Business functions are moreover economic rather than social if come to the practical way and it is judged by economic criteria alone. 20, pp 43-60. By maintaining these guidelines in their work, organizations often experience a variety of significant benefits that can improve the lives of employees . Flow of information in the organisation should be well enough to avoid any conflicts between the staff but it arises due to the problems that every employee are not social responsible. *You can also browse our support articles here >. The authors have compiled a four step model that managers and employees can follow for systematically thinking through the ethical implications of strategic decisions. Would you like to get such a paper? Step 2: Evaluate decision from ethical standpoint in the context of moral principles. Business ethics are the standards of conduct and moral values governing actions and decisions in the . ABSTRACT This project is taking about the important of Ethics and Social responsibilities to a business organization. To export a reference to this article please select a referencing stye below: If you are the original writer of this essay and no longer wish to have your work published on UKEssays.com then please: Our academic writing and marking services can help you! What does ethics and social responsibilities mean? Rule 3: The Importance of Strategic Management. C. Promotion of corporate image. Employees like working for a company the can trust and consumers value integrity in business relationships. According to the World Business Council for Sustainable Development, corporate social responsibility is defined as "the continuing commitment by business to contribute to economic. The fact that this kind of certification now exists shows the importance of ethics and social responsibility to modern businesses. To make this study ABSTRACT Ethical and social responsibility of Nigeria bottling company plc is the topic of this research work. Ethical codes can be written or unwritten. There's a consensus on ethics and corporate social responsibility and a strong . It is unfortunately not uncommon to see businesses operating with what many would consider to be unethical practice. Some of the importance of ethics and social responsibilities to the Area are: B. TOMS Shoes is an excellent example of a business that prioritizes social . The equation should always balance. Privacy in eCommerceProtect Your Business, Booming Retail, Amazons Prime Moat, Substack Local, Why Disney Plus Will Hurt Disney Stock In The Short Term, Data is becoming the healthcare ecosystem entry fee. The reports have highlighted the importance of social responsibility in business. Copyright 2003 - 2022 - UKEssays is a trading name of Business Bliss Consultants FZE, a company registered in United Arab Emirates. of business's most important social challenges, ethically. The word ethics is surd that deals with moral or the standard of right and wrong in human behaviour. :- in an organisation if certain facility is lacking for the staff then staff will suffer and this management must be think which in reality they dont. Corporate Responsibility is an Integral Part of Business Functions, Business Ethics in Communication Erna Mrkaljevic, The Importance of Studying, Social Network and Time Management Skill in College Life, Determinism: Free Will and Ethics in The Catholic Church, Code of Ethics of the American Nurses Association. Therefore a good organization know how its obligations/objectives are, and knows which environmental factors are affecting it on its progress. Applie by (1981) stresses the fact that an organization is made up of individual workers and management. Importance of CSR This is why each subordinate should have only one boss/supervisor. Organizations earn this trust by demonstrating a pattern of ethical behavior over time, gaining a reputation for fair dealing and respect for human rights and social responsibility. Your Answer Is Very Helpful For UsThank You A Lot! If a company or person is considering taking actions that could harm the environment or society, then those actions may seem socially irresponsible. It is our duty as citizens who live in this world to have a social responsibility when we act in our personal day to day but also in our professional sphere to ensure the well-being of our environment. Profit is the value the market attaches to an organizations contribution and the efficiency with which it makes that contribution. They must maintain their internal system to co-ordinate the human side of enterprise and must adopt to and shape the external environment. Ethics, social responsibility and organizational performance. Furthermore, in order for these values to impact on financial performance, senior management must translate them into an ethic that supports the organizations objectives, that is aligned with its strategy and is understood by all levels of the organization. CSR efforts also help foster a more productive and positive work environment for employees. If this equilibrium is maintained, then social . G. Availability of labour force. They are how a person or group acts in regards to what they consider to be. 1.1 GENERAL BACK GROUND