Friday, April 19, 2019

CSR & Ethical Practice Essay Example | Topics and Well Written Essays - 1000 words

CSR & Ethical Practice - Essay ExampleOne prefer of air ethics is that it helps an organisation to achieve competitive advantage (Shaw, Barry, & Panagiotou, 2010). A phoner that engages in ethically sound business practices improves customer loyalty and trust. In this case, the consumers become loyal to the brand even if the company is facing difficult financial times. Therefore, companies will always set their ethical standards depending on organizational values. In the long run, consumer confidence increases with ethical responsibility. According to Carroll (2013), the fundamental assumption is that business ethics benefits the society since it is the important basis for social responsibility among organisations. On the other hand, business ethics leads to more accountability and right in the organisation. The implication is that sound business ethics obligate company employees to become more responsible in certain operations like financial hideing (Choi, & Pae, 2011).Anoth er remarkable strength of business ethics is that it makes organisations realise that their success is more than profitability (Carroll, 2013). Some of the models of business reporting like the leash bottom line arise came up as a result of business ethics and unified social responsibility. In this case, companies focus their reporting on people, planet, and profit (Slaper, & Hall, 2011). Therefore, ethically companies have the obligation to report their financial performance, environmental as well as social performance. The triple bottom line approach recommends that company survival depends on their ability to make profits, encourage sustainable and ethical business conducts (Henriques, & Richardson, 2013). The underlying assumption is that business ethics is a prerequisite for sustaining an investment. Consumers have confidence on the company that comfort environment and contribute to the well-being of the society (Choi, & Pae, 2011).On the contrary, business ethics has a neg ative number

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