Unit 02 Corporate Social Responsibility PDF

UNIT 02 Corporate Social Responsibility & Ethics Corporate Social Responsibility 4R Concept in Waste Management Social responsibility of business means the obligations of 1. Recycle business to act in a manner, which will serve the bes...

UNIT 02 Corporate Social Responsibility & Ethics Corporate Social Responsibility 4R Concept in Waste Management Social responsibility of business means the obligations of 1. Recycle business to act in a manner, which will serve the best - Up cycle (Lower value higher value) interests of the society being recognized for good practices - Down cycle (Higher value  Lower value) 2. Reuse and good business sense. 3. Reduce Social Responsibility towards interest groups 4. Replace Employees Customers Adverse effects of business activities Equality Being Fair - Misleading customers Good employee relationship Minimizing damages - Wasting resources Job security After-sales services - Polluting the environment Health and Safety Business Social Protecting rights - Being unfair to the environment Owners Responsibility Society - Destroying the culture Providing a fair return Waste Management - Importing and selling poor quality products Providing economic benefits Payment of taxes on time Protecting resources used Contribute to employment Ethics Being honest to owners Green Products Ethics can be known as the moral guidelines that differentiates between what is good and bad or right and Importance of fulfilling social responsibility by a business wrong.  High reputation/image and goodwill Importance/ benefits business can earn by following ethics  Can earn trustworthiness of the external parties  Enhance consumer loyalty and satisfaction  To earn good reputation  Ensure business trust  To get credibility and trust  To obtain the respect of the society  Enhances business value Sustainable Development Sustainable development is the development which meets, Business Ethics related to Business Ethics related to the needs of the present without compromising the ability financial managers Human Resource of the future generations to meet their own needs. managers Three Pillars of Sustainable Development - Accuracy in financial - Fair recruitment reporting - Fair Salary/Wage Economic Sustainability - Avoiding unnecessary - No discrimination within Improving human welfare by enhancing the quality of life, and expenses the company reducing the consumption of resources. - avoid malpractices and Business Contribution to Economic Sustainability fraudulent activities - Offer job opportunities Business Ethics related to Business Ethics related to - Contribute to economic development marketing production - Focus on innovation - Efficient usage of resources and capital - Provide correct - Using high quality information materials Environment Sustainability Responsible management of natural resources to ensure they - Do not mislead the - Implementing 4R remain available and healthy for future generations consumers - Not wasting limited Business Contribution to Environment Sustainability - Ethical advertising resources - Produce eco-friendly products Code of Ethics/Code of Conduct is a set of principles, codes - Not wasting the limited resources and ethics a particular business has decided to follow and - Implementing 4R concept implement in all their business activities and functions. - Minimizing pollution Social Sustainability Factors to be considered when forming code of ethics While human needs and wants can be fulfilled at a high standard, there shouldn’t be corruption or violation of others’ - Nature of business rights to do so - Customers Business Contribution to Social and Cultural Sustainability - Employees - Promoting equality - Competitors - Safeguard human rights - Culture of the organization - Contribute towards peace - Practicability - Protecting local customs, traditions and culture