TO THE SUBJECT MATTER: Since ethical and social responsibilities in becoming too popular sterm in business and (therefore critical look into the meaning of ethics and social responsibility is vital to this work at hand. 2, pp. Further important view Hicks and aullet (1981) is that business must play an active social role in the society in which it functions. From simple essay plans, through to full dissertations, you can guarantee we have a service perfectly matched to your needs. While unethical behaviour is the one which falls below the standards or expectations. We use cookies to give you the best experience possible. Pits Ejiofor(1989) Foundation of Business Administration and Management New York Nigeria publisher p. 52, 56, 60. Its not the natural thing to be responsible. Social responsibility on the other hand is the obligation a business assumes toward society. Corporate social responsibility (CSR) allows the society or its participants to account financially when there is a certain involvement of the monetary values or assets of organization. RESPONSIBILITY: The responsibility of a subordinate to a supervisor for delegated authority is absolute and responsibility should be proportionate with the amount of authority given. Infact Ethics and Social responsibilities is very vital to every business organization and society as a whole. The modern business organization have realised the importance and are now making ABSTRACT This project is taking about the important of Ethics and Social responsibilities to a business organization. Identifying that contribution and maximizing its value is a strategic initiative. This could be solved by the theories propounded to allow for medication of interest. What's more, companies with high reputation scores retain customers that are willing to buy, recommend, invest in and share products with others. What is social responsibility, can be defined as an ethical framework in which individuals or corporations are accountable for fulfilling their civic duty and taking actions that benefit society. A well-implemented ethics program can also reduce losses. Importance of ethics and social responsibility in the business world, The whole doc is available only for registered users. SCALAR PRINCIPLES: Someone must have ultimate authority and a clear line of authority should be existence all the parts of the enterprise. Business ethics take into consideration responsibilities not just inside the workplace, but also within the environmental, cultural, and social structures of communities. (A CASE STUDY OF NICON INSURANCE CORPORATION ENUGU). for only $16.05 $11/page. 27, No. Public scandals of corporate malfeasance and malpractices, which and have even claimed death of many organizations, have profoundly influenced the public . The actions of an individual must benefit the whole society. Embracing socially responsible policies goes a long way toward attracting and retaining customers, which is essential to a company's long-term success. Only then can leadership commit to a new system with all of its defined implications. Free resources to assist you with your university studies! As we know, achieving sustainability is important. There is the concern for the efficient use of national resources, because of social costs; profitability is not necessarily the best measure of effectiveness which affects the organization goal. Therefore business organization should have a changing social role which enables it to adopt and shape its environment, so that it can become and remain viable. This therefore means a solid foundation for continuous existence and customers relation, as well as a satisfied society. The importance of business ethics extends beyond simply operating within the boundaries of the law. The concept of ethical responsibility has to do with those issues and problems that are pertaining to business peoples loyalty to their organisations are as well as their customers. First and foremost benefit to organization is that to ensure the customers, suppliers and the local community knows what you are doing. Measuring the degree of alignment between these value systems, and determining what drives each of them, highlights opportunities for change. No problem! Chicago: Thomson Learning, Meznar, M, Chrisman, J & Carrol, A, 1997, Social responsibility and strategic management. They need to examine how congruent the chosen values are and how they promote or undermine the corporate intent and strategic objectives. Here you will also find the best quotations, synonyms and word definitions to make your research paper well-formatted and your essay highly evaluated. Customer confidence in how business operates has been severely shaken by recent corporate scandals and collapses, such as Enron and bank failures. Therefore the organization think to do for profit maximizing rather than be social responsible. From big business to small local own businesses, it is important that knowing the right from wrong is very important. It was the basic right and wrong and the golden rule. Jump the queue with a membership plan, get unlimited samples and plagiarism results immediately! There is also increasing evidence that developing an effective compliance program not only helps prevent misconduct, but also leads to economic productivity. 