Question

Please answer the following questions in complete sentences.

1. Define ethics.

2. Is Corporate Social Responsibility (CSR) important? Why or Why not?

Answer 1

Answer 1:

Definition of ethics:

Ethics, in its general terms, can be defined as the concept of judging the conduct of an entity and specifying that whether it is right of wrong. These ethics are formed as per the rules and regulations specified in the books of law of the various countries and as per the moral obligations set by the society for an entity.

Ethics, for an organisation, can be defined as that branch of philosophy which deals with the concept of judging, specifying and recommending whether the conduct of an individual or an organisation or an entity is right or wrong as per the already set guidelines of the rules and regulations of the organisation and the sections of the act formed by the government. These guidelines are provided to the employees by the management of the company so that they can work by keeping these guidelines under consideration and achieve the goals of an organisation in accordance with its mission and vision statement.

Answer 2:

Corporate social responsibility is highly important for an organisation. The term corporate social responsibility is the responsibility of the organisation towards the society in which it operates. It involves the engagement of the organisation in the philanthropic and voluntary charitable activities that are intended towards the benefit of the society.

The importance of corporate social responsibility is listed below:

1. Organisation exploits the resources of the society in various forms which includes using of water resources, land and labour of the surrounding area, using various ores, making the noise and air pollution, etc. Hence, it becomes the moral responsibility of the organisation to restore back the resources it has exploited by planting trees, educating the poor families, providing jobs to the locals, water purification etc.

2. Corporate social responsibility increases the value of the company in the perception of the society and such company are treated with respect and are recognised by the good deeds it has performed in the society. This creates brand awareness among the individuals of the market in which it is operating.

3. Corporate social responsibility helps in boosting a stronger bond between the society and the company and helps the company in staying connected with the external surrounding environment.

4. Employees engaged in corporate social responsibility always brainstorm the new ideas for serving the society. This makes the employee more creative and helps in increasing the productivity of the employee as he/she always feel positive and energetic for his work. Corporate social responsibility activities also help in creating the employee satisfaction.