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Social Responsibility of Business

However, in the 21st century it is a firms’ responsibility to create a broader range of value along what is called the Triple Bottom Line, which consists of people, planet, and profits.Although financial profit is vital for a firm to exist, the intangible benefits that come from operating with society and the environment in mind go way beyond pure financial gain.As a manager, hiring hard-working and competent individuals to work for your firm is obviously important, but it is often not enough.

Your employees are takeovers Just like you, your customers, your suppliers, and even the firm’s shareholders.

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Taking their concerns into consideration, and allowing them to express themselves openly and honestly can make them much happier employees. Happy employees provide better quality customer service, which leads to happier customers. Happier customers lead to more business, which leads to happy investors. In other words, making your employees happy can have prosperous results.

Although conducting “green” business is expensive and may require costly investments depending on what industry a firm is in, we are obligated as a planet to move in that direction. Practices like pollution and deforestation, along with byproducts like CA emissions are very rough on the environment, and unless we engage in cleaner, more sustainable practices, we may cause irreversible damage to the planet. A quote comes to mind, although I don’t remember where I heard it from: “If you think economics is more important than the environment, try counting your money while holding your breath. Yes, it’s a bit extreme, but it effectively puts the importance of the environment into perspective, and reminds us that there are future generations relying on our consideration and treatment of the environment. I hope that businesses in the 21st century will take more accommodative and proactive strategies toward CARS practices than their historical counterparts. Due to the costly nature of CARS related activities, I doubt that all organizations will truly support CARS activities, and will continue to take reactive and defensive stances regarding CARS.

Being realistic, however, we can see that CARS is becoming a hot topic mongo firms around the world, which means Coos and other shareholders are likely to begin to push their company’s in that direction. It may be because the shareholders are genuinely concerned with ongoing social issues and the sustainability of our environment, or it may be because the CEO simply wants to promote their company in a positive way to the public. Either way, it seems that CARS will become much more accepted and practiced as the 21st century progresses. Both the benefits of implementing CARS activities and the inevitable costs of ignoring them cannot be denied.

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Social Responsibility of Business. (2017, Dec 02). Retrieved May 24, 2020, from https://phdessay.com/social-responsibility-of-business/.