4. Our academic experts are ready and waiting to assist with any writing project you may have. Embedding a code of ethics into your strategic decision-making is one way to ensure your organizational strategy is aligned with your business values. Government now takes it seriously with business organisations namely out spillage, by oil companies, air pollution by manufacturing companies, water and noise pollution just to mention a few. 808 certified writers online. All work is written to order. The changing role of Management: As the ownership and Management of business have been separated, Managers have come to see owners as only one the groups they must serve. At its most fundamental level, ethics (and business ethics) involves distinguishing from right from the wrong and then doing the right rather than the wrong thing. By defining strategic ethics, we can link and compare it with the concept of social responsibility. It aligns employee perceptions with managements espoused values. For clarity, Ford also engenders the economic and legal pillars, but the ethical and philanthropic pillars are more prominent. The legal responsibilities are the laws that they must obey. Perfect competition as described by the economist Adam smith two centuries ago is an accurate model of todays economic system since an increase in economic power means an increase in social responsibilities to the society. Whatever an organization perform or whatever type it is, either profit making or not or informal or formal. 2. Davis and Roberts (1980) Business, society and Environment, New York Me Graw Hill Inc. Edoga P.N. New York: Lexington Books, Swanson, D, 1999, Ethics and Business Strategy. Additionally, ethical business practices can help to create a positive reputation for a company, which can lead to increased business opportunities. Before explaining the importance of applying ethics and social responsibility in the business world its important to define what is social responsibility. Identify ethical issues that you might face in business, such as insider trading, conflicts of interest, and bribery, and explain rationalizations for unethical behaviour. Abstract: Ethics and Corporate Social Responsibility are recognized as important concerns in making decision . Data collected were analyzed, using frequency AN INVESTIGATION INTO THE IMPORTANCE OF ETHICS AND SOCIAL RESPONSIBILITIES OF A BUSINESS ORGANISATION (A CASE STUDY OF NICON INSURANCE CORPORATION ENUGU). These ethics ensures that business provides better monetary compensation and good working conditions to its employees, active participation in decision making, addressing complaints, and providing promotions as per their progress. We have for example the case of Volkswagen that represent above all an absolute failure in terms of corporate social responsibility; The company deliberately set out to design a means to circumvent emissions control a stratagem known at the highest levels with the aim of giving the company an unfair advantage over its competitors that made it the worlds number one car maker, in large part on the basis of its supposedly environmentally friendly cars; meanwhile it was poisoning the planet. -Enrique Dans, Forbes / Sep 27, 2015. The paper addresses the concepts of business ethics and corporate social responsibility. The number varies for many reasons, but a figure often quoted is that six subordinates is the largest number a person should supervise. Investors recognize that an ethical climate provides a foundation for efficiency, productivity, and profits; while negative publicity . We're here to answer any questions you have about our services. Looking for a flexible role? When greed and selfishness become higher values, social responsibility goes out the window. Get access to our huge, continuously updated knowledge base. Each indicator show that the futurs generations of customers,. The two pillars that the CSR policy of Ford is most align with are the ethical and philanthropic pillars. From the perspectives of MBA students and managers, it came out that business ethics and social responsibility are very important for organizational growth and success. Ethics is the code of moral principles, values, and beliefs that set standards for what is "wrong" and what is "right", and being ethical means behaving in a way that is accepted as good and right in the context of the governing moral code. But people who are rich and want to be richer, and corporate and industrial leaders whose jobs are to put the prosperity of their companies at the top of their priorities, often trivialize social responsibility, and this sets the tone for the whole culture. To be ethical is to abide by these rules in ours dealings with others. Ethics And Social Responsibility In Strategic Planning. Ethical standards establish trust between parties doing business together, including both partners and customers. Ethics and social responsibility can bring significant benefits to a corporation. Philanthropic responsibilities are those behaviours and activities that society desires and business values dictate. This should apply