March 25, 2013
Ethics and social responsibility play an important role in the human value system. It is important for companies to consider incorporating ethics and social responsibility into their strategic planning. Companies should also consider their stakeholders needs. My ethical perspective throughout the MBA program will also be discussed.
Corporate social responsibility (CSR) is the idea that a business has a duty to serve society in general as well as the financial interests of its stockholders (Pearce & Robinson, 2011). Stakeholders have justifiable reasons for expecting that the firm satisfy their claims in a responsible manner. By incorporating CSR into the main company procedures and stakeholder administration, associations can attain the objective of generating social importance and corporate importance. Organizations should take notice of issues that the public sees as important. By taking a strategic approach, companies can determine what activities they have the resources to devote to being socially responsible and can choose that which will strengthen their competitive advantage (My Strategic Plan, 2012). Corporate social responsibility urges businesses to develop resources to monitor the public’s social perception of them as a responsible business. The business goal of social responsibility is to encourage the company’s actions toward the positive impact of consumer, community and employee responsibility (Davis, 2013). There are five social responsibility strategies companies can incorporate to be successful: voluntary hazard elimination, community development, philanthropy, creating shared value, and social education and awareness. Companies should take action to willingly do away with production practices that might cause damage for the public. Companies that are actively involved in community development will be viewed as a benefit...