Q1. Ethics
Ethics, in general, are basically a set of moral rules made for the betterment of people and society. In the same manner, ethics in the corporate or business world is a set of principles which are made for the proper functioning and ethical decision making of a business organization, which shows that ethics, in general, are no different from ethics in business. A business stakeholder’s prime responsibility is to work ethically and legally, show socially responsible behavior, and conserve natural resources. But in reality, the stakeholders shift to unethical ways to fulfill their needs, like having the urge to earn more wealth and other interests, pressurizing managers to fulfill performance targets in a limited time, and companies who put profits ahead of ethical behavior. Using unethical strategies and working in an unethical workplace is risky and can be very costly from a shareholder’s perspective and prestige. Providing the workers a good workplace and types of equipment should be a major fulfillment by the stakeholders. Undertaking ethical ways and working with ethical conduct is better from a business point of view, or else it can cost punishment or a fine for the holders. Corporate social responsibility (CSR) refers to a company’s duty to work in a good manner, provide a good working environment, look after the environment, and look after the quality of life in local areas. By following CSR, the business can benefit from increased buyers, less amount of bad incidents, and an increase in recruitment, retention, and others, which work to shareholders
‘ advantage.
Corporate social responsibility (CSR) means the duties that a company or firm has to accomplish towards people and nature like working in a good manner, providing a good workplace, looking after the environment and local people. This is a payback method for the profits which it got from the people and the surroundings. Some of the payback methods can be providing working opportunities to the local people, giving scholarships for education for the children there, planting trees and arranging events for the encouragement of the society, and so on. In most of the cases, it is seen that the urge to gain more wealth is seen to forget the ethics that a firm should keep. Every company tries to make a profit at the beginning. Still, when the profit becomes too much, they start forgetting their promises to take care of mother nature and the local community where their manufacturing plant is. Like in Srilanka, a slum filed a case against a firm polluting the nearby river because the people relied on the water for their day to day life. And the chemicals made the river water unfit, and their health deteriorated. This is an example put forward where business ethics go down in front of wealth maximization. There are a lot of cases all around, and the government is looking to solve them. Doing good to others is the main focus of Christian policies. So, by following the Christian policies, the businesses can earn profit by also looking after business ethics.