The meaning of being socially responsible is the combination of behaving ethically and giving back to the society by respecting ND understanding the social, cultural, economic and environmental Issues In the world. Businesses have an Impact of helping Individuals and resolve Issues, most corporations try to be socially responsible to attain more recognition and support for the future. Even if the company mostly interested in maximizing profits is should still have duty to give back to the community. There is a mislead understanding between being ethical and being socially responsible, they are same and different at the same time.
Simply said, the concept of distinguishing between right and wrong and then choosing the rights thing Is what we call ethics. When applied In a corporation then the terminology used is Business Ethics, which is to see if a business is practicing ethical or unethical behavior to achieve objectives and goals. Private companies and organizations usually develop a code of ethics, which is a formally written agreement that the company must understand and fallow inside the workplace, although the code of ethics might contain rules that are not practiced by the government.
Any violation of the code of ethics has consequences of termination. On the other hand, business ethics Is considered a dilemma, a business decision making might perceive something as being ethical but it might be illegal and visa versa. In addition, a business plan must also be conducted under laws and regulations which are mostly enforced by the government and they are used in an everyday practices in the firm. Laws and regulations is an aspect with multidimensional views, in a company there re business laws, privacy laws, marketing and advertisement laws, employment and labor laws, environmental regulations and many more.
Laws are made by the government to protect citizens when entering the working force. Alternatively, these laws and regulations limits the actions a business might want to take, thus they are considered as a weakness and can cause a business to fail. To conclude, business ethics and social responsibility usually work hand in hand, adding to that, the laws and regulations enforced by the government can be either beneficial or they can limit he company’s decision making process which can be a disadvantage.