Role of Business Ethics and Corporate Social Responsibility Assignment

Role of Business Ethics and Corporate Social Responsibility - Assignment Example Ethics can be defined as the study of moral which is appropriate for taking decisions after judging the plan of action. The two concepts are linked with each other for most of the firms. It is observed that in today’s competitive world, sustainable development is required in every organisation for its successful operation. It also leads to the enhancement of quality of products and services that they offer to their customers (Aybars and Kutlu, â€Å"Managing corporate performance†). Corporate responsibility can be regarded as the degree to which an organization complies with rules and legal guidelines which is made for the betterment of society (Nicolau, â€Å"Corporate social responsibility†). The contemporary business practices often identify noteworthy levels of understanding between the good and responsible corporate practices. In today’s world, the stakeholders and shareholders, who have understood the importance of CSR, is focusing on incorporating b usiness activities within the societal norms, which leads to good management practices. CSR has been regarded as the technique which assists an organization in evaluating the business activities and its effect on the environment and society through transparent and ethical decision making. World Business Council for sustainable development has stated that CSR approach can be defined as method of attaining sustainable development by contributing to the society. The different CSR activities include health and safety, corporate governance and ethics, environmental stewardship, human rights and sustainable development. It, thus, focuses on the features like, societal and community involvement, corporate philanthropy, development and investment, customer satisfaction, employee volunteering, anti-corruption... The assignment highlights the theory of Corporate Social Responsibility and its impact on the community and modern society. The researcher also elaborates the importance of ethics in leading a business organisation in a proper manner today. The concept of Corporate Social Responsibility, that is described in the assignment helps in revenue generation for a particular organisation in an ethical way. It also contributes positively to the society and environment. The assignment presented by the researcher also depicts the role of Corporate Social Responsibility practices in contemporary organisational practices. It can be concluded though that business ethics and corporate social responsibility have immense importance in development of an organisation. Without following the two fundamental concepts that are mentioned in the assignment, an organisation will not be successful in the long run and can even face challenges. Corporate social responsibility has become the best part of sustaina ble development program. For long-term sustenance, the organisation has to take into account the shareholder’s interest, environment and society as a whole. Ethics elaborates the correct and incorrect behaviour of any human being, which can affect the operation of an organisation and also, lead to disturb the entire society. Therefore, the researcher concluds the discussion and states that ethics and Corporate Social Responsibility both are required for organisational effectiveness for corporations and to run a peaceful business.