In addition to altruistic factors – the growing recognition of the importance of corporate social responsibility to society – organizations also recognize the importance of corporate social responsibility in business. Business ethics is a “form of applied or professional ethics that examines ethical principles and moral or ethical issues that arise in a business environment” [2]. Similarly, we note that ethics in business involves “a fundamental dislocation in terms of phenomenal experiences that occur when things are out of place” [1]. In short, if you`re trying to recreate a CSR pyramid by understanding that profitability can`t be the basis, business ethics might be an appropriate substitute. When ethics influence the rest of the pyramid, companies create more coherent approaches to modern CSR, from profits to corporate environmental awareness. Expectations for good business ethics and corporate social responsibility are at an all-time high. Most likely, these expectations will continue to rise in the future. Since they are here to stay, it is advisable to give employees a voice over what these expectations look like in practice. To ensure that your company`s efforts are considered authentic, it`s important to review your expectations to make sure they align with the company`s mission and vision.
Your involvement in such issues is something you can be proud of, so be sure to encourage your efforts and make sure your customers are aware of it. Respect for business ethics and corporate social responsibility creates a win-win situation for all stakeholders. Reiss in his interview with Rodney Martin, CEO of Voya Financial, a leading company that helps Americans plan, invest and protect their savings; and 4-time winner of the world`s Most Ethical Companies award, comments: “Corporate responsibility encompasses key aspects of a corporate culture such as ethics and transparency; diversity, inclusion and equality; environmental sustainability; corporate governance; and volunteerism and philanthropy. [21]. Corporate social responsibility (CSR) is the idea that a company has a responsibility to the society that exists around it, according to the online course Sustainable Business Strategy. Social responsibility refers to companies that do what they can to help their communities. Companies set their own acceptable standards. To succeed, companies must meet social norms and expectations. Some values have eroded over time, and this has left no moral compass to guide leaders through complex social dilemmas about right and wrong. This means that companies alone decide how best to demonstrate social responsibility and give back to their communities.
Corporate social responsibility issues include fair wages, working hours and conditions, health care, repetition and protection from arbitrary dismissal. For many U.S. companies, initiatives to insure uninsured people are fundamental to their CSR. In 2004, many U.S. Starbucks Coffee outlets announced that they would pay for health care services for everyone who employed them more than twenty days a month. Similar initiatives no longer seem suitable for British or German restaurant chains. Every UK citizen is entitled to coverage from the National Health Service, and businesses, as well as other taxpayers, contribute through tax. In Germany, health insurance membership is compulsory for every employee, and the legal framework defines the value of the monthly insurance premium paid by the employer and the employee (usually a 50/50 split) [12]. CSR has been a recognized element of business ethics for many years; The publication of Archie B Carroll`s “CSR Pyramid” in 1979 is widely accepted as the advent of the current definition of corporate social responsibility. Carroll postulated that CSR and business are not mutually exclusive, but that companies must meet their business commitments before seeking ethical or philanthropic commitments. Business ethics and corporate social responsibility have always been a concern of current research and topics of debate. The objective of this article was to present a review of the literature on the concepts of CSR and business ethics and the main relationship that we should consider as an important factor in the development of the economy and society.
Regardless of the approach summarized to justify this study, which is considered a constraint, this research provides much-needed insights into how companies treat CSR and business ethics and helps foster understanding of how relationship is really a fundamental requirement for organizations while turning their strategic intent into a real strategy. aims at organizational sustainability.