How Would You Describe The Schools Of Ethical Thought?
This posting should be at least 150 words. Your primary posting can end with a “tag-line” or a related question of your own. Your secondary postings should be 100 to 150 words and can either answer another student’s question or comment on answering my question. In addition, please ensure that you cite and integrate at least one credible source (published within 3 years) in your primary post and have a reference for the source in your posting.
Total two postings required, each post should be 100-150 words
Please provide the comment with 150 words for this post
In the current Business world major players have been facing backlash due to their inability to follow ethics in their current business model and their lack of understanding regarding following ethics when it comes to following societal norms. There is a lot of pressure currently on big businesses to change their attitude regarding social responsibility to maintain ethics in their business model. Corporate social responsibility is the process which requires the companies to be socially accountable. Business ethics is necessary for a company to understand the impacts of its policies within the society where it targets its product at.
Corporate Social Responsibility and Ethics are different as CSR focuses only on an organizations approach to society while Business ethics focuses on all the key players within the company’s business model. While CSR might be necessary to implement within the company there should be a model to identify if this implemetation is just for the development of the company or it’s focus on the development of the societal needs. Nowadays especially during the current pandemic period several big players in the Business world have been investing heavily to help the needy and have been applying for licenses to make sure they were investing for the protection of the society which inturn boosts their brand value of the product and it’s sales especially in the online market.
Most of the Businesses whether in the Automobile sector or in social media sector or in another sector depend on the customer necessity of the product and their purchase capability. While this maybe true most of these businesses haven’t invested in improving the issues faced by their customers such as Global warming, housing crisis, hunger issues, land fills and chemical spills etc. So it is time for them to understand the implementation of Business ethics and invest accordingly.
The seven key principles of socially responsible behaviour are:
Accountability
Transparency
Ethical behavior
Respect for stakeholder interests
Respect for the rule of law
Respect for international norms of behavior
Respect for human rights
These three principles comprise CSR activity:
1. Sustainability
2. Accountability
3. Transparency.
References:
Farnham, K. (2021, April 08). Business ethics and corporate social Responsibility Debunked: Diligent. Retrieved May 13, 2021, from https://insights.diligent.com/esg/business-ethics-and-corporate-social-responsibility
Keeping, J. (2013, May 07). The ethics of corporate social responsibility. Retrieved May 13, 2021, from https://www.lawnow.org/the-ethics-of-corporate-social-responsibility/