to all aspects of your CSR activity; goals around environmental sustainability and strategy need to work in tandem. By practicing corporate social responsibility, also referred to simply as social responsibility, companies can be conscious of the kind of impact they are having on all aspects . Another reason why business ethics is important is that it can improve profitability. When a corporations values and ethics support its strategy, the companys stability and success is enhanced. Get a custom sample essay written according to your requirements urgent 3h delivery guaranteed. But it will be stated here that it will be unwise for any business organization to spend all its profits and resources on social responsibilities. What will now make businesses really competitive are ethics and social responsibility, it is what will make them last longer. This tells us that while ethical responsibilities has to do with business, peoples obligation to be true to their customers as well as their organization, social responsibilities has to do with their being good to society as their customers. And in business the term "ethical behavior" refers to how an organization ensures that all . Businessmen etc. 6. Stronger organisational ethical climates result in consumer and employee trust, employee commitment, and customer satisfaction, which in turn lead to profitability. Greed and selfishness work against social responsibility. AN INVESTIGATION INTO THE IMPORTANCE OF ETHICS AND SOCIAL RESPONSIBILITIES OF A BUSINESS ORGANISATION. These rules are known to the members of the professions. In this way, there must be a balance between economic growth and the welfare of society and the environment. Built upon it (in decreasing importance) was the need to obey the law, engage in good business ethics and become a moral member of the community making local contributions. Study for free with our range of university lectures! The study of business ethics is important because it helps individuals and organizations to make decisions that are in line with their values. Many studies have, in different ways illustrated the positive impact of ethics and social responsibility on overall organisational performance. Have not found what you were looking for? (1995) Successful solling; Enugu, Te-Rol Publishers p.80, 81. Organisations are primarily complex good seeking units which in order to survive must accomplish secondary task eg. One huge benefit of socially responsible marketing is that it improves your brand image. Importance of Corporate Social Responsibility It's incredibly important that your company operates in a way that demonstrates social responsibility. Identify steps you can take to maintain your honesty and integrity in a business environment. Boston: Houghton Mifflin Company, Hill, C & Jones, G, 1998 Strategic Management: An Integrated Approach, 4th edn, Boston: Houghton Mifflin Company, Jennings, M, 2003, Business Ethics, Case Studies and Selected Readings. One of the major reasons people apply to various companies is because of their CSR strategy. Now social expectations of people must be met as well. As tom concepts ethical and social responsibilities are the focus on the worst conscience of business. #3: Keeps marketing legal: Reduces the risk of cutting corners and turning a blind eye. As not everyone accepted them but also it will help to create. The changing needs of people business, has done organizing good job of meeting economic needs in society. Learn More. Each society strives to ensure that those who engage in any form of business are always moral in their daily activities. Being socially responsible costs organisations money, and sometimes the bill is huge. In order to understand the meaning of this term, we have to first know the meaning of ethics. The broader socio-political implications of Corporate Social Responsibility. Global Ethics and Social Responsibility While conducting work in any type of business setting there is always ethical and social responsibilities that we all must face at one time or another. This leads to a partnership between employees and corporate leadership that boosts innovation and uplifts performance. It is this: No plagiarism, guaranteed! The role of ethics and social responsibility in strategy. 3. Corporate Social Responsibility helps companies to be known as a responsible corporate citizen with sensitivity towards social and environmental issues. An integrated value system takes into account the strategic objectives of the organization, the personal values of leadership and the diversity of its employees. I have so far pointed to some of the approaches we can use to assess whether CSR is ethical, or good, in specific circumstances. (CSR) "is a self-regulating business model that helps a company be socially accountableto itself, its stakeholders, and the public. To make this study successful, questionnaire, interview questions and review of related literature were employed as research tools. The company and employees must follow these core values, so it is important to define a clear package that will last in the long run. That model does. Society does not only expect economic performance from business, they also expect social performance. Businesses that want to stay relevant to new generations and who want to help people in need around the world while increasing their own revenue and efficiency will benefit from embracing CSR. Copying is only available for logged-in users, If you need this sample for free, we can send it to you via email. More customers (increase patronage). 