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Ethical and Social Responsible Business Practices - Essay Example

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In the paper “Ethical and Socially Responsible Business Practices” the author analyzes iterations of investment management practices that are socially conscious. In order for an organization to be socially responsible, its management and operation practices must observe business ethics…
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Ethical and Social Responsible Business Practices
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Download file to see previous pages Corporate social responsibility may not have a direct influence on the profitability of an organization, but no solid evidence exists to highlight any conflict between profitability and ethical practices. The natural system of competitive edge focuses on values fairness and truth in our operations. Application of ethical business practices adds strength to the organization is three important ways. The first impact concerns the productivity of the organization. The impacts of management practices affect the employees. If an organization observes business ethics while dealing with issues of employees, the result is a positive effect on the side of the employee, which includes increase in productivity. Business ethics practices that concern employees include equal employment opportunity for qualified applicants, a safe and healthy working environment, respect for employees’ diversity, and in-depth disclosure information on the quality of the products and services of the organization.
Secondly, corporate social responsibility illustrates an organization positively to the public image. The impact on the image of the organization attracts customers from the public, and this may increase business transactions resulting to increase in profits. A good example is manufacturers of baby diapers who protects their public image as an organization that places the well being and health of customers before its profit making objectives through its codes of ethics.
Lastly, a show of social responsibility from organizations may minimize regulations by government agencies. Companies with a bad image of corporate social responsibility may face are likely result in the public pressurizing the government on imposing strict regulations or observing those that exists. Besides losing customers, a company considered unethical is prone to legal battles with its employees and customers. In the quest for transparency of a company as part of its corporate social responsibility strategy, companies are required to report their social responsibilities and impact on regular basis. The biggest challenge to the company is what to report. Decisions to prepare reports that include strikes and poor industrial relationships are hard to reach. The boundaries of social responsibility of a company extends are also a common debate in the business world. Another major challenge that faces organization in their definition of socially responsible practices is the decision to constitute what ethical behavior concerns. Most business actions do not have a clear-cut association with expected business ethics. Different people in different parts of the world view ethics in different perspectives. While in America it might be right to offer women employment in important position in a business, some ...Download file to see next pagesRead More
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