IS SOCIAL RESPONSIBILITY GOOD?
Being socially responsible requires that either a person or an organization behaves in an ethical manner and is sensitive towards cultural, social, economic and environmental issues. Being socially responsible helps individuals, organizations and governments have the desired impact on development, economy and society. Social responsibility is an ethical ideology which requires that one acts in a manner that benefits society at large.
Many companies aspire to have long-term profitability and as a result, find ways to address social responsibility. Companies ought to be conscious on how they produce their goods and services. They should avoid production that is harmful to the environment, forced labor and have conducive working environments. Companies that intend to make large profits and be considered credible must act in accordance with principles of right and wrong.
Social responsibility can be said to be advantageous from various perspectives. In the corporate society, social responsibility enables an organization or firm to attract new and retain old staff. It leads to an increased employee commitment, performance and job satisfaction. Employees would rather work for an organization that recognizes their value as human beings, get a low pay rather than be overworked and earn more. For instance, a study by Stanford University found MBA graduates would have their salary cut by an average thirteen thousand, seven hundred dollars to work for a company which is socially responsible. Retaining employee in an organization reduces the cost of recruiting and training new staff. Employees and organization tend to gain mutual benefits from each other.
There is an attraction of investors to companies who are socially responsible. Professional investors would invest their money in organizations with proper management. Management is evident from the production level of the company or feedback from employees and customers. Treating them well gives a positive impact or feedback.
Social responsibility is a means through which customers can be lured to buy goods from a company. Innovative production of goods that uphold environmental or social responsibility adds value and gives customers a valid reason to buy from a company. There is a rampant increase of frauds and harmful products that discourage customers significantly. As a result, customers tend to be keen on people they do business with and products to buy.
Social responsibility is significant as it enables an individual to attain both personal and professional growth. Activities such as team building foster the social environment in an organization. Environmental initiatives such as recycling, re-using and conservation increases efficiency and reduce costs. Professionally, team leaders can eventually become middle level managers; they develop leadership skills in the process of handling their teammates.
Good business decisions do not entirely focus on the amount of profit an organization makes. Decision makers ought to find out the consequences of their decisions on the future of the organization and the entire community. The decisions should be towards sustainable development, which ensures that, the production benefits both the present and future generations. For instance, social responsibility towards the environment ensures that future generations get a chance to enjoy what nature can provide.
In conclusion, it can be said that it is beneficial to practice social responsibility as it is a means by which all shareholders benefit. Organizations make a profit since satisfied customers always buy from them. Employees, suppliers and investors get a reward for their effort and at the end of the day everyone gets to feel elated. Social responsibility is for maintenance and conservation rather than destruction to the social, cultural, economic and physical aspect of the environment.
Kotler, P. (2003). Marketing insights from A to Z 80 concepts every manager needs to know.
Hoboken, N.J.: John Wiley & Sons.