Social responsibilities of businesses
Business organizations should be socially responsible in order to make profit which is the main aim of the most firms. The value-based management is management approach that ensures that businesses are run constantly on shareholders’ value. Such goals include achieving high standards of living, economic advancement and stability which are determined by the decisions made by businessmen. These decisions should be enviable in terms of values and obligations of the society. The main aim of the paper is to discuss the social responsibilities of business organizations.
Social responsibility is an obligation that organizations and individuals have to undertake ethically and sensitively towards social, cultural and economic issues to ensure that there is balance between economy and the environment. In every business organization there are goals that are drawn for the organization to hit at the end of the trading period. Business organizations should be socially responsible in the following ways; solving the problems affecting the public. Such problems include pollution, waste disposal and noise (Bowen, 2013). Businesses should think of using biodegradable materials and protesting against the use of plastics to ease the issue of disposing solid waste. They can also join hands together to come up with industries that are using waste materials to produce useful products. This will also promote employment to local people.
Another way that business should be socially responsible is improving the welfare of the community. This can be done by provision of goods and services that are required by the public, creating employment opportunities to the society with fair wages and providing safe working conditions to the employees. Firms should ensure they employ people from the society fairly and purchase raw materials from them to promote employment and take insurance covers for their employees. They should also provide their commodities in affordable prices to the public (Dhal, 2009). Value-based management is just “a-do-gooder” ploy as it is an important technique of attracting customers and creating more markets globally. It helps to improve relationship between buyers and sellers which creates wide markets for the products, improve trust by the customers and commitment of the employees towards their duties.
To analyze the need to balance the interests of a variety of stakeholder groups, management should pose the following questions to the stakeholders; what kind of products do they need? This is to ensure that the firm is providing the required commodities to them. The second question is; what are government policies towards the type of business they are operating? This is to ensure that the firm does not violate the law. The third question is; to what extent of qualification should the employees attain? It will ensure that the organization has qualified workers who can produce quality products. Another question the firm may ask is; what is the capability of the customers to purchase the firm’s outputs? This will ensure that the firm is selling affordable commodities. Misuse of discipline by managers is common in many organizations. They misuse discipline in the following ways; they take bribes during recruitment of new staff members and employ their family members. The other way is that some managers sexually abuse their employees in order to promote them.
In conclusion, businesses should avoid neglecting their social responsibilities so as to make greater achievements. They should also adopt the Value-based management to ensure they attain wider markets. Managers have to ensure that they strictly adhere to discipline to ensure workers are working in good working environment. Businessmen should make sure they uphold top business ethics for contentment of their customers.
Bowen, H. R. (2013). Social responsibilities of the businessman.Dhar, S., & Indian Society for Training & Development. (2009). Value based management for organizational excellence. New Delhi: Indian Society for Training & Development.