Corporate social responsibility and ethical business principles are essential elements in the successful running of a business operation. Corporate social responsibility (CSR) relates to a company’s initiative of aligning it’s social, environmental, economic, and with the public expectations. It’s one of a firm’s approach to corporate governance and hence, connects all the departments. CSR activities are either voluntary or mandatory. The mandatory aspects required by the law include protecting people’s private information in banks and hospitals. Some of the organization’s CSR strategies to the public include the building of schools, donations to charity and creation of awareness. CSR is beneficial both to companies and society in many ways. While running an organization, there exist various ethical issues in business.
corporate social responsibility and ethical business principles
UNDERSTANDING THE ETHICAL BUSINESS PRINCIPLES FOR EXECUTIVES
Ethics are guidelines that govern individuals and entities behaviours and modes of conduct. Implementation of ethical business principles is essential for the success of any business. These principles include the following. Firstly, honesty which is truthfulness in carrying out all organization’s transactions. Secondly, accountability for all decisions and omissions is a crucial principle. Companies achieve this through corporate social responsibility hence accountability to the community. Thirdly, fairness towards all employees and customers is vital for building trust. Moreover, commitment to excellence ensures adherence to goals and objectives, therefore, improving general productivity. During the formulation and implantation of these principles, various ethical issues in business arise.
understanding the ethical business principles for executives
CORPORATE SOCIAL RESPONSIBILITY AND THE ETHICAL ISSUES ARISING IN BUSINESS OPERATION PROCESS
Previous surveys reveal that 40% of employees engage in unethical practises in the organization. Some organizations create policies of eliminating these issues while in others, there is no much progress. The ethical issues in business reveal themselves in the following areas. One is the accounting department whereby acts like over quoting items and theft are prominent. Secondly, the misuse of a company’s social media platform is another issue. Thirdly, harassment and discrimination such as sexual harassment, racial profiling and gender inequality. This, therefore, results in unequal job opportunities. Additionally, violation of privacy in using technology leads to adverse outcomes such as cyberbullying and identity theft. Thus, the implementation of ethical business principles is essential in business for mitigating these arising unethical issues.
ethical issues arising in business operation process
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