Why is ethical responsibility important?

Why is ethical responsibility important?

Ethical behaviour and corporate social responsibility can bring significant benefits to a business. For example, they may: attract customers to the firm’s products, thereby boosting sales and profits. make employees want to stay with the business, reduce labour turnover and therefore increase productivity.

What is corporate social responsibility essay?

ADVERTISEMENTS: Corporate Social Responsibility (CSR) is a concept whereby organizations consider the interests of society by taking responsibility for the impact of their activities on customers, employees, shareholders, communities and the environment in all aspects of their operations.

What are the rights of a customer?

Consumers are protected by the Consumer Bill of Rights. The bill states that consumers have the right to be informed, the right to choose, the right to safety, the right to be heard, the right to have problems corrected, the right to consumer education, and the right to service.

What are benefits of CSR?

The potential benefits of CSR to companies include:

  • better brand recognition.
  • positive business reputation.
  • increased sales and customer loyalty.
  • operational costs savings.
  • better financial performance.
  • greater ability to attract talent and retain staff.
  • organisational growth.
  • easier access to capital.

What are the CSR principles?

It is therefore imperative to be able to identify such activity and we take the view that there are three basic principles which together comprise all CSR activity. These are: Sustainability; • Accountability; • Transparency.

What is CSR in ethics?

Corporate Social Responsibility, or “CSR,” refers to the need for businesses to be good corporate citizens. CSR involves going beyond the law’s requirements in protecting the environment and contributing to social welfare.

What are the advantages and disadvantages of corporate social responsibility?

The corporation undertakes to monitor its compliance with its stated CSR policy and report this with the same frequency that it reports its financial results.

  • Advantage: Profitability and Value.
  • Advantage: Better Customer Relations.
  • Disadvantage: CSR Costs Money to Implement.
  • Disadvantage: Conflicts with the Profit Motive.

Why is CSR an ethical issue?

CSR is an argument based on two forms of ethical reasoning—consequentialist (utilitarian) and categorical (Kantian). The violation of a society’s ethical principles regarding issues of social justice, human rights, and environmental stewardship is deemed to be ethically wrong and socially irresponsible.

What is CSR and its types?

There are several different forms of corporate social responsibility, all of which address individual issues. However, the three main types of CSR are environmental, ethical, philanthropic. Here, we’ll go through each in turn.

What are the ethical responsibilities of consumers?

The Responsibility to be an Ethical Consumer and to be fair by not engaging in dishonest practices which cost all consumers money. The Responsibility to Respect the Environment and avoid waste, littering and contribution to pollution.

What are the responsibility of consumers?

Responsibility to be aware – A consumer has to be mindful of the safety and quality of products and services before purchasing. Responsibility to complain- It’s consumer responsibility to express and file a complaint about their dissatisfaction with goods or services in a sincere and fair manner.

What are CSR standards?

Corporate social responsibility (CSR) is a type of international private business self-regulation that aims to contribute to societal goals of a philanthropic, activist, or charitable nature by engaging in or supporting volunteering or ethically-oriented practices.

What are the 5 responsibilities of a consumer?

Consumers have five responsibilities: critical awareness; action; social concern; environmental awareness; and solidarity. But generally speaking, the fundamental duty of every consumer is to know their rights.

Can we practice CSR without being ethical?

No. Business ethics seeks to determine whether a particular behavior, decision, or action of an individual or organization is morally right or wrong. It is not subjective (or what the subject or doer thinks is right or wrong). We cannot practice CSR without business ethics it appears.

What are the rights and duties of consumers?

Consumer Rights

  • Right to safety. Means right to be protected against the marketing of goods and services, which are hazardous to life and property.
  • Right to choose.
  • Right to be informed.
  • Right to consumer education.
  • Right to be heard.
  • Right to Seek redressal.
  • Consumer Protection Act.
  • Ask Yourself!