Business Ethics and Social Responsibility

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Another responsibility would be trying to engage with the employees. All the managers engage with employees as much as possible to boost employee morale. And with that they tend to have a much better production rate and also have much bigger profit margin. When companies try and reach out and pursue environmental needs and better the world it is recognized a lot more by all the consumers and also the employees. It’s a win-win situation for the company and employee’s morale and also actively pursue better needs for the outside resources.

“Walmart and a couple of other companies like Home Depot and Toys R Us are looking into cost saving from china(Graf,2015) which will help give them a bigger profit margin. And with the bigger profit margin it can increase wages and also effect lower prices on items on the shelf. With the cost saving Walmart has made, they used 1 billion dollars to increase wages for 500,00 employees in hope to maintain everyday low cost (graph, 2015).”

Conclusion

Basically, business ethics is the interpretation of what is right or wrong in the workplace. Business ethics and Social responsibility are often put together as similar concepts. Social responsibility is the overall discipline of business ethics. For example, business ethics reflects many of today’s values in many different jobs. Just for the fact that people (workers) know their values and all aspects of human dignity and respect. Everything goes together in an actual organization with all human resources handed to the employees and customers. Business Ethics is a powerful principal for your success as a business.

When you get to know what business ethics is about, you will be able to have a better understanding of your coworkers. This theory of business ethics helps you to incorporate social responsibility creating a mixture of both services. This mixture demonstrates the ability to identify and evaluate business ethics. Learning people’s behavior and getting to know them will help you to demonstrate an ability to recognize ethical issues when presented with complex matters in a multilayered context. It also demonstrates the ability to recognize cross- relationships among the issues.

You will have a better understanding of your skills, start learning the basic and obvious ethical issues, and begin to partially grasp the complexities and interrelationships among the issues. Once you get to a management level, your understanding of how business ethics impact managerial and corporate decisions, will give you well thought out and clear knowledge of evaluation of the scenario. As we apply business ethics together with social responsibility, we come to a conclusion that the primary objective of any business or company is to maximize the profits keeping their customers loyal to your business. Keep in mind, they are directly or indirectly affected by the decisions taken by the company for the operation of business. Meaning that your ethics and culture that you create in your business will determine the future of your business.

What is good for the society is sometimes not good for the business, and what is good for the business is almost always not good for the society. This one of the aspects of the business industry that does not make sense to some customers. A business decision may be bad for the society, but economically it could be one of the best business decisions that you could make. Take this for example:

“Selling of liquor and tobacco in any society is not against business ethics though it may be against the principles of social responsibility. The same applies to lotteries and gambling. But it is certainly against business ethics as well as against social responsibility to entice minors to engage in smoking and drinking” (http://managementhelp.org/businessethics/index.htm).

Sometimes in life not everything that is ethical would help your business to succeed, and not everything on that is socially responsible will take your business to become a perfect success. In a real life work environment, you get the chance to meet many different coworkers’ with very different attitudes and personal behavior. You will have to make decisions based on your values or your ideals.

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References

BOOK IT! Summer Reading Challenge 2015. (n.d.). Retrieved from http://www.bookitsummer.com/

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Ebert, R. J., & Griffin, R. W. (n.d.). Business essentials.

Walmart (WMT) Stock Lower After Requesting Suppliers Cut Costs. (2015, September 24). Retrieved from http://www.thestreet.com/story/13299936/1/wal-mart-wmt-stock-lower-after-requesting-suppliers-cut-costs.html

(n.d.). Retrieved from http://www.forbes.com/sites/forbesleadershipforum/2012/01/18/the-top-10-trends-in-csr-for-2012/