Study the Concepts of Business Ethics and CSR
Mariam Peyton is a professional Financial Analyst. She holds a Masters degree in Economics. She specialises in financial analysis and forecasting. Her expertise includes studying the financial performance of companies, markets and entire industries looking for trends, insights and information that can help you glean rich insights for use in academic and market research.
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The concepts of Business Ethics and Corporate Social Responsibility have been addressed in recent years in developed and developing countries because of the increase in understanding that there is a growing sense of corporate wrongdoing. Both these concepts have the ability to bring noteworthy benefits to an organization. However, the concept of corporate social responsibility which connotes that organizations have a duty to society beyond generating profits for its stakeholders has been around for quite a number of years.
This paper addressed the concepts of Business Ethics and Corporate Social Responsibility. It answered questions such as; what is the concept of business ethics? What is meant by the concept of CSR? What are the benefits of business ethics?
According to Andrew Crane, business ethics refers to the study of how businesses operate, their activities, and decisions where they address the issue of what is right or wrong. A business’s ethics reflect the standard of business used when conducting transactions. They are important because protect the company, enable its growth, save money, and protect people from certain legal repercussions.
Corporate social responsibility refers to the principled and environmental obligations that businesses have towards their respective societies. The concept embraces comprehensive practices, such as minimalizing environmental impact, supporting social causes, promoting diversity and inclusion, ensuring fair labor standards, and enhancing stakeholder engagement. CSR is not only a moral duty, but also a strategic advantage for businesses that want to improve their status, attract and retain talented employees, upsurge customer loyalty, and improve their financial performance.
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Study the Concepts of Business Ethics and CSR a Case Study
Key Learning Outcomes
By the end of the case, students should be able to:
- Understand the definitions and principles of business ethics and corporate social responsibility (CSR) and how they relate to each other and to the broader context of business and society.
- Identify and analyze the ethical issues and problems that arise in various business situations and scenarios, such as stakeholder conflicts, environmental impacts, social responsibility, etc.
- Apply ethical theories and frameworks to evaluate and resolve ethical problems and challenges in business decision-making and practice, such as utilitarianism, deontology, virtue ethics, etc.
1.0 INTRODUCTION
Ethical and social responsibility are strategic choices for a business organization, not just moral duties. They can help the organization create value for its shareholders and gain an advantage over its competitors. The organization can improve its performance, image, trustworthiness, loyalty, and innovation by following ethical standards and supporting social causes. This shows its dedication to its stakeholders, customers, employees, and society in general.
Business ethics and corporate social responsibility are not only good for society, but also for the business. When an organization acts ethically and socially, it can build trust and loyalty with its stakeholders, such as customers, employees, suppliers, investors, regulators, and the local communities. These stakeholders can then support the organization's goals, values, and vision, and help it achieve better outcomes in terms of quality, innovation, productivity, and profitability.
What is the concept of business ethics?
According to Andrew Crane, business ethics refers to the study of how businesses operate, their activities, and decisions where they address the issue of what is right or wrong. Business ethics can also be defined as the principles and norms that guide the behavior of businesses and their stakeholders. They are essential for several reasons among which include safeguarding the reputation and integrity of the company, fostering a culture of trust and accountability, reducing the risk of legal liabilities and penalties, and they also enhance the social and environmental impact of the business.
What is meant by the concept of CSR?
Corporate social responsibility refers to the principled and environmental obligations that businesses have towards their respective societies. The concept embraces comprehensive practices, such as minimalizing environmental impact, supporting social causes, promoting diversity and inclusion, ensuring fair labor standards, and enhancing stakeholder engagement. Corporate social responsibility is more than just a moral obligation. It is a way through which businesses gain a competitive advantage against their rivals in the market, enhance their reputation, attract and retain high-quality human resources, increase customer satisfaction, and boost their profitability. By engaging in CSR activities, businesses can demonstrate their commitment to ethical and sustainable practices, as well as their responsiveness to the needs and expectations of their stakeholders.
According to Michael McComb, Corporate social responsibility is not only about the profits that businesses and organizations make but also about the responsibility that they have towards society. CSR means that the organization aligns itself with its values, honesty, employee relations, legal compliance, and respect for the communities where they operate. CSR is also a key value that guides how a company operates, collaborates, recruits, and builds its reputation. It is a governing principle that influences strategic decisions, employee selection, hiring practices, and, ultimately, the growth and development of the company.
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