job opportunities for people and it should be involved in charitable contributions and services.
- The sole aim of the organizations should not be about earning a good profit but they should also focus on providing quality services to its consumers.
- Another corporate social responsibility of organizations is to develop a good quality of workforce.
ETHICS AND CORPORATE SOCIAL RESPONSIBILITY . (2014). Retrieved from HEC MBA: http://www.mba.hec.edu/Learning-Experience/Part-time/Fundamental-Phase/Core-courses-2/Ethics-and-Corporate-Social-Responsibility
Hui, W. (2013). Why Corporate Social Responsibility is the Greatest Ethical Challenge to U.S.-China Relations . Retrieved from Global Ethics Network: http://www.globalethicsnetwork.org/profiles/blogs/why-corporate-social-responsibility-is-the-greatest-ethical
McWilliams, A., & Siegel, D. (2016). Corporate Social Responsibility: a Theory of the Firm Perspective. Academy of Management Review , 41(3).