4. SPAN OF CONTROL: Considerations need to find the number of persons an individual can effectively manage. Identifying that contribution and maximizing its value is a strategic initiative. Infact Ethics and Social responsibilities is very vital to every business organization and society as a whole. Data for this Industrial Relations and Personnel Management, Medical Radiography And Radiological Sciences, (Banking and Finance Project Topics & Materials), More Banking and Finance Project Topics & Materials, THE IMPORTANCE OF ETHICS AND SOCIAL RESPONSIBILITIES TO A BUSINESS ORGANISATION, AN INVESTIGATION INTO THE IMPORTANCE OF ETHICS AND SOCIAL RESPONSIBILITIES OF A BUSINESS ORGANISATION, AN INVESTIGATION INTO THE IMPORTANCE OF ETHICS AND SOCIAL RESPONSIBILITIES OF A BUSINESS ORGANISATION (A CASE STUDY OF NICON INSURANCE CORPORATION ENUGU). Rule 2: Towards a Common Goal - Align Business Goals. Strategic ethics and social responsibility are two of the most important, yet perhaps most misunderstood concerns in the world of business today. The spectacular collapse of companies such as Worldcom, Onetel, and HIH and more recently the demise of NRMAs CEO, serve to highlight how corporations lacking in strategic ethics and social responsibility can be negatively impacted in spectacular ways. F. Better environment to operate and do, I Better relationship between organization and, 1.5 DEFINITION OF THE IMPORTANCE TERMS. Ethics and social responsibility play vital roles in the preservation of this priceless partnership, which can thrive only in an atmosphere of trust and integrity. Do you have a 2:1 degree or higher? Sorry, but copying text is forbidden on this website. What is of importance now is that, the conflict between management and individual permits organisations to perform their social responsibilities and Ethics. Strategic ethics comprises principles and standards that guide behaviour in the world of business Ferrell and Fraedrich (2000:6). Honorees on this year's list of the World's Most Ethical Companies outperformed the Large Cap Index by 10.5 percent over three years. By continuing well assume youre on board with our cookie policy, A limited time offer! But most business organisations have adopted this doctrines of social and ethical responsibilities to the general public as well as the society were the operate. This has eventually led to the changing social role of business organization. Types of organization: An organization is defined in a number of ways. Social Responsibility Social responsibility is the obligation of organization's management to make decisions and take actions that will enhance the welfare and interests of society as well as the organization. The critical concern of every society has been the ethical and social responsibilities of businessmen and their organisations. First, the mainstay of enhancing peoples' lives through its manufacturing process aligns with business ethics. Many business are large and powerful economically, therefore their decision and polices have vital impact on the society. Lack of interest of the employees towards social responsible in their business also not good for the organization. When you are starting a business, so much of the emphasis is placed on product viability, strategic planning, management, and profits, that these things can seem like back-burner items to consider. Business organisations, when it comes to social responsibilities. It is based on a set of moral and ethical values. And that sometimes conflicts arose between workers and the management goal attainment. The American Society for Quality defines corporate social responsibility as an approach that ''pertains to people and organizations behaving and conducting business ethically and with sensitivity towards social, cultural, economic, and environmental issues.''. #2: Win-win Marketing: The focus on customer value will increase company value. The Management role is changing from that of ownership to true ownership for arise range of claimants. Types of organisations based on structure are: 2. Even if its structure is line or not it is important that the general principles of organization is supplied to it. The success of unethical practice It is worth touching on the point of unethical practice. Organisational efforts in regard to ethics and social responsibility affect various organizational stakeholders including customers, employees, suppliers, and investors. Its something that goes beyond the government because its a law agreed upon individuals, you wont be necessarily punished by the government if youre not ethical or responsible in a social way but by not being responsible youre hurting the other citizens and the world in which you live in. By clicking "SEND", you agree to our terms of service and privacy policy. 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