Business Ethics
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Business Ethics
A business or organization’s social responsibility is protecting the environment, addressing social situations and problems like hunger and poverty. A business should have ethical standards in treating its employees, stakeholders, customers, and vendors. If an organization does not act socially responsible, it will lead to customers not being satisfied with their services. Most customers stop doing business to do business when they realize that the business is not socially responsible. The stability of the organization also goes down in case the organization is not responsible socially. The stability of a business is built and guaranteed by the customers, employees, and customers. Still, if a business is not socially responsible, the aspects that make it stable are interfered with.
The cash flow in the organization interferes with a socially irresponsible organization. The investors always look at a company’s social and ethical standards before investing and committing their money to them. If the investors realize that an organization is not socially responsible, they cut off their investments, and the organization lacks money. The investors who had already invested may end up losing their investments. Employees may be retained or laid off in a socially irresponsible company. A socially irresponsible organization will end up suffering from a bad image or reputation.
The prominent people who suffer when an organization is socially irresponsible are the employees because they may be laid off hence lacking jobs and taking up their savings to compensate for their lost income. The article on the most dangerous age to retire shows how 4 million people will lose their jobs due to the covid-19 pandemic. Many people of all ages will be forced to retire early.