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Business Ethics Reviewer

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Sheinna Mae Von Calupig
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31 views4 pages

Business Ethics Reviewer

Uploaded by

Sheinna Mae Von Calupig
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Business Ethics Reviewer non-financial benefits of every

business entities.
One of the common business practices is ● Some argued that socially
the integration of ethical, social,
environmental, and other global issues into responsible practices can have a
its business operations; positive impact on the organization
by improving the recruitment and
as well as considers interaction with their
retention of their employees.
stakeholders such as employees,
customers, shareholders, investors, local
communities, and government. Business sound practices may also result
not only for financial returns to the owners
Socially responsible business practices are
but also social and environmental benefits
corporate's activities whose main purpose is
for the greater society.
for individuals, community, or the
environment to benefit.;
● Good business sense is evident to

Stakeholders all over the world expect their business organization that earns a

favorite brands to engage somehow in good reputation from doing their

responsible activities social responsibilities.


● A good reputation earns a positive

Corporate Social Responsibility is a image from the public, which may

management concept whereby companies affect the public's purchase

integrate social and environmental concerns decisions.

into their business operations and


interactions with their stakeholders. Duty Not to Cause Harm
Every business organization has a

Corporate Social Responsibility is duty to cause harm; even if an action may

purposely created by companies to result to avoidable harm, it is not explicitly

contribute to sustainable development that prohibited by law.

is economically, socially, and


environmentally that is beneficial to Responsibility to Prevent Harm

stakeholders. There are instances when a


company does not cause harm but has the

● Some evidence to corporate social potential or the capability to prevent harm

responsibilities practices to business from occurring.

performance points out also to the


Responsibility to Do Good
To do good things and make society DISCRETIONARY RESPONSIBILITY
a better place encourages companies to Voluntary desire to make social
provide solutions to social issues or to give contributions that are not mandated by
back to society. economics, laws, or ethics.

SOCIAL PERFORMANCE RESPONSIBILITY & ACCOUNTABILITY


Describes how well an organization OF ENTREPRENEURS
is achieving its mission or social goals

Accountability refers to the obligation of an


SOCIAL VALUES individual to account for its activities,
Standards that individuals and social
groups employ to define personal goals and ; accept responsibility for them, and to
essentially shape the nature and form of disclose the results in a transparent manner
social order in a collective way. To take
what is not yours
Responsibilities of Entrepreneurs:
.
● Setting the direction and establishing
ECONOMIC RESPONSIBILITY
the desired image for the business
The primary responsibility of the
● Seeking new directions and ways to
company needs to consider since the
improve and grow the company
company's main goal is to help the
● Overseeing financial records and
economy's development, generate
taking actions, such as securing a
employment, and provide goods or services
new line of credit to handle
for public use and consumption.
unforeseen events

The practice of making financial Corporate Social Responsibility is a


decisions based on a commitment to doing broad concept that can take many forms
good. depending on the company and industry

ETHICAL RESPONSIBILITY The more visible and successful a


Includes behavior that is not corporation is, the more responsibility it has
necessarily dictated by the law and may not to set standards of ethical behavior for its
be in the organization's direct economic peers, competition, and industry.
interest.
● Through CSR programs, Being accountable not only means being
philanthropy, and volunteer efforts, responsible for something but as well as
businesses can benefit society while being liable for every decision made.
boosting their brands.
● CSR activities can help forge a Employees are true assets of every
stronger bond between employees business. First, an organization must ensure
and corporations, boost morale, and that employees are happy and satisfied with
help both employees and employers their work. Treat Fairly. Ensure the security
feel more connected with the world and safety of employees.
around them.
● For a company to be socially Government - businesses are responsible
responsible, it first needs to be for regular and honest payment of taxes,
accountable to itself and its cooperate for economic development and
shareholders and not to itself only. follow waste management control and all
other government policies
SOCIAL RESPONSIBILITY (BOWEN)
refers to a person’s obligation to Suppliers - and an organization must
think about the effects of his decisions and ensure that fair payment of prices for goods
actions on the whole social system. (1953) and services are being followed at a
Also refers to an approach that an reasonable time, companies also should
organization takes in assessing its inform any changes in the business or in the
responsibilities toward different market, coordinate future developments,
stakeholders when making legal, economic, and promote healthy competition.
ethical, and social decisions

Creditors - strictly follow loan agreements.


Every organization has its responsibilities. Ensure business ethics are being practiced
They have responsibilities towards and proper utilization of loans
employees, government, creditors,
suppliers, consumers, the general public, Consumer - supplying quality goods,
and other stakeholders ensuring that after-sales service is being
provided based on the nature of a product
The main difference between responsibility or service
and accountability is that responsibility can
be shared while accountability cannot
Environment and Society - promote public
health, proper segregation of waste must be
done,

Stakeholders are the individuals or groups


to whom a business has a responsibility.

Stakeholders of a business are its


employees, its customers, the public,
and its investors.

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