week 4 discussion ethics

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University Canada West *

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601

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Management

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Feb 20, 2024

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1. What does CSR mean to you? 2. In your opinion, what responsibilities should corporations have to society? 3. Do you believe it necessary that corporations look beyond economic priorities and obligations (i.e., revenue, profit, shareholder interests) and place a great amount of emphasis on addressing societal needs or giving back to society? Be sure to justify your perspective with significant rationale. You are welcome to bring in references as long as you cite them in APA format. 1. Corporate Social Responsibility (CSR) is an ethical obligation that corporations must fulfill the needs of society except for their primary economic objectives such as making donations, charity, etc. It is a dedication to sustainable development, moral business conduct, and tackling different social concerns to build an inclusive community. It also involves accepting accountability for how their operations affect different stakeholders, such as workers, clients, local communities, and the environment. Moreover, Integrating CSR in a company enhances society and the environment, instead of having a negative impact. 2.From my perspective , The company has a lot of responsibilities towards society which are listed below:  The major duties of the organization are to generate profits for the shareholders, create lots of employment opportunities, and contribute to the development and growth of the economy, society and environment.  A company must follow the law, respect moral principles, & adopt ethical business practices efficiently and effectively.

 A company should always act with integrity and transparency by fulfilling stakeholders' interests into account while making business decisions.  Another way to contribute to society is to participate in charitable events and support directly and indirectly to social and environmental causes.  By putting environmental conservation strategies into practice, the company should embrace environmentally sustainable practices into account.  They should ensure fair labor practices, employee well-being, and diversity & inclusion in the workforce to contribute to the welfare of the societies..  They should communicate effectively in order to address the interests and concerns of various stakeholders.  They ought to spend money on R&D since it benefits society.  Businesses can contribute to the development of society through ethical practices, socially conscious, and sustainable business practices that benefit both the organization and the community at large by fulfilling these obligations. 3. Absolutely, I think that a company must prioritize meeting societal needs or giving back to the community over its financial obligations and priorities. Here are a few main arguments in favor of this viewpoint:  Stakeholder Theory: The stakeholder theory argues that companies should take into account the interests of their stakeholders, including communities, workers, consumers, and the environment, in addition to their owners. This represents a more comprehensive strategy that recognizes the different impacts that business has on different stakeholders.

 Long-Term Business Success: businesses need sustainable practices for the long-term success that respect social norms. On the other hand, the business should focus solely on short-term profits which could lead to a disregard for the risks associated with unstable societies, deteriorating environments, and shifting consumer preferences (Porter & Kramer, 2011).  Corporate Social Responsibility (CSR): Businesses may encourage a positive social impact through initiatives such as environmental stewardship, moral business conduct, and charity by incorporating social and environmental considerations into their regular operations. The framework of Corporate Social Responsibility (CSR) makes this possible.  Social License to Operate: Businesses are given a "social license" by the local communities where they do business in a social environment. One should attend to societal requirements, enhance community well-being, and eliminate adverse effects to keep this social license (Dunlap & McCright, 2011).  Global Expectations and Regulations: A corporation should respond to social and environmental concerns through several international frameworks & norms, including the United Nations Worldwide Compact, as the demand for moral corporate behavior on a worldwide scale grows. To sum up, a thorough examination of corporate responsibility reveals how closely linked business and society are, and it recommends that for businesses to succeed in the long run and have a positive social impact, they should prioritize meeting societal needs over short-term financial gains. Reference

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Porter, M. E., & Kramer, M. R. (2011). Creating Shared Value. Harvard Business Review, 89(1/2), 62–77. Dunlap, R. E., & McCright, A. M. (2011). Organized Climate Change Denial. In J. S. Dryzek, R. B. Norgaard, & D. Schlosberg (Eds.), The Oxford Handbook of Climate Change and Society (pp. 144–160). Oxford University Press.

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