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As well as making money, businesses also have social responsibilities

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As well as making money, businesses also have social responsibilities.

To what extent do you agree or disagree?

The fundamental role of a business is to provide goods and services to the society. While some companies are only after of wealth for their stakeholders, others, however are still willing to espouse the cause such as building better society and environmental conservation. I am in total agreement that business should develop a corporate social responsibility for the community and to the world. 

In today’s global economy, businesses must think of the social impact of their business to the community and environment and not just for the profit margins. Many businesses today forget the importance of the bottom part of the business cycle. One great example is chocolate manufacturer, each chocolate bar  is so expensive in large city like New York but most of the farmers who cultivate the land receive a meager portion of the actual selling price. Thus, chocolate companies should give back more to hardworking cacao farmers by way of a cash dole out or free education to farmer’s children. Because if farmers are not able to earn enough for a living, this sector will not be sustainable. 

In contrast, many companies feel that they are not obligated to give back to the community because the people already benefited from the jobs they created. Some of them think that their obligation to the society is simply to create jobs by making products or to render services. However, business involvement in the community is essential in boosting company’s reputation to attract more qualified talent and gain more customers. Enterprise that strive to contribute to the society stand to enjoy multiple benefits. For example, organisations that implement programs which are beneficial to the people are likely to retain top employees resulting to a competitive advantage against other competing firms. 

In summary, businesses are increasingly contributing problems to the society and environment. Therefore, all enterprises, especially those with deep financial pockets should initiate an effort to help navigate and make a positive difference in this world by participating in problem’s resolution of broad social challenges.  

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