Necessity of Business Ethics and Social Responsibility Among Corporations
Business ethics is a term used in reference to the moral principles and values that guide the actions and decisions of a business or organization. These principles can include fairness, honesty, transparency, and respect for the law. Social responsibility, on the other hand, points to the idea that businesses are tasked with the responsibility to adequately serve the needs of society, not just their own interests. This can involve things like protecting the environment, supporting the local community, and ensuring fair treatment of employees.
Business ethics and social responsibility are important to organizations for several reasons. First and foremost, organizations that are known for their ethical behavior tend to have a better reputation, which can attract more customers and lead to increased sales and profits. This can translate to organizational growth and such companies can also have an edge over their competitors.
Adopting business ethics and social responsibility can also help to align the company’s values and actions with the expectations and preferences of customers and other stakeholders. They help to create a positive reputation for the company, which can attract customers and investors. This can lead to increased sales and profitability, which can help the company to grow and succeed.
Several companies have taken steps to ensure that they are socially responsible. Examples of such companies include Disney and Google. According to (Smith, 2022), Disney has implemented strategies to reduce its impact on the environment and has also put structures in place to foster respectful workplaces and promote the well-being of kids and families. Google on the other hand has been continuously improving its workplace to build a perception of caring around the world (Smith, 2022). Such steps by Disney and Google have proven effective in maintaining high levels of social responsibility.
References
Smith, J. (2022) The companies with the best CSR reputations, Forbes. Forbes Magazine. Available at: https://www.forbes.com/sites/jacquelynsmith/2013/10/02/the-companies- with-the-best-csr-reputations-2/?sh=614c08d034ff (Accessed: December 15, 2022).
