Humanity is defined by the act of caring for our fellow humans. Any company that engages in activities aimed at making the world a better place motivates its workers. Workers of such companies are inspired to do better work. They gain the satisfaction of being helpful to the society in general rather than just working for money. The result is improved productivity of the company.
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Motivated workers do not need to be overseen to deliver their best contribution to the company. The overall creativity of the company employees is improved because the working environment is made conducive.
Our Individual Social Responsibility Essay
Workers in such companies have no trouble putting in a little more time to finalize an assignment. This is only possible because they feel they own the company and not the other way round. The output of the company therefore increases. Participating in social responsibility acts is a great advertisement platform.
By engaging in various community development activities, the society gets exposed to the organization and its products thus increasing the likelihood of better returns. By doing so, members of the community feel they are contributing to their development through the company resulting in increased returns and higher profit margins. Champions of social responsibility always end up with better social status than average citizens.
World over, these are the men and women who comprise the Nobel Prize list. The prestigious prize is reserved for people who realized their mandate in the society is far much higher than personal profits.
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However, at the end of the whole process, they end up profiting enormously from their early sacrifice. Moreover, due to their excellent social standing, such persons are easily appointed to executive positions or elected to political offices. The society finds a special attachment to such people due to their selfless contribution to humanity. The benefits of fulfilling social responsibilities are undoubtedly fantastic. Still, few companies have social responsibility at their core.
Could there then be any obstacles towards the fulfillment of social responsibility? Knowledge is key to achieving this objective. Availability of several options with resultant lack of focus on a particular area. Without crystal clear objective on how to fulfill this mandate, most organizations and individuals end up not making any contribution towards fulfilling their social responsibility. High cost may be a significant limiting factor to organizations aiming at answering to their social responsibility call. This is primarily for small organizations which are not well financially endowed.
Nevertheless, social responsibility is a good act that needs to be embraced by not only each person but also each corporation. Social Responsibility in the Spotlight. Calculate your price. Type of paper Essay.
Academic level Undergraduate. Deadline 14 days. Previous Next. How to Write Book Report. Secondly, the growth of ethical investments demonstrates that some investors prefer organisations that do not seek profit maximisation by imposing ethical constraints on their operations.
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Executives and directors that behave unethically create significant shareholder dissatisfaction, as demonstrated by the many recent examples or corporate misbehaviour. Lastly, a meta-study undertaken by Griffin and Mahon showed that there is no consensus on a causal relationship between the level of socially responsible spending and business performance or shareholder satisfaction.
He took the Kantian view that directors must look after the interests of shareholders, which seek wealth maximisation. As socially responsible activities, in the opinion of Friedman, reduce wealth, companies should not engage in any charitable activities. The socio-economic view claims that companies should maximise the good for the greatest number of people.
Following a utilitarian strand of thought, this view holds that companies should engage in socially responsible actions because it maximises the wealth of all stakeholders. However, to ensure that financial sustainability of the corporation is not eroded, deontic constraints that recognise the right of shareholders to a reasonable return, need to be put in place.
In conclusion, directors do not have total freedom to maximise profit as they have to act within both the legal and ethical rules of the game. Furthermore, for companies to be genuinely ethical, they should engage in a reasonable level of socially responsible activities as this maximises the wealth of all stakeholders. This fails to understand what was being said. He does not advocate ignoring charitable work or engaging in ethical behavior, he is saying that the reason for such actions are different than you or I might engage in these sorts of behavior.
You are correct that Friedman places limitations on the behaviour of managers by appealing to ethical standards. But he refers to these only in the context of fraud. The argument raised here relates to whether corporations should actively invest in activities that promote the social good.
Milton Friedman on Corporate Social Responsibility
Friedman says no, the marketers says yes. Investing in social good is an investment in corporate image and potential a profit-maximising activity. Also, at the time Friedman believed giving was the responsibility of the owners not corporations. Like Adam Smith before him, the famous example of butcher, baker, and candlestick maker bring about good to society by pursuing their own ends. The unseen hand behind the market efficiently distributes goods at the best price. From that quote, I cannot conclude that it encompasses treating people ethically.
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This quote equates the rules of the game with open and free competition without deception and fraud. All these aspects are covered in law. An example from Australia: supermarkets have forced farmers to sell milk below cost price as they use their market power to demand low prices. Fully legal, but unethical because it undermines a whole industry and destroys farming communities.
Just a minor point, but the ACCC found that this claim about supermarkets was not true. Dairy farmers sell their milk not to retailers, but to milk processors, the biggest of them large multinationals like Parmalat French and Saputo Canadian.
That is indeed the case, but does not change the basic premise that supermarkets can abuse market power and lower the overall utility of society. As capitalism is designed, international demand will most likely fill the void, but industries are more than just constructs to make money — they are part of teh social fabric. The invisible hand is a great model that works fine when all market forces are balanced. In reality, all business strategy literature teaches managers is to manipulate these forces to maximise profit.
There are very few markets that are fully balanced because the forces are distorted by corporate intervention. As Friedman said — corporations, governments, nations cannot be moral or immoral.
Only people can be moral. As stated in previous comment — owners should be responsible for donating to charities they choose. Customers should buy more expensive stuff from corporations that deliver social responsibility as a benefit.
Your email address will not be published. Save my name, email, and website in this browser for the next time I comment. Notify me of follow-up comments by email. Notify me of new posts by email. Skip to content The question of how ethics and morality can be applied to human experience is a vexed one.
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