ï»¿ With the development of society, arises a concept that challenges the traditional way by which corporations operate. The modern business is not only responsible for achieving financial stability, but also demonstrating its social responsibility. While many organizations are opposed to this idea, as they may lose money, companies have the moral and social obligation to provide social welfare to the less privileged because such act is mutually beneficial.
Although it may seem self-contradicting, companies can make more profit from providing social welfare. When companies engage in social responsibility initiatives, they are able to establish a positive reputation and brand image for themselves. Both of these factors are extremely important when consumers choose which ...view middle of the document...
Although such results can only be seen in the long-run, it is definitely a worthy investment for the company to make.
From the societyâ€™s perspective, the living standards of people will be raised and many underlying problems can be solved. Using the same example, the children who are receiving the help from Canadian Tire are able to play sports and enjoy themselves. On another level, one can argue that such experience in the childhood will have a positive impact on their lives and thus lead to lower crime rates and possibly suicide rates. Therefore, the society as a whole can also benefit from such act.
Although some people may say, in accordance to perspective 2, that by making as much money as possible, businesses are helping to drive the economy and thus make life better for everyone, a portion of the profit businesses make is at the cost of certain societal damage. For example, environmental damage is a common topic discussed by the business industry. Many businesses make a fortune but pollute the environment in the process.
Another commonly held opinion is that businesses only have to abide to law and nothing more. Despite the fact that law is built based on a moral base, it does not fully define the social obligations of businesses. Companies who are exploiting workers by paying them less and extending working hours may not be against the law, but it is certainly against the moral of people.
In conclusion, companies should provide social benefits for those in need. These acts are beneficial to both the corporation and society in the long-run. After all, society is what a company is built upon. Society can dictate a companyâ€™s success, or it can announce its demise. Therefore, companies should fulfill not only their corporate goals, but also their social responsibilities.